Olympian Sheds Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01861607 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Olympian Sheds Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

15,045

33,500

Tangible assets

5

73,442

86,017

88,487

119,517

CURRENT ASSETS

Stocks

564,951

685,300

Debtors

6

32,548

13,799

Cash at bank and in hand

289,131

186,314

886,630

885,413

CREDITORS

Amounts falling due within one year

7

400,696

313,628

NET CURRENT ASSETS

485,934

571,785

TOTAL ASSETS LESS CURRENT LIABILITIES

574,421

691,302

PROVISIONS FOR LIABILITIES

18,361

16,343

NET ASSETS

556,060

674,959

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

555,960

674,859

SHAREHOLDERS' FUNDS

556,060

674,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 6 September 2023 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.

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.

Grants

The grant received is being released to the profit and loss over the economic useful life of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 February 2022

and 31 January 2023

92,275

AMORTISATION

At 1 February 2022

58,775

Amortisation for year

18,455

At 31 January 2023

77,230

NET BOOK VALUE

At 31 January 2023

15,045

At 31 January 2022

33,500

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2022

30,325

101,984

84,554

Additions

4,722

4,474

595

Disposals

-

(4,207

)

-

At 31 January 2023

35,047

102,251

85,149

DEPRECIATION

At 1 February 2022

27,882

86,400

52,914

Charge for year

923

2,867

8,059

Eliminated on disposal

-

(3,264

)

-

At 31 January 2023

28,805

86,003

60,973

NET BOOK VALUE

At 31 January 2023

6,242

16,248

24,176

At 31 January 2022

2,443

15,584

31,640

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2022

118,986

10,267

346,116

Additions

-

279

10,070

Disposals

(10,245

)

(2,885

)

(17,337

)

At 31 January 2023

108,741

7,661

338,849

DEPRECIATION

At 1 February 2022

87,006

5,897

260,099

Charge for year

7,961

965

20,775

Eliminated on disposal

(10,108

)

(2,095

)

(15,467

)

At 31 January 2023

84,859

4,767

265,407

NET BOOK VALUE

At 31 January 2023

23,882

2,894

73,442

At 31 January 2022

31,980

4,370

86,017

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

19,601

10,884

Other debtors

12,947

2,915

32,548

13,799

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

90,307

27,526

Amounts owed to group undertakings

5,428

-

Taxation and social security

214,530

185,059

Other creditors

90,431

101,043

400,696

313,628

8.	OTHER FINANCIAL COMMITMENTS

The financial commitments, which are not included in the balance sheet amount to £21,000 (2022: £37,800). These financial commitments represent the total amount of payments for various leases ending in 2025.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Willbro Holdings Limited.