IRIS Accounts Production v24.3.2.46 SC081518 Board of Directors 1.7.23 30.6.24 30.6.24 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0815182023-06-30SC0815182024-06-30SC0815182023-07-012024-06-30SC0815182022-06-30SC0815182022-07-012023-06-30SC0815182023-06-30SC081518ns15:Scotland2023-07-012024-06-30SC081518ns14:PoundSterling2023-07-012024-06-30SC081518ns10:Director12023-07-012024-06-30SC081518ns10:PrivateLimitedCompanyLtd2023-07-012024-06-30SC081518ns10:SmallEntities2023-07-012024-06-30SC081518ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-30SC081518ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-30SC081518ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-30SC081518ns10:FullAccounts2023-07-012024-06-30SC081518ns10:Director22023-07-012024-06-30SC081518ns10:CompanySecretary12023-07-012024-06-30SC081518ns10:RegisteredOffice2023-07-012024-06-30SC081518ns5:CurrentFinancialInstruments2024-06-30SC081518ns5:CurrentFinancialInstruments2023-06-30SC081518ns5:ShareCapital2024-06-30SC081518ns5:ShareCapital2023-06-30SC081518ns5:RetainedEarningsAccumulatedLosses2024-06-30SC081518ns5:RetainedEarningsAccumulatedLosses2023-06-30SC08151812023-07-012024-06-30SC081518ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-07-012024-06-30SC081518ns5:FurnitureFittings2023-07-012024-06-30SC081518ns5:LandBuildings2023-06-30SC081518ns5:PlantMachinery2023-06-30SC081518ns5:LandBuildings2024-06-30SC081518ns5:PlantMachinery2024-06-30SC081518ns5:CostValuation2023-06-30SC081518ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-30SC081518ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-30
REGISTERED NUMBER: SC081518 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

OLYMPIC HOUSE LIMITED

OLYMPIC HOUSE LIMITED (REGISTERED NUMBER: SC081518)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OLYMPIC HOUSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J H Clark
Mrs J D M Clark





SECRETARY: Mrs J D M Clark





REGISTERED OFFICE: 213 St Vincent Street
Glasgow
G2 5QY





REGISTERED NUMBER: SC081518 (Scotland)





ACCOUNTANTS: Bannerman Johnstone Maclay
Chartered Accountants
213 St Vincent Street
Glasgow
G2 5QY

OLYMPIC HOUSE LIMITED (REGISTERED NUMBER: SC081518)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 50,000 50,000
50,000 50,000

CURRENT ASSETS
Debtors 6 431,325 423,351
Cash at bank 290,419 335,693
721,744 759,044
CREDITORS
Amounts falling due within one year 7 125,762 162,069
NET CURRENT ASSETS 595,982 596,975
TOTAL ASSETS LESS CURRENT
LIABILITIES

645,982

646,975

CAPITAL AND RESERVES
Called up share capital 250,000 250,000
Retained earnings 395,982 396,975
SHAREHOLDERS' FUNDS 645,982 646,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:



J H Clark - Director


OLYMPIC HOUSE LIMITED (REGISTERED NUMBER: SC081518)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Olympic House Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The directors consider there to be no critical accounting estimates and judgements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Fixtures and fittings - 33% on cost and 20% on cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

OLYMPIC HOUSE LIMITED (REGISTERED NUMBER: SC081518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Investments
Investments held as fixed assets are stated at their fair value with any movement in value recognised in the fair value reserve.

Dividends are brought to account in the profit and loss account when received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 40,833 177,666 218,499
DEPRECIATION
At 1 July 2023
and 30 June 2024 40,833 177,666 218,499
NET BOOK VALUE
At 30 June 2024 - - -

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2023
and 30 June 2024 50,000
NET BOOK VALUE
At 30 June 2024 50,000
At 30 June 2023 50,000

Cost or valuation at 30 June 2024 is represented by:

Other
investments
£   
Valuation in 2024 50,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 431,325 423,351

OLYMPIC HOUSE LIMITED (REGISTERED NUMBER: SC081518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 125,762 162,069