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Registration number: 02585787

Olandale Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 28 February 2025

 

Olandale Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Olandale Limited

(Registration number: 02585787)
Statement of Financial Position as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

1,350

1,802

Investment property

5

1,143,776

1,143,776

 

1,145,126

1,145,578

Current assets

 

Debtors

6

13,897

8,716

Cash at bank and in hand

 

246,175

256,789

 

260,072

265,505

Creditors: Amounts falling due within one year

7

(31,335)

(56,403)

Net current assets

 

228,737

209,102

Total assets less current liabilities

 

1,373,863

1,354,680

Creditors: Amounts falling due after more than one year

7

(181,799)

(181,800)

Provisions for liabilities

(65,583)

(65,696)

Net assets

 

1,126,481

1,107,184

Capital and reserves

 

Called up share capital

50,100

50,100

Other reserves

410,588

410,588

Profit and loss account

665,793

646,496

Shareholders' funds

 

1,126,481

1,107,184

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

 

Olandale Limited

(Registration number: 02585787)
Statement of Financial Position as at 28 February 2025

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr T Robinson
Director

 

Olandale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Rosebank Tape Lane, Hurst, Reading, Berkshire, RG10 0DP.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of services provided and rental income received in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Olandale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 3).

 

Olandale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2024

8,249

4,508

12,757

At 28 February 2025

8,249

4,508

12,757

Depreciation

At 1 March 2024

8,040

2,915

10,955

Charge for the year

52

400

452

At 28 February 2025

8,092

3,315

11,407

Carrying amount

At 28 February 2025

157

1,193

1,350

At 29 February 2024

209

1,593

1,802

5

Investment properties

2025
£

At 1 March 2024

1,143,776

At 28 February 2025

1,143,776

Investment properties were revalued by the directors in 2022 with reference to estimated current market values of similar properties advertised for sale at the time. The directors consider that the 2022 valuations still reflect fair values as at the current year end date.

 

Olandale Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Debtors

2025
£

2024
£

Other debtors

13,348

8,154

Prepayments

549

562

13,897

8,716

7

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Taxation and social security

5,137

10,134

Accruals and deferred income

2,166

2,118

Other creditors

24,032

44,151

31,335

56,403

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Loans and borrowings

8

181,799

181,800


Creditors include a bank loan not repayable by instalments of £181,799 (2024 - £181,800) due after more than five years. The loan is secured by way of a legal mortgage charged against the property to which it relates.

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

181,799

181,800

9

Related party transactions

The directors have given personal guarantees in respect of the company's bank loan.