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Registration number: 13154749

Olivia Charlotte Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Olivia Charlotte Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Olivia Charlotte Properties Limited

Company Information

Director

Mrs Sarah Wade

Registered office

95 Atwood Road
Didsbury
Manchester
M20 6JW

Accountants

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

Olivia Charlotte Properties Limited

(Registration number: 13154749)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

534

-

Investment property

5

400,000

342,939

 

400,534

342,939

Current assets

 

Debtors

6

486

-

Creditors: Amounts falling due within one year

7

(100,839)

(367,743)

Net current liabilities

 

(100,353)

(367,743)

Total assets less current liabilities

 

300,181

(24,804)

Creditors: Amounts falling due after more than one year

7

(295,688)

-

Provisions for liabilities

(6,951)

-

Net liabilities

 

(2,458)

(24,804)

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

29,632

-

Retained earnings

(32,091)

(24,805)

Shareholders' deficit

 

(2,458)

(24,804)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Olivia Charlotte Properties Limited

(Registration number: 13154749)
Balance Sheet as at 31 January 2024

Approved and authorised by the director on 14 October 2024
 

.........................................
Mrs Sarah Wade
Director

 

Olivia Charlotte Properties Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 February 2023

1

-

(24,805)

(24,804)

Profit for the year

-

-

22,346

22,346

Other comprehensive income

-

29,632

(29,632)

-

Total comprehensive income

-

29,632

(7,286)

22,346

At 31 January 2024

1

29,632

(32,091)

(2,458)

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

1

(5,017)

(5,016)

Loss for the year

-

(19,788)

(19,788)

At 31 January 2023

1

(24,805)

(24,804)

 

Olivia Charlotte Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
95 Atwood Road
Didsbury
Manchester
M20 6JW

These financial statements were authorised for issue by the director on 14 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised under the accrual model. Income is recognised in the same period that the related expenditure the grant is intended to compensate is incurred.

 

Olivia Charlotte Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Olivia Charlotte Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Olivia Charlotte Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

712

712

At 31 January 2024

712

712

Depreciation

Charge for the year

178

178

At 31 January 2024

178

178

Carrying amount

At 31 January 2024

534

534

5

Investment properties

2024
£

At 1 February

342,939

Additions

20,478

Fair value adjustments

36,583

At 31 January

400,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Other debtors

486

-

 

486

-

 

Olivia Charlotte Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

96,224

335,824

Trade creditors

 

-

960

Accruals and deferred income

 

1,020

960

Other creditors

 

3,595

29,999

 

100,839

367,743

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

295,688

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 Shares of £1 each

1

1

1

1

       
 

Olivia Charlotte Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

295,688

-

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

14,224

3,824

Other borrowings

82,000

332,000

96,224

335,824