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Company Registration No. 09668542 (England and Wales)
OLIVE JAR DIGITAL LTD
Financial Statements
for the Period from 01 August 2023 to 31 July 2024

OLIVE JAR DIGITAL LTD

Financial Statements for the period ending 31 July 2024

OLIVE JAR DIGITAL LTD

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

1. Statutory Information
OLIVE JAR DIGITAL LTD is a private company, limited by shares, registered in England and Wales, registration number 09668542.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxed. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

OLIVE JAR DIGITAL LTD

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

Current Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible Fixed Asset Policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant and machinery - 25% on costFixtures and fittings - 25% on costComputer equipment - 25% on costTangible fixed assets are initially measure at cost and subsequently measured at cost of valuation, net of depreciation and any impairment losses.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 credited or charged to the Income Statement.

OLIVE JAR DIGITAL LTD

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

Deferred Tax
Deferred tax is recognised in respect of all timing difference that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

OLIVE JAR DIGITAL LTD

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2024 13
2023 10
4. Principal Activity
The principal activity of the company in the year under review was that of information technology consultancy activities and business and domestic software development.

OLIVE JAR DIGITAL LTD

Financial Statements for the period ending 31 July 2024

Notes to the Accounts

5. Fixed Assets
Fixtures and Fittings Computer Equipment Total
Cost or valuation £ £ £
At 01/08/2023 791 16,265 17,056
Additions 1,338 4,163 5,501
Disposals - (165) (165)
At 31/07/2024 2,129 20,263 22,392
Depreciation
At 01/08/2023 791 11,108 11,899
Charge for the year 294 1,872 2,166
Disposals (50) (154) (204)
At 31/07/2024 1,035 12,826 13,861
Net Book Value
At 31/07/2024 1,094 7,437 8,531
At 31/07/2023 - 5,157 5,157