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OLEXSYS LIMITED
REGISTERED NUMBER: 07465154
ABBREVIATED BALANCE SHEET
AS AT 30 APRIL 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 April 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 15 September 2015.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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OLEXSYS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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At the balance sheet date the company has a deficit on its profit and loss account of £6,205. The directors are confidient that the company will return to making profits in the future and, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expection that the company has adequate resources to continue in operational existence for the forseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.
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Intangible fixed assets and amortisation
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Intangible assets relates to the acquistion of an intellectual property licence agreement which is amortised to the profit and loss account over its estimated economic life of five years.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
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The company contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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Page 2
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OLEXSYS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
2.INTANGIBLE FIXED ASSETS
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At 1 May 2014 and 30 April 2015
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3.TANGIBLE FIXED ASSETS
4.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares of £0.10 each
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Page 3
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