Company Registration No. 13516913 (England and Wales)
Olive Property Services Ltd
Unaudited accounts
for the year ended 31 July 2024
Olive Property Services Ltd
Unaudited accounts
Contents
Olive Property Services Ltd
Company Information
for the year ended 31 July 2024
Directors
Mr James Spencer Keeley
Mr Miles Thomas Keeley
Company Number
13516913 (England and Wales)
Registered Office
106 FIRCROFT ROAD
LONDON
SW17 7PW
ENGLAND
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Olive Property Services Ltd
Accountants' report
Accountants' report to the board of directors of Olive Property Services Ltd on the preparation of the unaudited statutory accounts for the year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Olive Property Services Ltd for the year ended
31 July 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Olive Property Services Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Olive Property Services Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Olive Property Services Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Olive Property Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Olive Property Services Ltd. You consider that Olive Property Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Olive Property Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
28 January 2025
Olive Property Services Ltd
Statement of financial position
as at 31 July 2024
Investment property
850,000
850,000
Cash at bank and in hand
27,519
6,336
Creditors: amounts falling due within one year
(227,979)
(225,661)
Net current liabilities
(198,141)
(216,360)
Total assets less current liabilities
651,859
633,640
Creditors: amounts falling due after more than one year
(637,500)
(637,500)
Provisions for liabilities
Net assets/(liabilities)
10,794
(3,860)
Called up share capital
100
100
Revaluation reserve
34,353
39,370
Profit and loss account
(23,659)
(43,330)
Shareholders' funds
10,794
(3,860)
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by
Mr Miles Thomas Keeley
Director
Company Registration No. 13516913
Olive Property Services Ltd
Notes to the Accounts
for the year ended 31 July 2024
Olive Property Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 13516913. The registered office is 106 FIRCROFT ROAD, LONDON, SW17 7PW, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 August 2023
850,000
Net gain from fair value adjustments
6,434
Amounts falling due within one year
Olive Property Services Ltd
Notes to the Accounts
for the year ended 31 July 2024
6
Creditors: amounts falling due within one year
2024
2023
Loans from directors
224,900
224,901
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
637,500
637,500
Aggregate of amounts that fall due for payment after five years
637,500
637,500
Included in long term creditors is a bank loan secured on the investment property. A personal guarantee has been provided.
8
Deferred taxation
2024
2023
Revaluation of land and buildings
11,451
-
Tax losses carried forward
(7,886)
-
Charged to the profit and loss account
3,565
-
Provision at end of year
3,565
-
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).