Registered number
08478715
Olgardens Ltd
Filleted Accounts
for the year ended 30 April 2024
Olgardens Ltd
Registered number: 08478715
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 25,489 25,545
Current assets
Debtors 4 53,256 43,582
Cash at bank and in hand (10,341) (8,999)
42,915 34,583
Creditors: amounts falling due within one year 5 (67,743) (36,143)
Net current assets/(liabilities) (24,828) (1,560)
Total assets less current liabilities 661 23,985
Creditors: amounts falling due after more than one year 8 (24,203) (23,476)
Net assets (23,542) 509
Capital and reserves
Called up share capital 100 100
Profit and loss account (23,642) 409
Shareholder's funds (23,542) 509
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Bartosz Szul
Director
Approved by the board on 27 January 2025
Olgardens Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery 20% Straight Line
Fixtures & fittings 20% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Motor vehicles Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 1 May 2023 29,977 14,106 1,854 45,937
Additions 8,083 361 2,019 10,463
At 30 April 2024 38,060 14,467 3,873 56,400
Depreciation
At 1 May 2023 15,948 4,092 352 20,392
Charge for the year 6,851 2,893 775 10,519
At 30 April 2024 22,799 6,985 1,127 30,911
Net book value
At 30 April 2024 15,261 7,482 2,746 25,489
At 30 April 2023 14,029 10,014 1,502 25,545
4 Debtors 2024 2023
£ £
Trade debtors 41,088 -
Other debtors 10,968 43,582
Prepayments 1,200 -
Accrued revenue - -
53,256 43,582
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans - -
Trade creditors 36,241 -
Other creditors - -
Net wages - -
Taxation and social security 5,540 (74)
Accrual - 2,368
Director's account 2,375 -
Corporation tax 20,760 22,329
VAT 2,827 11,520
67,743 36,143
6 Profit and loss account 2024
£
At 1 June 2023 409
Profit for the year (24,051)
Dividends -
At 31 May 2024 (23,642)
7 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid - 25,000
- 25,000
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,573 23,476
Obligations under finance lease and hire purchase contracts 8,630 -
24,203 23,476
9 Related party transactions
Included within the creditors at the year end is £2,375 (2023: £18,624) due to the company directors. During the period the company paid £57,108 of expenses on behalf of the director and the directors introduced £78,1098.
10 Controlling party
The ultimate controlling parties are the directors' and shareholders' Olga Myslak-Grubecka and Bartosz Szul.
11 Other information
Olgardens Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Butts Cottages
Hampton Road WEST
Feltham
Middlesex
TW13 6BW
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