Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr L O Barnes 14/01/2020 23 June 2023 The principal activity of the Company during the financial year was the holding of investment property. 12401786 2023-01-31 12401786 bus:Director1 2023-01-31 12401786 2022-01-31 12401786 core:CurrentFinancialInstruments 2023-01-31 12401786 core:CurrentFinancialInstruments 2022-01-31 12401786 core:Non-currentFinancialInstruments 2023-01-31 12401786 core:Non-currentFinancialInstruments 2022-01-31 12401786 core:ShareCapital 2023-01-31 12401786 core:ShareCapital 2022-01-31 12401786 core:RetainedEarningsAccumulatedLosses 2023-01-31 12401786 core:RetainedEarningsAccumulatedLosses 2022-01-31 12401786 bus:OrdinaryShareClass1 2023-01-31 12401786 2022-02-01 2023-01-31 12401786 bus:FullAccounts 2022-02-01 2023-01-31 12401786 bus:SmallEntities 2022-02-01 2023-01-31 12401786 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 12401786 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12401786 bus:Director1 2022-02-01 2023-01-31 12401786 2021-02-01 2022-01-31 12401786 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 12401786 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 12401786 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12401786 (England and Wales)

OLIVER PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

OLIVER PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

OLIVER PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
OLIVER PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 120,000 95,258
120,000 95,258
Current assets
Debtors 4 0 1,125
Cash at bank and in hand 389 69
389 1,194
Creditors: amounts falling due within one year 5 ( 36,818) ( 31,600)
Net current liabilities (36,429) (30,406)
Total assets less current liabilities 83,571 64,852
Creditors: amounts falling due after more than one year 6 ( 68,495) ( 68,495)
Provision for liabilities ( 3,836) 0
Net assets/(liabilities) 11,240 ( 3,643)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 11,140 ( 3,743 )
Total shareholder's funds/(deficit) 11,240 ( 3,643)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Oliver Property Limited (registered number: 12401786) were approved and authorised for issue by the Director on 23 June 2023. They were signed on its behalf by:

Mr L O Barnes
Director
OLIVER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
OLIVER PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oliver Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 70 Aberdeen Avenue, Plymouth, PL5 3UG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 February 2022 95,258
Fair value movement 24,742
As at 31 January 2023 120,000

4. Debtors

2023 2022
£ £
Deferred tax asset 0 1,125

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 300 1,200
Other creditors 36,518 30,400
36,818 31,600

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 68,495 68,495

The bank loan is secured over the asset included in investment property.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100