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Registration number: 00979320

Olympia Fashions Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Olympia Fashions Ltd

Contents

Company Information | 1
Accountants' Report | 2
Balance Sheet | 3 to 4
Notes to the Unaudited Financial Statements | 5 to 10

Olympia Fashions Ltd

Company Information

Directors | Angela Economakis Joanna Pittacas Economakis

Registered office | 590 Green Lanes Palmers Green London N13 5RY

Accountants | Thomas Alexander & Co Ltd 590 Green Lanes Palmers Green London N13 5RY

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Olympia Fashions Ltd
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Olympia Fashions Ltd for the year ended 31 March 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Olympia Fashions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Olympia Fashions Ltd and state those matters that we have agreed to state to the Board of Directors of Olympia Fashions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Olympia Fashions Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Olympia Fashions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Olympia Fashions Ltd. You consider that Olympia Fashions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Olympia Fashions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Olympia Fashions Ltd

(Registration number: 00979320)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 478 | 637
Investment property | 6 | 3,200,000 | 3,918,703
|  | 3,200,478 | 3,919,340
Current assets |  |  |
Cash at bank and in hand |  | 464,226 | 355,942
Creditors: Amounts falling due within one year | 7 | (1,761,065) | (1,509,697)
Net current liabilities |  | (1,296,839) | (1,153,755)
Total assets less current liabilities |  | 1,903,639 | 2,765,585
Provisions for liabilities |  | (470,889) | (316,000)
Net assets |  | 1,432,750 | 2,449,585
Capital and reserves |  |  |
Called up share capital | 8 | 10,000 | 10,000
Revaluation reserve |  | 1,412,667 | 2,286,259
Retained earnings |  | 10,083 | 153,326
Shareholders' funds |  | 1,432,750 | 2,449,585

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2025 and signed on its behalf by:

Olympia Fashions Ltd

(Registration number: 00979320)
Balance Sheet as at 31 March 2025

......................................... Joanna Pittacas Economakis Director

Olympia Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 17 November 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises of rental income received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Olympia Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures & Fittings | 25% written down value
Investment property | Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Olympia Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 33,312 | 32,258
Deferred taxation |  |
Arising from changes in tax rates and laws | 154,889 | -
Tax expense in the income statement | 188,201 | 32,258

Deferred tax

Olympia Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 April 2024 | 276,324 | 276,324
At 31 March 2025 | 276,324 | 276,324
Depreciation
At 1 April 2024 | 275,687 | 275,687
Charge for the year | 159 | 159
At 31 March 2025 | 275,846 | 275,846
Carrying amount
At 31 March 2025 | 478 | 478
At 31 March 2024 | 637 | 637

6 | Investment properties

| 2025 £
At 1 April | 3,918,703
Fair value adjustments | (718,703)
At 31 March | 3,200,000

Investment properties are recorded at fair value which is based on the directors assessment of the market value of the properties.

Olympia Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings |  | 1,723,013 | 1,475,759
Taxation and social security |  | 33,312 | 32,258
Accruals and deferred income |  | 4,740 | 1,680
|  | 1,761,065 | 1,509,697

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Share Capital of £1 each | 10,000 | 10,000 | 10,000 | 10,000

9 | Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

| Revaluation reserve £ | Retained earnings £ | Total £
Fair value gain reserve transfer | (873,592) | - | (873,592)
Fair value gain reserve transfer | - | 873,592 | 873,592
| (873,592) | 873,592 | -

10 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £25.00 (2024 - £90.00) per each Ordinary Share Capital |  | 250,000 |  | 900,000

Olympia Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11 | Related party transactions

Summary of transactions with other related parties

Included under the creditors less than one year is an amount of £1,723,013 (2024: £1,475,759) owed to the directors.