Company registration number 12112617 (England and Wales)
OLYMPIA PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
OLYMPIA PARTNERS LIMITED
COMPANY INFORMATION
Directors
C Henderson
S D Miller-Bourke
R P Mills
S M Doyle-Linden
S Shaheryar
Z M Leake
Company number
12112617
Registered office
Sunley House
4 Bedford Park
Croydon
CR0 2AP
Auditors
S&W Partners Audit Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
OLYMPIA PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 26
OLYMPIA PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business and future developments

In FY 2024, revenue grew by 30% due to the group’s successful growth strategy. During the year, the group built on its reputation and strong client relationships, utilising technology to provide high quality Home Buying services. The gross profit margin improved, with the portfolio performing well overall. In FY 2024 the housing market saw increased activity, with an interest rate cut towards the end of the period and inflation easing during the year.  Since FY 2024, the property market has improved further and there have been additional interest rate cuts.

Principal risks and uncertainties

The Directors acknowledge their responsibilities for monitoring risks and uncertainties affecting the Group. These include, but are not limited to, market conditions, changes in government legislation (permanent and temporary) and the effectiveness of financial controls. The Directors monitor these risks through board and management meetings, regular dialogue with business partners and membership of industry panels.

Objectives and strategies

Olympia Partners Limited aim is to maintain a truly effortless, reliable Home Buying service.

 

In order to achieve this, it has developed a range of strategies, including

 

Analysis using key performance indicators

Management uses a range of performance measures to monitor and manage the business. Certain measures are particularly important In the generation of shareholder value and are considered key performance indicators (KPls).

 

KPIs measure past performance and provide information to facilitate effective management of the business. Turnover, gross profit and operating profit indicate the volume of properties sold and the profitability achieved. Selected KPls for 2023 are turnover £93,638,564 (2023: £72,162,745), gross profit £5,800,366(2022: £2,350,616) and operating profit £1,025,878 (2023: £1,842,644 loss).

Section 172(1) Statement

This section comprises our Section 172(1) Statement and should be read in conjunction with the financial and strategic review. The directors of the Company have acted in a way they considered, in good faith, to be most likely to promote the success of the Company and Group for the benefit of the members as a whole, and in doing so had regard, among other things to:

 

Spring’s core values are Team, Empathy, Transparency, Efficiency, Adaptability, Discipline and Boldness. To ensure these values are adhered to at every level of the company, the employee annual review process is structured around them.

 

The governance and control framework, which is in place across the Group, ensures that our core values are upheld and that decisions made by the board give due regard to the long-term impact of those decisions, the interests of the Company and Group’s stakeholders, and the impact of the Company and Group’s activities on the community, the environment and the Company and Group’s reputation.

OLYMPIA PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The board meets monthly and in addition to reviewing the company’s operating performance, receives reports on the its engagement in social and environmental initiatives. The timely receipt of information on all key aspects of the business allows the board to make decisions, following careful consideration and debate.

The key stakeholders, considered by the board when making decisions. include our people, clients and shareholders, as well as suppliers, the environment and the communities around us. These decisions are then communicated to the managers of the key departments, and the performance review and compensation structure ensure that both the manager’s and their direct reports are correctly incentivised to implement them effectively.

On behalf of the board

S D Miller-Bourke
Director
4 April 2025
OLYMPIA PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company is that of a holding company and the principal activity of the group is that of property trading.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C Henderson
S D Miller-Bourke
R P Mills
S M Doyle-Linden
S Shaheryar
Z M Leake
Auditor

The auditor, S&W Partners Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

OLYMPIA PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S D Miller-Bourke
Director
4 April 2025
2025-04-04
OLYMPIA PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLYMPIA PARTNERS LIMITED
- 5 -
Opinion

We have audited the financial statements of Olympia Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

OLYMPIA PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLYMPIA PARTNERS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

OLYMPIA PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OLYMPIA PARTNERS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Keir Singleton (Senior Statutory Auditor)
For and on behalf of S&W Partners Audit Limited
7 April 2025
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
OLYMPIA PARTNERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
93,638,564
72,162,745
Cost of sales
(87,838,198)
(69,812,129)
Gross profit
5,800,366
2,350,616
Administrative expenses
(4,774,488)
(4,193,260)
Operating profit/(loss)
4
1,025,878
(1,842,644)
Interest receivable and similar income
8
6,473
18
Interest payable and similar expenses
9
(2,979,947)
(3,035,083)
Amounts written off investments
10
(33,097)
-
Loss before taxation
(1,980,693)
(4,877,709)
Tax on loss
11
-
-
Loss for the financial year
(1,980,693)
(4,877,709)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
OLYMPIA PARTNERS LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
61,399
1,131,889
Current assets
Stocks
16
38,851,708
57,499,040
Debtors
17
5,690,282
2,602,009
Cash at bank and in hand
404,722
2,324,825
44,946,712
62,425,874
Creditors: amounts falling due within one year
18
(1,780,325)
(7,761,182)
Net current assets
43,166,387
54,664,692
Total assets less current liabilities
43,227,786
55,796,581
Creditors: amounts falling due after more than one year
19
(16,983,331)
(33,070,313)
Net assets
26,244,455
22,726,268
Capital and reserves
Called up share capital
22
38,924,760
33,425,880
Profit and loss reserves
(12,680,305)
(10,699,612)
Total equity
26,244,455
22,726,268
The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
04 April 2025
S D Miller-Bourke
Director
Company registration number 12112617 (England and Wales)
OLYMPIA PARTNERS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
5,261,329
5,261,329
Current assets
Debtors
17
32,185,362
32,675,104
Cash at bank and in hand
2,079
3,908
32,187,441
32,679,012
Creditors: amounts falling due within one year
18
(1,159)
(4,511,585)
Net current assets
32,186,282
28,167,427
Net assets
37,447,611
33,428,756
Capital and reserves
Called up share capital
22
38,924,760
33,425,880
Profit and loss reserves
(1,477,149)
2,876
Total equity
37,447,611
33,428,756

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,480,025 (2023 - £10,891 loss).

The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
04 April 2025
S D Miller-Bourke
Director
Company registration number 12112617 (England and Wales)
OLYMPIA PARTNERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
27,560,490
(5,821,903)
21,738,587
Year ended 30 September 2023:
Loss and total comprehensive income
-
(4,877,709)
(4,877,709)
Issue of share capital
22
6,143,280
-
6,143,280
Redemption of shares
22
(277,890)
-
(277,890)
Balance at 30 September 2023
33,425,880
(10,699,612)
22,726,268
Year ended 30 September 2024:
Loss and total comprehensive income
-
(1,980,693)
(1,980,693)
Issue of share capital
22
5,498,880
-
5,498,880
Balance at 30 September 2024
38,924,760
(12,680,305)
26,244,455
OLYMPIA PARTNERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
27,560,490
13,767
27,574,257
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(10,891)
(10,891)
Issue of share capital
22
6,143,280
-
6,143,280
Redemption of shares
22
(277,890)
-
(277,890)
Balance at 30 September 2023
33,425,880
2,876
33,428,756
Year ended 30 September 2024:
Profit and total comprehensive income
-
(1,480,025)
(1,480,025)
Issue of share capital
22
5,498,880
-
5,498,880
Balance at 30 September 2024
38,924,760
(1,477,149)
37,447,611
OLYMPIA PARTNERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
16,882,220
(10,825,930)
Interest paid
(3,282,294)
(3,004,150)
Net cash inflow/(outflow) from operating activities
13,599,926
(13,830,080)
Investing activities
Interest received
6,473
18
Net cash generated from investing activities
6,473
18
Financing activities
Proceeds from issue of shares
580,480
5,442,030
Repayment of borrowings
(20,000)
-
Proceeds from new bank loans
39,624,575
57,289,989
Repayment of bank loans
(55,711,557)
(47,471,626)
Net cash (used in)/generated from financing activities
(15,526,502)
15,260,393
Net (decrease)/increase in cash and cash equivalents
(1,920,103)
1,430,331
Cash and cash equivalents at beginning of year
2,324,825
894,494
Cash and cash equivalents at end of year
404,722
2,324,825
OLYMPIA PARTNERS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(10,918)
(23,014)
Investing activities
Loans made
(3,696,494)
(5,821,000)
Repayment of loans
3,145,100
-
0
Interest received
3
18
Net cash used in investing activities
(551,391)
(5,820,982)
Financing activities
Proceeds from issue of shares
580,480
5,442,030
Repayment of borrowings
(20,000)
-
Net cash generated from financing activities
560,480
5,442,030
Net decrease in cash and cash equivalents
(1,829)
(401,966)
Cash and cash equivalents at beginning of year
3,908
405,874
Cash and cash equivalents at end of year
2,079
3,908
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

Olympia Partners Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sunley House, 4 Bedford Park, Croydon, CR0 2AP.

 

The group consists of Olympia Partners Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Olympia Partners Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents sales proceeds on the sale of residential property. It is ordinarily recognised upon exchange of contracts.

OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises properties and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

The directors have assessed the liquidity needs of the company and considered future profit forecasts of the company, and judged that the financial statements are to be prepared on a going concern basis.

Stock valuation

The properties are purchased at typically 85% of their market value based on a valuation by an independent and experienced third party. However at the balance sheet date the directors have judged that the market value of a number of stock items were lower than cost and so impaired accordingly (included in direct costs). The remainder of the stock has been valued at cost at the balance sheet date as this was valued as lower than market value and therefore, no impairment necessary.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Property sales
93,638,564
72,162,745
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
-
11,576
Amortisation of intangible assets
1,070,490
1,095,603
Operating lease charges
121,049
77,679
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
20,000
Audit of the financial statements of the company's subsidiaries
60,000
36,000
90,000
56,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
7
7
6
6
Support staff
29
26
-
0
-
0
Total
36
33
6
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,020,568
1,607,358
-
0
-
0
Social security costs
234,760
179,904
-
-
Pension costs
171,994
157,842
-
0
-
0
2,427,322
1,945,104
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
586,485
516,963
Company pension contributions to defined contribution schemes
74,723
81,573
661,208
598,536
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
166,991
151,734
Company pension contributions to defined contribution schemes
18,704
17,228

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4)

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3
18
Other interest income
6,470
-
Total income
6,473
18
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3
18
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,978,714
2,654,090
Interest payable to group undertakings
1,233
380,993
2,979,947
3,035,083
10
Amounts written off investments
2024
2023
£
£
Other gains and losses
(33,097)
-
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
11
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,980,693)
(4,877,709)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
(495,173)
(1,073,096)
Tax effect of expenses that are not deductible in determining taxable profit
13,098
5,082
Change in unrecognised deferred tax assets
225,430
1,093,914
Effect of change in corporation tax rate
-
(267,311)
Group relief
(10,977)
-
Amortisation of goodwill
267,622
241,411
Taxation charge
-
-
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
5,479,414
Amortisation and impairment
At 1 October 2023
4,347,525
Amortisation charged for the year
1,070,490
At 30 September 2024
5,418,015
Carrying amount
At 30 September 2024
61,399
At 30 September 2023
1,131,889
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
13
Tangible fixed assets
Group
Computers
£
Cost
At 1 October 2023
23,151
Disposals
(23,151)
At 30 September 2024
-
Depreciation and impairment
At 1 October 2023
23,151
Eliminated in respect of disposals
(23,151)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
-
5,261,329
5,261,329
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
5,261,329
Carrying amount
At 30 September 2024
5,261,329
At 30 September 2023
5,261,329
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
15
Subsidiaries

Details of the company's subsidiaries, all of which are included in the consolidation, at 30 September 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
NPT Holdings Limited
1
Dormant
Ordinary
100.00
-
Springmove Limited
1
Property sales
Ordinary
100.00
-
Spring Operations Limited
1
Group administration
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Sunley House, Bedford Park, Croydon, CR0 2AP
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
38,851,708
57,499,040
-
0
-
0

Stock consists of properties that have purchased and are due to be resold.

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Unpaid share capital
438,400
-
438,400
-
0
Amounts owed by group undertakings
-
-
31,739,681
32,666,382
Other debtors
4,910,217
2,123,486
-
0
-
0
Prepayments and accrued income
341,665
478,523
7,281
8,722
5,690,282
2,602,009
32,185,362
32,675,104
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
165,125
176,642
-
0
-
0
Amounts owed to group undertakings
-
4,500,000
-
0
4,510,026
Other taxation and social security
57,020
53,469
-
0
-
0
Other creditors
798,598
2,021,243
1,159
1,559
Accruals and deferred income
759,582
1,009,828
-
0
-
0
1,780,325
7,761,182
1,159
4,511,585
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
16,983,331
33,070,313
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
16,983,331
33,070,313
-
0
-
0
Payable after one year
16,983,331
33,070,313
-
0
-
0

The aggregate amount of creditors for which security has been given amounted to £16,983,331 (2023: £33,070,313). Interest is charged at 4.32% (2023 - 4.32%) plus Bank of England Base Rate.

 

The loan is secured by a fixed and floating charge over the assets and undertakings of the company and its subsidiaries. This security contains a negative pledge which means that the company will not create or agree to create or permit to subsist any security interest over the charged assets.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
171,994
157,842

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end the pension liability outstanding was £19,445 (2023 - £21,077).

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary B shares of £1 each
1,000
1,000
1,000
1,000
Ordinary C shares of £1 each
1,000
1,000
1,000
1,000
Ordinary D shares of £1 each
1,784
1,784
1,784
1,784
Ordinary A1 shares of £1 each
14,000
14,000
14,000
14,000
Ordinary A2 shares of £1 each
200
200
200
200
Ordinary A3 shares of £1 each
200
200
200
200
Ordinary P1 shares of £1 each
1,800
1,800
1,800
1,800
Ordinary P2 shares of £1 each
200
200
200
200
20,184
20,184
20,184
20,184
OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Share capital
(Continued)
- 25 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Non voting rights preference shares of £1 each
38,904,576
33,405,696
38,904,576
33,405,696
Preference shares classified as equity
38,904,576
33,405,696
Total equity share capital
38,924,760
33,425,880

All of the above ordinary shares are non-redeemable and have full voting, equity and dividend rights.

 

The preference shares having no voting rights. The option to redeem the preferences shares is held by the company. There is no fixed date of redemption or premium payable.

 

During the year, the company issued 5,498,880 preference shares of £1 each for cash consideration. At the year end 438,400 preference shares remained unpaid.

23
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
124,193
114,294
-
-
Between two and five years
10,349
104,770
-
-
134,542
219,064
-
-
24
Related party transactions
Transactions with related parties
Other information

At the balance sheet date, an amount of £nil (£4,500,000) was owed to the parent undertaking by way of an unsecured loan with an interest rate payable of 12.5% per annum.

OLYMPIA PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
25
Controlling party

The immediate parent company is Olympia Holdings Limited, a company incorporated in the Isle of Man. Olympia Holdings Limited is wholly owned by CPP Olympia Limited, a company incorporated in Isle of Man. CPP Olympia Limited is ultimately controlled by Clearbell Property Partners III Limited Partnership, which is in turn controlled by Clearbell Property Partners III GP LLP, a wholly owned subsidiary of Clearbell Capital LLP. Clearbell Capital LLP is a Limited Liability Partnership, which is incorporated in United Kingdom and registered in England and Wales. Copies of the Clearbell Capital LLP financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. 

26
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(1,980,693)
(4,877,709)
Adjustments for:
Finance costs
2,979,947
3,035,083
Investment income
(6,473)
(18)
Amortisation and impairment of intangible assets
1,070,490
1,095,603
Depreciation and impairment of tangible fixed assets
-
11,576
Other gains and losses
33,097
-
Movements in working capital:
Decrease/(increase) in stocks
18,647,332
(10,021,776)
(Increase)/decrease in debtors
(2,649,874)
2,403
Decrease in creditors
(1,211,606)
(71,092)
Cash generated from/(absorbed by) operations
16,882,220
(10,825,930)
27
Cash absorbed by operations - company
2024
2023
£
£
Loss for the year after tax
(1,480,025)
(10,891)
Adjustments for:
Finance costs
1,233
380,993
Investment income
(1,236)
(381,011)
Other gains and losses
1,468,070
-
Movements in working capital:
Decrease in debtors
1,440
533
Decrease in creditors
(400)
(12,638)
Cash absorbed by operations
(10,918)
(23,014)
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