Company registration number 09379334 (England and Wales)
OLIVIER MALINGUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
OLIVIER MALINGUE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OLIVIER MALINGUE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,090
6,812
Current assets
Stocks
668,123
690,754
Debtors
217,676
58,163
Cash at bank and in hand
7,931
17,843
893,730
766,760
Creditors: amounts falling due within one year
(3,237,132)
(2,995,627)
Net current liabilities
(2,343,402)
(2,228,867)
Net liabilities
(2,342,312)
(2,222,055)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,342,313)
(2,222,056)
Total equity
(2,342,312)
(2,222,055)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Mr O J Malingue
Director
Company registration number 09379334 (England and Wales)
OLIVIER MALINGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Olivier Malingue Limited is a private company limited by shares incorporated in England and Wales. The registered office is Studio 133, Canalot Studios, 222 Kensal Road, London, W10 5BN.
1.1
Reporting period
Olivier Malingue Limited was incorporated on 8th January 2015 and prepares its financial statements to the period ended 31st January.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is showing net liabilities of £2,true338,904, the ability of the company to continue as a going concern has been assessed by its director.
The director considers it appropriate to prepare the financial statements on a going basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
OLIVIER MALINGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the leasehold
Leasehold improvements
15% on straight line
Plant and equipment
33% on straight line
Computers
33% on straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
3
2
OLIVIER MALINGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
3
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
£
Cost
At 1 February 2023
200,321
590,852
1,000
12,639
804,812
Disposals
(200,321)
(590,852)
(791,173)
At 31 January 2024
1,000
12,639
13,639
Depreciation and impairment
At 1 February 2023
196,546
589,770
1,000
10,684
798,000
Depreciation charged in the period
865
865
Eliminated in respect of disposals
(196,546)
(589,770)
(786,316)
At 31 January 2024
1,000
11,549
12,549
Carrying amount
At 31 January 2024
1,090
1,090
At 31 January 2023
3,775
1,082
1,955
6,812
4
Directors Loan Account
The Directors Loan Account balance at 31 January 2024 stands at a credit balance of £3,226,042