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 2020

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

United Kingdom

Devon

EX1 1QT

BANKERS:

Lloyds Bank

High Street

Exeter

Devon

EX4 3NL

FIXED ASSETS

Tangible assets

5

115,037

11,919

CURRENT ASSETS

Debtors

6

79,995

48,529

Cash at bank

43,143

5,557

123,138

54,086

CREDITORS

Amounts falling due within one year

7

100,459

53,545

NET CURRENT ASSETS

22,679

541

TOTAL ASSETS LESS CURRENT LIABILITIES

137,716

12,460

CREDITORS

Amounts falling due after more than one year

8

100,747

-

NET ASSETS

36,969

12,460

CAPITAL AND RESERVES

Called up share capital

204

204

Retained earnings

36,765

12,256

SHAREHOLDERS' FUNDS

36,969

12,460

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 2021 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

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 (2019 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant &

Fixtures

Motor

machinery

& fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2019

41,618

14,354

-

55,972

Additions

109,948

565

10,400

120,913

At 30 September 2020

151,566

14,919

10,400

176,885

DEPRECIATION

At 1 October 2019

32,270

11,783

-

44,053

Charge for year

14,774

421

2,600

17,795

At 30 September 2020

47,044

12,204

2,600

61,848

NET BOOK VALUE

At 30 September 2020

104,522

2,715

7,800

115,037

At 30 September 2019

9,348

2,571

-

11,919

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

Plant &

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

109,500

10,400

119,900

At 30 September 2020

109,500

10,400

119,900

DEPRECIATION

Charge for year

12,636

2,600

15,236

At 30 September 2020

12,636

2,600

15,236

NET BOOK VALUE

At 30 September 2020

96,864

7,800

104,664

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

35,539

32,337

Other debtors

44,456

16,192

79,995

48,529

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,333

15,310

Hire purchase contracts

39,045

-

Trade creditors

16,489

24,804

Taxation and social security

10,733

766

Other creditors

30,859

12,665

100,459

53,545

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

46,667

-

Hire purchase contracts

54,080

-

100,747

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

6,667

-