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REGISTERED NUMBER: 03035126 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 August 2024

for

Olivewood Limited

Olivewood Limited (Registered number: 03035126)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 15


Olivewood Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mr L L Murji
Mr S Kerai
Mrs A L Murji



REGISTERED OFFICE: Unit B2
Neptune Road
Harrow
Middlesex
HA1 4HX



REGISTERED NUMBER: 03035126 (England and Wales)



AUDITORS: Paresh Shah Limited
Chartered Accountants and Statutory Auditors
128 Malvern Gardens
Harrow
Middlesex
HA3 9PG



ACCOUNTANTS: L P Patel & Co Limited
Certified Practising Accountants
164 Mollison Way
Edgware
Middlesex HA8 5QZ

Olivewood Limited (Registered number: 03035126)

Strategic Report
for the Year Ended 31 August 2024


The directors present their strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
The company continues to maintain its turnover and gross profit margins in a very competitive market. Pressures on price increases appear to have eased but the overheads and staff costs continue to rise.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is not exposed to any specific risks. The supply of goods has now normalised, and the business appears to be functioning satisfactorily. The company buys substantial proportion of the goods from the buying group and continue to source goods from alternative sources as necessary.

The level of business activity is being maintained and the directors are confident of meeting challenges as they emerge.

Our business is also subject to stringent laws relating to health and safety, waste disposal and protection of the environment. The company has recognised management system and environmental management systems in place as a recognised trade supplier.

FUTURE DEVELOPMENTS
The company is well placed to take advantage of new opportunities as they emerge, and the directors are always making changes as necessary to increase the company's level of activity and profitability.

EMPLOYEE INVOLVEMENT
The company's policy is to consult and discuss interests of the employees with annual staff appraisals. Changes are made where necessary for the benefit of the company and its employees.

ON BEHALF OF THE BOARD:





Mr S Kerai - Director


19 December 2024

Olivewood Limited (Registered number: 03035126)

Report of the Directors
for the Year Ended 31 August 2024


The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company during the year under review continued to be that of Builder and Timber Merchants.

DIVIDENDS
An interim dividend of £1,262.00 per B Ordinary share and a final dividend of £187.50 per B Ordinary share was paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

Mr L L Murji
Mr S Kerai
Mrs A L Murji

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Olivewood Limited (Registered number: 03035126)

Report of the Directors
for the Year Ended 31 August 2024


AUDITORS
The auditors, Paresh Shah Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr S Kerai - Director


19 December 2024

Report of the Independent Auditors to the Members of
Olivewood Limited


Opinion
We have audited the financial statements of Olivewood Limited (the 'company') for the year ended 31 August 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Olivewood Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Olivewood Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of revenue. Our audit procedures to respond to these risks include:

- enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

- enquiry of management and those charged with governance around actual and potential litigations and claims and any instances of non-compliance with laws and regulations;

- evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;

- detailed testing of a sample of sales and purchases made during the year and around the year and agreeing these through to invoices;

- testing the appropriateness of a sample of significant journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

- auditing the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Olivewood Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Paresh Shah (Senior Statutory Auditor)
for and on behalf of Paresh Shah Limited
Chartered Accountants and Statutory Auditors
128 Malvern Gardens
Harrow
Middlesex
HA3 9PG

19 December 2024

Olivewood Limited (Registered number: 03035126)

Statement of Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   

REVENUE 4 16,907,400 17,030,454

Cost of sales 13,306,349 13,289,246
GROSS PROFIT 3,601,051 3,741,208

Distribution costs 327,685 322,861
Administrative expenses 2,693,556 2,683,222
3,021,241 3,006,083
579,810 735,125

Other operating income 1,819 -
OPERATING PROFIT 6 581,629 735,125

Interest receivable and similar income 77,283 48,428
658,912 783,553

Interest payable and similar expenses 7 46,726 64,920
PROFIT BEFORE TAXATION 612,186 718,633

Tax on profit 8 177,556 172,566
PROFIT FOR THE FINANCIAL YEAR 434,630 546,067

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

434,630

546,067

Olivewood Limited (Registered number: 03035126)

Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 3,215,416 3,369,006

CURRENT ASSETS
Inventories 11 1,598,383 1,652,058
Debtors 12 3,500,780 4,233,381
Cash at bank and in hand 1,797,035 1,130,935
6,896,198 7,016,374
CREDITORS
Amounts falling due within one year 13 2,019,588 1,952,376
NET CURRENT ASSETS 4,876,610 5,063,998
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,092,026

8,433,004

CREDITORS
Amounts falling due after more than one
year

14

(13,482

)

(631,809

)

PROVISIONS FOR LIABILITIES 18 (92,019 ) (104,350 )
NET ASSETS 7,986,525 7,696,845

CAPITAL AND RESERVES
Called up share capital 19 165 165
Capital redemption reserve 20 35 35
Retained earnings 20 7,986,325 7,696,645
SHAREHOLDERS' FUNDS 7,986,525 7,696,845

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





Mr S Kerai - Director


Olivewood Limited (Registered number: 03035126)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 165 7,395,578 35 7,395,778

Changes in equity
Dividends - (245,000 ) - (245,000 )
Total comprehensive income - 546,067 - 546,067
Balance at 31 August 2023 165 7,696,645 35 7,696,845

Changes in equity
Dividends - (144,950 ) - (144,950 )
Total comprehensive income - 434,630 - 434,630
Balance at 31 August 2024 165 7,986,325 35 7,986,525

Olivewood Limited (Registered number: 03035126)

Statement of Cash Flows
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,707,159 813,731
Interest paid (43,859 ) (62,962 )
Interest element of hire purchase payments
paid

(2,867

)

(1,958

)
Tax paid (272,882 ) (384,268 )
Net cash from operating activities 1,387,551 364,543

Cash flows from investing activities
Purchase of tangible fixed assets (13,868 ) (390,966 )
Sale of tangible fixed assets 250 12,348
Interest received 77,283 48,428
Net cash from investing activities 63,665 (330,190 )

Cash flows from financing activities
Loan repayments in year (727,130 ) (396,867 )
Capital repayments in year (31,964 ) 37,411
Amount introduced by directors 118,928 -
Equity dividends paid (144,950 ) (245,000 )
Net cash from financing activities (785,116 ) (604,456 )

Increase/(decrease) in cash and cash equivalents 666,100 (570,103 )
Cash and cash equivalents at beginning of
year

2

1,130,935

1,701,038

Cash and cash equivalents at end of year 2 1,797,035 1,130,935

Olivewood Limited (Registered number: 03035126)

Notes to the Statement of Cash Flows
for the Year Ended 31 August 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 612,186 718,633
Depreciation charges 163,742 194,520
Loss on disposal of fixed assets 3,467 38,484
Finance costs 46,726 64,920
Finance income (77,283 ) (48,428 )
748,838 968,129
Decrease in inventories 53,675 74,424
Decrease in trade and other debtors 732,601 114,458
Increase/(decrease) in trade and other creditors 172,045 (343,280 )
Cash generated from operations 1,707,159 813,731

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 1,797,035 1,130,935
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 1,130,935 1,701,038


Olivewood Limited (Registered number: 03035126)

Notes to the Statement of Cash Flows
for the Year Ended 31 August 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 1,130,935 666,100 1,797,035
1,130,935 666,100 1,797,035
Debt
Finance leases (72,411 ) 31,964 (40,447 )
Debts falling due within 1 year (359,290 ) 138,538 (220,752 )
Debts falling due after 1 year (588,591 ) 588,591 -
(1,020,292 ) 759,093 (261,199 )
Total 110,643 1,425,193 1,535,836

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. COMPANY INFORMATION

Olivewood Limited is a private company limited by shares incorporated in England and Wales. The registered office is at Unit B2, Neptune Road, Harrow, Middlesex, England, HA1 4HX.

The company's principal activity is disclosed in the Directors' Report.

2. STATUTORY INFORMATION

Olivewood Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Office equipment - 20% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

5. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 829,591 749,935
Social security costs 79,510 69,794
Other pension costs 15,164 14,156
924,265 833,885

The average number of employees during the year was as follows:
31.8.24 31.8.23

Administration 6 5
Distribution 10 10
Sales 13 13
29 28

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


5. EMPLOYEES AND DIRECTORS - continued

31.8.24 31.8.23
£    £   
Directors' remuneration 131,000 112,800

In addition to the Director's remuneration above, the company made private medical insurance contributions for the Directors totalling £5,506 (2023: £5,537).

6. OPERATING PROFIT

The operating profit is stated after charging:

31.8.24 31.8.23
£    £   
Hire of plant and machinery 32,014 31,793
Depreciation - owned assets 127,528 149,253
Depreciation - assets on hire purchase contracts 36,213 45,267
Loss on disposal of fixed assets 3,467 38,484
Auditors' remuneration 6,500 6,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest 43,797 62,876
Other interest charges 62 86
Hire purchase 2,867 1,958
46,726 64,920

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 189,887 153,973

Deferred tax (12,331 ) 18,593
Tax on profit 177,556 172,566

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


9. DIVIDENDS
31.8.24 31.8.23
£    £   
B Ordinary shares of £1 each
Final 18,750 218,750
Interim 126,200 26,250
144,950 245,000

10. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 3,047,814 213,385 143,582
Additions - 9,000 4,868
Disposals - (9,075 ) -
At 31 August 2024 3,047,814 213,310 148,450
DEPRECIATION
At 1 September 2023 334,975 120,648 91,654
Charge for year 30,478 19,604 11,359
Eliminated on disposal - (5,358 ) -
At 31 August 2024 365,453 134,894 103,013
NET BOOK VALUE
At 31 August 2024 2,682,361 78,416 45,437
At 31 August 2023 2,712,839 92,737 51,928

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


10. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 1,031,177 37,986 4,473,944
Additions - - 13,868
Disposals - - (9,075 )
At 31 August 2024 1,031,177 37,986 4,478,737
DEPRECIATION
At 1 September 2023 525,254 32,407 1,104,938
Charge for year 101,184 1,116 163,741
Eliminated on disposal - - (5,358 )
At 31 August 2024 626,438 33,523 1,263,321
NET BOOK VALUE
At 31 August 2024 404,739 4,463 3,215,416
At 31 August 2023 505,923 5,579 3,369,006

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 245,194
Transfer to ownership (94,300 )
At 31 August 2024 150,894
DEPRECIATION
At 1 September 2023 64,127
Charge for year 36,213
Transfer to ownership (46,018 )
At 31 August 2024 54,322
NET BOOK VALUE
At 31 August 2024 96,572
At 31 August 2023 181,067

11. INVENTORIES
31.8.24 31.8.23
£    £   
Stocks 1,598,383 1,652,058

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 2,128,423 2,916,679
Other debtors 956,019 952,125
VAT 47,422 -
Prepayments 368,916 364,577
3,500,780 4,233,381

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 15) 220,752 359,290
Hire purchase contracts (see note 16) 26,965 29,193
Trade creditors 1,517,996 1,299,741
Corporation tax 70,959 153,954
Social security and other taxes 25,268 18,942
VAT - 42,107
Other creditors 3,789 4,289
Directors' current accounts 118,928 -
Accrued expenses 34,931 44,860
2,019,588 1,952,376

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 15) - 588,591
Hire purchase contracts (see note 16) 13,482 43,218
13,482 631,809

15. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 220,752 359,290

Amounts falling due between one and two years:
Bank loans - 1-2 years - 359,290

Amounts falling due between two and five years:
Bank loans - 2-5 years - 229,301

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


15. LOANS - continued

Loans are repayable by equal monthly instalments and interest at the rate of 2.15% above the UK Base Rate is payable on the outstanding amount.

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.8.24 31.8.23
£    £   
Gross obligations repayable:
Within one year 29,736 32,060
Between one and five years 14,868 47,375
44,604 79,435

Finance charges repayable:
Within one year 2,771 2,867
Between one and five years 1,386 4,157
4,157 7,024

Net obligations repayable:
Within one year 26,965 29,193
Between one and five years 13,482 43,218
40,447 72,411

17. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans 220,752 947,881

Bank loans are secured on the Freehold Properties by way of Legal Charges and Debenture over all assets of the company.

18. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 92,019 104,350

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 104,350
Accelerated Capital Allowance (12,331 )
Balance at 31 August 2024 92,019

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
16,500 Ordinary £0.01 165 65
(31.8.23 - 65 )
NIL B Ordinary £1 - 100
165 165

A special resolution was passed on 20 August 2024 to sub-divide 65 issues ordinary shares of £1 each and 100 issued B ordinary shares of £1 each into 6,500 issued ordinary shares of £0.01 each and 10,000 issued B ordinary shares of £0.01 each.
The B ordinary shares were reclassified as ordinary shares with full voting and full equity rights. The share capital is comprised of ordinary shares of £0.01 each at the balance sheet date.

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 September 2023 7,696,645 35 7,696,680
Profit for the year 434,630 434,630
Dividends (144,950 ) (144,950 )
At 31 August 2024 7,986,325 35 7,986,360

Olivewood Limited (Registered number: 03035126)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


21. RELATED PARTY TRANSACTIONS

Mr L Murji, a director and shareholder of the company, was paid dividends of £42,000 (2023: £78,000) during the year.

Mr S Kerai, a director and shareholder of the company, was paid dividends of £73,950 (2023: £118,000) during the year.

Mrs A Murji, a director and shareholder of the company, was paid dividends of £29,000 (2023: £49,000) during the year.