Registration number:
Ovalbridge Developments Ltd
for the Year Ended 30 September 2022
Ovalbridge Developments Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ovalbridge Developments Ltd
(Registration number: NI626796)
Balance Sheet as at 30 September 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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|
|
|
|
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Current assets |
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Debtors |
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Cash at bank and in hand |
- |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
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:
• |
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• |
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
......................................... |
Ovalbridge Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
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:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ovalbridge Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2021 |
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At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Investments |
2022 |
2021 |
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Investments in associates |
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Associates |
£ |
Cost |
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At 1 October 2021 |
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Provision |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Debtors |
Current |
2022 |
2021 |
Other debtors |
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Ovalbridge Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Ovalbridge Developments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Other commitments |
The total of future minimum lease payments under non-cancellable operating leases are as following:
2021 |
2020 |
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£ |
£ |
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Within 1 year |
2,356 |
13,896 |
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Within 1 and 5 years |
- |
3,474 |
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2,356 |
17,370 |
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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
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 ).
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