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REGISTERED NUMBER: 10701295 (England and Wales)















Financial Statements for the Year Ended 30 June 2024

for

Olson Timber Buildings Limited

Olson Timber Buildings Limited (Registered number: 10701295)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Olson Timber Buildings Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S L Olson
Mrs Y Olson
Miss H Olson





SECRETARY: G S Robertson





REGISTERED OFFICE: Chart House
Dencora Way
Ashford
TN23 4FH





REGISTERED NUMBER: 10701295 (England and Wales)





ACCOUNTANTS: A.K & Co (Accountancy Services) Ltd
19 Victoria Terrace
Hove
East Sussex
BN3 2WB

Olson Timber Buildings Limited (Registered number: 10701295)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,507 132,779
Investments 5 99,990 99,990
189,497 232,769

CURRENT ASSETS
Debtors 6 503,676 517,053
Cash at bank and in hand 114,607 169,913
618,283 686,966
CREDITORS
Amounts falling due within one year 7 443,992 494,531
NET CURRENT ASSETS 174,291 192,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

363,788

425,204

CREDITORS
Amounts falling due after more than one
year

8

(51,832

)

(79,831

)

PROVISIONS FOR LIABILITIES 9 (2,040 ) (8,785 )
NET ASSETS 309,916 336,588

CAPITAL AND RESERVES
Called up share capital 10 101 101
Retained earnings 309,815 336,487
SHAREHOLDERS' FUNDS 309,916 336,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Olson Timber Buildings Limited (Registered number: 10701295)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:




S L Olson - Director



Mrs Y Olson - Director


Olson Timber Buildings Limited (Registered number: 10701295)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Olson Timber Buildings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on cost and 2% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

Olson Timber Buildings Limited (Registered number: 10701295)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 14,468 121,504 8,553
Additions - - 312
At 30 June 2024 14,468 121,504 8,865
DEPRECIATION
At 1 July 2023 1,220 73,117 5,702
Charge for year 290 15,605 773
At 30 June 2024 1,510 88,722 6,475
NET BOOK VALUE
At 30 June 2024 12,958 32,782 2,390
At 30 June 2023 13,248 48,387 2,851

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 142,395 3,845 290,765
Additions - - 312
At 30 June 2024 142,395 3,845 291,077
DEPRECIATION
At 1 July 2023 75,227 2,720 157,986
Charge for year 26,254 662 43,584
At 30 June 2024 101,481 3,382 201,570
NET BOOK VALUE
At 30 June 2024 40,914 463 89,507
At 30 June 2023 67,168 1,125 132,779

Olson Timber Buildings Limited (Registered number: 10701295)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 13,895 117,445 131,340
DEPRECIATION
At 1 July 2023 13,895 59,009 72,904
Charge for year - 21,264 21,264
At 30 June 2024 13,895 80,273 94,168
NET BOOK VALUE
At 30 June 2024 - 37,172 37,172
At 30 June 2023 - 58,436 58,436

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 99,990
NET BOOK VALUE
At 30 June 2024 99,990
At 30 June 2023 99,990

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,727 1,190
Amounts owed by participating interests 453,582 510,078
Other debtors 42,367 5,785
503,676 517,053

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,751 31,750
Hire purchase contracts 27,999 27,999
Trade creditors 53,445 41,839
Taxation and social security 122,337 74,309
Other creditors 218,460 318,634
443,992 494,531

Olson Timber Buildings Limited (Registered number: 10701295)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 51,832 79,831

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 2,040 8,785

Deferred
tax
£   
Balance at 1 July 2023 8,785
Credit to Statement of Income and Retained Earnings during year (6,745 )
Balance at 30 June 2024 2,040

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
1 Ordinary A £1 1 1
101 101