Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mrs M Abbott Mr A Herbertson 29 November 2023 The principal activity of the company during the period was social media content creation. 13414644 2023-05-31 13414644 2022-05-31 13414644 core:CurrentFinancialInstruments 2023-05-31 13414644 core:CurrentFinancialInstruments 2022-05-31 13414644 core:ShareCapital 2023-05-31 13414644 core:ShareCapital 2022-05-31 13414644 core:RetainedEarningsAccumulatedLosses 2023-05-31 13414644 core:RetainedEarningsAccumulatedLosses 2022-05-31 13414644 core:OfficeEquipment 2022-05-31 13414644 core:OfficeEquipment 2023-05-31 13414644 bus:OrdinaryShareClass1 2023-05-31 13414644 2022-06-01 2023-05-31 13414644 bus:FullAccounts 2022-06-01 2023-05-31 13414644 bus:SmallEntities 2022-06-01 2023-05-31 13414644 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 13414644 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 13414644 bus:Director1 2022-06-01 2023-05-31 13414644 bus:Director2 2022-06-01 2023-05-31 13414644 core:OfficeEquipment 2022-06-01 2023-05-31 13414644 2021-05-21 2022-05-31 13414644 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 13414644 bus:OrdinaryShareClass1 2021-05-21 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13414644 (England and Wales)

MADELEINE OLIVIA LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

MADELEINE OLIVIA LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

MADELEINE OLIVIA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
MADELEINE OLIVIA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 31.05.2023 31.05.2022
£ £
Fixed assets
Tangible assets 3 8,857 6,705
8,857 6,705
Current assets
Debtors 4 162,758 124,868
Cash at bank and in hand 13,295 28,093
176,053 152,961
Creditors: amounts falling due within one year 5 ( 48,515) ( 35,883)
Net current assets 127,538 117,078
Total assets less current liabilities 136,395 123,783
Provision for liabilities ( 2,188) ( 1,654)
Net assets 134,207 122,129
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 134,205 122,127
Total shareholders' funds 134,207 122,129

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Madeleine Olivia Limited (registered number: 13414644) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Mrs M Abbott
Director
MADELEINE OLIVIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
MADELEINE OLIVIA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Madeleine Olivia Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.05.2023
Period from
21.05.2021 to
31.05.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 June 2022 7,328 7,328
Additions 3,897 3,897
At 31 May 2023 11,225 11,225
Accumulated depreciation
At 01 June 2022 623 623
Charge for the financial year 1,745 1,745
At 31 May 2023 2,368 2,368
Net book value
At 31 May 2023 8,857 8,857
At 31 May 2022 6,705 6,705

4. Debtors

31.05.2023 31.05.2022
£ £
Trade debtors 9,066 11,781
Amounts owed by directors 150,711 108,649
Other debtors 2,981 4,438
162,758 124,868

5. Creditors: amounts falling due within one year

31.05.2023 31.05.2022
£ £
Accruals 7,700 3,850
Taxation and social security 40,571 31,824
Other creditors 244 209
48,515 35,883

6. Called-up share capital

31.05.2023 31.05.2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Transactions with the entity's directors

31.05.2023 31.05.2022
£ £
Amounts owed to the company by the directors 150,711 108,649