1 September 2023 v2025.32.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP126775692023-09-012024-08-31126775692024-08-31126775692023-08-3112677569core:WithinOneYear2024-08-3112677569core:WithinOneYear2023-08-3112677569core:ShareCapital2024-08-3112677569core:ShareCapital2023-08-3112677569core:RetainedEarningsAccumulatedLosses2024-08-3112677569core:RetainedEarningsAccumulatedLosses2023-08-3112677569bus:Director12023-09-012024-08-3112677569bus:RegisteredOffice2023-09-012024-08-3112677569core:OfficeEquipment2023-09-012024-08-31126775692022-09-012023-08-3112677569core:PlantMachinery2023-09-0112677569core:PlantMachinery2023-09-012024-08-3112677569core:PlantMachinery2024-08-3112677569core:PlantMachinery2023-08-311267756912023-09-012024-08-3112677569countries:EnglandWales2023-09-012024-08-3112677569bus:AuditExempt-NoAccountantsReport2023-09-012024-08-3112677569bus:PrivateLimitedCompanyLtd2023-09-012024-08-3112677569bus:SmallEntities2023-09-012024-08-3112677569bus:FullAccounts2023-09-012024-08-31
Company registration number:
12677569
Oliver Rae Limited
Unaudited Filleted Financial Statements for the year ended
31 August 2024
Oliver Rae Limited
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Tangible assets 5
857
 
2,199
 
Current assets    
Debtors 6
208,866
 
118,993
 
Cash at bank and in hand
30,576
 
34,907
 
239,442
 
153,900
 
Creditors: amounts falling due within one year 7
(178,718
)
(126,107
)
Net current assets
60,724
 
27,793
 
Total assets less current liabilities 61,581   29,992  
Provisions for liabilities
(214
)
(550
)
Net assets
61,367
 
29,442
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
61,267
 
29,342
 
Shareholders funds
61,367
 
29,442
 
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
27 May 2025
, and are signed on behalf of the board by:
T Kenney
Director
Company registration number:
12677569
Oliver Rae Limited
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Middlemore Lane
,
Aldridge
,
Walsall
,
WS9 8SP
, United Kingdom.

2 Statement of compliance

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

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% straight line

Impairment

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
4.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 September 2023
6,054
 
Additions
210
 
At
31 August 2024
6,264
 
Depreciation  
At
1 September 2023
3,855
 
Charge
1,552
 
At
31 August 2024
5,407
 
Carrying amount  
At
31 August 2024
857
 
At 31 August 2023
2,199
 

6 Debtors

20242023
££
Trade debtors
112,294
 
92,604
 
Other debtors
96,572
 
26,389
 
208,866
 
118,993
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
1,897
 
3,219
 
Taxation and social security
124,801
 
92,428
 
Other creditors
52,020
 
30,460
 
178,718
 
126,107