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Registration number: 05853004

Olive Grove Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Olive Grove Developments Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Olive Grove Developments Limited

Company Information
__________________________________________________________________________

Directors

P Artemi

S M Gibbs


 

Company secretary

P Artemi

Registered office

Unit 20
Wrotham Business Park,
Wrotham Park,
Barnet
EN5 4SZ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Olive Grove Developments Limited

(Registration number: 05853004)
Balance Sheet as at 30 June 2024
__________________________________________________________________________

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

6,368

8,523

Current assets

 

Debtors

5

556,332

764,366

Cash at bank and in hand

 

142,724

5,329

 

699,056

769,695

Creditors: Amounts falling due within one year

6

(307,188)

(390,692)

Net current assets

 

391,868

379,003

Net assets

 

398,236

387,526

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

398,136

387,426

Shareholders' funds

 

398,236

387,526

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 



S M Gibbs

Director

 

Olive Grove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Motor Vehicles

25% reducing balance

 

Olive Grove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Olive Grove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

6,701

37,303

44,004

At 30 June 2024

6,701

37,303

44,004

Depreciation

At 1 July 2023

6,139

29,342

35,481

Charge for the year

165

1,990

2,155

At 30 June 2024

6,304

31,332

37,636

Carrying amount

At 30 June 2024

397

5,971

6,368

At 30 June 2023

562

7,961

8,523

4

Stocks

2024
£

2023
£

5

Debtors

Current

2024
£

2023
£

Trade debtors

547,555

756,615

Other debtors

8,777

7,751

 

556,332

764,366

 

Olive Grove Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

796

24,450

Taxation and social security

4,481

12,087

Accruals and deferred income

5,420

5,420

Other creditors

296,491

348,735

307,188

390,692

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100