Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30No description of principal activity2023-12-01truefalsefalse1213The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03283400 2023-12-01 2024-11-30 03283400 2022-12-01 2023-11-30 03283400 2024-11-30 03283400 2023-11-30 03283400 2022-12-01 03283400 c:Director1 2023-12-01 2024-11-30 03283400 d:Buildings 2023-12-01 2024-11-30 03283400 d:Buildings 2024-11-30 03283400 d:Buildings 2023-11-30 03283400 d:Buildings d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 03283400 d:Buildings d:LeasedAssetsHeldAsLessee 2023-12-01 2024-11-30 03283400 d:PlantMachinery 2023-12-01 2024-11-30 03283400 d:PlantMachinery 2024-11-30 03283400 d:PlantMachinery 2023-11-30 03283400 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 03283400 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-01 2024-11-30 03283400 d:MotorVehicles 2023-12-01 2024-11-30 03283400 d:MotorVehicles 2024-11-30 03283400 d:MotorVehicles 2023-11-30 03283400 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 03283400 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-01 2024-11-30 03283400 d:OfficeEquipment 2023-12-01 2024-11-30 03283400 d:OfficeEquipment 2024-11-30 03283400 d:OfficeEquipment 2023-11-30 03283400 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 03283400 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-12-01 2024-11-30 03283400 d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 03283400 d:LeasedAssetsHeldAsLessee 2023-12-01 2024-11-30 03283400 d:Goodwill 2024-11-30 03283400 d:Goodwill 2023-11-30 03283400 d:FreeholdInvestmentProperty 2024-11-30 03283400 d:FreeholdInvestmentProperty 2023-11-30 03283400 d:CurrentFinancialInstruments 2024-11-30 03283400 d:CurrentFinancialInstruments 2023-11-30 03283400 d:Non-currentFinancialInstruments 2024-11-30 03283400 d:Non-currentFinancialInstruments 2023-11-30 03283400 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 03283400 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 03283400 d:Non-currentFinancialInstruments d:AfterOneYear 2024-11-30 03283400 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 03283400 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-11-30 03283400 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 03283400 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-11-30 03283400 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 03283400 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-11-30 03283400 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-11-30 03283400 d:ShareCapital 2024-11-30 03283400 d:ShareCapital 2023-11-30 03283400 d:RetainedEarningsAccumulatedLosses 2024-11-30 03283400 d:RetainedEarningsAccumulatedLosses 2023-11-30 03283400 c:FRS102 2023-12-01 2024-11-30 03283400 c:AuditExempt-NoAccountantsReport 2023-12-01 2024-11-30 03283400 c:FullAccounts 2023-12-01 2024-11-30 03283400 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 03283400 d:HirePurchaseContracts d:WithinOneYear 2024-11-30 03283400 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 03283400 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-11-30 03283400 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 03283400 2 2023-12-01 2024-11-30 03283400 d:AcceleratedTaxDepreciationDeferredTax 2024-11-30 03283400 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 03283400 d:OtherDeferredTax 2024-11-30 03283400 d:OtherDeferredTax 2023-11-30 03283400 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-11-30 03283400 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-11-30 03283400 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-11-30 03283400 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-11-30 03283400 d:LeasedAssetsHeldAsLessee 2024-11-30 03283400 d:LeasedAssetsHeldAsLessee 2023-11-30 03283400 e:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Registered number: 03283400










OLYMPIC CONSTRUCTION (NORFOLK) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
REGISTERED NUMBER:03283400

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
377,310
424,303

Investment property
 6 
300,000
300,000

  
677,310
724,303

Current assets
  

Stocks
  
21,584
31,784

Debtors: amounts falling due within one year
 7 
35,555
99,218

Cash at bank and in hand
  
34,131
141,478

  
91,270
272,480

Creditors: amounts falling due within one year
 8 
(192,943)
(380,088)

Net current liabilities
  
 
 
(101,673)
 
 
(107,608)

Total assets less current liabilities
  
575,637
616,695

Creditors: amounts falling due after more than one year
 9 
(125,084)
(181,122)

Provisions for liabilities
  

Deferred tax
 12 
(113,228)
(124,623)

  
 
 
(113,228)
 
 
(124,623)

Net assets
  
337,325
310,950


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
337,323
310,948

  
337,325
310,950

Page 1

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
REGISTERED NUMBER:03283400
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.




................................................
Mr L C Cutting
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Olympic Construction (Norfolk) Ltd is a private company limited by shares and incorporated in England and Wales, registration number 03283400. The registered office is Unit 10, Oaktree Business Park, Basey Road, Rackheath Industrial Estate, Norwich, Norfolk, NR13 6PZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per below.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant & machinery
-
25% reducing balance / 10% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 13).

Page 7

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 December 2023
9,400



At 30 November 2024

9,400



Amortisation


At 1 December 2023
9,400



At 30 November 2024

9,400



Net book value



At 30 November 2024
-



At 30 November 2023
-



Page 8

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
160,000
409,857
285,192
17,240
872,289


Additions
-
15,175
-
-
15,175



At 30 November 2024

160,000
425,032
285,192
17,240
887,464



Depreciation


At 1 December 2023
-
282,308
152,444
13,234
447,986


Charge for the year on owned assets
-
17,364
10,988
798
29,150


Charge for the year on financed assets
-
18,955
14,063
-
33,018



At 30 November 2024

-
318,627
177,495
14,032
510,154



Net book value



At 30 November 2024
160,000
106,405
107,697
3,208
377,310



At 30 November 2023
160,000
127,549
132,748
4,006
424,303

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
54,381
58,505

Motor vehicles
100,228
122,786

154,609
181,291

Page 9

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 December 2023
300,000



At 30 November 2024
300,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Trade debtors
31,996
95,973

Other debtors
3,559
3,245

35,555
99,218



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
26,778
26,778

Trade creditors
29,128
94,654

Corporation tax
30,447
32,686

Other taxation and social security
13,955
40,734

Obligations under finance lease and hire purchase contracts
44,910
52,094

Other creditors
15,214
25,849

Accruals and deferred income
32,511
107,293

192,943
380,088


Page 10

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
58,539
83,308

Net obligations under finance leases and hire purchase contracts
66,545
97,814

125,084
181,122



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
26,778
26,778


26,778
26,778

Amounts falling due 1-2 years

Bank loans
19,694
26,778


19,694
26,778

Amounts falling due 2-5 years

Bank loans
29,333
39,249


29,333
39,249

Amounts falling due after more than 5 years

Bank loans
9,512
17,281

9,512
17,281

85,317
110,086


Page 11

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
50,735
52,095

Between 1-5 years
66,544
102,118

117,279
154,213
Page 12

 
OLYMPIC CONSTRUCTION (NORFOLK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(124,623)
(119,744)


Charged to profit or loss
11,395
(4,879)



At end of year
(113,228)
(124,623)

2024
2023
£
£


Accelerated capital allowances
(48,802)
(60,197)

Adjustment due to revaluation on investment property
(64,426)
(64,426)

(113,228)
(124,623)


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in the independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,858 (2023: £2,316) Contributions totalling £Nil (2023: Nil) were payable to the fund at the balance sheet date and are included in creditors. 


14.


Transactions with directors

At the year end, the director, Mr L Cutting, owed the company £3,259 (2023: £3,245).
At the year end, Mrs G Cutting, mother of the director, owed the company £300 (2023: £15,628 owing to Mrs G Cutting).

 
Page 13