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Company Registration No. 10294075 (England and Wales)
Olfiction Limited Unaudited accounts for the year ended 31 July 2024
Olfiction Limited Unaudited accounts Contents
Page
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Olfiction Limited Company Information for the year ended 31 July 2024
Directors
Pia Long Nicholas Gilbert
Company Number
10294075 (England and Wales)
Registered Office
16 Media Village Liscombe Park Soulbury Leighton Buzzard LU7 0JL
Accountants
Bromley Consultancy Ltd trading as Bromley Accounting 8 Lilah Mews Bromley Kent BR2 0BZ
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Olfiction Limited Statement of financial position as at 31 July 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
673 
1,884 
Current assets
Debtors
28,117 
32,324 
Cash at bank and in hand
25,618 
1,903 
53,735 
34,227 
Creditors: amounts falling due within one year
(17,830)
(17,338)
Net current assets
35,905 
16,889 
Total assets less current liabilities
36,578 
18,773 
Creditors: amounts falling due after more than one year
(29,270)
(37,630)
Provisions for liabilities
Deferred tax
(128)
(358)
Net assets/(liabilities)
7,180 
(19,215)
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
7,178 
(19,217)
Shareholders' funds
7,180 
(19,215)
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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 28 April 2025 and were signed on its behalf by
Nicholas Gilbert Director Company Registration No. 10294075
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Olfiction Limited Notes to the Accounts for the year ended 31 July 2024
1
Statutory information
Olfiction Limited is a private company, limited by shares, registered in England and Wales, registration number 10294075. The registered office is 16 Media Village Liscombe Park, Soulbury, Leighton Buzzard, LU7 0JL.
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.
3
Accounting policies
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.
Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006. The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below.
Going concern
The company made a loss for the year and at the balance sheet date has net liabilities. After due consideration, the directors do not expect that the current uncertain economic outlook will impact the company's operations to the extent that it would cast doubt on the ability of the company to continue as a going concern.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business. Turnover is recognised to the extent it is probable that economic benefits will flow to the company and the turnover can be reliably measured. All turnover is reported net of discounts and value added tax.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price, less any impairment.
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Olfiction Limited Notes to the Accounts for the year ended 31 July 2024
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Government grants
Government grants of a revenue nature are credited to the profit and loss in the same period as the related expenditure.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 August 2023
17,144 
At 31 July 2024
17,144 
Depreciation
At 1 August 2023
15,260 
Charge for the year
1,211 
At 31 July 2024
16,471 
Net book value
At 31 July 2024
673 
At 31 July 2023
1,884 
5
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
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Olfiction Limited Notes to the Accounts for the year ended 31 July 2024
6
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 July 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,000 
12,000 
Later than one year and not later than five years
12,000 
24,000 
24,000 
36,000 
7
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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