120 Olinda Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 11052324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

120 OLINDA LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B Hoffman

REGISTERED OFFICE:

135 Kyverdale Road

London

N16 6PS

REGISTERED NUMBER:

11052324 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

5

781,136

CURRENT ASSETS

Cash at bank

4,575

8,703

CREDITORS

Amounts falling due within one year

6

(322,967

)

(322,247

)

NET CURRENT LIABILITIES

(318,392

)

(313,544

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

462,744

467,592

CREDITORS

Amounts falling due after more than one
year

7

(493,733

)

(493,733

)

NET LIABILITIES

(30,989

)

(26,141

)

CAPITAL AND RESERVES

Called up share capital

10

100

Retained earnings

11

(31,089

)

(26,241

)

SHAREHOLDERS' FUNDS

(30,989

)

(26,141

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 and authorized for issue by the director and authorised for issue on 2 August 2023 and were signed by:

B Hoffman - Director

1.	STATUTORY INFORMATION

120 Olinda 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment properties are properties held to earn rental income or for capital appreciation or for both.

Investment properties are recognized initially at cost.

Subsequent to initial recognition:

a. Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from change in fair value are recognized in profit or loss in the period that they arise; and

b. no depreciation is provided in respect of investment properties applying the fair value model.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2021

and 30 November 2022

781,136

NET BOOK VALUE

At 30 November 2022

781,136

At 30 November 2021

781,136

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.22

30.11.21

£

Other creditors

13,692

Directors' current accounts

305,915

Accrued expenses

3,360

2,640

322,967

322,247

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

30.11.22

30.11.21

£

Bank loans (see note 8)

493,733

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

493,733

8.

LOANS

An analysis of the maturity of loans is given below:

30.11.22

30.11.21

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

493,733

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.22

30.11.21

£

Bank loans

493,733

Bank loan is secured by first charge over the company's investment property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.22

30.11.21

value:

£

100

ordinary

£1

100

11.

RESERVES

Retained

earnings

£

At 1 December 2021

(26,241

)

Deficit for the year

(4,848

)

At 30 November 2022

(31,089

)

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B Hoffman.

120 Olinda Ltd - Accounts to registrar (filleted) - small 23.1.2

120 Olinda Ltd - Accounts to registrar (filleted) - small 23.1.2