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Olly Withers Property Limited

Registered Number
14230380
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

Olly Withers Property Limited
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Withers, Gary Mark
Withers, Oliver Kane

Registered Address

Grove House
2 Woodberry Grove
London
N12 0DR

Registered Number

14230380 (England and Wales)
Olly Withers Property Limited
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets319,764-
Investment property4464,030250,273
483,794250,273
Current assets
Debtors3,171-
Cash at bank and on hand9661,210
4,1371,210
Creditors amounts falling due within one year5(87,489)(61,718)
Net current assets (liabilities)(83,352)(60,508)
Total assets less current liabilities400,442189,765
Creditors amounts falling due after one year6(418,383)(192,949)
Net assets(17,941)(3,184)
Capital and reserves
Called up share capital100100
Profit and loss account(18,041)(3,284)
Shareholders' funds(17,941)(3,184)
The financial statements were approved and authorised for issue by the Board of Directors on 9 April 2025, and are signed on its behalf by:
Withers, Oliver Kane
Director
Registered Company No. 14230380
Olly Withers Property Limited
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost and are stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings20
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
Additions24,13424,134
Transfers571571
At 31 July 2424,70524,705
Depreciation and impairment
Charge for year4,9414,941
At 31 July 244,9414,941
Net book value
At 31 July 2419,76419,764
At 31 July 23--
4.Investment property

£
Fair value at 01 August 23250,273
Additions214,328
Transfers to tangible assets(571)
At 31 July 24464,030
5.Creditors: amounts due within one year

2024

2023

££
Other creditors86,40960,818
Accrued liabilities and deferred income1,080900
Total87,48961,718
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts387,457183,549
Amounts owed to related parties30,9269,400
Total418,383192,949