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Company No: 09042676 (England and Wales)

OLLIE&NIC ACCESSORIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

OLLIE&NIC ACCESSORIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

OLLIE&NIC ACCESSORIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
OLLIE&NIC ACCESSORIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
Directors Mrs Jane Hill
Mr Nicholas Hill
Registered office Unit 4 William Way Trading Estate
RH15 9AG
Burgess Hill
United Kingdom
Company number 09042676 (England and Wales)
Accountant Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
OLLIE&NIC ACCESSORIES LIMITED

BALANCE SHEET

As at 31 May 2024
OLLIE&NIC ACCESSORIES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,717 18,425
13,717 18,425
Current assets
Stocks 156,686 103,844
Debtors 4 13,388 16,079
Cash at bank and in hand 5 21,589 498
191,663 120,421
Creditors: amounts falling due within one year 6 ( 309,261) ( 273,171)
Net current liabilities (117,598) (152,750)
Total assets less current liabilities (103,881) (134,325)
Creditors: amounts falling due after more than one year 7 ( 10,000) ( 20,000)
Provision for liabilities 8, 9 ( 1,882) 0
Net liabilities ( 115,763) ( 154,325)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 115,863 ) ( 154,425 )
Total shareholders' deficit ( 115,763) ( 154,325)

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ollie&Nic Accessories Limited (registered number: 09042676) were approved and authorised for issue by the Board of Directors on 20 February 2025. They were signed on its behalf by:

Mr Nicholas Hill
Director
OLLIE&NIC ACCESSORIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
OLLIE&NIC ACCESSORIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ollie&Nic Accessories Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 William Way Trading Estate, RH15 9AG, Burgess Hill, United Kingdom. The company's registered number is 09042676.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Fixtures and fittings 10 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 June 2023 4,430 44,999 3,770 53,199
Additions 0 525 388 913
At 31 May 2024 4,430 45,524 4,158 54,112
Accumulated depreciation
At 01 June 2023 2,658 29,313 2,803 34,774
Charge for the financial year 443 4,535 643 5,621
At 31 May 2024 3,101 33,848 3,446 40,395
Net book value
At 31 May 2024 1,329 11,676 712 13,717
At 31 May 2023 1,772 15,686 967 18,425

4. Debtors

2024 2023
£ £
Trade debtors 13,388 16,079

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 21,589 498

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 150,592 57,295
Amounts owed to directors 58,808 93,494
Other loans 53,824 92,264
Accruals 1,800 1,800
Other taxation and social security 30,208 12,676
Other creditors 4,029 5,642
309,261 273,171

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,000 20,000

8. Provision for liabilities

2024 2023
£ £
Deferred tax 1,882 0

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 1,882) 0
At the end of financial year ( 1,882) 0

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 2,606) 0
Tax losses carry forward 724 0
( 1,882) 0

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 19,887 19,887
between one and five years 29,831 49,718
49,718 69,605

11. Related party transactions

During the year, the directors continued to provide an interest free loan to the company. At the year end the amount owed to the directors was £58,808 (2023 - £93,494).