Company Registration No. 10294075 (England and Wales)
Olfiction Limited
Unaudited accounts
for the year ended 31 July 2025
Olfiction Limited
Unaudited accounts
Contents
Olfiction Limited
Company Information
for the year ended 31 July 2025
Directors
Pia Long
Nicholas Gilbert
Company Number
10294075 (England and Wales)
Registered Office
16 Media Village Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
Accountants
Bromley Consultancy Ltd trading as Bromley Accounting
8 Lilah Mews
Bromley
Kent
BR2 0BZ
Olfiction Limited
Statement of financial position
as at 31 July 2025
Cash at bank and in hand
21,949
25,618
Creditors: amounts falling due within one year
(15,784)
(17,830)
Net current assets
29,333
35,905
Total assets less current liabilities
30,134
36,578
Creditors: amounts falling due after more than one year
(19,402)
(29,270)
Provisions for liabilities
Called up share capital
2
2
Profit and loss account
10,578
7,178
Shareholders' funds
10,580
7,180
For the year ending 31 July 2025 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by
Nicholas Gilbert
Director
Company Registration No. 10294075
Olfiction Limited
Notes to the Accounts
for the year ended 31 July 2025
Olfiction Limited is a private company, limited by shares, registered in England and Wales, registration number 10294075. The registered office is 16 Media Village Liscombe Park, Soulbury, Leighton Buzzard, LU7 0JL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business. Turnover is recognised to the extent it is probable that economic benefits will flow to the company and the turnover can be reliably measured. All turnover is reported net of discounts and value added tax.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Olfiction Limited
Notes to the Accounts
for the year ended 31 July 2025
Expenditure on research and development is written off in the year in which it is incurred.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Current and deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
4
Tangible fixed assets
Total
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Olfiction Limited
Notes to the Accounts
for the year ended 31 July 2025
6
Operating lease commitments
2025
2024
At 31 July 2025 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
12,000
12,000
Later than one year and not later than five years
-
12,000
7
Average number of employees
During the year the average number of employees was 3 (2024: 3).