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OLIVER INVESTMENT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
DIRECTORS' RESPONSIBILITIES STATEMENT
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
This report was approved by the board and signed on its behalf.
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OLIVER INVESTMENT HOLDINGS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OLIVER INVESTMENT HOLDINGS LIMITED
FOR THE YEAR ENDED 30 JUNE 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oliver Investment Holdings Limited for the year ended 30 June 2020 which comprise the Profit and Loss Account and the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
As a 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 icaew.com/regulation.
This report is made solely to the Board of Directors of Oliver Investment Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Oliver Investment Holdings Limited and state those matters that we have agreed to state to them 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 Oliver Investment Holdings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Oliver Investment Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and profit. You consider that Oliver Investment Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Oliver Investment Holdings Limited. 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 financial statements.
Price Bailey LLP
Chartered Accountants
24 Old Bond Street
London
W1S 4AP
7 April 2021
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OLIVER INVESTMENT HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2020
BALANCE SHEET
AS AT 30 JUNE 2020
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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Oliver Investment Holdings Limited, registered number 07860450, is a private company, limited by shares and registered in England and Wales.
The registered office of the company is given on the first page of these financial statements.
AVERAGE NUMBER OF EMPLOYEES
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The average monthly number of employees, including directors, during the year was 2 (2019 - 3).
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OLIVER INVESTMENT HOLDINGS LIMITED
REGISTERED NUMBER: 07860450
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2020
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DIRECTORS' BENEFITS: ADVANCES, CREDITS AND GUARANTEES
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There were no financial commitments, guarantees or contingencies entered into with the directors in either the current or preceding year.
During the year the company advanced £NIL (2019 - £NIL) to the Directors. No amounts were repaid, waived or written off in the year (2019 - £NIL).The advances are interest free and repayable on demand.
The balances, totalling £625,216 (2019 - £625,216), were held in current assets at year end.
GUARANTEES AND OTHER FINANCIAL COMMITMENTS
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The bank loans outstanding of £5,971,335 (2019 - £6,145,470) are secured by a fixed and floating charge over the assets of the company. The loans are secured by Maverick Advertising and Design Limited, a company under common control of the directors.
It has been agreed there will be an unlimited debenture from the company to the bank.
The company has agreed with its bankers to an 'Omnibus Guarantee and Set off Agreement' (OGSA) in favour of the bank in respect of any liabilities arising to the bank from the company.
DIRECTORS' CONFIRMATIONS
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to entities subject to the micro-entities' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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