Ollies Restaurant Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08617188 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2019

for

Ollies Restaurant Ltd

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs N Boulter

REGISTERED OFFICE:

4 Ulph Place

Burnham Market

Kings Lynn

Norfolk

PE31 8HQ

BUSINESS ADDRESS:

Ollies Restaurant

Station Road

Wells-next-the-sea

Norfolk

NR23 1AE

REGISTERED NUMBER:

08617188 (England and Wales)

ACCOUNTANTS:

Steve Pye & Co.

Chartered Certified Accountants

4 Ulph Place

Burnham Market

King's Lynn

Norfolk

PE31 8HQ

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ollies Restaurant Ltd for the year ended 31 August 2019 which comprise the Statement of

Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Ollies Restaurant Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ollies Restaurant Ltd and state those matters that we have agreed to state to the director of Ollies Restaurant Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Ollies Restaurant Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ollies Restaurant Ltd. You consider that Ollies Restaurant Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ollies Restaurant Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Steve Pye & Co.

Chartered Certified Accountants

4 Ulph Place

Burnham Market

King's Lynn

Norfolk

PE31 8HQ

22 May 2020

FIXED ASSETS

Tangible assets

5

1,294

1,084

CURRENT ASSETS

Stocks

2,945

3,200

Debtors

6

19,301

11,662

Cash at bank and in hand

45,787

47,590

68,033

62,452

CREDITORS

Amounts falling due within one year

7

62,829

62,177

NET CURRENT ASSETS

5,204

275

TOTAL ASSETS LESS CURRENT LIABILITIES

6,498

1,359

PROVISIONS FOR LIABILITIES

246

206

NET ASSETS

6,252

1,153

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

6,251

1,152

SHAREHOLDERS' FUNDS

6,252

1,153

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 22 May 2020 and were signed by:

Mrs N Boulter - Director

1.	STATUTORY INFORMATION

Ollies Restaurant Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates

and assumptions about the carrying value of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other factors that

are considered relevant. Actual results may differ from these estimates. The estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period

to which the estimate is revised if the revision affects only that period or in the period of the revision and future

periods if the revision affects both current and future periods. The key sources of estimation uncertainty that

have a significant effect on the amounts recognised in the financial statements are the depreciation charges that

are calculated with reference to the useful economic life of fixed assets.

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.

Fixtures and fittings

-

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

The company enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and

loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future

payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted

amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term

instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business

terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at

market rate, the financial asset is measured, initially and subsequently, at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 12 (2018 - 13 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2018

2,624

Additions

641

At 31 August 2019

3,265

DEPRECIATION

At 1 September 2018

1,540

Charge for year

431

At 31 August 2019

1,971

NET BOOK VALUE

At 31 August 2019

1,294

At 31 August 2018

1,084

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

19,301

11,662

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

15,692

20,113

Taxation and social security

27,954

28,640

Other creditors

19,183

13,424

62,829

62,177