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REGISTERED NUMBER: SC424063 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

OLAMAC LIMITED

OLAMAC LIMITED (REGISTERED NUMBER: SC424063)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OLAMAC LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: J R MacDonald





REGISTERED OFFICE: Howes Cottage
Howes Road
Aberdeen
AB16 7RH





REGISTERED NUMBER: SC424063 (Scotland)





ACCOUNTANTS: Fyfe Moir & Associates
1st Floor, 5 Abercrombie Crt
Prospect Road,
Westhill
Aberdeenshire
Grampian
AB32 6FE

OLAMAC LIMITED (REGISTERED NUMBER: SC424063)

Balance Sheet
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,423 7,044
Investments 5 135,000 135,000
142,423 142,044

CURRENT ASSETS
Debtors 6 72 45,017
Cash at bank 180,367 85,113
180,439 130,130
CREDITORS
Amounts falling due within one year 7 (9,947 ) 2,649
NET CURRENT ASSETS 190,386 127,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

332,809

269,525

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 332,807 269,523
SHAREHOLDERS' FUNDS 332,809 269,525

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

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

The director acknowledges his 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.

OLAMAC LIMITED (REGISTERED NUMBER: SC424063)

Balance Sheet - continued
31 MAY 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 director and authorised for issue on 22 November 2023 and were signed by:





J R MacDonald - Director


OLAMAC LIMITED (REGISTERED NUMBER: SC424063)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Olamac Limited 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.

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 each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 1 (2022 - 1 ) .

OLAMAC LIMITED (REGISTERED NUMBER: SC424063)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 June 2022 283 15,106 15,389
Additions - 2,857 2,857
At 31 May 2023 283 17,963 18,246
DEPRECIATION
At 1 June 2022 125 8,220 8,345
Charge for year 40 2,438 2,478
At 31 May 2023 165 10,658 10,823
NET BOOK VALUE
At 31 May 2023 118 7,305 7,423
At 31 May 2022 158 6,886 7,044

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2022
and 31 May 2023 135,000
NET BOOK VALUE
At 31 May 2023 135,000
At 31 May 2022 135,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
VAT 72 183
Prepayments and accrued income - 44,834
72 45,017

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 14 4,524
Tax (19,473 ) (9,092 )
Directors' current accounts 9,512 7,217
(9,947 ) 2,649