OLLIMPICARS LIMITED

OLLIMPICARS LIMITED - Company Information

2022-05-012023-04-302023-04-30false08862222OLLIMPICARS 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OLLIMPICARS LIMITED

Registered Number
08862222
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

OLLIMPICARS LIMITED

Company Information
for the year from 1 May 2022 to 30 April 2023


Directors	MANKU, Hans
	MOREAU, Terry Allan
	PATEL, Samir


Registered Address	23 23 Sussex Street
	Lower Ground
	London
	SW1V 4RR


Registered Number	08862222 (England and Wales)

OLLIMPICARS LIMITED

Statement of Financial Position
30 April 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	6		283		566
			283		566
Current assets
Debtors		956,394		412,124
Cash at bank and on hand		39,702		40,496
		996,096		452,620
Creditors amounts falling due within one year	8	(921,098)		(348,362)
Net current assets (liabilities)			74,998		104,258
Total assets less current liabilities			75,281		104,824
Creditors amounts falling due after one year	9		(21,666)		(31,666)
Net assets			53,615		73,158
Capital and reserves
Called up share capital			100		100
Profit and loss account			53,515		73,058
Shareholders' funds			53,615		73,158

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 3 October 2023, and are signed on its behalf by:

MOREAU, Terry Allan
Director
Registered Company No. 08862222

OLLIMPICARS LIMITED

Notes to the Financial Statements
for the year ended 30 April 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Accounting policies

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Reducing balance (%)
	Fixtures and fittings	25
	Office Equipment	25

	Intangible assets policy
	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.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation policy
	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.

Taxation policy

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 policy
	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.

Deferred tax policy

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.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are accounted for on an accruals basis. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Valuation of financial instruments policy
	The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Valuation of financial instruments policy

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4.	Employee information


		2023		2022
	Average number of employees during the year	0		0

5.	Intangible assets

		Total
		£
	Cost or valuation
	At 01 May 22	204,930
	At 30 April 23	204,930
	Amortisation and impairment
	At 01 May 22	204,930
	At 30 April 23	204,930
	Net book value
	At 30 April 23	-
	At 30 April 22	-

6.	Property, plant and equipment

		Total
		£
	Cost or valuation
	At 01 May 22	6,098
	At 30 April 23	6,098
	Depreciation and impairment
	At 01 May 22	5,532
	Charge for year	283
	At 30 April 23	5,816
	Net book value
	At 30 April 23	283
	At 30 April 22	566

7.	Debtors within one year

	2023	2022
	£	£
Trade debtors / trade receivables	67,905	102,097
Amounts owed by associates and joint ventures / participating interests	888,087	307,941
Other debtors	180	-
Prepayments and accrued income	222	2,086
Total	956,394	412,124


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

8.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	250	176
Bank borrowings and overdrafts	9,167	9,167
Taxation and social security	32,312	26,307
Other creditors	14	-
Accrued liabilities and deferred income	879,355	312,712
Total	921,098	348,362


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	21,666	31,666
Total	21,666	31,666