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Registered Number: 13009024
England and Wales

 

 

 

OLIPIP LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2023

End date: 31 March 2024
  2024   2023
    £ £   £ £
Fixed assets   16,364      16,364 
Current assets 102,359      139,399   
Creditors: amount falling due within one year (5,219)     (17,259)  
Net current assets   97,140      122,140 
Total assets less current liabilities   113,504      138,504 
Net assets   113,504      138,504 
 

         
Capital and reserves   113,504      138,504 
 
NOTES TO THE ACCOUNTS

General Information
Olipip Limited is a private company, limited by shares, registered in England and Wales, registration number 13009024, registration address 1 Knowle Road, Salcombe, TQ8 8EQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
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 companys 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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.
Taxation
The tax expense for the period comprises current and 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.

The current 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. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.
Investments
Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.
2.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 December 2023 16,364    16,364 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2024 16,364    16,364 

3.

Average number of employees

Average number of employees during the period was 1 (2023 : 1).


For the period ended 31 March 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 period in question in accordance with section 476.

The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 19 November 2024 and were signed by:


--------------------------------
Mrs T F A Spink
Director
1