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REGISTERED NUMBER: 00801527 (England and Wales)















Olive and Padgett Limited

Unaudited Financial Statements for the Year Ended 30 April 2024






Olive and Padgett Limited (Registered number: 00801527)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Olive and Padgett Limited (Registered number: 00801527)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 254,948 242,529

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 5 164,488 161,025
Cash at bank 463,485 429,567
629,973 592,592
CREDITORS
Amounts falling due within one year 6 96,612 85,891
NET CURRENT ASSETS 533,361 506,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

788,309

749,230

PROVISIONS FOR LIABILITIES 66,235 62,968
NET ASSETS 722,074 686,262

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 721,574 685,762
SHAREHOLDERS' FUNDS 722,074 686,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Olive and Padgett Limited (Registered number: 00801527)

Balance Sheet - continued
30 April 2024


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 Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:




Steven John Padgett - Director



David Alan Padgett - Director


Olive and Padgett Limited (Registered number: 00801527)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Olive and Padgett Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00801527

Registered office: Spen Vale Mills
Station Lane
Heckmondwike
West Yorkshire
WF16 0NF

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Olive and Padgett Limited (Registered number: 00801527)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 9,993 469,607 82,166 3,260 565,026
Additions - - 73,179 - 73,179
Disposals - - (17,004 ) - (17,004 )
Reclassification/transfer (9,993 ) - - - (9,993 )
At 30 April 2024 - 469,607 138,341 3,260 611,208
DEPRECIATION
At 1 May 2023 - 292,292 27,304 2,901 322,497
Charge for year - 26,597 15,442 359 42,398
Eliminated on disposal - - (8,635 ) - (8,635 )
At 30 April 2024 - 318,889 34,111 3,260 356,260
NET BOOK VALUE
At 30 April 2024 - 150,718 104,230 - 254,948
At 30 April 2023 9,993 177,315 54,862 359 242,529

Olive and Padgett Limited (Registered number: 00801527)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 161,972 150,869
Other debtors 2,516 10,156
164,488 161,025

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 46,256 46,745
Corporation tax 23,655 13,679
Social security and other taxes 4,441 4,658
Value added tax 10,409 15,659
Credit cards 1,101 840
Accrued expenses 10,750 4,310
96,612 85,891

7. ULTIMATE CONTROLLING PARTY

Mr S J Padgett and Mr D A Padgett control the company by virtue of their ownership of 100% of the issued share capital in Olive & Padgett (Holdings) Limited. Company number 14932366.

8. DEPRECIATION OF BUILDINGS

The directors have concluded that buildings need not be depreciated on the basis that a full maintenance programme is in operation and current market value far outweighs cost. This is not in accordance with Financial Reporting Standard 102 which states that depreciation should be charged.