OLYMPIC_FIXING_PRODUCTS_L - Accounts

OLYMPIC FIXING PRODUCTS LIMITED - Company Information

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Company Registration No. 02367267 (England and Wales)

OLYMPIC FIXING PRODUCTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

OLYMPIC FIXING PRODUCTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

OLYMPIC FIXING PRODUCTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

98,584

126,779

Current assets

Stocks

1,812,171

1,780,582

Debtors

831,486

886,183

Cash at bank and in hand

714,703

729,297

3,358,360

3,396,062

Creditors: amounts falling due within one year

(1,329,516)

(1,583,743)

Net current assets

2,028,844

1,812,319

Total assets less current liabilities

2,127,428

1,939,098

Creditors: amounts falling due after more than one year

(1,305,948)

(1,230,007)

821,480

709,091

Capital and reserves

Called up share capital

100

Profit and loss account

821,380

708,991

Shareholders' funds

821,480

709,091

For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 February 2017

Mr G T Brookes

Director

Company Registration No. 02367267

OLYMPIC FIXING PRODUCTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company is reliant upon the financial support of an associated company in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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 less estimated residual value of each asset over its expected useful life, as follows:

Office & computer equipment

10% & 20% straight line

Fixtures, fittings & equipment

10% straight line

Motor vehicles

25% & 33.3% straight line

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

OLYMPIC FIXING PRODUCTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 July 2015

347,690

Additions

38,492

Disposals

(37,550)

At 30 June 2016

348,632

Depreciation

At 1 July 2015

220,911

On disposals

(30,533)

Charge for the year

59,670

At 30 June 2016

250,048

Net book value

At 30 June 2016

98,584

At 30 June 2015

126,779

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100