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Company No: 09559115 (England and Wales)

OLO REAL ESTATE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

OLO REAL ESTATE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

OLO REAL ESTATE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
OLO REAL ESTATE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 28,872 26,636
Investment property 5 5,000,000 5,000,000
Investments 6 205,282 204,257
5,234,154 5,230,893
Current assets
Debtors 7 313,589 85,001
Cash at bank and in hand 47,828 105,083
361,417 190,084
Creditors: amounts falling due within one year 8 ( 1,418,068) ( 1,393,352)
Net current liabilities (1,056,651) (1,203,268)
Total assets less current liabilities 4,177,503 4,027,625
Creditors: amounts falling due after more than one year 9 ( 360,961) ( 358,934)
Provision for liabilities ( 604,760) ( 602,103)
Net assets 3,211,782 3,066,588
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 3,211,682 3,066,488
Total shareholder's funds 3,211,782 3,066,588

For the financial year ending 30 April 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 financial statements of Olo Real Estate Limited (registered number: 09559115) were approved and authorised for issue by the Director on 14 November 2024. They were signed on its behalf by:

Mr S Casper
Director
OLO REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
OLO REAL ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Olo Real Estate Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O BISHOP FLEMING, Chy Nyverow Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

In April 2023 the Company has made a prior year adjustment for an investment in a fully owned subsidiary, previously shown in amounts owed to associates. This has now been reclassified as investments in subsidiaries.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Office equipment 0 - 25 % reducing balance
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The nature of the prior year adjustment in April 2023 was to split out the investment in Olo Real Estate NZ, previously stated in amounts owed to associates.

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Investments: investments in subsidiaries 1 180,256 180,257
Amounts owed by associates 265,256 (180,256) 85,000

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 May 2023 29,046 1,071 30,117
Additions 2,800 0 2,800
At 30 April 2024 31,846 1,071 32,917
Accumulated depreciation
At 01 May 2023 3,142 339 3,481
Charge for the financial year 350 214 564
At 30 April 2024 3,492 553 4,045
Net book value
At 30 April 2024 28,354 518 28,872
At 30 April 2023 25,904 732 26,636

5. Investment property

Investment property
£
Valuation
As at 01 May 2023 5,000,000
As at 30 April 2024 5,000,000

The 2024 valuations were made by the director.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 180,257
At 30 April 2024 180,257
Carrying value at 30 April 2024 180,257
Carrying value at 30 April 2023 180,257

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 24,000 24,000
Additions 1,025 1,025
At 30 April 2024 25,025 25,025
Carrying value at 30 April 2024 25,025 25,025
Carrying value at 30 April 2023 24,000 24,000

7. Debtors

2024 2023
£ £
Trade debtors 1 1
Amounts owed by associates 85,000 85,000
Prepayments 227,588 0
Other debtors 1,000 0
313,589 85,001

8. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 1,340,249 1,340,176
Accruals 10,501 20,501
Taxation and social security 67,317 32,674
Other creditors 1 1
1,418,068 1,393,352

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 360,961 358,934

The bank loans are secured on the properties to which they relate.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100