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REGISTERED NUMBER: 03319898 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2024

for

OLSEN SOFTWARE LIMITED

OLSEN SOFTWARE LIMITED (REGISTERED NUMBER: 03319898)






Contents of the Financial Statements
for the year ended 28 February 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


OLSEN SOFTWARE LIMITED

Company Information
for the year ended 28 February 2024







DIRECTOR: A C Olsen





SECRETARY: J Olsen





REGISTERED OFFICE: 4 Heneage Drive
Westcross
Swansea
SA3 5BR





REGISTERED NUMBER: 03319898 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Olsen Software Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Olsen Software Limited for the year ended 28 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Olsen Software Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Olsen Software Limited and state those matters that we have agreed to state to the director of Olsen Software Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Olsen Software Limited and its director for our work or for this report.

It is your duty to ensure that Olsen Software Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Olsen Software Limited. You consider that Olsen Software Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Olsen Software Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


18 November 2024

OLSEN SOFTWARE LIMITED (REGISTERED NUMBER: 03319898)

Balance Sheet
28 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,654 1,369

CURRENT ASSETS
Debtors 5 3,480 1,907
Cash at bank 505,983 595,767
509,463 597,674
CREDITORS
Amounts falling due within one year 6 5,590 31,767
NET CURRENT ASSETS 503,873 565,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

505,527

567,276

PROVISIONS FOR LIABILITIES 7 314 260
NET ASSETS 505,213 567,016

CAPITAL AND RESERVES
Called up share capital 8 102 102
Retained earnings 505,111 566,914
SHAREHOLDERS' FUNDS 505,213 567,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2024 and were signed by:




A C Olsen - Director


OLSEN SOFTWARE LIMITED (REGISTERED NUMBER: 03319898)

Notes to the Financial Statements
for the year ended 28 February 2024

1. STATUTORY INFORMATION

Olsen Software Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Turnover is recognised as the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

OLSEN SOFTWARE LIMITED (REGISTERED NUMBER: 03319898)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets.

Assets acquired by finance lease are depreciated over the shorter of the lease terms and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Office and
equipment fittings Totals
£    £    £   
COST
At 1 March 2023 3,969 - 3,969
Additions - 753 753
At 28 February 2024 3,969 753 4,722
DEPRECIATION
At 1 March 2023 2,600 - 2,600
Charge for year 342 126 468
At 28 February 2024 2,942 126 3,068
NET BOOK VALUE
At 28 February 2024 1,027 627 1,654
At 28 February 2023 1,369 - 1,369

OLSEN SOFTWARE LIMITED (REGISTERED NUMBER: 03319898)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,594 -
Other debtors 886 1,907
3,480 1,907

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 1,868 28,973
Other creditors 3,722 2,794
5,590 31,767

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 314 260

Deferred
tax
£   
Balance at 1 March 2023 260
Accelerated capital allowances 54
Balance at 28 February 2024 314

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 A Ordinary £1 100 100
2 B Ordinary £1 2 2
102 102

All shares shall be identical and rank pari passu except for the following provision:

The Directors may pay an interim dividend or dividends on one or several classes of shares to the exclusion of any class or classes and may pay interim dividends at different rates on the respective classes of shares.