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Company Registration No. 09610767 (England and Wales)
Olives Solicitors Limited Unaudited accounts for the year ended 31 May 2023
Olives Solicitors Limited Unaudited accounts Contents
Page
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Olives Solicitors Limited Company Information for the year ended 31 May 2023
Directors
Mr Oludotun Ogunfolu Mr Andrew Paul Mrs Theresa Holden
Company Number
09610767 (England and Wales)
Registered Office
2 Batchelor Street Chatham Kent ME4 4BJ United Kingdom
Accountants
Eclat Accountancy Ltd 71 Dartmouth Road London SE23 3HT
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Olives Solicitors Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
56,858 
34,358 
Tangible assets
4,582 
3,277 
61,440 
37,635 
Current assets
Debtors
1,362,917 
(297,732)
Cash at bank and in hand
1,340 
366,905 
1,364,257 
69,173 
Creditors: amounts falling due within one year
(1,421,550)
(68,119)
Net current (liabilities)/assets
(57,293)
1,054 
Total assets less current liabilities
4,147 
38,689 
Creditors: amounts falling due after more than one year
(42,826)
(51,065)
Net liabilities
(38,679)
(12,376)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(38,779)
(12,476)
Shareholders' funds
(38,679)
(12,376)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by
Mr Oludotun Ogunfolu Director Company Registration No. 09610767
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Olives Solicitors Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
Olives Solicitors Limited is a private company, limited by shares, registered in England and Wales, registration number 09610767. The registered office is 2 Batchelor Street , Chatham, Kent, ME4 4BJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 June 2022
34,358 
Additions
22,500 
At 31 May 2023
56,858 
Amortisation
At 1 June 2022
- 
At 31 May 2023
- 
Net book value
At 31 May 2023
56,858 
At 31 May 2022
34,358 
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Olives Solicitors Limited Notes to the Accounts for the year ended 31 May 2023
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 June 2022
3,600 
Additions
1,305 
At 31 May 2023
4,905 
Depreciation
At 1 June 2022
323 
At 31 May 2023
323 
Net book value
At 31 May 2023
4,582 
At 31 May 2022
3,277 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
94,722 
49,024 
Other debtors
1,268,195 
(346,756)
1,362,917 
(297,732)
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
22,587 
14,088 
Trade creditors
28,136 
2,469 
Taxes and social security
3,560 
1,416 
Other creditors
1,272,335 
850 
Loans from directors
94,932 
49,296 
1,421,550 
68,119 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
15,341 
31,173 
Other creditors
27,485 
19,892 
42,826 
51,065 
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Average number of employees
During the year the average number of employees was 6 (2022: 7).
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