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Registration number: NI065391

Thomas Oliver and Associates Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2024

 

Thomas Oliver and Associates Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Thomas Oliver and Associates Limited

Company Information

Directors

Mrs Elizabeth Oliver

Mr Thomas Oliver

Registered office

1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

Accountants

Thomas Oliver & Associates Limited
Certified Public Accountants
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

Thomas Oliver and Associates Limited

(Registration number: NI065391)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

31,033

41,389

Tangible assets

5

84,086

93,552

 

115,119

134,941

Current assets

 

Stocks

6

35,980

23,746

Debtors

7

104,433

131,469

Cash at bank and in hand

 

131,680

129,301

 

272,093

284,516

Prepayments and accrued income

 

4,596

4,702

Creditors: Amounts falling due within one year

(154,316)

(191,117)

Net current assets

 

122,373

98,101

Total assets less current liabilities

 

237,492

233,042

Creditors: Amounts falling due after more than one year

(8,463)

(17,639)

Net assets

 

229,029

215,403

Capital and reserves

 

Called up share capital

9

10,000

10,000

Retained earnings

219,029

205,403

Shareholders' funds

 

229,029

215,403

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Thomas Oliver and Associates Limited

(Registration number: NI065391)
Abridged Balance Sheet as at 31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 May 2025 and signed on its behalf by:
 

.........................................

Mr Thomas Oliver

Director

 

Thomas Oliver and Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

These financial statements were authorised for issue by the Board on 20 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Thomas Oliver and Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Building Adaptations

4% straight line

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Thomas Oliver and Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Thomas Oliver and Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Thomas Oliver and Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 September 2023

207,000

At 31 August 2024

207,000

Amortisation

At 1 September 2023

165,611

Amortisation charge

10,356

At 31 August 2024

175,967

Carrying amount

At 31 August 2024

31,033

At 31 August 2023

41,389

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

70,197

106,403

176,600

Additions

-

1,975

1,975

At 31 August 2024

70,197

108,378

178,575

Depreciation

At 1 September 2023

9,704

73,344

83,048

Charge for the year

6,669

4,772

11,441

At 31 August 2024

16,373

78,116

94,489

Carrying amount

At 31 August 2024

53,824

30,262

84,086

At 31 August 2023

60,493

33,059

93,552

Included within the net book value of land and buildings above is £53,824 (2023 - £60,493) in respect of freehold land and buildings.
 

 

Thomas Oliver and Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Work in progress

35,980

23,746

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Current asset investments

2024
£

2023
£

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

       

10

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £4.50 (2023 - £6.00) per ordinary share

45,000

60,000

45,000

60,000

 

 

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,189

18,897