Registered number
11877097
O & N COMPANY LONDON LTD
Unaudited Filleted Accounts
31 March 2023
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
O & N COMPANY LONDON LTD
Registered number: 11877097
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,160,000 1,060,000
Investments 4 512 512
1,160,512 1,060,512
Current assets
Debtors 5 2,750 -
Cash at bank and in hand 648,047 -
650,797 -
Creditors: amounts falling due within one year 6 (640,140) (357,981)
Net current assets/(liabilities) 10,657 (357,981)
Total assets less current liabilities 1,171,169 702,531
Provisions for liabilities (1,694) (1,456)
Net assets 1,169,475 701,075
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 7,222 4,368
Profit and loss account 1,162,153 696,607
Shareholders' funds 1,169,475 701,075
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Homayoun Aminnia
Director
Approved by the board on 22 September 2023
O & N COMPANY LONDON LTD
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets consist of Investment Properties. Investment Properties are revalued at the year end by the company's Directors based on open market values.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost/ Valuation
At 1 April 2022 1,060,000
Additions 96,907
Surplus on revaluation 3,093
At 31 March 2023 1,160,000
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 1,160,000
At 31 March 2022 1,060,000
4 Investments
Other
investments
£
Cost
At 1 April 2022 512
At 31 March 2023 512
The investments relate to a 30.37% holdings in Pizza GoGo Ltd and a 3.25% holdings in 999 Pizza Toppings (UK) Ltd.
Both companies are registered in the UK.
5 Debtors 2023 2022
£ £
Other debtors 2,750 -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 1,536 553
Other creditors 638,604 357,428
640,140 357,981
7 Revaluation reserve 2023 2022
£ £
At 1 April 2022 4,368 3,090
Gain on revaluation of land and buildings 3,093 2,009
Deferred taxation arising on the revaluation of land and buildings (239) (731)
At 31 March 2023 7,222 4,368
The valuation awas done by the Director based on market values at 31 March 2023. The Director is not aware of any material changes in values since the last date of valuation.
8 Controlling party
The company was under the control of Mr Homayoun Aminnia, both a shareholder and Director throughout the year.
9 Other information
O & N COMPANY LONDON LTD is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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