Oldara Limited
Oldara Limited
Registered number: 04377737
Unaudited Financial Statements
For The Year Ended 28 February 2018
Astrum Accountants
Maple House
5 The Maples
Cleeve
Bristol
BS49 4FS
Oldara Limited
Unaudited Financial Statements
For The Year Ended 28 February 2018
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1 |
Notes to the Financial Statements | 3—5 |
Oldara Limited
Balance Sheet
As at
28 February 2018
Balance Sheet
Registered number:
04377737
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2018 | 2017 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 6 |
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CURRENT ASSETS | |||||
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 9 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 72,216 | 58,456 | |||
Directors' responsibilities:
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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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Page 1
Oldara Limited
Balance Sheet (continued)
As at
28 February 2018
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Oldara Limited
Notes to the Financial Statements
For The Year Ended 28 February 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Page 3
Oldara Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2018
5.
Intangible Assets
Goodwill | |||
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Cost | |||
As at |
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As at |
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Amortisation | |||
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As at |
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Net Book Value | |||
As at |
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As at |
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6.
Tangible Assets
Plant & Machinery | Computer Equipment | Total | |
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Cost | |||
As at |
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Additions |
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As at |
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Depreciation | |||
As at |
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Provided during the period |
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As at |
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Net Book Value | |||
As at |
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As at |
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7.
Stocks
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£ | £ | ||
Stock - finished goods |
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Page 4
Oldara Limited
Notes to the Financial Statements (continued)
For The Year Ended 28 February 2018
8.
Debtors
2018 | 2017 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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VAT |
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Net wages | - | 33 | |
Amounts owed by group undertakings (Debtors < 1 year) |
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9.
Creditors: Amounts Falling Due Within One Year
2018 | 2017 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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Other taxes and social security |
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Net wages | 7,399 | - | |
Other creditors |
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Accruals and deferred income |
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11.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Billennia Limited . Billennia Limited was incorporated in England. Copies of the group accounts may be obtained from the secretary, Cleeve Wood Pharmacy, Cleeve Wood Road, Downend, Bristol, England, BS16 2SF . The ultimate controlling party is Mr Peter Cipolla and Mr Brian Duggan who controls 100% of the shares of Oldara Limited .
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