Company registration number 05140320 (England and Wales)
OLIVES DIRECT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
OLIVES DIRECT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OLIVES DIRECT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,629
9,955
Current assets
Stocks
14,000
14,000
Debtors
4
6,307
10,903
Cash at bank and in hand
190
2,356
20,497
27,259
Creditors: amounts falling due within one year
5
(53,538)
(30,361)
Net current liabilities
(33,041)
(3,102)
Total assets less current liabilities
(24,412)
6,853
Creditors: amounts falling due after more than one year
6
(19,960)
(27,870)
Net liabilities
(44,372)
(21,017)
Capital and reserves
Called up share capital
1,749
1,749
Profit and loss reserves
(46,121)
(22,766)
Total equity
(44,372)
(21,017)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OLIVES DIRECT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 October 2023
Mr F G De Filippo
Director
Company Registration No. 05140320
OLIVES DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Olives Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 8 & 9 Williams Industrial Park, Gore Road, New Milton, Hampshire, BH25 6SH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
At the balance sheet date the company has net current liabilities of £33,041. The director remains confident that the company will be able to meet its liabilities as they fall due. As such the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
OLIVES DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Classification of financial liabilities
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
OLIVES DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
46,786
9,216
15,399
71,401
Additions
330
330
At 31 January 2023
47,116
9,216
15,399
71,731
Depreciation and impairment
At 1 February 2022
38,184
8,651
14,611
61,446
Depreciation charged in the year
1,413
85
158
1,656
At 31 January 2023
39,597
8,736
14,769
63,102
Carrying amount
At 31 January 2023
7,519
480
630
8,629
At 31 January 2022
8,602
565
788
9,955
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,060
3,991
Other debtors
4,247
6,912
6,307
10,903
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,469
7,717
Trade creditors
14,290
13,957
Taxation and social security
115
179
Other creditors
7,664
8,508
53,538
30,361
The Bank loan above is a bounce back loan secured by way of a guarantee from the UK Government.
OLIVES DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,960
27,870
The Bank loan above is a bounce back loan secured by way of a guarantee from the UK Government.