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REGISTERED NUMBER: 10857311 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Olfactive London Ltd

Olfactive London Ltd (Registered number: 10857311)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Olfactive London Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: M Edwards





SECRETARY: H Edwards





REGISTERED OFFICE: 18 - 20 High Street
Stevenage
Hertfordshire
SG1 3EJ





REGISTERED NUMBER: 10857311 (England and Wales)






Olfactive London Ltd (Registered number: 10857311)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 3,367 3,367
Tangible assets 6 5,309 7,676
8,676 11,043

CURRENT ASSETS
Debtors 7 63,112 92,722
Cash at bank 2,804 -
65,916 92,722
CREDITORS
Amounts falling due within one year 8 5,664 27,877
NET CURRENT ASSETS 60,252 64,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,928

75,888

CREDITORS
Amounts falling due after more than one
year

9

(16,825

)

(16,500

)

PROVISIONS FOR LIABILITIES (771 ) (1,221 )
NET ASSETS 51,332 58,167

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Share premium 163,831 163,831
Retained earnings (113,499 ) (106,664 )
SHAREHOLDERS' FUNDS 51,332 58,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Olfactive London Ltd (Registered number: 10857311)

Balance Sheet - continued
31 July 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 April 2025 and were signed by:





M Edwards - Director


Olfactive London Ltd (Registered number: 10857311)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

Olfactive London Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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).

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared using the historical cost convention.

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

Going concern
At the balance sheet date, the company had net current assets of £60,252 and a retained loss of £113,499 (2023: £64,845 and £106,664), before taxation. The director has pledged to continue financially support the company for the foreseeable future. On this basis, the director feels it is appropriate to prepare these financial statements on a going concern basis.

Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of
services in the ordinary course of the companys 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.

Intangible assets
Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Tangible assets are stated in the balance sheet 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.


Olfactive London Ltd (Registered number: 10857311)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences 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.

Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly through the profit and loss account.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Olfactive London Ltd (Registered number: 10857311)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


5. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 August 2023
and 31 July 2024 3,367
NET BOOK VALUE
At 31 July 2024 3,367
At 31 July 2023 3,367

6. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 22,300 9,700 32,000
DEPRECIATION
At 1 August 2023 16,454 7,870 24,324
Charge for year 1,169 1,198 2,367
At 31 July 2024 17,623 9,068 26,691
NET BOOK VALUE
At 31 July 2024 4,677 632 5,309
At 31 July 2023 5,846 1,830 7,676

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 10,455
Provision for bad debts (186,632 ) (186,632 )
Other debtors 186,632 186,632
Intercompany - Brewing Works (37,000 ) -
Directors' current accounts 82,655 76,719
Tax 16,561 5,342
VAT 658 -
Prepayments 238 206
63,112 92,722

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (22 ) 9,764
Trade creditors 43 1,381
Social security and other taxes 652 -
VAT - 1,003
Other creditors 2,500 13,182
Accrued expenses 2,491 2,547
5,664 27,877

Olfactive London Ltd (Registered number: 10857311)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,000 -
Bank loans - 2-5 years 7,500 16,500
Tax 325 -
16,825 16,500

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 1,000

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £82,655 (2023: £76,719) by Mike Edwards, Director. This loan bears interest at 2.5% per annum.

At the balance sheet date, £37,000 (2023: £0) was owed to Brewing Works Limited, a company related by common shareholders. The amount is included in note 8 and is payable on demand with no interest charged.

12. ULTIMATE CONTROLLING PARTY

The controlling party is M Edwards, by virtue of his majority shareholding.