Olds Demolition & Salvage Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04906250 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

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

Devon

EX1 1QT

BANKERS:

Lloyds Bank

High Street

Exeter

Devon

EX4 3NL

FIXED ASSETS

Tangible assets

5

19,459

23,380

CURRENT ASSETS

Stocks

1,500

1,500

Debtors

6

73,016

69,737

Cash at bank and in hand

2,943

4,476

77,459

75,713

CREDITORS

Amounts falling due within one year

7

154,866

222,720

NET CURRENT LIABILITIES

(77,407

)

(147,007

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(57,948

)

(123,627

)

CREDITORS

Amounts falling due after more than one year

8

29,265

46,933

NET LIABILITIES

(87,213

)

(170,560

)

CAPITAL AND RESERVES

Called up share capital

204

204

Retained earnings

(87,417

)

(170,764

)

SHAREHOLDERS' FUNDS

(87,213

)

(170,560

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss has not been delivered.

The financial statements were approved by the director on 26 April 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company had accumulated losses at the year end of £87,417. However, it has made trading

profits in recent years and the loses continue to reduce. The losses do not provide a cash flow

problem as the company has negotiated a loan repayable over five years with the bank and it

continues to receive the support of Poltimore Plant Limited, the company's major supplier which is

owned by the company director. The director has offered his continued support through that company

and therefore in his opinion the company will continue to be a going concern. On that basis, the

accountants have been prepared as a going concern.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 2 (2016 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Plant &

Fixtures

Motor

machinery

& fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2016

72,754

13,570

5,500

91,824

Additions

1,575

-

-

1,575

At 30 September 2017

74,329

13,570

5,500

93,399

DEPRECIATION

At 1 October 2016

52,740

10,514

5,190

68,444

Charge for year

4,960

458

78

5,496

At 30 September 2017

57,700

10,972

5,268

73,940

NET BOOK VALUE

At 30 September 2017

16,629

2,598

232

19,459

At 30 September 2016

20,014

3,056

310

23,380

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

Plant &

machinery

£

COST

At 1 October 2016

and 30 September 2017

13,750

DEPRECIATION

At 1 October 2016

3,438

Charge for year

2,578

At 30 September 2017

6,016

NET BOOK VALUE

At 30 September 2017

7,734

At 30 September 2016

10,312

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

33,391

66,944

Other debtors

39,625

2,793

73,016

69,737

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

15,600

15,610

Hire purchase contracts

3,963

3,680

Trade creditors

27,442

28,403

Taxation and social security

12,378

6,893

Other creditors

95,483

168,134

154,866

222,720

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

28,577

42,283

Hire purchase contracts

688

4,650

29,265

46,933

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

44,177

57,893

The director has given a personal guarantee for the bank loan and overdraft.

10.	RELATED PARTY DISCLOSURES

Poltimore Plant Ltd

A company in which W Balsdon is a director and majority shareholder.

At the balance sheet date there was an amount due to Poltimore Plant Ltd. During the year the

company made sales totalling £4,508 (2016 - £11,512 ) to Poltimore Plant Ltd and received goods and

services totalling £96,313 (2016 - £100,963) from the same company.

2017

2016

£

£

Amount due to related party at the balance sheet date

79,023

154,782

W J Balsdon

During the year the company received a loan from the director. There are no fixed terms of repayment

and no interest has been charged.

2017

2016

£

£

Amount due to related party at the balance sheet date

1,427

456

11.	FIRST YEAR ADOPTION

As at the date of transition, 1 October 2015, no changes were required to any balances in the financial

statements.