Olive Quimica UK Ltd - Period Ending 2013-12-31

Registration number: 07381628

Olive Quimica UK Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Stubbs Parkin Taylor & Co Limited
18a London Street
Southport
Merseyside
PR9 0UE

Olive Quimica UK Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Olive Quimica UK Ltd
(Registration number: 07381628)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £						2012 £
	£			£			£			£
Fixed assets
Intangible fixed assets								17,013						18,014
Current assets
Stocks					52,803						20,166
Debtors					71,244						46,620
Cash at bank and in hand					-						43,333
					124,047						110,119
Creditors: Amounts falling due within one year					(251,465)						(137,667)
Net current liabilities								(127,418)						(27,548)
Net liabilities								(110,405)						(9,534)
Capital and reserves
Called up share capital		3			100						100
Share premium account					59,900						59,900
Profit and loss account					(170,405)						(69,534)
Shareholders' deficit								(110,405)						(9,534)

For the year ending 31 December 2013 the company was entitled to exemption 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 director acknowledges his 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 .

Approved by the director on 29 September 2014

.........................................
Mr J Fitzsimons
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Olive Quimica UK Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 20 years

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Olive Quimica UK Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Intangible assets £			Total £
Cost
At 1 January 2013		20,016			20,016
At 31 December 2013		20,016			20,016
Depreciation
At 1 January 2013		2,002			2,002
Charge for the year		1,001			1,001
At 31 December 2013		3,003			3,003
Net book value
At 31 December 2013		17,013			17,013
At 31 December 2012		18,014			18,014

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3