Olds Demolition & Salvage Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04906250 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

OLDS DEMOLITION & SALVAGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

W J Balsdon

REGISTERED OFFICE:

2 Barnfield Crescent

Exeter

England

EX1 1QT

REGISTERED NUMBER:

04906250 (England and Wales)

ACCOUNTANTS:

Bush & Co Limited

2 Barnfield Crescent

Exeter

Devon

EX1 1QT

BANKERS:

Lloyds Bank

High Street

Exeter

Devon

EX4 3NL

FIXED ASSETS

Tangible assets

5

13,697

19,459

CURRENT ASSETS

Stocks

-

1,500

Debtors

6

53,403

73,016

Cash at bank

4,819

2,943

58,222

77,459

CREDITORS

Amounts falling due within one year

7

74,862

154,866

NET CURRENT LIABILITIES

(16,640

)

(77,407

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,943

)

(57,948

)

CREDITORS

Amounts falling due after more than one year

8

14,409

29,265

NET LIABILITIES

(17,352

)

(87,213

)

CAPITAL AND RESERVES

Called up share capital

204

204

Retained earnings

(17,556

)

(87,417

)

SHAREHOLDERS' FUNDS

(17,352

)

(87,213

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 10 April 2019 and were signed by:

W J Balsdon - Director

1.	STATUTORY INFORMATION

Olds Demolition & Salvage Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company had accumulated losses at the year end of £17,556. However, it has made trading

profits in recent years and the losses continue to reduce. The losses do not provide a cash flow

problem as the company has negotiated a loan repayable over five years with the bank and it

continues to receive the support of Poltimore Plant Limited, the company's major supplier which is

owned by the company director. The director has offered his continued support through that company

and therefore in his opinion the company will continue to be a going concern. On that basis, the

financial statements have been prepared as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant & machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures & fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in

non-convertible preference and non-puttable ordinary shares which are measured at fair value, with

changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and

thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant &

Fixtures

Motor

machinery

& fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2017

74,329

13,570

5,500

93,399

Disposals

(33,218

)

-

(5,500

)

(38,718

)

At 30 September 2018

41,111

13,570

-

54,681

DEPRECIATION

At 1 October 2017

57,700

10,972

5,268

73,940

Charge for year

3,487

389

58

3,934

Eliminated on disposal

(31,564

)

-

(5,326

)

(36,890

)

At 30 September 2018

29,623

11,361

-

40,984

NET BOOK VALUE

At 30 September 2018

11,488

2,209

-

13,697

At 30 September 2017

16,629

2,598

232

19,459

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant &

machinery

£

COST

At 1 October 2017

and 30 September 2018

13,750

DEPRECIATION

At 1 October 2017

6,016

Charge for year

1,934

At 30 September 2018

7,950

NET BOOK VALUE

At 30 September 2018

5,800

At 30 September 2017

7,734

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

27,575

33,391

Other debtors

25,828

39,625

53,403

73,016

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

15,600

15,600

Hire purchase contracts

688

3,963

Trade creditors

29,246

27,442

Taxation and social security

6,657

12,378

Other creditors

22,671

95,483

74,862

154,866

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

14,409

28,577

Hire purchase contracts

-

688

14,409

29,265

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

30,009

44,177

The director has given a personal guarantee for the bank loan and overdraft.

10.	RELATED PARTY DISCLOSURES

Poltimore Plant Ltd

A company in which W Balsdon is a director and majority shareholder.

At the balance sheet date there was an amount due to Poltimore Plant Ltd. During the year the

company made sales totalling £5,759 (2017 - £4,508 ) to Poltimore Plant Ltd and received goods and

services totalling £71,793 (2017 - £96,313) from the same company.

2018

2017

£

£

Amount due to related party at the balance sheet date

6,766

79,023