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COMPANY REGISTRATION NUMBER: 11010576
The Olive Tree Guest House Ltd
Filleted Unaudited Financial Statements
31 October 2024
The Olive Tree Guest House Ltd
Financial Statements
Year ended 31 October 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
The Olive Tree Guest House Ltd
Balance Sheet
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,417
1,084
Current assets
Stocks
125
375
Cash at bank and in hand
4,024
808
-------
-------
4,149
1,183
Creditors: amounts falling due within one year
6
7,777
6,972
-------
-------
Net current liabilities
3,628
5,789
-------
-------
Total assets less current liabilities
( 2,211)
( 4,705)
Creditors: amounts falling due after more than one year
7
17,165
20,663
--------
--------
Net liabilities
( 19,376)
( 25,368)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 19,476)
( 25,468)
--------
--------
Shareholders deficit
( 19,376)
( 25,368)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit & loss has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Olive Tree Guest House Ltd
Balance Sheet (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr D V Francis
Director
Company registration number: 11010576
The Olive Tree Guest House Ltd
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is High Street, Stramshall, Uttoxeter, Staffordshire, ST14 5AL. The company registration number is 11010576 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% straight line
Fixtures, fittings and equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 3 ).
5. Tangible assets
Computer equipment
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 November 2023
599
5,585
6,184
Additions
456
350
806
Disposals
( 599)
( 599)
----
-------
-------
At 31 October 2024
456
5,935
6,391
----
-------
-------
Depreciation
At 1 November 2023
599
4,501
5,100
Charge for the year
114
359
473
Disposals
( 599)
( 599)
----
-------
-------
At 31 October 2024
114
4,860
4,974
----
-------
-------
Carrying amount
At 31 October 2024
342
1,075
1,417
----
-------
-------
At 31 October 2023
1,084
1,084
----
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,503
3,419
Other creditors
4,274
3,553
-------
-------
7,777
6,972
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,165
20,663
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £2,236 (2023: £6,102) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan in favour of Natwest Bank PLC is unsecured.
Natwest Bank PLC holds a fixed and floating charge over the charge and all property and assets present and future of The Olive Tree Guest House Limited, and contains a negative pledge.
8. Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.