Olivegrove Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04163195 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

OLIVEGROVE INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Capsalis

Mr L D Theodorou

REGISTERED OFFICE:

Solar House

282 Chase Road

London

N14 6NZ

REGISTERED NUMBER:

04163195 (England and Wales)

ACCOUNTANTS:

Freemans Partnership LLP

Chartered Certified Accountants

Solar House

282 Chase Road

London

N14 6NZ

FIXED ASSETS

Tangible assets

4

861

1,148

Investment property

5

3,347,088

3,347,088

3,347,949

3,348,236

CURRENT ASSETS

Debtors

6

112,232

31,068

Cash at bank and in hand

37,014

59,655

149,246

90,723

CREDITORS

Amounts falling due within one year

7

113,208

130,535

NET CURRENT ASSETS/(LIABILITIES)

36,038

(39,812

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,383,987

3,308,424

CREDITORS

Amounts falling due after more than one year

8

(1,285,543

)

(1,289,694

)

PROVISIONS FOR LIABILITIES

11

(157,170

)

(157,170

)

NET ASSETS

1,941,274

1,861,560

CAPITAL AND RESERVES

Called up share capital

12

4

4

Fair value reserve

13

1,542,098

1,542,098

Retained earnings

399,172

319,458

SHAREHOLDERS' FUNDS

1,941,274

1,861,560

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2021 and were signed on its behalf by:

Mr L D Theodorou - Director

1.	STATUTORY INFORMATION

Olivegrove Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 March 2019

and 29 February 2020

16,213

DEPRECIATION

At 1 March 2019

15,065

Charge for year

287

At 29 February 2020

15,352

NET BOOK VALUE

At 29 February 2020

861

At 28 February 2019

1,148

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2019

and 29 February 2020

3,347,088

NET BOOK VALUE

At 29 February 2020

3,347,088

At 28 February 2019

3,347,088

Fair value at 29 February 2020 is represented by:

£

Valuation in 2004

328,450

Valuation in 2008

57,808

Valuation in 2011

11,280

Valuation in 2017

1,273,183

Cost

1,676,367

3,347,088

If investment properties had not been revalued they would have been included at the following historical cost:

29.2.20

28.2.19

£

£

Cost

1,676,367

1,682,367

Investment properties were valued on an open market basis on 29 February 2020 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Trade debtors

2,512

-

Amounts owed by related companies

109,720

31,068

112,232

31,068

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

£

Bank loans and overdrafts (see note 9)

41,807

41,807

Tax

32,767

20,240

Amounts owed to related companies

-

17,644

Directors' current accounts

23,982

39,432

Accrued expenses

14,652

11,412

113,208

130,535

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.2.20

28.2.19

£

£

Bank loans (see note 9)

1,285,543

1,289,694

29.2.20

28.2.19

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,118,313

1,122,464

9.

LOANS

An analysis of the maturity of loans is given below:

29.2.20

28.2.19

£

£

Amounts falling due within one year or on demand:

Bank loans

41,807

41,807

Amounts falling due between two and five years:

Bank loans - 2-5 years

167,230

167,230

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,118,313

1,122,464

10.	SECURED DEBTS

The following secured debts are included within creditors:

29.2.20

28.2.19

£

£

Bank loans

1,327,350

1,331,501

11.	PROVISIONS FOR LIABILITIES

29.2.20

28.2.19

£

£

Deferred tax

157,170

157,170

Deferred

tax

£

Balance at 1 March 2019

157,170

Balance at 29 February 2020

157,170

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.20

28.2.19

value:

£

£

4

Ordinary

£1

4

4

13.

RESERVES

Fair

value

reserve

£

At 1 March 2019

and 29 February 2020

1,542,098