2022-06-012023-05-312023-05-31false05384366Borough Olives 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Borough Olives Limited

Registered Number
05384366
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

Borough Olives Limited
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

Mr V Moshtagh-Kahnamoui

Registered Address

Unit 10 Driberg Way
Braintree
CM7 1NB

Registered Number

05384366 (England and Wales)
Borough Olives Limited
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets565,84187,902
65,84187,902
Current assets
Stocks737,10065,702
Debtors8130,381110,555
Cash at bank and on hand30,00072,637
197,481248,894
Creditors amounts falling due within one year9(108,333)(85,742)
Net current assets (liabilities)89,148163,152
Total assets less current liabilities154,989251,054
Creditors amounts falling due after one year10(29,277)(64,386)
Net assets125,712186,668
Capital and reserves
Called up share capital22
Profit and loss account125,710186,666
Shareholders' funds125,712186,668
The financial statements were approved and authorised for issue by the Director on 21 December 2023, and are signed on its behalf by:
Mr V Moshtagh-Kahnamoui
Director
Registered Company No. 05384366
Borough Olives Limited
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings25
Plant and machinery25
Fixtures and fittings25
Office Equipment25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year99
5.Property, plant and equipment

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 June 229,869125,24730,532165,648
Disposals--(1,191)(1,191)
At 31 May 239,869125,24729,341164,457
Depreciation and impairment
At 01 June 228,98043,20025,56677,746
Charge for year22220,5121,24221,976
On disposals--(1,106)(1,106)
At 31 May 239,20263,71225,70298,616
Net book value
At 31 May 2366761,5353,63965,841
At 31 May 2288982,0474,96687,902
6.Directors advances, credits and guarantees
During the year the following advances and credits were made to directors, advances £182,976 (2022 £191,095) credits £169,348 (2022 £179,651), year end balance £102,105 (2022 £88,477). Interest has been charged in the year at 2% and 2.25%.
7.Stocks

2023

2022

££
Finished goods37,10065,702
Total37,10065,702
8.Debtors

2023

2022

££
Trade debtors / trade receivables2,2643,705
Other debtors108,02994,573
Prepayments and accrued income20,08812,277
Total130,381110,555
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables37,29712,896
Bank borrowings and overdrafts10,00010,000
Taxation and social security33,73736,818
Finance lease and HP contracts25,10924,478
Other creditors640-
Accrued liabilities and deferred income1,5501,550
Total108,33385,742
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts20,00030,000
Other creditors9,27734,386
Total29,27764,386
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts9,27734,386