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Company Registration No. 12460082 (England and Wales)
ORMAD PROPERTIES LTD Unaudited accounts for the year ended 28 February 2023
ORMAD PROPERTIES LTD Unaudited accounts Contents
Page
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ORMAD PROPERTIES LTD Company Information for the year ended 28 February 2023
Directors
K Wilson GS Neilson
Company Number
12460082 (England and Wales)
Registered Office
8 KINGS MOUNT LEEDS LS17 5NS UNITED KINGDOM
Accountants
MALLON:TAX PO Box 238 Houghton le Spring Co Durham DH4 9ES
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ORMAD PROPERTIES LTD Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
616,891 
Investment property
1,200,054 
- 
1,200,054 
616,891 
Current assets
Debtors
3,787 
1,817 
Cash at bank and in hand
27,333 
46,858 
31,120 
48,675 
Creditors: amounts falling due within one year
(544,307)
(455,550)
Net current liabilities
(513,187)
(406,875)
Total assets less current liabilities
686,867 
210,016 
Creditors: amounts falling due after more than one year
(508,841)
(223,971)
Provisions for liabilities
Deferred tax
(44,933)
- 
Net assets/(liabilities)
133,093 
(13,955)
Capital and reserves
Called up share capital
6 
6 
Revaluation reserve
134,800 
- 
Profit and loss account
(1,713)
(13,961)
Shareholders' funds
133,093 
(13,955)
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2023 and were signed on its behalf by
GS Neilson Director Company Registration No. 12460082
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ORMAD PROPERTIES LTD Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
ORMAD PROPERTIES LTD is a private company, limited by shares, registered in England and Wales, registration number 12460082. The registered office is 8 KINGS MOUNT, LEEDS, LS17 5NS, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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ORMAD PROPERTIES LTD Notes to the Accounts for the year ended 28 February 2023
4
Tangible fixed assets
Land & buildings 
£ 
Cost or valuation
At valuation 
At 1 March 2022
632,488 
Additions
387,833 
Revaluations
179,733 
Transfer to investment property
(1,200,054)
At 28 February 2023
- 
Depreciation
At 1 March 2022
15,597 
Charge for the year
(15,597)
At 28 February 2023
- 
Net book value
At 28 February 2023
- 
At 28 February 2022
616,891 
5
Investment property
2023 
£ 
Transfers from tangible fixed assets
1,200,054 
At 28 February 2023
1,200,054 
The properties were revalued by the directors at fair market value at 28 February 2023.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
442 
- 
Other debtors
3,345 
1,817 
3,787 
1,817 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
1,564 
383 
Other creditors
64,780 
61,776 
Loans from directors
477,798 
392,551 
Accruals
165 
840 
544,307 
455,550 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
508,841 
223,971 
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ORMAD PROPERTIES LTD Notes to the Accounts for the year ended 28 February 2023
9
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of investment property
44,933 
- 
2023 
2022 
£ 
£ 
Charged to other comprehensive income
44,933 
- 
Provision at end of year
44,933 
- 
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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