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ONODI INVESTMENTS LIMITED
Unaudited filleted financial statements
31 July 2023
Company registration number 12744451
ONODI INVESTMENTS LIMITED
Contents
Statement of financial position
Notes to the financial statements
ONODI INVESTMENTS LIMITED
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 879,184 839,184
_______ _______
879,184 839,184
Current assets
Debtors 5 798 1,000
Cash at bank and in hand 7,688 3,220
_______ _______
8,486 4,220
Creditors: amounts falling due
within one year 6 ( 261,975) ( 255,130)
_______ _______
Net current liabilities ( 253,489) ( 250,910)
_______ _______
Total assets less current liabilities 625,695 588,274
Creditors: amounts falling due
after more than one year 7 ( 554,341) ( 554,341)
Provisions for liabilities ( 15,031) ( 11,277)
_______ _______
Net assets 56,323 22,656
_______ _______
Capital and reserves
Called up share capital 1 1
Fair value reserve 84,321 48,075
Profit and loss account ( 27,999) ( 25,420)
_______ _______
Shareholder funds 56,323 22,656
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 April 2024 , and are signed on behalf of the board by:
S. Onodi
Director
Company registration number: 12744451
ONODI INVESTMENTS LIMITED
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 35 Ringshall Road, Orpington, Kent, BR5 2LX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for rents received, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation is provided on investment properties
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 August 2022 839,184 839,184
Revaluation 40,000 40,000
_______ _______
At 31 July 2023 879,184 879,184
_______ _______
Depreciation
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 879,184 879,184
_______ _______
At 31 July 2022 839,184 839,184
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 August 2022 839,184
Fair value adjustments 40,000
_______
At 31 July 2023 879,184
_______
5. Debtors
2023 2022
£ £
Trade debtors 798 1,000
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors - 102
Other creditors 261,975 255,028
_______ _______
261,975 255,130
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 554,341 554,341
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 554,341 (2022 £ 554,341 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The above loans are secured against the freehold properties owned by the company.
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
S. Onodi ( 254,038) ( 6,941) ( 260,979)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
S. Onodi ( 22,936) ( 231,102) ( 254,038)
_______ _______ _______
9. Controlling party
The company is controlled by Ms S. Onodi , sole director and shareholder.
10. Going concern
As at 31 July 2023 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.