15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 71,217 71,217 xbrli:pure xbrli:shares iso4217:GBP 08529775 2023-01-01 2023-12-31 08529775 2023-12-31 08529775 2022-12-31 08529775 2022-01-01 2022-12-31 08529775 2022-12-31 08529775 2021-12-31 08529775 core:PlantMachinery 2023-01-01 2023-12-31 08529775 core:FurnitureFittings 2023-01-01 2023-12-31 08529775 core:MotorVehicles 2023-01-01 2023-12-31 08529775 bus:Director1 2023-01-01 2023-12-31 08529775 core:NetGoodwill 2023-12-31 08529775 core:LandBuildings 2022-12-31 08529775 core:PlantMachinery 2022-12-31 08529775 core:FurnitureFittings 2022-12-31 08529775 core:MotorVehicles 2022-12-31 08529775 core:LandBuildings 2023-12-31 08529775 core:PlantMachinery 2023-12-31 08529775 core:FurnitureFittings 2023-12-31 08529775 core:MotorVehicles 2023-12-31 08529775 core:WithinOneYear 2023-12-31 08529775 core:WithinOneYear 2022-12-31 08529775 core:ShareCapital 2023-12-31 08529775 core:ShareCapital 2022-12-31 08529775 core:RetainedEarningsAccumulatedLosses 2023-12-31 08529775 core:RetainedEarningsAccumulatedLosses 2022-12-31 08529775 core:BetweenOneFiveYears 2023-12-31 08529775 core:BetweenOneFiveYears 2022-12-31 08529775 core:PlantMachinery 2022-12-31 08529775 core:FurnitureFittings 2022-12-31 08529775 core:MotorVehicles 2022-12-31 08529775 bus:SmallEntities 2023-01-01 2023-12-31 08529775 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08529775 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08529775 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08529775 bus:FullAccounts 2023-01-01 2023-12-31 08529775 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 08529775 core:NetGoodwill 2023-01-01 2023-12-31 08529775 core:ComputerEquipment 2023-01-01 2023-12-31 08529775 core:ComputerEquipment 2022-12-31 08529775 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 08529775
OLIVE CLOTHING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
OLIVE CLOTHING LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
25,720
31,468
Current assets
Stocks
377,600
397,737
Debtors
7
45,834
65,802
Cash at bank and in hand
856,828
1,442,607
-------------
-------------
1,280,262
1,906,146
Creditors: amounts falling due within one year
8
863,843
734,798
-------------
-------------
Net current assets
416,419
1,171,348
----------
-------------
Total assets less current liabilities
442,139
1,202,816
Provisions
Taxation including deferred tax
6,430
5,979
----------
-------------
Net assets
435,709
1,196,837
----------
-------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
435,707
1,196,835
----------
-------------
Shareholders funds
435,709
1,196,837
----------
-------------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OLIVE CLOTHING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr R Moore
Director
Company registration number: 08529775
OLIVE CLOTHING 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 Unit 11D St George's Business Park, Alstone Lane, Cheltenham, GL51 8HF.
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 represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Improvements to leasehold
-
Over 3 years
Software
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 15 (2022: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
71,217
---------
Amortisation
At 1 January 2023 and 31 December 2023
71,217
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Land and buildings
Software
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
2,402
4,866
41,214
629
86,427
135,538
Additions
4,531
4,531
-------
-------
---------
----
---------
----------
At 31 Dec 2023
2,402
4,866
41,214
629
90,958
140,069
-------
-------
---------
----
---------
----------
Depreciation
At 1 Jan 2023
2,402
4,026
29,743
584
67,315
104,070
Charge for the year
168
2,298
11
7,802
10,279
-------
-------
---------
----
---------
----------
At 31 Dec 2023
2,402
4,194
32,041
595
75,117
114,349
-------
-------
---------
----
---------
----------
Carrying amount
At 31 Dec 2023
672
9,173
34
15,841
25,720
-------
-------
---------
----
---------
----------
At 31 Dec 2022
840
11,471
45
19,112
31,468
-------
-------
---------
----
---------
----------
7. Debtors
2023
2022
£
£
Trade debtors
38,432
55,929
Other debtors
7,402
9,873
---------
---------
45,834
65,802
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,418
29,837
Corporation tax
170,922
138,176
Social security and other taxes
118,222
141,927
Other creditors
513,281
424,858
----------
----------
863,843
734,798
----------
----------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
23,460
23,460
Later than 1 year and not later than 5 years
28,388
51,848
---------
---------
51,848
75,308
---------
---------
10. Director's loans
Included within creditors falling due in less than one year are directors' loans totalling £72 (2022: £86). These loans are interest free and repayable on demand.