Olney Bathrooms Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08654072

Olney Bathrooms Limited

Filleted Unaudited Financial Statements

31 August 2024

Olney Bathrooms Limited

Statement of Financial Position

31 August 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		5,345	6,818

Current assets

Stocks		375	375
Debtors	6	3,109	176
Cash at bank and in hand		1,203	1,960
		-------	-------
		4,687	2,511

Creditors: amounts falling due within one year	7	18,805		22,778
		--------		--------
Net current liabilities			14,118	20,267
			--------	--------
Total assets less current liabilities			( 8,773)	( 13,449)

Creditors: amounts falling due after more than one year	8	2,550	5,950
		--------	--------
Net liabilities		( 11,323)	( 19,399)
		--------	--------

Olney Bathrooms Limited

Statement of Financial Position (continued)

31 August 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 11,324)	( 19,400)
	--------	--------
Shareholders deficit	( 11,323)	( 19,399)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:

Mr P W Rising
Director

Company registration number: 08654072

Olney Bathrooms Limited

Notes to the Financial Statements

Year ended 31 August 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, Bedfordshire, MK40 2NR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have also been prepared on a going concern basis which is dependent upon the continued financial support of the company's creditors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 September 2023	12,814	2,996	15,810
Additions	–	400	400
	--------	-------	--------
At 31 August 2024	12,814	3,396	16,210
	--------	-------	--------
Depreciation
At 1 September 2023	6,141	2,851	8,992
Charge for the year	1,673	200	1,873
	--------	-------	--------
At 31 August 2024	7,814	3,051	10,865
	--------	-------	--------
Carrying amount
At 31 August 2024	5,000	345	5,345
	--------	-------	--------
At 31 August 2023	6,673	145	6,818
	--------	-------	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	3,109	176
	-------	----

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	3,400	3,400
Trade creditors	1,587	2,037
Social security and other taxes	3,023	738
Other creditors	10,795	16,603
	--------	--------
	18,805	22,778
	--------	--------

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

	2024	2023
	£	£
Bank loans and overdrafts	2,550	5,950
	-------	-------

Bank loans and overdrafts due within one year and after one year are in respect of a Coronavirus Bounce Back loan which is not secured on the assets of the company.