Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31false2021-09-25truefalseNo description of principal activity2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13643320 2021-09-24 13643320 2021-09-25 2022-12-31 13643320 2020-09-25 2021-09-24 13643320 2022-12-31 13643320 c:Director1 2021-09-25 2022-12-31 13643320 d:FreeholdInvestmentProperty 2021-09-25 2022-12-31 13643320 d:FreeholdInvestmentProperty 2022-12-31 13643320 d:CurrentFinancialInstruments 2022-12-31 13643320 d:Non-currentFinancialInstruments 2022-12-31 13643320 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13643320 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13643320 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 13643320 d:ShareCapital 2022-12-31 13643320 d:RetainedEarningsAccumulatedLosses 2022-12-31 13643320 c:OrdinaryShareClass1 2021-09-25 2022-12-31 13643320 c:OrdinaryShareClass1 2022-12-31 13643320 c:FRS102 2021-09-25 2022-12-31 13643320 c:AuditExempt-NoAccountantsReport 2021-09-25 2022-12-31 13643320 c:FullAccounts 2021-09-25 2022-12-31 13643320 c:PrivateLimitedCompanyLtd 2021-09-25 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13643320









GEN TWO OVAL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2022

 
GEN TWO OVAL LTD
REGISTERED NUMBER: 13643320

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Investment property
 4 
5,134,373

  
5,134,373

Current assets
  

Debtors: amounts falling due within one year
 5 
185,906

Cash at bank and in hand
 6 
69,962

  
255,868

Creditors: amounts falling due within one year
 7 
(3,164,087)

Net current (liabilities)/assets
  
 
 
(2,908,219)

Total assets less current liabilities
  
2,226,154

Creditors: amounts falling due after more than one year
 8 
(2,500,000)

  

Net (liabilities)/assets
  
(273,846)


Capital and reserves
  

Called up share capital 
 10 
1

Profit and loss account
  
(273,847)

  
(273,846)


Page 1

 
GEN TWO OVAL LTD
REGISTERED NUMBER: 13643320
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2023.




A Y Levy
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GEN TWO OVAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Gen Two Oval Limited is a private company limited by shares and incorporated in England & Wales (registered number 13643320). 
The registered office is 101 New Cavendish Street, 1st Floor South, England, London, W1W 6XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The directors have obtained assurances from the shareholders to continue to provide adequate funds to meet its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
GEN TWO OVAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 4

 
GEN TWO OVAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
5,134,373



At 31 December 2022
5,134,373

The 2022 valuations were made by the directors, on an open market value for existing use basis.



At 31 December 2022





5.


Debtors

2022
£


Trade debtors
25,803

Other debtors
151,742

Prepayments and accrued income
8,361

185,906



6.


Cash and cash equivalents

2022
£

Cash at bank and in hand
69,962

69,962


Page 5

 
GEN TWO OVAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
£

Other creditors
3,161,587

Accruals and deferred income
2,500

3,164,087



8.


Creditors: Amounts falling due after more than one year

2022
£

Bank loans
2,500,000

2,500,000



9.


Loans


Analysis of the maturity of loans is given below:


2022
£



Amounts falling due 2-5 years

Bank loans
2,500,000


2,500,000


2,500,000


The loans are secured over the company's investment property by way of a fixed and floating charge.

Page 6

 
GEN TWO OVAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

10.


Share capital

2022
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


1 Ordinary share of £1 was issued on incorporation at nominal value.

 
Page 7