12610087 (England and Wales)

251 GRAY'S INN ROAD LONDON WC1X 8QT ENGLAND

Rhodes Accountants and Business Advisers Limited 251 Gray's Inn Road London WC1X 8QT

Debtors

896,718 

105,100 

Cash at bank and in hand

- 

11,684 

(928,423)

(119,635)

Called up share capital

100 

100 

Profit and loss account

(31,805)

(2,951)

For the year ending 31 December 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 financial statements were approved by the Board and authorised for issue on 21 February 2025 and were signed on its behalf by

Stacey Maureen Boyd Director Company Registration No. 12610087

OLIVELA LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12610087. The registered office is 251 GRAY'S INN ROAD, LONDON, WC1X 8QT, ENGLAND.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company’s balance sheet when the company 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified at receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded all the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

In the application of the company’s accounting policies, the director is 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.

Other income comprises intercompany recharges received from the parent company, Olivela Inc, which is incorporated and operates in the United States. These recharges are made to support the company’s operating activities and are not related to trading.

VAT

44,970 

15,395 

Other debtors

- 

3,622 

Amounts due from group undertakings etc.

Trade creditors

37,004 

23,310 

Other creditors

873,844 

96,325 

Accruals

17,575 

- 

During the year the average number of employees was 13 (2023: 13).