Olephant Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05422077 (England and Wales)

Unaudited Financial Statements For The Year Ended 30th September 2017

for

Olephant Ltd

T/A

Olephant Solicitors

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Mugerwa

REGISTERED OFFICE:

Fifth Floor

4 Snow Hill

London

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

347,504

320,539

Investments

6

322,931

130,766

670,435

451,305

CURRENT ASSETS

Debtors

7

203,431

682,445

Cash at bank and in hand

375,877

96,180

579,308

778,625

CREDITORS

Amounts falling due within one year

8

(512,300

)

(687,039

)

NET CURRENT ASSETS

67,008

91,586

TOTAL ASSETS LESS CURRENT LIABILITIES

737,443

542,891

CREDITORS

Amounts falling due after more than one year

9

(245,168

)

(275,168

)

NET ASSETS

492,275

267,723

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

492,274

267,722

SHAREHOLDERS' FUNDS

492,275

267,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29th June 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Plant and machinery etc

-

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 9 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st October 2016

and 30th September 2017

250,000

AMORTISATION

At 1st October 2016

and 30th September 2017

250,000

NET BOOK VALUE

At 30th September 2017

-

At 30th September 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st October 2016

313,328

35,357

348,685

Additions

28,769

-

28,769

At 30th September 2017

342,097

35,357

377,454

DEPRECIATION

At 1st October 2016

-

28,146

28,146

Charge for year

-

1,804

1,804

At 30th September 2017

-

29,950

29,950

NET BOOK VALUE

At 30th September 2017

342,097

5,407

347,504

At 30th September 2016

313,328

7,211

320,539

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st October 2016

130,766

Additions

192,165

At 30th September 2017

322,931

NET BOOK VALUE

At 30th September 2017

322,931

At 30th September 2016

130,766

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

161,895

651,739

Provision for bad debts

(26,136

)

(26,136

)

Amounts owed by participating interests

46,597

35,339

Other debtors

301

4,501

Prepayments and accrued income

20,774

17,002

203,431

682,445

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

96,718

163,685

Trade creditors

206,664

165,933

Tax

98,299

102,381

Social security and other taxes

5,842

4,197

Pension payable

1,230

-

VAT

36,703

119,530

Directors' current accounts

894

65,363

Accrued expenses

65,950

65,950

512,300

687,039

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Accruals and deferred income

245,168

275,168

10.	ULTIMATE CONTROLLING PARTY

The controlling party is J Mugerwa.

11.	CLIENT MONIES HELD

At 30 September 2017, the company held £887,445.25 (2016: £1,972,483.00) on behalf of its clients.

12.	REVALUATION OF PROPERTY

The directors have considered implication of FRS102 (i)a transition and have come to conclusion that there are no changes required to the

value of freehold property.

13.	REVALUATION OF UNLISTED INVESTMENT

The directors have considered implication of FRS102 (i)a transition and have come to conclusion that there are no changes required to the

value of unlisted investment.