REGISTERED NUMBER: 11523394 (England and Wales) |
| MR & MRS OLIVER LTD |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
REGISTERED NUMBER: 11523394 (England and Wales) |
| MR & MRS OLIVER LTD |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
MR & MRS OLIVER LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors are happy to report on continued growth during the period. The group operates only in the UK, and as a subscription business benefits from predictable revenue from repeating customers. Acquisition of new customers has allowed the group to grow by 30% year over year. Continual investment in infrastructure and good relationships with suppliers allow the group to scale while maintaining our strong gross margins. |
REVIEW OF BUSINESS |
The group has reported a turnover of £36,910,760 (2023: £28,402,154) and a pre-tax profit of £3,847,789 (2023: £1,685,608) for the year. The group has total shareholder's funds of £15,879,849 as at 31 August 2024 (2023: £12,704,685). |
- | Turnover increased from 2023 by £8,508,606 (30.0%). |
- | Pre-tax profit increased from 2023 by £2,162,181 (128.3%). |
- | Cash held at year end is £14,811,125 up from £11,704,887 in 2023. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The three risk areas that have been identified by the directors are as follows: |
Recruitment of enough qualified, specialist staff for continued business growth. |
Factory capacity. Although we have a large site, growing brings us closer to capacity. |
Shipping and transportation. The company relies on the international supply chain, any disruption can slow production and increase costs. |
FINANCIAL KEY PERFORMANCE INDICATORS |
31/08/2024 | 31/08/2023 |
| | £ £ |
Turnover | 36,910,760 | 28,402,154 |
Gross profit margin % | 80% | 79% |
ON BEHALF OF THE BOARD: |
21 May 2025 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
| The principal activity of the company is the provision of services to other companies within the group. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 August 2024. |
FUTURE DEVELOPMENTS |
The group will continue to optimise both our factory and it's online direct to consumer systems to ensure they can continue to show healthy growth in the future. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DIRECTORS' INDEMNITY INSURANCE |
Directors' liability and indemnity insurance was in force throughout the period to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR & MRS OLIVER LTD |
Opinion |
| We have audited the financial statements of Mr & Mrs Oliver Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR & MRS OLIVER LTD |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR & MRS OLIVER LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; and |
- enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MR & MRS OLIVER LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
as | restated |
Notes | £ | £ |
TURNOVER | 3 | 36,910,760 | 28,402,154 |
Cost of sales | 7,461,188 | 5,889,664 |
GROSS PROFIT | 29,449,572 | 22,512,490 |
Administrative expenses | 25,830,041 | 20,722,067 |
OPERATING PROFIT | 5 | 3,619,531 | 1,790,423 |
Interest receivable and similar income | 7 | 503,649 | 146,378 |
4,123,180 | 1,936,801 |
Interest payable and similar expenses | 8 | 275,391 | 251,193 |
PROFIT BEFORE TAXATION | 3,847,789 | 1,685,608 |
Tax on profit | 9 | 935,802 | (1,642,899 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,911,987 | 3,328,507 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
as | restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,911,987 | 3,328,507 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,911,987 | 3,328,507 |
Total comprehensive income attributable to: |
Owners of the parent | 2,911,987 | 3,328,507 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
CONSOLIDATED BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 2,268 | 11,004 |
Tangible assets | 13 | 1,628,777 | 955,984 |
Investments | 14 | - | - |
1,631,045 | 966,988 |
CURRENT ASSETS |
Stocks | 15 | 1,825,111 | 845,736 |
Debtors | 16 | 2,671,570 | 3,891,028 |
Cash at bank and in hand | 14,811,125 | 11,704,887 |
19,307,806 | 16,441,651 |
CREDITORS |
Amounts falling due within one year | 17 | 5,059,002 | 3,587,791 |
NET CURRENT ASSETS | 14,248,804 | 12,853,860 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 15,879,849 | 13,820,848 |
CREDITORS |
Amounts falling due after more than one year | 18 | - | 1,116,163 |
NET ASSETS | 15,879,849 | 12,704,685 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 226 | 222 |
Share premium | 22 | 18,287,807 | 18,273,155 |
Retained earnings | 22 | (2,408,184 | ) | (5,568,692 | ) |
15,879,849 | 12,704,685 |
The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by: |
H H H Cary - Director |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
COMPANY BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
CREDITORS |
Amounts falling due after more than one year | 18 |
NET LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium |
Retained earnings | ( | ) | ( | ) |
( | ) | ( | ) |
Company's loss for the financial year | (17,819,780 | ) | (12,979,877 | ) |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
COMPANY BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 September 2022 | 190 | (9,108,913 | ) | 8,272,042 | (836,681 | ) |
Changes in equity |
Issue of share capital | 32 | - | 10,001,113 | 10,001,145 |
Total comprehensive income | - | 3,328,507 | - | 3,328,507 |
Share based payment expense | - | 211,714 | - | 211,714 |
Balance at 31 August 2023 | 222 | (5,568,692 | ) | 18,273,155 | 12,704,685 |
Changes in equity |
Issue of share capital | 4 | - | 14,652 | 14,656 |
Total comprehensive income | - | 2,911,987 | - | 2,911,987 |
Share based payment expense | - | 248,521 | - | 248,521 |
Balance at 31 August 2024 | 226 | (2,408,184 | ) | 18,287,807 | 15,879,849 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 September 2022 | ( | ) | ( | ) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( | ) | - | ( | ) |
Share based payment expense | - | 205,232 | - | 205,232 |
Balance at 31 August 2023 | ( | ) | ( | ) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( | ) | - | ( | ) |
Share based payment expense | - | 237,693 | - | 237,693 |
Balance at 31 August 2024 | ( | ) | ( | ) |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2024 | 2023 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,860,014 | 1,117,158 |
Interest paid | (275,391 | ) | (251,193 | ) |
Net cash from operating activities | 4,584,623 | 865,965 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,044,609 | ) | (479,578 | ) |
Interest received | 503,649 | 146,378 |
Net cash from investing activities | (540,960 | ) | (333,200 | ) |
Cash flows from financing activities |
Loan repayments in year | (952,081 | ) | (1,104,728 | ) |
Share issue | 14,656 | 10,000,955 |
Net cash from financing activities | (937,425 | ) | 8,896,227 |
Increase in cash and cash equivalents | 3,106,238 | 9,428,992 |
Cash and cash equivalents at beginning of year | 2 | 11,704,887 | 2,275,895 |
Cash and cash equivalents at end of year | 2 | 14,811,125 | 11,704,887 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as | restated |
£ | £ |
Profit before taxation | 3,847,789 | 1,685,608 |
Depreciation charges | 380,551 | 387,081 |
Share based payment | 248,520 | 211,715 |
Finance costs | 275,391 | 251,193 |
Finance income | (503,649 | ) | (146,378 | ) |
4,248,602 | 2,389,219 |
Increase in stocks | (979,375 | ) | (220,332 | ) |
Decrease/(increase) in trade and other debtors | 283,656 | (1,262,195 | ) |
Increase in trade and other creditors | 1,307,131 | 210,466 |
Cash generated from operations | 4,860,014 | 1,117,158 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 14,811,125 | 11,704,887 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
as restated |
£ | £ |
Cash and cash equivalents | 11,704,887 | 2,275,895 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.23 | Cash flow | At 31.8.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,704,887 | 3,106,238 | 14,811,125 |
11,704,887 | 3,106,238 | 14,811,125 |
Debt |
Debts falling due within 1 year | (1,030,302 | ) | (164,082 | ) | (1,194,384 | ) |
Debts falling due after 1 year | (1,116,163 | ) | 1,116,163 | - |
(2,146,465 | ) | 952,081 | (1,194,384 | ) |
Total | 9,558,422 | 4,058,319 | 13,616,741 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Mr & Mrs Oliver Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
The financial statements have been prepared in the functional currency, pounds sterling, rounded to the nearest £1. |
The following principal accounting policies have been applied: |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. lntercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
In accordance with the transitional exemption available in FRS 102, the Group has chosen no retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the Group has transferred the significant risks and rewards of ownership to the buyer; |
- | the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Group will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Group will receive the consideration due under the contract; |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
Intangible assets |
| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
| The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Straight Line |
| Leasehold improvements | 25% on cost |
| Plant and machinery | 14% to 25% on cost |
| Office equipment | 33% on cost |
| Computer equipment | 33% on cost |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the specific identification method. The cost of each item is determined based on the purchase price, including all costs necessary to bring the item to its present location and condition. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
| The Group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
| when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest |
| . |
| Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. |
| Other financial assets |
| Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. |
| Impairment of financial assets |
| Financial assets are assessed for indicators of impairment at each reporting date. |
| Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
| If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
| Financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. |
| Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
| Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. |
| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
| Derecognition of financial instruments |
| Derecognition of financial assets |
| Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. |
Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
| In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. |
| If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. |
Functional and presentation currency |
| The Company's functional and presentational currency is GBP. |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'administration expenditure'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
| Defined contribution pension plan |
| The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the year in which they are incurred. |
Share-based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. |
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). |
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. |
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
as | restated |
£ | £ |
Product and cosmetic sales | 36,910,760 | 28,402,154 |
36,910,760 | 28,402,154 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
as | restated |
£ | £ |
United Kingdom | 36,910,760 | 28,402,154 |
36,910,760 | 28,402,154 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as | restated |
£ | £ |
Wages and salaries | 6,425,582 | 4,667,531 |
Social security costs | 724,930 | 577,025 |
Other pension costs | 107,870 | 81,103 |
7,258,382 | 5,325,659 |
The average number of employees during the year was as follows: |
2024 | 2023 |
as | restated |
Employees |
The average number of employees by undertakings that were proportionately consolidated during the year was 56 (2023 - 44 ) . |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
as | restated |
£ | £ |
Directors' remuneration | 177,033 | 138,471 |
Directors' pension contributions to money purchase schemes | 1,321 | 1,321 |
Directors' remuneration also included benefits of £16,380 (2023: £nil) and share based payment expense of £91,629 (2023: £94,277). |
The highest paid directors' remuneration represents the total directors' remuneration, as only one director received remuneration during the year. |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
as | restated |
£ | £ |
Depreciation - owned assets | 371,816 | 340,990 |
Publishing rights amortisation | 8,736 | 7,287 |
Foreign exchange differences | 14,054 | 13,449 |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
as | restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements | 27,000 | 33,000 |
Auditors' remuneration for non audit work | 8,500 | 9,250 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
as | restated |
£ | £ |
Deposit account interest | 503,649 | 146,378 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as | restated |
£ | £ |
Bank interest | 275,391 | 251,193 |
9. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
as | restated |
£ | £ |
Deferred tax | 935,802 | (1,642,899 | ) |
Tax on profit | 935,802 | (1,642,899 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as | restated |
£ | £ |
Profit before tax | 3,847,789 | 1,685,608 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.500 %) | 961,947 | 362,406 |
Effects of: |
Expenses not deductible for tax purposes | 81,799 | 7,971 |
Capital allowances in excess of depreciation | (155,700 | ) | - |
Depreciation in excess of capital allowances | - | 56,344 |
Utilisation of tax losses | (768,604 | ) | (446,245 | ) |
Adjustments to tax charge in respect of previous periods | - | 19,524 |
Share option exercise | (119,442 | ) | - |
Deferred tax movement | 935,802 | (1,642,899 | ) |
Total tax charge/(credit) | 935,802 | (1,642,899 | ) |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | PRIOR YEAR ADJUSTMENT |
Revenue |
A prior year adjustment has been made to correct the timing of revenue recognition. This has resulted in restatements to Sales (£188,516 decrease) and Creditors (1< year) - Accruals and deferred income (£188,516 increase). |
Administrative expenses |
A prior year adjustment has been made to include the recognition of share based payment options. This has resulted in restatements to Administrative expenses (£202,906 increase), Total comprehensive income (£202,906 decrease) and Share based payment option within Retained earnings (£202,906 increase). |
Depreciation |
A prior year adjustment has been made to correct depreciation charged on plant and machinery. This has resulted in restatements to Depreciation expenditure (£374,534 decrease), Tangible Fixed Asset Depreciation charge for the year (£372,929 decrease) and Intangible Fixed Assets Amortisation charge for the year (£1,605 decrease). |
VAT |
A prior year adjustment has been made to correct the accounting treatment of intercompany transactions and associated VAT. This has resulted in restatements to Sales (£73,921 decrease) and Creditors (1<year) - VAT (£73,921 decrease). |
Deferred Tax |
A prior year adjustment has been made to introduce a deferred tax liability on accelerated capital allowances. This has resulted in restatements to Tax on profit (£54,795 increase), Provision for liabilities (£215,907 increase) and Retained earnings brought forward (£161,112 decrease). |
Reserves |
The total impact to Mr & Mrs Oliver Ltd's consolidated reserves as a result of the prior year adjustments were a decrease of £103,811. |
Comparative figures have been restated accordingly. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Publishing |
rights |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 | 43,680 |
AMORTISATION |
At 1 September 2023 | 32,676 |
Amortisation for year | 8,736 |
At 31 August 2024 | 41,412 |
NET BOOK VALUE |
At 31 August 2024 | 2,268 |
At 31 August 2023 | 11,004 |
Company |
Publishing |
rights |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
Amortisation for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Leasehold | Plant and | and | Computer |
improvements | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 | 110,282 | 1,878,084 | 71,418 | 105,144 | 2,164,928 |
Additions | 41,372 | 955,488 | 15,593 | 32,156 | 1,044,609 |
Disposals | - | (59,202 | ) | - | - | (59,202 | ) |
At 31 August 2024 | 151,654 | 2,774,370 | 87,011 | 137,300 | 3,150,335 |
DEPRECIATION |
At 1 September 2023 | 82,728 | 1,014,455 | 50,624 | 61,137 | 1,208,944 |
Charge for year | 28,073 | 302,862 | 14,779 | 26,102 | 371,816 |
Eliminated on disposal | - | (59,202 | ) | - | - | (59,202 | ) |
At 31 August 2024 | 110,801 | 1,258,115 | 65,403 | 87,239 | 1,521,558 |
NET BOOK VALUE |
At 31 August 2024 | 40,853 | 1,516,255 | 21,608 | 50,061 | 1,628,777 |
At 31 August 2023 | 27,554 | 863,629 | 20,794 | 44,007 | 955,984 |
Company |
Fixtures |
Leasehold | Plant and | and | Computer |
improvements | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Subsidiary undertakings |
The following were subsidiary undertakings of the company which have been consolidated in these |
financial statements: |
Name | Registered Office | Class of Shares | Holding |
Skin + Me Ltd | 2 Eastbourne Terrace Floor 4, London, England, W2 6LG | Ordinary | 100% |
Feel Good Pharma Ltd | Unit 5 Oakwood Business Park, Park Royal, London, England, NW10 6EX | Ordinary | 100% |
15. | STOCKS |
Group |
2024 | 2023 |
as | restated |
£ | £ |
Raw materials | 1,200,665 | 845,736 |
Finished goods | 624,446 | - |
1,825,111 | 845,736 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts owed by group undertakings | - | - |
Other debtors | 1,208,390 | 856,470 |
VAT | 736,215 | 1,377,241 |
Deferred tax asset | 545,985 | 1,481,787 | 925,049 | 1,697,694 |
Prepayments | 180,980 | 175,530 |
2,671,570 | 3,891,028 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Deferred tax | 545,985 | 1,481,787 | 925,049 | 1,697,694 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 1,194,384 | 1,030,302 |
Trade creditors | 1,924,634 | 1,893,030 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 266,536 | 166,982 |
Other creditors | 130,825 | 30,310 |
Accruals and deferred income | 559,844 | 201,866 |
Accrued expenses | 982,779 | 265,301 |
5,059,002 | 3,587,791 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans (see note 19) | - | 1,116,163 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 1,194,384 | 1,030,302 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 1,116,163 |
Bank loans are secured against the assets and trademarks of the group, payable within one year. |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
as | restated |
£ | £ |
Within one year | 329,435 | 620,490 |
Between one and five years | 838,000 | 1,078,241 |
In more than five years | 34,917 | 244,417 |
1,202,352 | 1,943,148 |
21. | CALLED UP SHARE CAPITAL |
2024 | 2023 |
Allotted, called up and fully paid | £ | £ |
7,471,253 (2023 - 7,100,000) Ordinary Shares shares of £0.00001 each | 75 | 71 |
2,348,000 (2023 - 2,348,000) Ordinary A shares shares of £0.00001 each | 23 | 23 |
6,684,560 (2023 - 6,684,560) Ordinary B Shares shares of £0.00001 each | 67 | 67 |
1,310,615 (2023 - 1,310,615) Ordinary C Shares shares of £0.00001 each | 13 | 13 |
4,808,279 (2023 - 4,808,279) Deferred Shares shares of £0.00001 | 48 | 48 |
226 | 222 |
The share capital of the company consists of fully paid ordinary shares of £0.00001 under five share classes, Ordinary shares, Ordinary A, Ordinary B, Ordinary C and deferred shares. |
During the year, the company issued 441,445 Ordinary shares at £0.00001 at par. |
The shares issued during the year have full rights regarding voting, payment of dividends and distributions. |
22. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 September 2023 | (5,568,692 | ) | 18,273,155 | 12,704,463 |
Profit for the year | 2,911,987 | 2,911,987 |
Bonus share issue | - | 14,652 | 14,652 |
Share based payment expense | 248,521 | - | 248,521 |
At 31 August 2024 | (2,408,184 | ) | 18,287,807 | 15,879,623 |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
23. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £107,870 (2023: £42,940). Contributions totaling £10,886 (2023: £9,924) were payable to the fund at the balance sheet date. |
24. | RELATED PARTY DISCLOSURES |
There were no related party transactions through the year requiring disclosure in these financial statements. |
25. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
26. | SHARE-BASED PAYMENT TRANSACTIONS - GROUP |
Group |
The company operates an equity settled share-based payment scheme for directors, employees and select consultants. |
Share-based payments are calculated in accordance with FRS 102 section 26. The company uses the Guideline Public Company method to value the options. |
The fair value determined is expensed on a straight-line basis over the requisite service period for each separately vesting portion. The charge for the period is allocated to the relevant income statement categories where the employment costs of the employee who is granted the equity options are charged. |
31 August | 31 August | 31 August | 31 August |
2024 | 2024 | 2023 | 2023 |
Weighted | Weighted |
Average | Average |
Exercise | Exercise |
Price (pence | ) | Number | Price (pence | ) | Number |
Enterprise Management Scheme | 64.80 | 2,517,441 | 49.09 | 2,909,952 |
31 August | 31 August |
2024 | 2023 |
Number | Number |
Brought forward | 2,909,952 | 3,079,444 |
Granted in the period | 263,544 | 1,678,006 |
Exercised in the period | (448,368 | ) | (1,827,107 | ) |
Forfeited in the period | (207,687 | ) | (20,391 | ) |
Carried forward | 2,517,441 | 2,909,952 |
Exercisable quantity (vested) | 1,282,273 | 1,388,010 |
The total charge for the year recognised as administrative expenses was £248,520 (2023: £211,715). |
MR & MRS OLIVER LTD (REGISTERED NUMBER: 11523394) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
27. | SHARE-BASED PAYMENT TRANSACTIONS - COMPANY |
Company |
31 August | 31 August | 31 August | 31 August |
2024 | 2024 | 2023 | 2023 |
Weighted | Weighted |
Average | Average |
Exercise | Exercise |
Price (pence | ) | Number | Price (pence | ) | Number |
Enterprise Management Scheme | 67.25 | 2,296,388 | 50.87 | 2,718,418 |
31 August | 31 August |
2024 | 2023 |
Number | Number |
Brought forward | 2,718,418 | 2,976,114 |
Granted in the period | 224,011 | 1,581,365 |
Exercised in the period | (445,629 | ) | (1,825,259 | ) |
Forfeited in the period | (200,412 | ) | (13,802 | ) |
Carried forward | 2,296,388 | 2,718,418 |
Exercisable quantity (vested) | 1,171,357 | 1,305,855 |
The total charge for the year recognised as administrative expenses was £237,692 (2023: £205,232). |