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REGISTERED NUMBER: 03303852 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

OLYMPUS AUTOMATION LTD

OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OLYMPUS AUTOMATION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: H Norman
S Norman
D Loughry
J Norman





REGISTERED OFFICE: Unit 4 A1 Parkway
Orton Southgate
Peterborough
Cambridgeshire
PE2 6YN





REGISTERED NUMBER: 03303852 (England and Wales)





AUDITORS: HW Bedford Ltd
Registered Auditors
Woburn Court
2 Railton Court
Kempston
Bedford
Bedfordshire
MK42 7PN

OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 315,264 160,266

CURRENT ASSETS
Stocks 364,290 455,069
Debtors 5 1,012,215 1,017,217
Cash at bank and in hand 1,782,657 662,324
3,159,162 2,134,610
CREDITORS
Amounts falling due within one year 6 2,693,420 1,586,746
NET CURRENT ASSETS 465,742 547,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

781,006

708,130

CREDITORS
Amounts falling due after more than one
year

7

(89,402

)

(34,375

)

PROVISIONS FOR LIABILITIES (5,168 ) (6,742 )
NET ASSETS 686,436 667,013

CAPITAL AND RESERVES
Called up share capital 38 38
Capital redemption reserve 87 87
Retained earnings 686,311 666,888
686,436 667,013

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





D Loughry - Director


OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Olympus Automation Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 relating to long-term contracts is shown as explained below.

Turnover relating to warranty contracts are recognised over the life of the contracts.

Long-term contracts

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the
goods are physically delivered to the customer. Turnover from the supply of services represents the value of
services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Payments on account and included as part of Creditors due within one year.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

Government grants

Government grants are recognised based on the accrual model. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - in accordance with the property
R&D Equipment - 50% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 30% on reducing balance
Computer equipment - 50% on cost and 20% on reducing balance

Stocks
Raw materials are stated at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving stock.

OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar
debt instrument, those financial instruments are classed as financial liabilities.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Assets held under finance leases and other similar contracts, which confer rights and obligations similar to
those attached to owned assets are capitalised as tangible fixed assets 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 rate af charge on the balance of capital repayments outstanding. Hire purchase agreements are dealt with similarly, except that assets are depreciated over their useful lives.

Rentals under operating leases are charged on a straight-line basis over the term of the lease, 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, except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.

OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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.

Going concern
The company made a profit for the year. The directors have prepared budgets for the periods ending 30 June 2025 and 30 June 2026. These forecasts demonstrated the company maintaining a profitability and maintaining a cashflow-positive position. The company is able to manage its costs to allow the company to continue trading for at least 12 months from the date of the approval of these financial statements.

Based on these considerations, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and is well placed to manage its business risks successfully despite the uncertain economic outlook. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.

Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of work done less amounts received as gross payments on account. Excess progress payments are included in creditors as payments on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 36 ) .

4. TANGIBLE FIXED ASSETS
Leasehold R&D Plant and
improvements Equipment machinery
£    £    £   
COST
At 1 July 2023 16,763 82,324 205,176
Additions - - 33,345
Disposals - - -
At 30 June 2024 16,763 82,324 238,521
DEPRECIATION
At 1 July 2023 16,763 82,324 181,123
Charge for year - - 11,037
Eliminated on disposal - - -
At 30 June 2024 16,763 82,324 192,160
NET BOOK VALUE
At 30 June 2024 - - 46,361
At 30 June 2023 - - 24,053

OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 223,495 405,417 293,754 1,226,929
Additions 11,785 158,599 17,704 221,433
Disposals - (57,734 ) - (57,734 )
At 30 June 2024 235,280 506,282 311,458 1,390,628
DEPRECIATION
At 1 July 2023 134,146 367,921 284,386 1,066,663
Charge for year 9,907 31,267 12,069 64,280
Eliminated on disposal - (55,579 ) - (55,579 )
At 30 June 2024 144,053 343,609 296,455 1,075,364
NET BOOK VALUE
At 30 June 2024 91,227 162,673 15,003 315,264
At 30 June 2023 89,349 37,496 9,368 160,266

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 619,533 804,771
Amounts recoverable on contract 91,180 81,863
Other debtors 301,502 130,583
1,012,215 1,017,217

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 34,375 37,500
Hire purchase contracts 27,456 11,537
Trade creditors 1,689,363 650,101
Taxation and social security 384,900 271,034
Other creditors 557,326 616,574
2,693,420 1,586,746

Obligations under hire purchase contracts are secured against the assets to which they relate.

All assets of the company are held as security formally charged to the Bank.

OLYMPUS AUTOMATION LTD (REGISTERED NUMBER: 03303852)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 34,375
Hire purchase contracts 89,402 -
89,402 34,375

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alberto Di Lorenzo (Senior Statutory Auditor)
for and on behalf of HW Bedford Ltd

9. OTHER FINANCIAL COMMITMENTS

At the year end the company had future minimum lease payments under non-cancellable operating leases of £155,537 (2023: £208,864).

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
H Norman
Balance outstanding at start of year - 514
Amounts advanced 7,634 -
Amounts repaid - (514 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,634 -