IRIS Accounts Production v24.3.2.46 04425638 director 1.9.22 29.2.24 29.2.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh044256382022-08-31044256382024-02-29044256382022-09-012024-02-29044256382021-08-31044256382021-09-012022-08-31044256382022-08-3104425638ns15:EnglandWales2022-09-012024-02-2904425638ns14:PoundSterling2022-09-012024-02-2904425638ns10:Director12022-09-012024-02-2904425638ns10:PrivateLimitedCompanyLtd2022-09-012024-02-2904425638ns10:SmallEntities2022-09-012024-02-2904425638ns10:AuditExempt-NoAccountantsReport2022-09-012024-02-2904425638ns10:SmallCompaniesRegimeForDirectorsReport2022-09-012024-02-2904425638ns10:SmallCompaniesRegimeForAccounts2022-09-012024-02-2904425638ns10:FullAccounts2022-09-012024-02-290442563812022-09-012024-02-2904425638ns10:OrdinaryShareClass12022-09-012024-02-2904425638ns10:RegisteredOffice2022-09-012024-02-2904425638ns5:CurrentFinancialInstruments2024-02-2904425638ns5:CurrentFinancialInstruments2022-08-3104425638ns5:Non-currentFinancialInstruments2024-02-2904425638ns5:Non-currentFinancialInstruments2022-08-3104425638ns5:ShareCapital2024-02-2904425638ns5:ShareCapital2022-08-3104425638ns5:IntangibleAssetsOtherThanGoodwill2022-09-012024-02-2904425638ns5:LeaseholdImprovements2022-09-012024-02-2904425638ns5:FurnitureFittings2022-09-012024-02-2904425638ns5:ComputerEquipment2022-09-012024-02-2904425638ns5:NetGoodwill2022-08-3104425638ns5:NetGoodwill2024-02-2904425638ns5:NetGoodwill2022-08-3104425638ns5:LeaseholdImprovements2022-08-3104425638ns5:FurnitureFittings2022-08-3104425638ns5:ComputerEquipment2022-08-3104425638ns5:LeaseholdImprovements2024-02-2904425638ns5:FurnitureFittings2024-02-2904425638ns5:ComputerEquipment2024-02-2904425638ns5:LeaseholdImprovements2022-08-3104425638ns5:FurnitureFittings2022-08-3104425638ns5:ComputerEquipment2022-08-3104425638ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2904425638ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3104425638ns5:WithinOneYear2024-02-2904425638ns5:WithinOneYear2022-08-3104425638ns10:OrdinaryShareClass12024-02-29044256381ns10:Director12022-08-31044256381ns10:Director12021-08-31044256381ns10:Director12022-09-012024-02-29044256381ns10:Director12021-09-012022-08-31044256381ns10:Director12024-02-29044256381ns10:Director12022-08-31
REGISTERED NUMBER: 04425638 (England and Wales)















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: Mr O Lipani





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 04425638 (England and Wales)





Accountants: Cooper Parry Advisory Limited
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
3,178 7,034

Current assets
Stocks - 19,250
Debtors 6 80,906 111,524
Cash at bank and in hand 47,119 23,747
128,025 154,521
Creditors
Amounts falling due within one year 7 33,396 69,069
Net current assets 94,629 85,452
Total assets less current liabilities 97,807 92,486

Creditors
Amounts falling due after more than one
year

8

133,018

32,346
Net (liabilities)/assets (35,211 ) 60,140

Capital and reserves
Called up share capital 10 100 40,000
Retained earnings (35,311 ) 20,140
Shareholders' funds (35,211 ) 60,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16 February 2025 and were signed by:





Mr O Lipani - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" 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, 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

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 9 (2022 - 10 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022
and 29 February 2024 7,500
Amortisation
At 1 September 2022
and 29 February 2024 7,500
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 78,228 118,386 3,260 199,874
Depreciation
At 1 September 2022 73,433 117,503 1,904 192,840
Charge for period 2,615 479 762 3,856
At 29 February 2024 76,048 117,982 2,666 196,696
Net book value
At 29 February 2024 2,180 404 594 3,178
At 31 August 2022 4,795 883 1,356 7,034

6. Debtors: amounts falling due within one year
2024 2022
£ £
Trade debtors - 3,405
Other debtors 80,906 108,119
80,906 111,524

7. Creditors: amounts falling due within one year
2024 2022
£ £
Bank loans and overdrafts 26,686 10,000
Trade creditors 3,613 4,141
Taxation and social security 2,547 48,676
Other creditors 550 6,252
33,396 69,069

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 133,018 32,346

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 - 3,060

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £ £
100 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
£ £
Mr O Lipani
Balance outstanding at start of period 84,956 87,331
Amounts advanced 122,334 64,349
Amounts repaid (147,954 ) (66,724 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 59,336 84,956