Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity139truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09705912 2023-04-01 2024-03-31 09705912 2022-04-01 2023-03-31 09705912 2024-03-31 09705912 2023-03-31 09705912 c:Director1 2023-04-01 2024-03-31 09705912 c:Director2 2023-04-01 2024-03-31 09705912 d:PlantMachinery 2023-04-01 2024-03-31 09705912 d:PlantMachinery 2024-03-31 09705912 d:PlantMachinery 2023-03-31 09705912 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09705912 d:FurnitureFittings 2023-04-01 2024-03-31 09705912 d:FurnitureFittings 2024-03-31 09705912 d:FurnitureFittings 2023-03-31 09705912 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09705912 d:ComputerEquipment 2023-04-01 2024-03-31 09705912 d:ComputerEquipment 2024-03-31 09705912 d:ComputerEquipment 2023-03-31 09705912 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09705912 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09705912 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 09705912 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 09705912 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 09705912 d:CurrentFinancialInstruments 2024-03-31 09705912 d:CurrentFinancialInstruments 2023-03-31 09705912 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09705912 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09705912 d:ShareCapital 2024-03-31 09705912 d:ShareCapital 2023-03-31 09705912 d:RetainedEarningsAccumulatedLosses 2024-03-31 09705912 d:RetainedEarningsAccumulatedLosses 2023-03-31 09705912 c:FRS102 2023-04-01 2024-03-31 09705912 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09705912 c:FullAccounts 2023-04-01 2024-03-31 09705912 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09705912 2 2023-04-01 2024-03-31 09705912 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-04-01 2024-03-31 09705912 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09705912









OLIVE & ORANGE LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
OLIVE & ORANGE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

Ms O Kiely 
D J Rowan 

Page 1

 
OLIVE & ORANGE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Strategic report

The Directors present their strategic report for the year ended 31 March 2024. 
Review of the business
The principal activity of the company is the design, licensing and sale of garments, accessories and homewares under the respected Orla Kiely brand, which has an established heritage in mid-century inspired design. 
The company delivered another year of successful trading. The company continues to benefit from a dedicated international customer base and stable relationships with trading partners, with continued strength in ecommerce demonstrating its role in driving continuing growth from our business model. 
Together these have supported another year of increased turnover, principally driven by 21% growth in online revenues, underpinned by a very strong cashflow and balance sheet, ending the year with no debt and in a strong position for future growth and investment.
Results and Performance
The results of the Company for the year, as set out on page 5, show:
ole6cf3.png

The company has built on its strong position in 2023, trading on the strength of its brand and designs, with turnover increasing by 6% to £5.3m.
Turnover predominantly comprises product revenue of £4.0m [2023: £3.3m] and royalties’ income of £1.3m [2023: £1.6m].
Product revenue includes the ecommerce business: products such as the Orla Kiely handbag range are sold exclusively through the website, with growth reflecting continued demand for these highly sought-after products. Ecommerce continues to demonstrate its role as a growth driver for the business, with online sales achieving very strong margins.
Royalties’ income derives from manufacturers licensed to make and distribute Orla Kiely designed products, which fell slightly during the year due to the anticipated end of a licensing agreement. Overall the business is highly cash-generative and in an excellent position for future growth and investment, with a cash balance of £1.3m [2023:£1.9m] and net assets of £1.1m [2023: £1.5m]. The business expects continued future growth through opening in new markets – entering Japan in 2025 – and building licensing agreements in homewares to deliver royalty income.
The company is committed to being a socially responsible corporate citizen and employer. The company’s charitable initiatives during the year include support totalling £36.7k predominantly comprising ‘Trees for Cities’, a UK charity improving communities by planting trees. The company also invested in growing headcount and developing the team during the year, with a 40% rise in staff salaries reflecting their value to the business.
 
Page 2

 
OLIVE & ORANGE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Principal risks and uncertainties
Commercial Risk: The company has a strong brand with a loyal customer base across the UK, Ireland and internationally. However the various macroeconomic headwinds will inevitably put pressure on retail activity in the short term. The company is well placed for continued international growth and benefits from high margins and strong cashflow.
Currency Risk: The company’s activities are primarily based in the UK but are exposed to fluctuations in exchange rates between the United States Dollar and Sterling on product manufactured in the Far East. The impact on overall profitability is however small and already factored into current year trading forecasts.
 

Page 3

 
OLIVE & ORANGE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£


Turnover
5,303,524
5,003,827

Cost of sales
(2,585,671)
(2,106,843)

Gross profit
2,717,853
2,896,984

Administrative expenses
(1,813,731)
(1,803,724)

Operating profit
904,122
1,093,260

Interest receivable and similar income
26,253
4,504

Interest payable and similar expenses
-
(22,524)

Profit before tax
930,375
1,075,240

Tax on profit
(240,188)
(205,074)

Profit for the financial year
690,187
870,166

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 7 to 13 form part of these financial statements.

Page 4

 
OLIVE & ORANGE LIMITED
REGISTERED NUMBER: 09705912

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,750
5,750

Tangible assets
 5 
49,375
50,622

  
54,125
56,372

Current assets
  

Stocks
 6 
498,285
384,160

Debtors: amounts falling due within one year
 7 
450,493
315,098

Cash at bank and in hand
  
1,344,387
1,889,933

  
2,293,165
2,589,191

Creditors: amounts falling due within one year
 8 
(1,239,897)
(1,188,046)

Net current assets
  
 
 
1,053,268
 
 
1,401,145

Total assets less current liabilities
  
1,107,393
1,457,517

Provisions for liabilities
  

Deferred tax
  
(12,344)
(12,655)

  
 
 
(12,344)
 
 
(12,655)

Net assets
  
1,095,049
1,444,862


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,095,047
1,444,860

  
1,095,049
1,444,862


Page 5

 
OLIVE & ORANGE LIMITED
REGISTERED NUMBER: 09705912
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D J Rowan
Director

Date: 14 November 2024

The notes on pages 7 to 13 form part of these financial statements.

Page 6

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Olive & Orange Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH. 
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 7

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 8

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intellectual property
-
10
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 9

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 9).

Page 10

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Intellectual property

£



Cost


At 1 April 2023
10,000



At 31 March 2024

10,000



Amortisation


At 1 April 2023
4,250


Charge for the year on owned assets
1,000



At 31 March 2024

5,250



Net book value



At 31 March 2024
4,750



At 31 March 2023
5,750



Page 11

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
-
52,818
54,930
107,748


Additions
159
1,013
20,543
21,715


Disposals
(159)
-
-
(159)



At 31 March 2024

-
53,831
75,473
129,304



Depreciation


At 1 April 2023
-
39,524
17,601
57,125


Charge for the year on owned assets
3
3,874
18,930
22,807


Disposals
(3)
-
-
(3)



At 31 March 2024

-
43,398
36,531
79,929



Net book value



At 31 March 2024
-
10,433
38,942
49,375



At 31 March 2023
-
13,293
37,329
50,622


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
498,285
384,160

498,285
384,160


Page 12

 
OLIVE & ORANGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
19,058
30,677

Other debtors
23,127
5,235

Prepayments and accrued income
408,308
279,186

450,493
315,098



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
155,995
183,759

Corporation tax
240,499
126,686

Other taxation and social security
61,876
47,484

Other creditors
209,768
215,863

Accruals and deferred income
571,759
614,254

1,239,897
1,188,046



9.


Related party transactions

During the year, the directors rented office accomodation to the company, on an arms length basis, for a consideration of £58,123 (2023: £41,223). In addition, the company paid royalties to the directors in sum of £99,534 (2023: £77,703).

 
Page 13