Olephant Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05422077 (England and Wales)

Unaudited Financial Statements For The Year Ended 30th September 2022

for

Olephant Ltd

T/A

Olephant Solicitors

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Mugerwa

REGISTERED OFFICE:

Fifth Floor

4 Snow Hill

London

EC1A 2DJ

REGISTERED NUMBER:

05422077 (England and Wales)

ACCOUNTANTS:

Dua & Co. Limited

1st Floor

5 Century Court

Tolpits Lane

Watford

Hertfordshire

WD18 9PX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

41,786

3,729

41,786

3,729

CURRENT ASSETS

Debtors

6

1,372,445

1,047,942

Cash at bank

438

20,887

1,372,883

1,068,829

CREDITORS

Amounts falling due within one year

7

995,930

721,639

NET CURRENT ASSETS

376,953

347,190

TOTAL ASSETS LESS CURRENT LIABILITIES

418,739

350,919

CREDITORS

Amounts falling due after more than one year

8

167,787

150,000

NET ASSETS

250,952

200,919

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

250,951

200,918

SHAREHOLDERS' FUNDS

250,952

200,919

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th June 2023 and were signed by:

J Mugerwa - Director

1.	STATUTORY INFORMATION

Olephant Ltd 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.

Turnover

Turnover represents net invoiced sale of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st October 2021

and 30th September 2022

250,000

AMORTISATION

At 1st October 2021

and 30th September 2022

250,000

NET BOOK VALUE

At 30th September 2022

-

At 30th September 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2021

38,609

Additions

40,363

At 30th September 2022

78,972

DEPRECIATION

At 1st October 2021

34,880

Charge for year

2,306

At 30th September 2022

37,186

NET BOOK VALUE

At 30th September 2022

41,786

At 30th September 2021

3,729

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,024,612

545,593

Provision for bad debts

(192,820

)

(26,136

)

Amounts owed by participating interests

509,187

503,777

Other debtors

10,414

1,578

Prepayments and accrued income

21,052

23,130

1,372,445

1,047,942

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

390,732

269,825

Hire purchase contracts

4,729

-

Trade creditors

326,068

207,750

Tax

133,618

99,148

Social security and other taxes

3,049

6,318

Pension payable

377

-

VAT

85,171

72,093

Other creditors

29,144

-

Directors' current accounts

92

555

Accrued expenses

22,950

65,950

995,930

721,639

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

135,000

150,000

Hire purchase contracts

32,787

-

167,787

150,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

135,000

150,000

The bank loan is secured by a fixed & floating charges over the assets of the company.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J Mugerwa.

11.	CLIENT MONIES HELD

At 30 September 2022, the company held £26,494 (2021: £213,525) on behalf of its clients.