REGISTERED NUMBER: |
Unaudited Financial Statements |
for the period |
1 September 2022 to 29 February 2024 |
for |
OL.LIMITLESS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the period |
1 September 2022 to 29 February 2024 |
for |
OL.LIMITLESS LIMITED |
OL.LIMITLESS LIMITED (REGISTERED NUMBER: 04425638) |
Contents of the Financial Statements |
for the period 1 September 2022 to 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
OL.LIMITLESS LIMITED |
Company Information |
for the period 1 September 2022 to 29 February 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
OL.LIMITLESS LIMITED (REGISTERED NUMBER: 04425638) |
Statement of Financial Position |
29 February 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 | 3,178 | 7,034 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | (35,311 | ) | 20,140 |
Shareholders' funds | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OL.LIMITLESS LIMITED (REGISTERED NUMBER: 04425638) |
Statement of Financial Position - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
OL.LIMITLESS LIMITED (REGISTERED NUMBER: 04425638) |
Notes to the Financial Statements |
for the period 1 September 2022 to 29 February 2024 |
1. | Statutory information |
OL.Limitless Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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. |
Going concern |
Although the company has net liabilities of £35,211, the director will continue to support the company and he is confident that the company will be profitable in the future years. The accounts have therefore been prepared on a going concern basis. |
OL.LIMITLESS LIMITED (REGISTERED NUMBER: 04425638) |
Notes to the Financial Statements - continued |
for the period 1 September 2022 to 29 February 2024 |
3. | Employees and directors |
The average number of employees during the period was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 September 2022 |
and 29 February 2024 |
Amortisation |
At 1 September 2022 |
and 29 February 2024 |
Net book value |
At 29 February 2024 |
At 31 August 2022 |
5. | Tangible fixed assets |
Fixtures |
Improvements | and | Computer |
to property | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 September 2022 |
and 29 February 2024 |
Depreciation |
At 1 September 2022 |
Charge for period |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 31 August 2022 |
6. | Debtors: amounts falling due within one year |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
OL.LIMITLESS LIMITED (REGISTERED NUMBER: 04425638) |
Notes to the Financial Statements - continued |
for the period 1 September 2022 to 29 February 2024 |
8. | Creditors: amounts falling due after more than one year |
2024 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 49,260 | - |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2022 |
£ | £ |
Within one year |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 40,000 |
(2022 - 40,000 ) |
During the year, the issued share capital of £40,000 divided into 40,000 Ordinary shares of £1 each were reduced from £40,000 to £100 divided into 100 Ordinary shares of £1 by the cancellation of 39,900 issued ordinary shares of £1 each in the capital of the Company, making the amount of £39,900 available to credit the director's loan account. |
11. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the period ended 29 February 2024 and the year ended 31 August 2022: |
2024 | 2022 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |