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Registration number: NI626796

Ovalbridge Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2022

 

Ovalbridge Developments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Ovalbridge Developments Ltd

(Registration number: NI626796)
Balance Sheet as at 30 September 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Tangible assets

4

1,964

3,720

Investments

5

10

10

 

1,974

3,730

Current assets

 

Debtors

6

1,087,102

1,309,475

Cash at bank and in hand

 

-

1,350

 

1,087,102

1,310,825

Creditors: Amounts falling due within one year

7

(2,148,871)

(2,166,604)

Net current liabilities

 

(1,061,769)

(855,779)

Total assets less current liabilities

 

(1,059,795)

(852,049)

Creditors: Amounts falling due after more than one year

7

(48,028)

(50,016)

Net liabilities

 

(1,107,823)

(902,065)

Capital and reserves

 

Called up share capital

8

100

100

Capital redemption reserve

46,323

46,323

Retained earnings

(1,154,246)

(948,488)

Shareholders' deficit

 

(1,107,823)

(902,065)

For the financial year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Ovalbridge Developments Ltd

(Registration number: NI626796)
Balance Sheet as at 30 September 2022

Approved and authorised by the Board on 30 September 2023 and signed on its behalf by:
 

.........................................
Kenneth Langford Gilliland
Director

   
     
 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The Company Registration Number is: NI626796

The address of its registered office is:
Unit 981 Moat House
54 Bloomfield Avenue
Belfast
Co Antrim
BT5 5AD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional presentation currency is £ Sterling.

The level of rounding is to the nearest £ Sterling.

Going concern

The company is dependent on the ongoing support from shareholders and related party entities in order to continue to pay its liabilities as they fall due. The directors have reviewed the applicability of the going concern principle and have determined that it is appropriate to prepare the company's accounts on the basis that it will continue as a going concern for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% Straight Line

Computer equipment

20% Straight Line

Investments

Interests in associates are initially recognised at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or impairment of reversal of impairment losses are recognised immediately in the profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company has elected to the apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2021

4,333

4,213

8,546

At 30 September 2022

4,333

4,213

8,546

Depreciation

At 1 October 2021

2,347

2,479

4,826

Charge for the year

1,084

672

1,756

At 30 September 2022

3,431

3,151

6,582

Carrying amount

At 30 September 2022

902

1,062

1,964

At 30 September 2021

1,986

1,734

3,720

5

Investments

2022
£

2021
£

Investments in associates

10

10

Associates

£

Cost

At 1 October 2021

10

Provision

Carrying amount

At 30 September 2022

10

At 30 September 2021

10

6

Debtors

Current

2022
£

2021
£

Other debtors

1,087,102

1,309,475

 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

(As restated)

2021
£

Due within one year

 

Loans and borrowings

37,758

-

Trade creditors

 

15,975

12,070

Amounts owed to group undertakings and undertakings in which the company has a participating interest

4,810

4,508

Taxation and social security

 

1,624

14,832

Other creditors

 

2,088,704

2,135,194

 

2,148,871

2,166,604

Included in other creditors are redeemable shares totalling £1,208,660 (2021: £1,463,660). These shares have been presented within creditors due to being redeemable on demand by the shareholders.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

48,028

50,016

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Allotted, Called Up and fully paid of £1 each

100

100

100

100

         
 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

9

Other commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

2021

2020

£

£

Within 1 year

2,356

13,896

Within 1 and 5 years

-

3,474

2,356

17,370

10

Transactions with directors

Included within Debtors/(Creditors) are the following loans to/(from) directors:

At 1 October 2021

Amounts advanced

Amounts repaid

Amounts written off

As at 30 September 2022

£

£

£

£

£

Mr Ken Gilliland

381,600

9,641

(1,500)

-

389,741

Mr Ian Gregg

129,292

48,155

(15,000)

-

162,447

Mr Daniel McFerran

160,479

3,210

-

-

163,688

Mr Vincent Rainey

86,858

774

(150,000)

-

(62,368)

The above loan is unsecured and repayable on demand.

 

Ovalbridge Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

11

Related party transactions

Amounts due from related parties:

Amulet Developments NI Limited is a related party due to common directors. During the year, there was £102,325 (2021: £1,346,450) received from the company and £9,500 (2021: £150,000) paid to the company. There was also interest paid of £48,140 (2021: £41,575). Amount due from Amulet Developments NI Limited at the year end was £(26,706) (2021: £67,628).

Ovalbridge Limited is a related party due to common directors. During the year, there was £101,000 paid to the related party. Amount due from the related party at year end was £37,698 (2021: £300 ).

Amounts due to related parties:

Platinum Assets NI Limited is a related party due to common directors. During the year £176,081 (2021: £389,454) was received by the company and £13,592 (2021: £40,300) was paid to the company. There was also interest paid of £5,557 (2021: £3,094). Amount due to the related party at year end was £520,229 (2021: £357,739).

Amounts owed to group undertakings:

During the year, there was £NIL (2021: £958,000) paid to Latner 10 Developments Ltd and £NIL (2021: £NIL) received from the company. There was also interest paid of £303 (2021: £12,936). Amount due to Latner 10 Developments at year end was £4,508 (2021: £4,508 ).

12

Prior year adjustment

A prior year adjustment was undertaken to correct the misallocation of a number of tax refunds and payments received in the year ended 30 September 2021