ONS PROPERTY LTD |
Accountants' Report |
|
|
Accountants' report to the directors of |
ONS PROPERTY LTD |
|
You consider that the company is exempt from an audit for the year ended 31 July 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. |
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. |
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. |
|
DVL & CO |
Accountants |
48 |
Melford Road |
London |
United Kingdom |
E17 7EL |
|
2 February 2024 |
|
ONS PROPERTY LTD |
Profit and Loss Account |
for the year ended 31 July 2023 |
|
|
|
|
|
|
|
|
2023 |
|
2022 |
£ |
£ |
|
Rental income |
177,241 |
|
8,550 |
|
Administrative expenses |
(68,024) |
|
(61,227) |
|
Operating profit/(loss) |
109,217 |
|
(52,677) |
|
Commercial Interest payable |
(106,923) |
|
(194,110) |
|
Profit/(loss) before taxation |
2,294 |
|
(246,787) |
|
Tax on profit/(loss) |
- |
|
- |
|
Profit/(loss) for the financial year |
2,294 |
|
(246,787) |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
None of the company's activities were acquired or discontinued during the |
above two financial years. |
|
Total recognised gains and losses |
The company made no recognised gains or losses other than the |
Profit/loss for the above two years. |
|
ONS PROPERTY LTD |
Registered number: |
12132409 |
Balance Sheet |
as at 31 July 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investments property |
3 |
|
|
3,502,601 |
|
|
2,219,199 |
|
Current assets |
Debtors |
4 |
|
26,509 |
|
|
25,477 |
Cash at bank and in hand |
|
|
56,189 |
|
|
825,037 |
|
|
|
82,698 |
|
|
850,514 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,076,228) |
|
|
(1,222,045) |
|
Net current liabilities |
|
|
|
(993,530) |
|
|
(371,531) |
|
Total assets less current liabilities |
|
|
|
2,509,071 |
|
|
1,847,668 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(2,924,970) |
|
|
(2,265,861) |
|
|
|
Net liabilities |
|
|
|
(415,899) |
|
|
(418,193) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(415,999) |
|
|
(418,293) |
|
Shareholders' funds |
|
|
|
(415,899) |
|
|
(418,193) |
|
|
|
|
|
|
|
|
The directors are 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 directors acknowledge their 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. |
|
|
|
|
Mr Arnel Jokupovic |
Director |
Approved by the board on 2 February 2024 |
|
ONS PROPERTY LTD |
Notes to the Accounts |
for the year ended 31 July 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). |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
Freehold buildings |
over 50 years |
|
|
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. |
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Investment Property: |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 August 2022 |
2,219,199 |
|
Additions |
1,283,402 |
|
At 31 July 2023 |
3,502,601 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 July 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
3,502,601 |
|
At 31 July 2022 |
2,219,199 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Property purchase advance deposit |
22,797 |
|
- |
|
Vat repayment |
3,712 |
|
25,477 |
|
|
|
|
|
|
26,509 |
|
25,477 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
|
|
Inter company balance (See below 8) |
|
642,000 |
|
- |
|
Other creditors (see below 8) |
434,228 |
|
1,222,045 |
|
|
|
|
|
|
1,076,228 |
|
1,222,045 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
|
|
|
Commercial mortgage |
2,924,970 |
|
2,265,861 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans |
|
|
Creditors include: |
|
|
Paragon commercial mortgaage: |
|
|
Secured commercial mortgage |
2,924,970 |
|
2,265,861 |
|
|
|
|
|
|
|
|
|
|
A legal charge dated 21 October 2022 containing fixed and floating charges secures the assets of the company and a legal charge over the properties. |
|
8 |
Related party transations |
|
|
The balance on the Directors Loan Accounts at 31 July 2023 was £431,257 |
|
(31 July 2022 was £1219,983) as disclosed under other creditors in note 5 above. |
|
The director's loan account is non-bearing with no fixed repayment date. |
|
|
At the year end, the company owed £642,000 to Ons Building Contractors Limited |
|
which is included is note 5 above. Mr Samir Jokupovic and Mr Arnel Jokupovic is a directors |
|
and shareholders of Ons Building Contractors Limited. |
|
8 |
Other information |
|
|
ONS PROPERTY LTD is a private company limited by shares and incorporated in England. Its registered office is: |
|
48 |
|
Melford Road |
|
London |
|
E17 7EL |