Olympus Automation Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03303852 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

FOR

OLYMPUS AUTOMATION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

H Norman

N C Robertson

S Norman

D Loughry

J Norman

SECRETARY:

N C Robertson

REGISTERED OFFICE:

Unit 4 A1 Parkway

Orton Southgate

Peterborough

Cambridgeshire

PE2 6YN

REGISTERED NUMBER:

03303852 (England and Wales)

ACCOUNTANTS:

Steve Monico Limited

Chartered Accountants

19 Goldington Road

Bedford

MK40 3JY

FIXED ASSETS

Tangible assets

4

285,341

333,752

CURRENT ASSETS

Stocks

169,128

212,804

Debtors

5

886,191

1,733,227

Cash at bank and in hand

467,143

98,024

1,522,462

2,044,055

CREDITORS

Amounts falling due within one year

6

1,354,663

1,484,045

NET CURRENT ASSETS

167,799

560,010

TOTAL ASSETS LESS CURRENT LIABILITIES

453,140

893,762

CREDITORS

Amounts falling due after more than one year

7

(222,351

)

(73,485

)

PROVISIONS FOR LIABILITIES

(10,026

)

(18,298

)

NET ASSETS

220,763

801,979

CAPITAL AND RESERVES

Called up share capital

38

38

Capital redemption reserve

87

87

Retained earnings

220,638

801,854

220,763

801,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 29 June 2021 and were signed on its behalf by:

D Loughry - Director

1.	STATUTORY INFORMATION

Olympus Automation Ltd 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.

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 relating to long-term contracts is shown as explained below.

Turnover relating to warranty contracts are recognised over the life of the contracts.

Long-term contracts

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the

goods are physically delivered to the customer. Turnover from the supply of services represents the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Payments on account and included as part of Creditors due within one year.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

Government grants

Government grants are recognised based on the accrual model. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

in accordance with the property

R&D Equipment

-

50% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

30% on reducing balance

Computer equipment

-

50% on cost and 20% on reducing balance

Stocks

Raw materials are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

Assets held under finance leases and other similar contracts, which confer rights and obligations similar to

those attached to owned assets are capitalised as tangible fixed assets and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant rate af charge on the balance of capital repayments outstanding. Hire purchase agreements are dealt with similarly, except that assets are depreciated over their useful lives.

Rentals under operating leases are charged on a straight-line basis over the term of the lease, even if the

payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term, except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.

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.

Going concern

The company is loss-making in the current year but has maintained a net current asset position at the year end. The directors have prepared budgets for the period ending 30 June 2021 as well as the period ending 30 June 2022 which take into account the impact of the Covid-19 pandemic. These forecasts demonstrated the company returning to profitability and maintaining a cashflow-positive position. However, the pandemic has impacted the company negatively although it is planned that the impact is only short term. Management accounts for the period 1 July 2020 to 31 May 2021 show the company made a net profit. The company is able to manage its costs to allow the company to continue trading for at least 12 months from the date of the approval of these financial statements.

Based on these considerations, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and is well placed to manage its business risks successfully despite the uncertain economic outlook. Accordingly they continue to adopt the going concern basis in preparing the annual report and accounts.

Amounts recoverable on contracts

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of work done less amounts received as gross payments on account. Excess progress payments are included in creditors as payments on account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2019 - 61 ) .

4.	TANGIBLE FIXED ASSETS

Leasehold

R&D

Plant and

improvements

Equipment

machinery

£

£

£

COST

At 1 July 2019

16,763

82,324

194,646

Additions

-

-

-

Disposals

-

-

-

At 30 June 2020

16,763

82,324

194,646

DEPRECIATION

At 1 July 2019

16,763

82,324

145,529

Charge for year

-

-

12,280

Eliminated on disposal

-

-

-

At 30 June 2020

16,763

82,324

157,809

NET BOOK VALUE

At 30 June 2020

-

-

36,837

At 30 June 2019

-

-

49,117

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2019

167,244

661,031

270,215

1,392,223

Additions

52,235

-

696

52,931

Disposals

-

(93,109

)

-

(93,109

)

At 30 June 2020

219,479

567,922

270,911

1,352,045

DEPRECIATION

At 1 July 2019

94,123

468,181

251,551

1,058,471

Charge for year

7,313

55,263

14,424

89,280

Eliminated on disposal

-

(81,047

)

-

(81,047

)

At 30 June 2020

101,436

442,397

265,975

1,066,704

NET BOOK VALUE

At 30 June 2020

118,043

125,525

4,936

285,341

At 30 June 2019

73,121

192,850

18,664

333,752

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

207,351

811,939

Amounts recoverable on contract

236,516

123,199

Other debtors

442,324

798,089

886,191

1,733,227

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,125

-

Hire purchase contracts

73,486

41,417

Trade creditors

664,089

725,167

Taxation and social security

147,282

211,087

Other creditors

466,681

506,374

1,354,663

1,484,045

Obligations under hire purchase contracts are secured against the assets to which they relate.

All assets of the company are held as security formally charged to the Bank.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

146,875

-

Hire purchase contracts

-

73,485

Taxation and social security

75,476

-

222,351

73,485

8.	OTHER FINANCIAL COMMITMENTS

At the year end the company had future minimum lease payments under non-cancellable operating leases of £702,330 (2019: £799,655). A request to surrender the remainder of the 10 year lease on one of the properties was rejected by the landlords in March 2020, but in October 2020 the landlords found a tenant to take over the lease. On 15 February 2021 the lease on Unit 1, A1 Parkway was surrendered which reduced the future minimum lease payments by £336,010.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

An unsecured loan made to a director was outstanding during the year but repaid in full before the year end. The amount of the liability to the company at the beginning of the year was £409,576, the maximum during the year was £409,576 and the balance at the end of the year was £nil. The loan was repayable on demand during its time outstanding.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Olympus Automation Ltd for the year ended 30 June 2020 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Olympus Automation Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Olympus Automation Ltd and state those matters that we have agreed to state to the Board of Directors of Olympus Automation Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Olympus Automation Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Olympus Automation Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Olympus Automation Ltd. You consider that Olympus Automation Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Olympus Automation Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Steve Monico Limited

Chartered Accountants

19 Goldington Road

Bedford

MK40 3JY

29 June 2021