Abbreviated Company Accounts - OLYMPIC FIXINGS IRELAND LTD

Abbreviated Company Accounts - OLYMPIC FIXINGS IRELAND LTD


Registered Number 02666419

OLYMPIC FIXINGS IRELAND LTD

Abbreviated Accounts

28 February 2014

OLYMPIC FIXINGS IRELAND LTD Registered Number 02666419

Abbreviated Balance Sheet as at 28 February 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 88,677 82,889
88,677 82,889
Current assets
Stocks 209,756 208,008
Debtors 1,671,933 1,683,846
Cash at bank and in hand 363,168 173,553
2,244,857 2,065,407
Creditors: amounts falling due within one year (537,080) (458,520)
Net current assets (liabilities) 1,707,777 1,606,887
Total assets less current liabilities 1,796,454 1,689,776
Provisions for liabilities (666) 0
Total net assets (liabilities) 1,795,788 1,689,776
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 1,795,688 1,689,676
Shareholders' funds 1,795,788 1,689,776
  • For the year ending 28 February 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 18 November 2014

And signed on their behalf by:
C Yates, Director
GT Brookes, Director

OLYMPIC FIXINGS IRELAND LTD Registered Number 02666419

Notes to the Abbreviated Accounts for the period ended 28 February 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts are prepared under the historical cost convention and comply with financial reporting standards of the Accounting Standards Board.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost/valuation less depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Plant and machinery - 10% on cost
Fixtures, fittings and equipment - 10%/20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33.3% on cost

Valuation information and policy
Stock
Stock is valued at the lower of cost and net realisable value. Cost is defined as that expenditure which has been incurred in bringing the product/service to its present location and condition. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.

Other accounting policies
Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Taxation
The yearly charge for taxation is based on the profit for the year and is calculated with reference to the tax rates applying at the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2Tangible fixed assets
£
Cost
At 1 March 2013 285,620
Additions 55,743
Disposals (63,207)
Revaluations -
Transfers -
At 28 February 2014 278,156
Depreciation
At 1 March 2013 202,731
Charge for the year 32,873
On disposals (46,125)
At 28 February 2014 189,479
Net book values
At 28 February 2014 88,677
At 28 February 2013 82,889
3Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
100Ordinary shares of £1 each 100 100