Olenol Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02418718

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Olenol Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

205,354

217,769

CURRENT ASSETS

Stocks

113,046

112,625

Debtors

106,754

151,070

Investments

43,403

44,875

Cash at bank and in hand

503,522

425,929

766,725

734,499

CREDITORS

Amounts falling due within one year

99,761

164,854

NET CURRENT ASSETS

666,964

569,645

TOTAL ASSETS LESS CURRENT LIABILITIES

872,318

787,414

PROVISIONS FOR LIABILITIES

7,257

8,800

NET ASSETS

865,061

778,614

CAPITAL AND RESERVES

Called up share capital

3

100

Share premium

7,980

Profit and loss account

856,981

770,534

SHAREHOLDERS' FUNDS

865,061

778,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 April 2016 and were signed on its behalf by:

Mrs H Brough - Director

J R Brough - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Tangible fixed assets

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

Freehold property

-

in accordance with the property

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

333,095

Disposals

(16,262

)

At 31 December 2015

316,833

DEPRECIATION

At 1 January 2015

115,326

Charge for year

11,497

Eliminated on disposal

(15,344

)

At 31 December 2015

111,479

NET BOOK VALUE

At 31 December 2015

205,354

At 31 December 2014

217,769

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

100