IRIS Accounts Production v23.3.0.418 09688686 Board of Directors 1.8.22 31.7.23 31.7.23 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh096886862022-07-31096886862023-07-31096886862022-08-012023-07-31096886862021-07-31096886862021-08-012022-07-31096886862022-07-3109688686ns10:Originalns15:EnglandWales2022-08-012023-07-3109688686ns14:PoundSterlingns10:Original2022-08-012023-07-3109688686ns10:Originalns10:Director12022-08-012023-07-3109688686ns10:Original2022-08-012023-07-3109688686ns10:Original2023-07-3109688686ns10:Originalns10:PrivateLimitedCompanyLtd2022-08-012023-07-3109688686ns10:Originalns10:SmallEntities2022-08-012023-07-3109688686ns10:Originalns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3109688686ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3109688686ns10:SmallCompaniesRegimeForAccountsns10:Original2022-08-012023-07-3109688686ns10:Originalns10:FullAccounts2022-08-012023-07-3109688686ns10:Original2021-08-012022-07-3109688686ns10:Originalns10:OrdinaryShareClass12022-08-012023-07-3109688686ns10:Originalns10:Director22022-08-012023-07-3109688686ns10:Originalns10:RegisteredOffice2022-08-012023-07-3109688686ns10:Original2022-07-3109688686ns10:Originalns5:CurrentFinancialInstruments2023-07-3109688686ns10:Originalns5:CurrentFinancialInstruments2022-07-3109688686ns10:Originalns5:Non-currentFinancialInstruments2023-07-3109688686ns10:Originalns5:Non-currentFinancialInstruments2022-07-3109688686ns5:ShareCapitalns10:Original2023-07-3109688686ns5:ShareCapitalns10:Original2022-07-3109688686ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-07-3109688686ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-07-3109688686ns10:Originalns5:LandBuildings2022-07-3109688686ns10:Originalns5:FurnitureFittings2022-07-3109688686ns10:Original2022-07-3109688686ns10:Originalns5:LandBuildings2022-08-012023-07-3109688686ns10:Originalns5:FurnitureFittings2022-08-012023-07-3109688686ns10:Originalns5:LandBuildings2023-07-3109688686ns10:Originalns5:FurnitureFittings2023-07-3109688686ns10:Originalns5:LandBuildings2022-07-3109688686ns10:Originalns5:FurnitureFittings2022-07-3109688686ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3109688686ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3109688686ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-07-3109688686ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-07-3109688686ns10:Originalns5:Non-currentFinancialInstruments2022-08-012023-07-3109688686ns10:Originalns5:DeferredTaxation2022-07-3109688686ns10:Originalns5:DeferredTaxation2023-07-3109688686ns10:Originalns10:OrdinaryShareClass12023-07-31
REGISTERED NUMBER: 09688686 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

OLFIELD LIMITED

OLFIELD LIMITED (REGISTERED NUMBER: 09688686)






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


OLFIELD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr S Schapira
Mr J Ollech





REGISTERED OFFICE: 161 Wargrave Avenue
London
N15 6TX





REGISTERED NUMBER: 09688686 (England and Wales)





ACCOUNTANTS: DAS Accounting Services Ltd
105 Eade Road
OCC Building A
2nd Floor Unit 11D
London
N4 1TJ

OLFIELD LIMITED (REGISTERED NUMBER: 09688686)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 850,000 800,000

CURRENT ASSETS
Debtors 6 12,547 9,383
Cash at bank 12,695 12,469
25,242 21,852
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

(30,354

)

(30,512

)
NET CURRENT LIABILITIES (5,112 ) (8,660 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

844,888

791,340

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

(648,229

)

(648,264

)

PROVISIONS FOR LIABILITIES 9 (55,000 ) (42,000 )
NET ASSETS 141,659 101,076

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 141,657 101,074
SHAREHOLDERS' FUNDS 141,659 101,076

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.

OLFIELD LIMITED (REGISTERED NUMBER: 09688686)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





Mr S Schapira - Director


OLFIELD LIMITED (REGISTERED NUMBER: 09688686)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Olfield 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historic cost convention except that investment property is measured at fair value through profit or loss.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The valuation of investment property is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions.Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

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

Financial instruments policy
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with change recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


OLFIELD LIMITED (REGISTERED NUMBER: 09688686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

3. 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.

Fixed assets
Fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation
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.

Fixture and fittings - 25% straight line.

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 and loss.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Fixtures
Investment and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 August 2022 800,000 1,908 801,908
Revaluations 50,000 - 50,000
At 31 July 2023 850,000 1,908 851,908
DEPRECIATION
At 1 August 2022
and 31 July 2023 - 1,908 1,908
NET BOOK VALUE
At 31 July 2023 850,000 - 850,000
At 31 July 2022 800,000 - 800,000

The directors are of the opinion that £850,000 represents the open market value of the company's investment property at 31 July 2023. The historical cost of the investment property is £513,727 (2022: £513,727).

OLFIELD LIMITED (REGISTERED NUMBER: 09688686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 12,547 9,383

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,354 1,512
Other creditors 29,000 29,000
30,354 30,512

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 648,229 648,264

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 648,229 648,264

The bank loan is secured by legal charges over the assets of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 55,000 42,000

Deferred
tax
£   
Balance at 1 August 2022 42,000
Movement during the year 13,000
Balance at 31 July 2023 55,000

The provision for deferred tax is in relation to timing differences in respect of the revaluation of investment property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 2 2 2

OLFIELD LIMITED (REGISTERED NUMBER: 09688686)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

11. RELATED PARTY DISCLOSURES

Other debtors include an amount of £6,000 (2022: £6,000) due from a company which has a director in common with the company

Other creditors include an amount of £29,000 (2022: £29,000) owed to a company which has a director in common with the company.

No transactions with related parties, other than disclosed above, were undertaken such as are required to be disclosed under FRS102.