Company Registration No. 10031292 (England and Wales)
OLX TECH LTD
unaudited accounts
for the year ended 29 February 2024
OLX TECH LTD
unaudited accounts
Contents
OLX TECH LTD
Company Information
for the year ended 29 February 2024
Company Number
10031292 (England and Wales)
Registered Office
18 Otley Drive
Ilford
IG2 6SL
Accountants
Cosmosinc Accountants
115
High street north
London
London
E6 1HZ
OLX TECH LTD
Accountants' report
Accountants' report to the director of OLX TECH LTD on the preparation of the unaudited statutory accounts for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
OLX TECH LTD for the year ended
29 February 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of OLX TECH LTD, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of OLX TECH LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OLX TECH LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OLX TECH LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of OLX TECH LTD. You consider that OLX TECH LTD 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 accounts of OLX TECH LTD. 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 accounts.
Cosmosinc Accountants
115
High street north
London
London
E6 1HZ
31 August 2024
OLX TECH LTD
Statement of financial position
as at 29 February 2024
Tangible assets
44,701
25,014
Cash at bank and in hand
5,492
2,714
Creditors: amounts falling due within one year
(15,000)
(10,000)
Net current liabilities
(9,508)
(7,286)
Total assets less current liabilities
35,193
17,728
Creditors: amounts falling due after more than one year
(14,000)
(15,450)
Profit and loss account
21,193
2,278
Shareholders' funds
21,193
2,278
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 November 2024 and were signed on its behalf by
Bryan Munday
Director
Company Registration No. 10031292
OLX TECH LTD
Notes to the Accounts
for the year ended 29 February 2024
OLX TECH LTD is a private company, limited by shares, registered in England and Wales, registration number 10031292. The registered office is 18 Otley Drive, Ilford, IG2 6SL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% reducing balance
Computer equipment
15% reducing balance
The accounts are presented in £ sterling.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2023
17,695
1,631
15,500
34,826
Additions
15,540
-
7,899
23,439
At 29 February 2024
33,235
1,631
23,399
58,265
At 1 March 2023
810
747
8,255
9,812
Charge for the year
2,533
132
1,087
3,752
At 29 February 2024
3,343
879
9,342
13,564
At 29 February 2024
29,892
752
14,057
44,701
At 28 February 2023
16,885
884
7,245
25,014
5
Creditors: amounts falling due within one year
2024
2023
Loans from directors
15,000
10,000
OLX TECH LTD
Notes to the Accounts
for the year ended 29 February 2024
6
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
14,000
15,450
7
Average number of employees
During the year the average number of employees was 3 (2023: 3).