Company registration number 01286489 (England and Wales)
OLYMPIC SHAVER CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
OLYMPIC SHAVER CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OLYMPIC SHAVER CENTRE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
118,960
84,615
Investment property
6
700,000
700,000
818,960
784,615
Current assets
Stocks
1,333,945
1,391,277
Debtors
7
4,264,973
4,205,683
Cash at bank and in hand
1,440,167
2,463,868
7,039,085
8,060,828
Creditors: amounts falling due within one year
8
(1,088,294)
(1,952,768)
Net current assets
5,950,791
6,108,060
Total assets less current liabilities
6,769,751
6,892,675
Provisions for liabilities
(33,405)
(14,037)
Net assets
6,736,346
6,878,638
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
6,731,346
6,873,638
Total equity
6,736,346
6,878,638
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OLYMPIC SHAVER CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
A J Edwards
Director
Company registration number 01286489 (England and Wales)
OLYMPIC SHAVER CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Olympic Shaver Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 6 - 8, Calverton Business Park, Hoyle Road, Nottingham, Nottinghamshire, NG14 6QL. The company registration number is 01286489.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
33.3% on straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
10% on straight line
Plant and equipment
25% on reducing balance
Fixtures and fittings
15% on reducing balance and 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
OLYMPIC SHAVER CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
OLYMPIC SHAVER CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
22
4
Intangible fixed assets
Other
£
Cost
At 1 February 2023 and 31 January 2024
136,190
Amortisation and impairment
At 1 February 2023 and 31 January 2024
136,190
Carrying amount
At 31 January 2024
At 31 January 2023
OLYMPIC SHAVER CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 February 2023
316,788
24,750
299,692
641,230
Additions
3,035
48,167
51,202
At 31 January 2024
319,823
24,750
347,859
692,432
Depreciation and impairment
At 1 February 2023
273,577
14,617
268,421
556,615
Depreciation charged in the year
7,252
2,533
7,072
16,857
At 31 January 2024
280,829
17,150
275,493
573,472
Carrying amount
At 31 January 2024
38,994
7,600
72,366
118,960
At 31 January 2023
43,211
10,133
31,271
84,615
6
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
700,000
The valuation of the property has been assessed by the Directors who consider that this is the best estimate of fair value.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,082,528
2,994,895
Corporation tax recoverable
89,037
Other debtors
2,062,668
1,187,548
Prepayments and accrued income
30,740
23,240
4,264,973
4,205,683
OLYMPIC SHAVER CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Bank loans and overdrafts
7,963
Trade creditors
1,035,498
1,562,109
Corporation tax
204,866
Other taxation and social security
17,556
143,780
Other creditors
375
11,296
Accruals and deferred income
34,865
22,754
1,088,294
1,952,768