Olvossa Limited - Period Ending 2017-03-31

Registration number: 08644817

Olvossa Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Alextra Group Ltd
Chartered certified accountants
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

Olvossa Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Olvossa Limited

Company Information

Director

Miss H Jones

Registration number

08644817

Registered office

7-9 Macon Court Crewe Cheshire CW1 6EA

Accountants

Alextra Group Ltd Chartered certified accountants 7-9 Macon Court Crewe Cheshire CW1 6EA

Page 1

Olvossa Limited

(Registration number: 08644817)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	3,969	4,517
Current assets
Stocks	5	35,370	31,570
Debtors	6	429	1,095
Cash at bank and in hand		26,375	16,475
		62,174	49,140
Creditors: Amounts falling due within one year	7	(32,086)	(19,045)
Net current assets		30,088	30,095
Total assets less current liabilities		34,057	34,612
Creditors: Amounts falling due after more than one year	7	(30,000)	(30,000)
Provisions for liabilities		(794)	(903)
Net assets		3,263	3,709
Capital and reserves
Called up share capital		1	1
Profit and loss account		3,262	3,708
Total equity		3,263	3,709

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

Olvossa Limited

(Registration number: 08644817)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors report has been taken.

Approved and authorised by the director on 11 October 2017
 

Miss H Jones

Director

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Olvossa Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% 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.

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

3	Loss/profit before tax

Arrived at after charging/(crediting)

	2017 £	2016 £
Depreciation expense	696	123

Page 4

Olvossa Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	4,640	4,640
Additions	148	148
At 31 March 2017	4,788	4,788
Depreciation
At 1 April 2016	123	123
Charge for the year	696	696
At 31 March 2017	819	819
Carrying amount
At 31 March 2017	3,969	3,969
At 31 March 2016	4,517	4,517

5

Stocks

	2017 £	2016 £
Other inventories	35,370	31,570

6

Debtors

	2017 £	2016 £
Trade debtors	-	973
Other debtors	429	122
Total current trade and other debtors	429	1,095

Page 5

Olvossa Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		9,174	908
Taxation and social security		1,568	930
Other creditors		21,344	17,207
		32,086	19,045
Due after one year
Loans and borrowings		30,000	30,000

8	Transition to FRS 102

This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102), the financial reporting standard applicable in the UK and Republic of Ireland.

The date of transition was 1 April 2016, and there were minimal changes required to the company’s accounting policies.

There is no difference between the financial position or financial performance as a result of the transition.

Page 6