BY OLIVE & CO LTD Filleted Accounts Cover
BY OLIVE & CO LTD
Company No. 12801525
Information for Filing with The Registrar
31 August 2023
BY OLIVE & CO LTD Balance Sheet Registrar
at
31 August 2023
Company No.
12801525
Notes
2023
2022
£
£
Fixed assets
Intangible assets
4
320320
Tangible assets
5
9221,279
1,2421,599
Current assets
Stocks
6
2,2503,600
Debtors
7
-14
Cash at bank and in hand
376276
2,6263,890
Creditors: Amount falling due within one year
8
(19,397)
(18,731)
Net current liabilities
(16,771)
(14,841)
Total assets less current liabilities
(15,529)
(13,242)
Net liabilities
(15,529)
(13,242)
Capital and reserves
Called up share capital
22
Profit and loss account
10
(15,531)
(13,244)
Total equity
(15,529)
(13,242)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 August 2023 the company was entitled to exemption from audit 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 25 September 2023
And signed on its behalf by:
C.A. Simmonds
Director
25 September 2023
BY OLIVE & CO LTD Notes to the Accounts Registrar
for the year ended 31 August 2023
1
General information
Its registered number is: 12801525
Its registered office is:
Swallow Cottage Manor Road
Sulgrave
Banbury
England
OX17 2RZ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
25% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
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.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Intangible fixed assets
Patents and trade-marks
Total
£
£
Cost
At 1 September 2022
320320
At 31 August 2023
320320
Amortisation and impairment
Net book values
At 31 August 2023
320320
At 31 August 2022
320320
Trade mark
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 September 2022
1,4281,428
At 31 August 2023
1,4281,428
Depreciation
At 1 September 2022
149149
Charge for the year
357357
At 31 August 2023
506506
Net book values
At 31 August 2023
922922
At 31 August 2022
1,279
1,279
6
Stocks
2023
2022
£
£
Finished goods
2,2503,600
2,2503,600
7
Debtors
2023
2022
£
£
VAT recoverable
-14
-14
8
Creditors:
amounts falling due within one year
2023
2022
£
£
Loans from directors
18,56917,891
Accruals and deferred income
828840
19,39718,731
9
Share Capital
2 fully paid Ordinary shares of £1 each.
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
11
Contingent Assets/Liabilities
The director was not aware of any contingent liabilities existed at the year end.
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