Olive Green Properties Limited 31/08/2018 iXBRL

Olive Green Properties Limited 31/08/2018 iXBRL

OLIVE GREEN PROPERTIES LIMITED - Company Information

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Company registration number: 09195362
Olive Green Properties Limited
Unaudited filleted financial statements
31 August 2018
Olive Green Properties Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Olive Green Properties Limited
Directors and other information
Directors Mrs Linzi Parkinson
Mr Richard Parkinson
Company number 09195362
Registered office The Old Law Library
14 Kennedy Street
Manchester
M2 4BY
Business address The Old Law Library
14 Kennedy Street
Manchester
M2 4BY
Accountants Wrigley Partington
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers Handelsbanken
4th Floor
15 Quay Street
Manchester
M3 3HN
Olive Green Properties Limited
Statement of financial position
31 August 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 1,656,988 1,464,115
_______ _______
1,656,988 1,464,115
Current assets
Debtors 5 38,862 23,060
Cash at bank and in hand 4,022 6,010
_______ _______
42,884 29,070
Creditors: amounts falling due
within one year 6 ( 812,232) ( 1,477,854)
_______ _______
Net current liabilities ( 769,348) ( 1,448,784)
_______ _______
Total assets less current liabilities 887,640 15,331
Creditors: amounts falling due
after more than one year 7 ( 820,000) -
_______ _______
Net assets 67,640 15,331
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 67,540 15,231
_______ _______
Shareholders funds 67,640 15,331
_______ _______
For the year ending 31 August 2018 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 May 2019 , and are signed on behalf of the board by:
Mrs Linzi Parkinson
Director
Company registration number: 09195362
Olive Green Properties Limited
Notes to the financial statements
Year ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Law Library, 14 Kennedy Street, Manchester, M2 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is derived from its principal activity of commercial property letting and represents amounts receivable in respect of rents due from tenants and associated revenues from tenant's, such turnover recognised in respect of the periods of occupation and associated commercial lease agreements. Revenues are received when the economic benefits of occupation have been transferred to the tenant. All turnover is net of discounts and exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 September 2017 1,464,115 1,464,115
Additions 192,873 192,873
_______ _______
At 31 August 2018 1,656,988 1,656,988
_______ _______
Depreciation
At 1 September 2017 and 31 August 2018 - -
_______ _______
Carrying amount
At 31 August 2018 1,656,988 1,656,988
_______ _______
At 31 August 2017 1,464,115 1,464,115
_______ _______
Investment property
The investment property was valued by Colliers International on the 28th February 2018. The carrying value is representative of the market value .
5. Debtors
2018 2017
£ £
Trade debtors 12,244 173
Other debtors 26,618 22,887
_______ _______
38,862 23,060
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 81,475 51,723
Social security and other taxes 928 -
Other creditors 729,829 1,426,131
_______ _______
812,232 1,477,854
_______ _______
7. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 820,000 -
_______ _______
The bank loan is secured by way of a fixed and floating charge dated 13 April 2018 over the property known as 67-69 Bridge Street, Manchester and all the other property and undertakings of the company.