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Registration number: 04906250

Olds Demolition & Salvage Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Olds Demolition & Salvage Limited

Contents




 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Olds Demolition & Salvage Limited

Company Information




 

Director

Mr W J Balsdon

Registered office

Everett King
19 Southernhay West
Exeter
Devon
EX1 1PJ

 

Accountants

Everett King
Chartered Certified Accountants
4 Kings Court
Little King Street
BRISTOL
BS1 4HW

 

Olds Demolition & Salvage Limited

(Registration number: 04906250)
Balance Sheet as at 30 September 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

315,834

 

305,528

Current assets

   

 

Debtors

5

135,872

 

197,978

 

Cash at bank and in hand

 

21,571

 

37,948

 

 

157,443

 

235,926

 

CREDITORS: Amounts falling due within one year

6

(185,099)

 

(231,434)

 

Net current (liabilities)/assets

   

(27,656)

 

4,492

Total assets less current liabilities

   

288,178

 

310,020

CREDITORS: Amounts falling due after more than one year

6

 

(50,737)

 

(73,163)

Provisions for liabilities

 

(38,145)

 

(32,885)

Net assets

   

199,296

 

203,972

Capital and reserves

   

 

Called up share capital

7

204

 

204

 

Retained earnings

199,092

 

203,768

 

Shareholders' funds

   

199,296

 

203,972

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

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

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.

 

Olds Demolition & Salvage Limited

(Registration number: 04906250)
Balance Sheet as at 30 September 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 May 2025
 

.........................................
Mr W J Balsdon
Director

 

Olds Demolition & Salvage Limited

Notes to the Unaudited Financial Statements

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Everett King
19 Southernhay West
Exeter
Devon
EX1 1PJ

These financial statements were authorised for issue by the director on 14 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 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 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 and deferred 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.

 

Olds Demolition & Salvage Limited

Notes to the Unaudited Financial Statements

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

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.

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.

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.

 

Olds Demolition & Salvage Limited

Notes to the Unaudited Financial Statements

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Olds Demolition & Salvage Limited

Notes to the Unaudited Financial Statements

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

187,291

283,890

36,011

507,192

Additions

-

71,645

-

71,645

At 30 September 2024

187,291

355,535

36,011

578,837

Depreciation

At 1 October 2023

18,381

167,529

15,755

201,665

Charge for the year

9,364

46,910

5,064

61,338

At 30 September 2024

27,745

214,439

20,819

263,003

Carrying amount

At 30 September 2024

159,546

141,096

15,192

315,834

At 30 September 2023

168,909

116,363

20,256

305,528

Included within the net book value of land and buildings above is £159,545 (2023 - £168,909) in respect of long leasehold land and buildings.
 

 

Olds Demolition & Salvage Limited

Notes to the Unaudited Financial Statements

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

16,539

80,389

Amounts owed by related parties

96,116

110,075

Prepayments

 

12,034

6,804

Other debtors

 

11,183

710

   

135,872

197,978

6

CREDITORS

CREDITORS: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

40,926

41,622

Trade creditors

 

85,694

79,030

Taxation and social security

 

24,581

39,270

Accruals and deferred income

 

1,865

50,657

Other creditors

 

32,033

20,855

 

185,099

231,434

CREDITORS: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

50,737

73,163

 

Olds Demolition & Salvage Limited

Notes to the Unaudited Financial Statements

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary of £1 each

102

102

102

102

B Ordinary of £1 each

102

102

102

102

204

204

204

204

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,926

31,482

Hire purchase contracts

24,811

41,681

50,737

73,163

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,556

Hire purchase contracts

35,370

36,066

40,926

41,622

Bank borrowings

Bank borrowings is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2030. The carrying amount at year end is £31,482 (2023 - £37,038).