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REGISTERED NUMBER: SC568825 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Lia & Olive Distribution Limited

Lia & Olive Distribution Limited (Registered number: SC568825)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Lia & Olive Distribution Limited (Registered number: SC568825)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
CURRENT ASSETS
Debtors 5 24,572 24,572
Cash at bank 320 40
24,892 24,612
CREDITORS
Amounts falling due within one year 6 (41,980 ) (41,380 )
NET CURRENT LIABILITIES (17,088 ) (16,768 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(17,088

)

(16,768

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (17,188 ) (16,868 )
(17,088 ) (16,768 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 February 2024 and were signed by:





Mrs N Alexander - Director


Lia & Olive Distribution Limited (Registered number: SC568825)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Lia & Olive Distribution Limited is a private company, limited by shares, domiciled in Scotland, registration number SC568825. The registered office is Algo Business Centre, Glenearn Road, Perth, United Kingdom, PH2 0NJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Lia & Olive Distribution Limited (Registered number: SC568825)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Going concern
The director of the company has reviewed the company's financial position for 12 months from the balance sheet signing date and it is the director's belief that the company should prepare the financial statements on a going concern basis.The company has the continued support of other family businesses for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2022
and 30 June 2023 725
DEPRECIATION
At 1 July 2022
and 30 June 2023 725
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed by related parties 264 264
Other debtors 24,308 24,308
24,572 24,572

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Amounts owed to related parties 38,406 37,806
Taxation and social security 3,574 3,574
41,980 41,380

Lia & Olive Distribution Limited (Registered number: SC568825)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
Mrs N Alexander
Balance outstanding at start of year 18,346 17,798
Amounts advanced - 548
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,346 18,346

8. RELATED PARTY DISCLOSURES

Amounts owed to related parties - £38,142 (2022: £37,542)