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Company registration number: 07525509
Olea Management Limited
Unaudited filleted financial statements
28 February 2024
Olea Management Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Olea Management Limited
Directors and other information
Directors Mr Simon P O Pulsford
Mrs. Julia E. Pulsford
Company number 07525509
Registered office 5 Calico Row
Plantation Wharf
London
SW11 3YH
Business address Apartment D52 Montevetro
100 Battersea Church Road
London
SW11 3YL
Accountant Mr Reza Samii
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
Bankers HSBC Bank Plc
Olea Management Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Olea Management Limited
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Olea Management Limited for the year ended 28 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
My work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Mr Reza Samii
Chartered Accountant
19 Cornerways
1 Daylesford Avenue
London
SW15 5QP
12 September 2024
Olea Management Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 1,962 1,828
_______ _______
1,962 1,828
Current assets
Debtors 7 4,840 4,840
Cash at bank and in hand 18,756 23,203
_______ _______
23,596 28,043
Creditors: amounts falling due
within one year 8 ( 7,574) ( 7,618)
_______ _______
Net current assets 16,022 20,425
_______ _______
Total assets less current liabilities 17,984 22,253
_______ _______
Net assets 17,984 22,253
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 17,884 22,153
_______ _______
Shareholders funds 17,984 22,253
_______ _______
For the year ending 28 February 2024 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr Simon P O Pulsford Mrs. Julia E. Pulsford
Director Director
Company registration number: 07525509
Olea Management Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Olea Management Limited, 5 Calico Row, Plantation Wharf, London, SW11 3YH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Office Furniture - 25 % straight line
Office Equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The above are the two directors of the company.
5. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 20,000 34,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Office Furniture Total
£ £ £
Cost
At 1 March 2023 13,408 8,559 21,967
Additions 1,499 - 1,499
_______ _______ _______
At 28 February 2024 14,907 8,559 23,466
_______ _______ _______
Depreciation
At 1 March 2023 11,580 8,559 20,139
Charge for the year 1,365 - 1,365
_______ _______ _______
At 28 February 2024 12,945 8,559 21,504
_______ _______ _______
Carrying amount
At 28 February 2024 1,962 - 1,962
_______ _______ _______
At 28 February 2023 1,828 - 1,828
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 4,800 4,800
Other debtors 40 40
_______ _______
4,840 4,840
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 98 107
Corporation tax 4,089 3,962
Social security and other taxes 253 485
Other creditors 3,134 3,064
_______ _______
7,574 7,618
_______ _______
The directors loans are unsecured and interest free.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Simon P O Pulsford ( 464) - ( 464)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Simon P O Pulsford ( 457) ( 7) ( 464)
_______ _______ _______
10. Controlling party
The company was controlled throughout the current and previous year by its directors through their 100% holdings of isuued shares.