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Borough Olives Limited

Registered Number
05384366
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Borough Olives Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Mr V Moshtagh-Kahnamoui

Registered Address

Unit 10 Driberg Way
Braintree
CM7 1NB

Registered Number

05384366 (England and Wales)
Borough Olives Limited
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets354,99265,841
54,99265,841
Current assets
Stocks452,20837,100
Debtors594,801130,381
Cash at bank and on hand11,53230,000
158,541197,481
Creditors amounts falling due within one year6(88,532)(108,333)
Net current assets (liabilities)70,00989,148
Total assets less current liabilities125,001154,989
Creditors amounts falling due after one year7(10,529)(29,277)
Provisions for liabilities9(13,623)-
Net assets100,849125,712
Capital and reserves
Called up share capital22
Profit and loss account100,847125,710
Shareholders' funds100,849125,712
The financial statements were approved and authorised for issue by the Director on 28 November 2024, and are signed on its behalf by:
Mr V Moshtagh-Kahnamoui
Director
Registered Company No. 05384366
Borough Olives Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings25
Plant and machinery25
Fixtures and fittings25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year89
3.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 June 239,869125,24729,341164,457
Additions-6,6411506,791
At 31 May 249,869131,88829,491171,248
Depreciation and impairment
At 01 June 239,20263,71225,70298,616
Charge for year16716,56091317,640
At 31 May 249,36980,27226,615116,256
Net book value
At 31 May 2450051,6162,87654,992
At 31 May 2366761,5353,63965,841
4.Stocks

2024

2023

££
Finished goods52,20837,100
Total52,20837,100
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables6,0732,264
Other debtors85,458108,029
Prepayments and accrued income3,27020,088
Total94,801130,381
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables20,77937,297
Bank borrowings and overdrafts10,00010,000
Taxation and social security43,43633,737
Finance lease and HP contracts12,29325,109
Other creditors531640
Accrued liabilities and deferred income1,4931,550
Total88,532108,333
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,00020,000
Other creditors5299,277
Total10,52929,277
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts5299,277
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)13,623-
Total13,623-
10.Directors advances, credits and guarantees
During the year the following advances and credits were made to directors, advances £185,947 (2023 £182,976) credits £209,821 (2023 £169,348), year end balance £78,231 (2023 £102,105). Interest has been charged in the year at 2.25%.