Acorah Software Products - Accounts Production 16.0.110 false true true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 06096045 Justin Oliver Michelle Oliver iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06096045 2023-02-28 06096045 2024-02-28 06096045 2023-03-01 2024-02-28 06096045 frs-core:CurrentFinancialInstruments 2024-02-28 06096045 frs-core:FurnitureFittings 2024-02-28 06096045 frs-core:FurnitureFittings 2023-03-01 2024-02-28 06096045 frs-core:FurnitureFittings 2023-02-28 06096045 frs-core:MotorVehicles 2024-02-28 06096045 frs-core:MotorVehicles 2023-03-01 2024-02-28 06096045 frs-core:MotorVehicles 2023-02-28 06096045 frs-core:ShareCapital 2024-02-28 06096045 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 06096045 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 06096045 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 06096045 frs-bus:SmallEntities 2023-03-01 2024-02-28 06096045 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 06096045 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 06096045 frs-bus:Director1 2023-03-01 2024-02-28 06096045 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 06096045 frs-countries:EnglandWales 2023-03-01 2024-02-28 06096045 2022-02-28 06096045 2023-02-28 06096045 2022-03-01 2023-02-28 06096045 frs-core:CurrentFinancialInstruments 2023-02-28 06096045 frs-core:ShareCapital 2023-02-28 06096045 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 06096045
Oliver Cars Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Lynton Foster
Chartered Certified Accountants and Registered Auditors
33 Nicholas Way
Northwood
HA6 2TR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06096045
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,518 2
25,518 2
CURRENT ASSETS
Stocks 5 840 1,436
Debtors 6 1,686 1,132
Cash at bank and in hand 6,952 35,302
9,478 37,870
Creditors: Amounts Falling Due Within One Year 7 (256,643 ) (259,111 )
NET CURRENT ASSETS (LIABILITIES) (247,165 ) (221,241 )
TOTAL ASSETS LESS CURRENT LIABILITIES (221,647 ) (221,239 )
NET LIABILITIES (221,647 ) (221,239 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (221,747 ) (221,339 )
SHAREHOLDERS' FUNDS (221,647) (221,239)
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For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Justin Oliver
Director
25th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Oliver Cars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06096045 . The registered office is 33 Nicholas Way, Northwood, Middlesex, HA6 2TR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles Five years on cost
Furniture, Fixtures & Equipment Three and five years on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in
the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured
at amortised cost using the effective interest method, less provision for impairment. A
provision for the impairment of trade debtors is established when there is objective evidence
that the company will not be able to collect all amounts due according to the original terms of
the receivables.
2.7. Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current liabilities
if the company does not have an unconditional right, at the end of the reporting period, to
defer settlement of the creditor for at least twelve months after the reporting date. If there is
an unconditional right to defer settlement for at least twelve months after the reporting date,
they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest rate.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
4. Tangible Assets
Motor Vehicles Furniture, Fixtures & Equipment Total
£ £ £
Cost
As at 1 March 2023 23,648 10,065 33,713
Additions 31,896 - 31,896
Disposals (23,648 ) - (23,648 )
As at 28 February 2024 31,896 10,065 41,961
Depreciation
As at 1 March 2023 23,647 10,064 33,711
Provided during the period 6,379 - 6,379
Disposals (23,647 ) - (23,647 )
As at 28 February 2024 6,379 10,064 16,443
Net Book Value
As at 28 February 2024 25,517 1 25,518
As at 1 March 2023 1 1 2
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5. Stocks
2024 2023
£ £
Stock of Parts 840 1,436
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,164 874
Other debtors 522 258
1,686 1,132
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,835 34,300
Other taxes and social security 37 -
Other creditors 3,561 290
Accruals 1,033 803
Director's loan account 245,177 223,718
256,643 259,111
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
At the Balance Sheet the Director, JP Oliver, was owed £248,677 (£223,718 - 2023) such sum advanced to the company on an interest free basis.
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