Company Registration No. 06741811 (England and Wales)
OLPASS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2016
OLPASS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
OLPASS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
5 APRIL 2016
05 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
465
3,094
Current assets
Debtors
3,586
25,673
Cash at bank and in hand
80,130
55,145
83,716
80,818
Creditors: amounts falling due within one year
(14,394)
(14,465)
Net current assets
69,322
66,353
Total assets less current liabilities
69,787
69,447
Provisions for liabilities
(93)
(619)
69,694
68,828
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
69,692
68,826
Shareholders' funds
69,694
68,828
For the financial year ended 5 April 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 23 December 2016
Mr Bert Laan
Director
Company Registration No. 06741811
OLPASS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2016
- 2 -
1
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 has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of trade discounts.
1.3
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:
Computer equipment
Straight line over 3 years
1.4
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible
£
Cost
At 6 April 2015 & at 5 April 2016
13,892
Depreciation
At 6 April 2015
10,798
Charge for the year
2,629
At 5 April 2016
13,427
Net book value
At 5 April 2016
465
At 5 April 2015
3,094
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary of £1 each
2
2
OLPASS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2016
- 3 -
4
Ultimate parent company
The ultimate controlling
parties are Mr & Mrs Laan, the directors and shareholders.
5
Related party relationships and transactions
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Overdrawn DCA
-
7,220
3,373
-
7,220
3,373
7,220
3,373
-
7,220
3,373
The outstanding balance was repaid by December 2016