Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01No description of principal activityfalsefalse20falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02648301 2023-04-01 2024-03-31 02648301 2022-04-01 2023-03-31 02648301 2024-03-31 02648301 2023-03-31 02648301 c:Director1 2023-04-01 2024-03-31 02648301 c:Director2 2023-04-01 2024-03-31 02648301 c:Director3 2023-04-01 2024-03-31 02648301 c:RegisteredOffice 2023-04-01 2024-03-31 02648301 d:PlantMachinery 2023-04-01 2024-03-31 02648301 d:PlantMachinery 2024-03-31 02648301 d:PlantMachinery 2023-03-31 02648301 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02648301 d:FurnitureFittings 2023-04-01 2024-03-31 02648301 d:FurnitureFittings 2024-03-31 02648301 d:FurnitureFittings 2023-03-31 02648301 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02648301 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02648301 d:FreeholdInvestmentProperty 2024-03-31 02648301 d:FreeholdInvestmentProperty 2023-03-31 02648301 d:CurrentFinancialInstruments 2024-03-31 02648301 d:CurrentFinancialInstruments 2023-03-31 02648301 d:Non-currentFinancialInstruments 2024-03-31 02648301 d:Non-currentFinancialInstruments 2023-03-31 02648301 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02648301 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02648301 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02648301 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02648301 d:ShareCapital 2024-03-31 02648301 d:ShareCapital 2023-03-31 02648301 d:SharePremium 2024-03-31 02648301 d:SharePremium 2023-03-31 02648301 d:RetainedEarningsAccumulatedLosses 2024-03-31 02648301 d:RetainedEarningsAccumulatedLosses 2023-03-31 02648301 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02648301 c:OrdinaryShareClass1 2024-03-31 02648301 c:OrdinaryShareClass1 2023-03-31 02648301 c:OrdinaryShareClass2 2023-04-01 2024-03-31 02648301 c:OrdinaryShareClass2 2024-03-31 02648301 c:OrdinaryShareClass2 2023-03-31 02648301 c:FRS102 2023-04-01 2024-03-31 02648301 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02648301 c:FullAccounts 2023-04-01 2024-03-31 02648301 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02648301 2 2023-04-01 2024-03-31 02648301 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 02648301







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


THE OLIVE TREE LIMITED






































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THE OLIVE TREE LIMITED
 


 
COMPANY INFORMATION


Directors
P Scacco 
C M Scacco 
M Cooper 




Registered number
02648301



Registered office
Darley Ash
Chipperfield Road

Bovingdon

Hemel Hempstead

Hertfordshire

HP3 0JN




Accountants
Menzies LLP
Chartered Accountants

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


THE OLIVE TREE LIMITED
 



CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8


 


THE OLIVE TREE LIMITED
REGISTERED NUMBER:02648301



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
178,425
236,118

Investment property
 5 
12,500,849
12,500,849

  
12,679,274
12,736,967

Current assets
  

Debtors: amounts falling due within one year
 6 
374,008
34,120

Cash at bank and in hand
  
356,127
569,908

  
730,135
604,028

Creditors: amounts falling due within one year
 7 
(6,054,314)
(4,048,717)

Net current liabilities
  
 
 
(5,324,179)
 
 
(3,444,689)

Total assets less current liabilities
  
7,355,095
9,292,278

Creditors: amounts falling due after more than one year
 8 
-
(2,870,118)

  

Net assets
  
7,355,095
6,422,160


Capital and reserves
  

Called up share capital 
 9 
1,000,100
1,000,100

Share premium account
  
799,990
799,990

Profit and loss account
  
5,555,005
4,622,070

  
7,355,095
6,422,160


Page 1

 


THE OLIVE TREE LIMITED
REGISTERED NUMBER:02648301


    
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 Company has opted not to file the statement of income and retained earnings in accordance with 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: 




P Scacco
Director

Date: 29 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


THE OLIVE TREE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Olive Tree Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the company had net current liabilities of £5,324,179 (2023 - £3,444,689). It has been agreed with the providers of the unsecured finance that the related debt will only be repaid whenl sufficient resources become available. The directors have therefore prepared the financial statements on a going concern basis.

 
2.3

Revenue

Rent receivable on commercial property is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Rent receivable on commercial property is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
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 3

 


THE OLIVE TREE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Taxation

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

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.

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
-
10%
Fixtures and fittings
-
10%

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually, derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 


THE OLIVE TREE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The number of directors who received remuneration during the year was 2 (2023 - Nil).

Page 5

 


THE OLIVE TREE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
167,060
1,155,610
1,322,670


Disposals
-
(745,757)
(745,757)



At 31 March 2024

167,060
409,853
576,913



Depreciation


At 1 April 2023
77,279
1,009,273
1,086,552


Charge for the year on owned assets
16,706
40,987
57,693


Disposals
-
(745,757)
(745,757)



At 31 March 2024

93,985
304,503
398,488



Net book value



At 31 March 2024
73,075
105,350
178,425



At 31 March 2023
89,781
146,337
236,118

Page 6

 


THE OLIVE TREE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
12,500,849



At 31 March 2024
12,500,849

The November 2021 valuations were made by Sedgwick International UK, on an open market value for existing use basis.

The directors consider that there has been no material change in the investment property values since the date of the last revaluations carried out, having considered recent market conditions, that the value remain materially consistent.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
13,395,968
13,395,968

13,395,968
13,395,968


6.


Debtors

2024
2023
£
£


Trade debtors
31,900
27,400

Other debtors
285,000
-

Prepayments and accrued income
57,108
6,720

374,008
34,120


Page 7

 


THE OLIVE TREE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,667
4,612

Corporation tax
320,559
242,547

Other taxation and social security
64,513
68,624

Other creditors
5,618,767
3,690,903

Accruals and deferred income
42,808
42,031

6,054,314
4,048,717



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
-
2,870,118

-
2,870,118



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100
1,000,000 (2023 - 1,000,000) Ordinary redeemable shares of £1.00 each
1,000,000
1,000,000

1,000,100

1,000,100


 
Page 8