Olympian Sheds Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01861607 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2020

for

Olympian Sheds Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

70,410

80,340

Tangible assets

5

96,590

113,608

167,000

193,948

CURRENT ASSETS

Stocks

379,956

387,135

Debtors

6

11,890

14,628

Cash at bank and in hand

467,678

278,183

859,524

679,946

CREDITORS

Amounts falling due within one year

7

270,515

251,309

NET CURRENT ASSETS

589,009

428,637

TOTAL ASSETS LESS CURRENT LIABILITIES

756,009

622,585

PROVISIONS FOR LIABILITIES

18,352

21,363

NET ASSETS

737,657

601,222

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

737,557

601,122

SHAREHOLDERS' FUNDS

737,657

601,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2020 and were signed on its behalf by:

Mr B Williams - Director

1.	STATUTORY INFORMATION

Olympian Sheds Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

01861607

Registered office:

Moston Road

Springvale Industrial Estate

Sandbach

Cheshire

CW11 3JA

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources

to continue in operational existence for the foreseeable future, being the 12 month period from the date of

these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the

financial statements have been prepared on a going concern basis.

Turnover

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

value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

Taxation

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

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 February 2019

84,150

Additions

8,125

At 31 January 2020

92,275

AMORTISATION

At 1 February 2019

3,810

Amortisation for year

18,055

At 31 January 2020

21,865

NET BOOK VALUE

At 31 January 2020

70,410

At 31 January 2019

80,340

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2019

30,325

94,664

64,683

Additions

-

-

9,181

Disposals

-

-

-

At 31 January 2020

30,325

94,664

73,864

DEPRECIATION

At 1 February 2019

26,529

79,868

17,438

Charge for year

451

2,219

14,107

Eliminated on disposal

-

-

-

At 31 January 2020

26,980

82,087

31,545

NET BOOK VALUE

At 31 January 2020

3,345

12,577

42,319

At 31 January 2019

3,796

14,796

47,245

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2019

105,895

7,253

302,820

Additions

-

1,037

10,218

Disposals

(5,900

)

-

(5,900

)

At 31 January 2020

99,995

8,290

307,138

DEPRECIATION

At 1 February 2019

63,126

2,251

189,212

Charge for year

8,918

1,098

26,793

Eliminated on disposal

(5,457

)

-

(5,457

)

At 31 January 2020

66,587

3,349

210,548

NET BOOK VALUE

At 31 January 2020

33,408

4,941

96,590

At 31 January 2019

42,769

5,002

113,608

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

8,622

10,703

Other debtors

3,268

3,925

11,890

14,628

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

3,265

25,671

Taxation and social security

130,167

92,797

Other creditors

137,083

132,841

270,515

251,309

8.	OTHER FINANCIAL COMMITMENTS

The financial commitments, which are not included in the balance sheet amount to £71,400 (2019: £88,200).

These financial commitments represent the total amount of payments for various leases ending in several years

between 2019 and 2025.