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Registration number: 09781027

Olson And Baker Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Olson And Baker Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Olson And Baker Ltd.

Company Information

Directors

Mr R Knight

Mr J M Scaife

Registered office

Studio 9
SUM Studios
1 Hartley Street
Sheffield
South Yorkshire
S2 3AQ

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Olson And Baker Ltd.

(Registration number: 09781027)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

4,355

4,294

Current assets

 

Stocks

4

11,681

10,798

Debtors

5

72,209

102,987

Cash at bank and in hand

 

43,084

60,248

 

126,974

174,033

Creditors: Amounts falling due within one year

6

(120,397)

(160,003)

Net current assets

 

6,577

14,030

Total assets less current liabilities

 

10,932

18,324

Creditors: Amounts falling due after more than one year

6

(10,000)

(17,500)

Provisions for liabilities

(817)

(815)

Net assets

 

115

9

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

113

7

Shareholders' funds

 

115

9

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 December 2024 and signed on its behalf by:
 

 

Olson And Baker Ltd.

(Registration number: 09781027)
Balance Sheet as at 30 September 2024

.........................................
Mr R Knight
Director

 

Olson And Baker Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Olson And Baker Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture & fittings

- 25% Reducing balance

Office equipment

-25% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Olson And Baker Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

6,145

6,145

Additions

782

782

At 30 September 2024

6,927

6,927

Depreciation

At 1 October 2023

1,851

1,851

Charge for the year

721

721

At 30 September 2024

2,572

2,572

Carrying amount

At 30 September 2024

4,355

4,355

At 30 September 2023

4,294

4,294

4

Stocks

2024
£

2023
£

Other inventories

11,681

10,798

5

Debtors

Current

2024
£

2023
£

Trade debtors

13,563

56,723

Prepayments

8,752

2,887

Other debtors

49,894

43,377

 

72,209

102,987

 

Olson And Baker Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

10,000

10,000

Trade creditors

 

23,948

47,733

Taxation and social security

 

26,640

29,618

Accruals and deferred income

 

49,487

62,963

Other creditors

 

10,322

9,689

 

120,397

160,003

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

10,000

17,500

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary A of £1 each

1

1

1

1

2

2

2

2

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

17,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

 

Olson And Baker Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

At 30 September 2024
£

Mr R Knight

No interest is charged on the loan and there is no fixed date of repayment

582

(6,594)

(6,012)

-

-

-

582

(6,594)

(6,012)

Mr J M Scaife

No interest is charged on the loan and there is no fixed date of repayment

1,301

(6,604)

(5,303)

-

-

-

1,301

(6,604)

(5,303)

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr R Knight

No interest is charged on the loan and there is no fixed date of repayment

4,450

(3,868)

582

-

-

-

4,450

(3,868)

582

Mr J M Scaife

No interest is charged on the loan and there is no fixed date of repayment

5,156

(3,855)

1,301

-

-

-

5,156

(3,855)

1,301