Olde Time Limited - Period Ending 2016-04-30

Registration number: 07214936

Olde Time Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016

Barnard Sampson LLP
3a Quay View Business Park
Barnards Way
Lowestoft
Suffolk
NR32 2HD

Olde Time Limited

Contents

Abbreviated Balance Sheet	1
Notes to the Abbreviated Accounts	2 to 3

Olde Time Limited

(Registration number: 07214936)
Abbreviated Balance Sheet as at 30 April 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	348	-
Current assets
Stocks		66,650	56,800
Debtors		-	1,655
Cash at bank and in hand		7,122	14,412
		73,772	72,867
Creditors: Amounts falling due within one year		(18,780)	(23,310)
Net current assets		54,992	49,557
Total assets less current liabilities		55,340	49,557
Provisions for liabilities		(70)	-
Accruals and deferred income		(1,116)	(1,068)
Net assets		54,154	48,489
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		54,054	48,389
Shareholders funds		54,154	48,489

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 24 January 2017

.........................................
Miss T J Wright
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Olde Time Limited

Notes to the Abbreviated Accounts

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office Equipment	33 % Straight line on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Fixed assets

	Tangible assets £	Total £
Cost
Additions	448	448
At 30 April 2016	448	448
Depreciation
Charge for the year	100	100
At 30 April 2016	100	100
Net book value
At 30 April 2016	348	348

Page 2

Olde Time Limited

Notes to the Abbreviated Accounts

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Control

The director is the controlling party by virtue of her controlling shareholding in the company.

Page 3