Company registration number 10369010 (England and Wales)
OVING PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OVING PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
OVING PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
252
506
Investment properties
5
950,000
850,000
950,252
850,506
Current assets
Cash at bank and in hand
31,210
90,606
Creditors: amounts falling due within one year
6
(443,608)
(669,862)
Net current liabilities
(412,398)
(579,256)
Total assets less current liabilities
537,854
271,250
Creditors: amounts falling due after more than one year
7
(135,709)
-
0
Provisions for liabilities
(53,135)
(21,470)
Net assets
349,010
249,780
Capital and reserves
Called up share capital
2
2
Revaluation reserve
141,225
68,225
Profit and loss reserves
207,783
181,553
Total equity
349,010
249,780

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The director considers 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 Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements 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.

OVING PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 February 2024
Mr G N Hawkins FCA
Director
Company Registration No. 10369010
OVING PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
2
69,225
145,115
214,342
Year ended 30 September 2022:
Profit for the year
-
-
39,438
39,438
Other comprehensive income:
Tax relating to other comprehensive income
-
(1,000)
1,000
-
0
Total comprehensive income for the year
-
0
(1,000)
40,438
39,438
Dividends
-
-
(4,000)
(4,000)
Balance at 30 September 2022
2
68,225
181,553
249,780
Year ended 30 September 2023:
Profit for the year
-
-
103,230
103,230
Other comprehensive income:
Tax relating to other comprehensive income
-
(27,000)
27,000
-
0
Total comprehensive income for the year
-
0
(27,000)
130,230
103,230
Dividends
-
-
(4,000)
(4,000)
Transfers
-
100,000
(100,000)
-
Balance at 30 September 2023
2
141,225
207,783
349,010
OVING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Oving Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Farr House, 4 New Park Road, Chichester, West Sussex, PO19 7XA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises the gross rental charges, adjusted for lease incentives, together with third party sales trading stock receivable during the year, excluding VAT and arising wholly within the United Kingdom. Lease incentives are recognised as an integral part of the net consideration for the leased property and amortised on a straight line basis over the lease term.

 

Revenue excludes service charges and other costs directly recoverable from tenants.

 

Rent reviews are recognised when the review memorandum has been agreed with the tenant.

 

Sales of dealing and trading stocks are recognised as turnover once an unconditional sale contract is exchanged or, if exchange is conditional, all material conditions have been satisfied and there are no foreseeable circumstances which might prevent completion of contracts ongoing.

Expenditure

 

Irrecoverable running costs directly attributable to specific properties are charged to the Statement of comprehensive income on an accrual basis. Costs incurred on the maintenance or refurbishment of the properties which, in the opinion of the director, are not of a capital nature are written off to the Statement of comprehensive income on an accruals basis.

 

Costs not directly attributable to individual properties are charged to the Statement of comprehensive income as administrative expenditure.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

OVING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. No such indications were noted.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

OVING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the director to make numerous estimates, judgements and assumptions when accounting for individual entries in accordance with the stated accounting policies.

 

In preparing these financial statements, the most significant judgement made by the director relates to the fair value of the investment properties held at the year end. The total fair value is reflected in the balance sheet with the movement in fair value since the previous year passing through the income statement and revaluation reserve.

OVING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 October 2022 and 30 September 2023
2,702
Depreciation and impairment
At 1 October 2022
2,196
Depreciation charged in the year
254
At 30 September 2023
2,450
Carrying amount
At 30 September 2023
252
At 30 September 2022
506
5
Investment property
2023
£
Fair value
At 1 October 2022
850,000
Revaluations
100,000
At 30 September 2023
950,000

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

 

Investment properties with a value of £950,000 are pledged as security for the company's loans.

 

The freehold investment properties are all held for operating lease purposes.

OVING PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank and other loans
200,674
454,242
Trade creditors
4
2
Corporation tax
8,246
9,760
Other taxation and social security
6,972
6,998
Other creditors
227,712
198,860
443,608
669,862
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
135,709
-
0

Secured Loans

 

The bank and other loans are all secured by specific fixed charges over investment properties and a floating charge over all the assets of the company. Interest is charged at variable rates over Bank of England base rate and are repayable at various periods to July 2027.

8
Related party transactions
Transactions with related parties

Included within creditors are amounts owing on the directors' loan account. The balance at the end of the period was £205,101 (2022: £177,498) which comprises the net amounts introduced to the company by the director.

 

The company has been granted a loan facility from Store Property Investments Limited, a company where the director is also a director. The loan is repayable on demand and interest is charged at a margin Bank of England base rate. The amount owing at the end of the period and the interest charge during the year are as follows:

2023
2022
£
£
Balance owing at the balance sheet date
167,500
200,000
Interest payable during the period
12,226
7,744
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