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Unaudited Financial Statements |
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for the Year Ended 31 August 2018 |
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for |
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OLK Limited |
DRAFT |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2018 |
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for |
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OLK Limited |
OLK Limited (Registered number: 09166165) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2018 |
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DRAFT |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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OLK Limited |
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Company Information |
for the Year Ended 31 August 2018 |
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DRAFT |
DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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OLK Limited (Registered number: 09166165) |
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Statement of Financial Position |
31 August 2018 |
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31.8.18 | 31.8.17 |
Notes | £ | £ | £ | £ |
DRAFT |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one
year |
7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges his 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. |
OLK Limited (Registered number: 09166165) |
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Statement of Financial Position - continued |
31 August 2018 |
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DRAFT |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
signed by: |
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OLK Limited (Registered number: 09166165) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2018 |
DRAFT |
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1. | STATUTORY INFORMATION |
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OLK Limited is a
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and Wales. The company's registered number and registered office address |
can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling |
(£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or |
receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
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Goodwill |
Goodwill, being the amount paid in the acquisition of a customer database |
in 2014, was amortised evenly over its estimated useful life of 3 years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial |
recognition, intangible assets are measured at cost less any accumulated |
amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after |
making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised |
in the Income Statement, except to the extent that it relates to items |
recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement |
of financial position date. |
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OLK Limited (Registered number: 09166165) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
DRAFT |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have |
originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a |
straight line basis over the period of the lease. |
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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. |
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Going concern |
The directors do not know of any material uncertainties relating to events |
or conditions that may cast significant doubt on the company's ability to |
continue as a going concern. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2017 |
and 31 August 2018 |
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AMORTISATION |
At 1 September 2017 |
and 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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OLK Limited (Registered number: 09166165) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
DRAFT |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2017 |
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Additions |
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At 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.18 | 31.8.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as |
follows: |
31.8.18 | 31.8.17 |
£ | £ |
Between one and five years |
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OLK Limited (Registered number: 09166165) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
DRAFT |
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9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years |
ended 31 August 2018 and 31 August 2017: |
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31.08.18 | 31.08.17 |
£ | £ |
Director |
Balance outstanding at start of year | 103,132 | 53,894 |
Amounts advanced | - | 103,132 |
Amounts repaid | (7,400 | ) | (53,894 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 95,732 | 103,132 |