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Registration number: 14413445

The Olive Oil Guy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

The Olive Oil Guy Ltd

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

The Olive Oil Guy Ltd

Company Information

Director

Mr M Assaf

Registered office

124 City Road
London
EC1V 2NX

Accountants

Blitz Gooday Ltd
Chartered Certified Accountants
62 Queens Road
Buckhurst Hill
Essex
IG9 5BY

 

The Olive Oil Guy Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2024

2024
£

2023
£

Loss for the year

(26,839)

(25,769)

Total comprehensive income for the year

(26,839)

(25,769)

 

The Olive Oil Guy Ltd

(Registration number: 14413445)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

18,228

13,806

Current assets

 

Stocks

5

24,991

2,890

Debtors

6

8,138

5,517

Cash at bank and in hand

 

29,491

17,674

 

62,620

26,081

Creditors: Amounts falling due within one year

7

(83,456)

(15,656)

Net current (liabilities)/assets

 

(20,836)

10,425

Net (liabilities)/assets

 

(2,608)

24,231

Capital and reserves

 

Called up share capital

8

50,000

50,000

Retained earnings

(52,608)

(25,769)

Shareholders' (deficit)/funds

 

(2,608)

24,231

For the financial year ending 31 October 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 year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 January 2025
 

.........................................
Mr M Assaf
Director

 

The Olive Oil Guy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
124 City Road
London
EC1V 2NX
England

These financial statements were authorised for issue by the director on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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 company’s 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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Olive Oil Guy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Olive Oil Guy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 0).

 

The Olive Oil Guy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

13,806

-

13,806

Additions acquired separately

170

5,650

5,820

At 31 October 2024

13,976

5,650

19,626

Amortisation

Amortisation charge

1,398

-

1,398

At 31 October 2024

1,398

-

1,398

Carrying amount

At 31 October 2024

12,578

5,650

18,228

At 31 October 2023

13,806

-

13,806

5

Stocks

2024
£

2023
£

Raw materials and consumables

12,609

-

Finished goods and goods for resale

12,382

2,890

24,991

2,890

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,090

5,000

Prepayments

260

-

Other debtors

1,788

517

 

8,138

5,517

7

Creditors

Creditors: amounts falling due within one year

 

The Olive Oil Guy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

5,006

1,229

Amounts due to related parties

9

76,057

10,020

Outstanding defined contribution pension costs

 

41

-

Other payables

 

2,352

3,244

Accruals

 

-

1,163

 

83,456

15,656

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

50,000

50,000

50,000

50,000

       

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,200

5,495

Contributions paid to money purchase schemes

228

-

16,428

5,495