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 2021

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

126,760

115,037

CURRENT ASSETS

Debtors

6

164,910

79,995

Cash at bank

48,110

43,143

213,020

123,138

CREDITORS

Amounts falling due within one year

7

87,280

100,459

NET CURRENT ASSETS

125,740

22,679

TOTAL ASSETS LESS CURRENT LIABILITIES

252,500

137,716

CREDITORS

Amounts falling due after more than one year

8

(88,750

)

(100,747

)

PROVISIONS FOR LIABILITIES

(22,091

)

-

NET ASSETS

141,659

36,969

CAPITAL AND RESERVES

Called up share capital

204

204

Retained earnings

141,455

36,765

SHAREHOLDERS' FUNDS

141,659

36,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 30 June 2022 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 financial statements have been prepared under the historical cost convention.

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

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 3 (2020 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant &

Fixtures

Motor

machinery

& fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2020

151,566

14,919

10,400

176,885

Additions

45,150

383

-

45,533

At 30 September 2021

196,716

15,302

10,400

222,418

DEPRECIATION

At 1 October 2020

47,044

12,204

2,600

61,848

Charge for year

31,448

412

1,950

33,810

At 30 September 2021

78,492

12,616

4,550

95,658

NET BOOK VALUE

At 30 September 2021

118,224

2,686

5,850

126,760

At 30 September 2020

104,522

2,715

7,800

115,037

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

Plant &

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2020

109,500

10,400

119,900

Additions

22,100

-

22,100

Transfer to ownership

(28,000

)

-

(28,000

)

At 30 September 2021

103,600

10,400

114,000

DEPRECIATION

At 1 October 2020

12,636

2,600

15,236

Charge for year

25,304

1,950

27,254

Transfer to ownership

(9,513

)

-

(9,513

)

At 30 September 2021

28,427

4,550

32,977

NET BOOK VALUE

At 30 September 2021

75,173

5,850

81,023

At 30 September 2020

96,864

7,800

104,664

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

68,882

35,539

Other debtors

96,028

44,456

164,910

79,995

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

5,556

3,333

Hire purchase contracts

25,855

39,045

Trade creditors

30,947

16,489

Taxation and social security

12,096

10,733

Other creditors

12,826

30,859

87,280

100,459

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

42,594

46,667

Hire purchase contracts

46,156

54,080

88,750

100,747

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

20,371

6,667

9.	SECURED DEBTS

National Westminster Bank Plc hold an unlimited debenture incorporating a fixed and floating charge over the assets of the company.