IRIS Accounts Production v24.1.0.578 07764339 director 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh077643392022-12-31077643392023-12-31077643392023-01-012023-12-31077643392021-12-31077643392022-01-012022-12-31077643392022-12-3107764339ns15:EnglandWales2023-01-012023-12-3107764339ns14:PoundSterling2023-01-012023-12-3107764339ns10:Director12023-01-012023-12-3107764339ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107764339ns10:SmallEntities2023-01-012023-12-3107764339ns10:AuditExemptWithAccountantsReport2023-01-012023-12-3107764339ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107764339ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107764339ns10:FullAccounts2023-01-012023-12-3107764339ns10:RegisteredOffice2023-01-012023-12-3107764339ns5:CurrentFinancialInstruments2023-12-3107764339ns5:CurrentFinancialInstruments2022-12-3107764339ns5:Non-currentFinancialInstruments2023-12-3107764339ns5:Non-currentFinancialInstruments2022-12-3107764339ns5:ShareCapital2023-12-3107764339ns5:ShareCapital2022-12-3107764339ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3107764339ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3107764339ns5:RetainedEarningsAccumulatedLosses2023-12-3107764339ns5:RetainedEarningsAccumulatedLosses2022-12-3107764339ns5:PlantMachinery2023-01-012023-12-3107764339ns5:MotorVehicles2023-01-012023-12-3107764339ns5:ComputerEquipment2023-01-012023-12-3107764339ns5:LeaseholdImprovements2022-12-3107764339ns5:PlantMachinery2022-12-3107764339ns5:MotorVehicles2022-12-3107764339ns5:ComputerEquipment2022-12-3107764339ns5:LeaseholdImprovements2023-01-012023-12-3107764339ns5:LeaseholdImprovements2023-12-3107764339ns5:PlantMachinery2023-12-3107764339ns5:MotorVehicles2023-12-3107764339ns5:ComputerEquipment2023-12-3107764339ns5:LeaseholdImprovements2022-12-3107764339ns5:PlantMachinery2022-12-3107764339ns5:MotorVehicles2022-12-3107764339ns5:ComputerEquipment2022-12-3107764339ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107764339ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107764339ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-31
REGISTERED NUMBER: 07764339 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

OMPHALOS PROPERTY LIMITED

OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

OMPHALOS PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTOR: R Bowden





REGISTERED OFFICE: Lower Orchard House
Coneyhurst Lane
Ewhurst
Cranleigh
Surrey
GU6 7PL





REGISTERED NUMBER: 07764339 (England and Wales)





ACCOUNTANTS: Goff and Company Chartered Accountants
89 Havant Road
Emsworth
Hampshire
PO10 7LF

OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 130,932 137,119
Investment property 5 6,500,000 8,093,819
6,630,932 8,230,938

CURRENT ASSETS
Stocks - 11,000
Debtors 6 482,584 83,928
Cash at bank 15,389 90,639
497,973 185,567
CREDITORS
Amounts falling due within one year 7 476,844 478,979
NET CURRENT ASSETS/(LIABILITIES) 21,129 (293,412 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,652,061

7,937,526

CREDITORS
Amounts falling due after more than one year 8 (7,349,075 ) (7,637,858 )

PROVISIONS FOR LIABILITIES - (9,728 )
NET (LIABILITIES)/ASSETS (697,014 ) 289,940

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 (1,156,629 ) 38,736
Retained earnings 459,515 251,104
SHAREHOLDERS' FUNDS (697,014 ) 289,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)

BALANCE SHEET - continued
31ST DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12th July 2024 and were signed by:





R Bowden - Director


OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Omphalos Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current and deferred taxation assets and liabilities are not discounted.

Current and deferred tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Improvements Plant and Motor Computer
to property machinery vehicles equipment Totals
£ £ £ £ £
COST
At 1st January 2023 66,869 109,668 29,318 1,083 206,938
Additions - 12,439 - 2,730 15,169
At 31st December 2023 66,869 122,107 29,318 3,813 222,107
DEPRECIATION
At 1st January 2023 - 46,355 22,940 524 69,819
Charge for year - 18,938 1,595 823 21,356
At 31st December 2023 - 65,293 24,535 1,347 91,175
NET BOOK VALUE
At 31st December 2023 66,869 56,814 4,783 2,466 130,932
At 31st December 2022 66,869 63,313 6,378 559 137,119

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1st January 2023 8,093,819
Revaluations (1,593,819 )
At 31st December 2023 6,500,000
NET BOOK VALUE
At 31st December 2023 6,500,000
At 31st December 2022 8,093,819

OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31st December 2023 is represented by:
£
Valuation in 2019 440,000
Valuation in 2021 7,613,819
Valuation in 2022 40,000
Valuation in 2023 (1,593,819 )
6,500,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 8,045,997 8,045,997

Investment properties were valued on an open market basis on 31st December 2023 by the director and Handelsbanken .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 94,633 73,863
Other debtors 387,951 10,065
482,584 83,928

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Payments on account 68,349 68,678
Trade creditors 5,125 5,546
Taxation and social security 85,479 46,902
Other creditors 317,891 357,853
476,844 478,979

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 1,153,547 191,962
Other creditors 6,195,528 7,445,896
7,349,075 7,637,858

OMPHALOS PROPERTY LIMITED (REGISTERED NUMBER: 07764339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. RESERVES
Fair value
reserve
£
At 1st January 2023 38,736
Property revaluation (1,195,365 )

At 31st December 2023 (1,156,629 )

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Bowden.

OMPHALOS PROPERTY LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF
OMPHALOS PROPERTY LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2023 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Goff and Company Chartered Accountants
89 Havant Road
Emsworth
Hampshire
PO10 7LF


12th July 2024