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REGISTERED NUMBER: SC635434 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 July 2023

for

Olive Property & Investment Ltd

Olive Property & Investment Ltd (Registered number: SC635434)






Contents of the Financial Statements
For The Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Olive Property & Investment Ltd

Company Information
For The Year Ended 31 July 2023







DIRECTORS: G R Wallace
Miss J Leitch





REGISTERED OFFICE: 1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH





REGISTERED NUMBER: SC635434 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Olive Property & Investment Ltd (Registered number: SC635434)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,865 64,187
Investment property 5 738,127 668,800
754,992 732,987

CURRENT ASSETS
Debtors 6 1,884 648
Cash at bank 3,408 1,425
5,292 2,073
CREDITORS
Amounts falling due within one year 7 25,634 198,698
NET CURRENT LIABILITIES (20,342 ) (196,625 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

734,650

536,362

CREDITORS
Amounts falling due after more than one
year

8

(616,095

)

(404,528

)

PROVISIONS FOR LIABILITIES 10 (25,165 ) (25,165 )
NET ASSETS 93,390 106,669

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 11 - 1,840
Fair value reserve 11 119,076 117,189
Retained earnings 11 (25,786 ) (12,460 )
SHAREHOLDERS' FUNDS 93,390 106,669

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Olive Property & Investment Ltd (Registered number: SC635434)

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





G R Wallace - Director


Olive Property & Investment Ltd (Registered number: SC635434)

Notes to the Financial Statements
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Olive Property & Investment Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Motor vehicles - 33% on cost
Computer equipment - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade 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.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


Olive Property & Investment Ltd (Registered number: SC635434)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 August 2022 65,000 - - 609 65,609
Additions - 912 23,617 - 24,529
Reclassification/transfer (65,000 ) - - - (65,000 )
At 31 July 2023 - 912 23,617 609 25,138
DEPRECIATION
At 1 August 2022 1,300 - - 122 1,422
Charge for year (1,300 ) 182 7,872 97 6,851
At 31 July 2023 - 182 7,872 219 8,273
NET BOOK VALUE
At 31 July 2023 - 730 15,745 390 16,865
At 31 July 2022 63,700 - - 487 64,187

Olive Property & Investment Ltd (Registered number: SC635434)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2023 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2021 65,000 - - - 65,000
Valuation in 2023 (65,000 ) 912 23,617 609 (39,862 )
- 912 23,617 609 25,138

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 23,617
At 31 July 2023 23,617
DEPRECIATION
Charge for year 7,872
At 31 July 2023 7,872
NET BOOK VALUE
At 31 July 2023 15,745

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 668,800
Additions 4,327
Reclassification/transfer 65,000
At 31 July 2023 738,127
NET BOOK VALUE
At 31 July 2023 738,127
At 31 July 2022 668,800

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2021 58,079
Valuation in 2022 610,721
Valuation in 2023 69,327
738,127

Olive Property & Investment Ltd (Registered number: SC635434)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

5. INVESTMENT PROPERTY - continued

If following historical cost had not been revalued it would have been included at the following historical cost:

31.7.23 31.7.22
£    £   
Cost 454,759 454,759

Investment property was valued on an open market basis on 31 July 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 1,884 648

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 2,500 2,500
Hire purchase contracts 7,458 -
Other creditors 15,676 196,198
25,634 198,698

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 4,583 7,083
Hire purchase contracts 9,944 -
Other creditors 601,568 397,445
616,095 404,528

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   

There are various mortgages held over the investment properties within this organisation. In each case the mortgage provider holds first security over the property.

10. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax 25,165 25,165

Olive Property & Investment Ltd (Registered number: SC635434)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 25,165
Balance at 31 July 2023 25,165

11. RESERVES
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 August 2022 (12,460 ) 1,840 117,189 106,569
Deficit for the year (13,326 ) (13,326 )
Transfer to Revaluations - (2,330 ) 2,330 -
Deferred tax - 443 (443 ) -
Depreciation - 47 - 47
At 31 July 2023 (25,786 ) - 119,076 93,290

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Olive Property & Investment Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Olive Property & Investment Ltd for the year ended 31 July 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Olive Property & Investment Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Olive Property & Investment Ltd and state those matters that we have agreed to state to the Board of Directors of Olive Property & Investment Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Olive Property & Investment Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Olive Property & Investment Ltd. You consider that Olive Property & Investment Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Olive Property & Investment Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


20 November 2023