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COMPANY REGISTRATION NUMBER: 12448265
Olivia Ruella Limited
Filleted Unaudited Financial Statements
31 December 2023
Olivia Ruella Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Olivia Ruella Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,281
1,845
Current assets
Debtors
6
8,507
14,313
Cash at bank and in hand
57,906
37,599
--------
--------
66,413
51,912
Creditors: amounts falling due within one year
7
54,193
32,337
--------
--------
Net current assets
12,220
19,575
--------
--------
Total assets less current liabilities
13,501
21,420
Creditors: amounts falling due after more than one year
8
11,847
19,959
--------
--------
Net assets
1,654
1,461
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,554
1,361
-------
-------
Shareholders funds
1,654
1,461
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Olivia Ruella Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
R A Eades
Director
Company registration number: 12448265
Olivia Ruella Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
2,257
-------
Depreciation
At 1 January 2023
412
Charge for the year
564
-------
At 31 December 2023
976
-------
Carrying amount
At 31 December 2023
1,281
-------
At 31 December 2022
1,845
-------
6. Debtors
2023
2022
£
£
Trade debtors
5,669
7,650
Other debtors
2,838
6,663
-------
--------
8,507
14,313
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,821
7,913
Trade creditors
3,590
Corporation tax
9,471
6,415
Social security and other taxes
18,610
12,355
Other creditors
13,701
5,654
--------
--------
54,193
32,337
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,847
19,959
--------
--------
9. Director's advances, credits and guarantees
At the year end the director was owed £2,592 (2022: the director owed the company £5,000). During the year advances of £157 (2022: £5,000) were made to the director and repayments of £7,749 (2022: £nil).