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REGISTERED NUMBER: 12549718 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Olivewood Properties Limited

Olivewood Properties Limited (Registered number: 12549718)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Olivewood Properties Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr L L Murji
Mrs A L Murji





REGISTERED OFFICE: Unit B2
Neptune Road
Harrow
Middlesex
HA1 4HX





REGISTERED NUMBER: 12549718 (England and Wales)





ACCOUNTANTS: L P Patel & Co Limited
Accountants & Tax Advisers
164 Mollison Way
Edgware
Middlesex
HA8 5QZ

Olivewood Properties Limited (Registered number: 12549718)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,131,349 2,131,349

CURRENT ASSETS
Cash at bank and in hand 9,022 8,728

CREDITORS
Amounts falling due within one year 5 1,034,407 695,899
NET CURRENT LIABILITIES (1,025,385 ) (687,171 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,105,964

1,444,178

CREDITORS
Amounts falling due after more than one
year

6

952,288

1,348,686
NET ASSETS 153,676 95,492

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 153,576 95,392
SHAREHOLDERS' FUNDS 153,676 95,492

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Olivewood Properties Limited (Registered number: 12549718)

Balance Sheet - continued
31 March 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 9 November 2023 and were signed on its behalf by:





Mrs A L Murji - Director


Olivewood Properties Limited (Registered number: 12549718)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Olivewood Properties Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Revenue 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 each asset over its estimated useful life.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

Olivewood Properties Limited (Registered number: 12549718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
£   
COST
At 1 April 2022
and 31 March 2023 2,131,349
NET BOOK VALUE
At 31 March 2023 2,131,349
At 31 March 2022 2,131,349

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 7) 49,933 59,466
Taxation and social security 21,748 22,670
Other creditors 962,726 613,763
1,034,407 695,899

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 7) 952,288 1,348,686

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 752,557 1,110,822

7. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 49,933 59,466
Other loans 950,000 475,000
999,933 534,466

Amounts falling due between one and two years:
Bank loans - 1-2 years 49,933 59,466

Olivewood Properties Limited (Registered number: 12549718)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. LOANS - continued
31.3.23 31.3.22
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 149,798 178,398

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 752,557 1,110,822

Loans are repayable by monthly instalments and interest is charged at the rate of 2.29% above the UK base rate which is payable on the outstanding amount.

8. SECURED DEBTS

Bank loans are secured on the freehold properties by way of Debenture over all assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

10. RESERVES
Retained
earnings
£   

At 1 April 2022 95,392
Profit for the year 58,184
At 31 March 2023 153,576

11. RELATED PARTY DISCLOSURES

During the year, the company received advances totalling £475,000 (2022: £475,000) from Olivewood Limited, a company with common shareholders. At the year end, the company owed Olivewood Limited £950,000 (2022: £475,000).