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REGISTERED NUMBER: 07370714 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Ormond Developments Limited

Ormond Developments Limited (Registered number: 07370714)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ormond Developments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr D R Ormond
Mrs A H Ormond





REGISTERED OFFICE: c/o Wilson Partners Limited,
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN





REGISTERED NUMBER: 07370714 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Ormond Developments Limited (Registered number: 07370714)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,356 3,664
Investment property 5 2,781,001 2,761,001
2,784,357 2,764,665

CURRENT ASSETS
Debtors 6 12,777 2,806
Cash at bank 384 37,369
13,161 40,175
CREDITORS
Amounts falling due within one year 7 (62,628 ) (58,696 )
NET CURRENT LIABILITIES (49,467 ) (18,521 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,734,890 2,746,144

CREDITORS
Amounts falling due after more than one year 8 (1,790,856 ) (1,826,856 )

PROVISIONS FOR LIABILITIES (66,901 ) (72,518 )
NET ASSETS 877,133 846,770

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 877,033 846,670
SHAREHOLDERS' FUNDS 877,133 846,770

Ormond Developments Limited (Registered number: 07370714)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr D R Ormond - Director



Mrs A H Ormond - Director


Ormond Developments Limited (Registered number: 07370714)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Ormond Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
The turnover in the profit and loss account relates to rental income receivable by the company exclusive of Value Added Tax. Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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 or deferred taxation assets and liabilities are not discounted.

Current 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.


Ormond Developments Limited (Registered number: 07370714)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 8,458
Additions 1,368
At 31 March 2024 9,826
DEPRECIATION
At 1 April 2023 4,794
Charge for year 1,676
At 31 March 2024 6,470
NET BOOK VALUE
At 31 March 2024 3,356
At 31 March 2023 3,664

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,761,001
Additions 45,901
Revaluations (25,901 )
At 31 March 2024 2,781,001
NET BOOK VALUE
At 31 March 2024 2,781,001
At 31 March 2023 2,761,001

Ormond Developments Limited (Registered number: 07370714)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 544,939
Cost 2,236,062
2,781,001

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 12,777 2,806

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 36,000 36,000
Taxation and social security 14,477 11,320
Other creditors 12,151 11,376
62,628 58,696

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 534,000 570,000
Other creditors 1,256,856 1,256,856
1,790,856 1,826,856

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 570,000 606,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr D R Ormond
Balance outstanding at start of year - -
Amounts advanced 9,851 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,851 -

Ormond Developments Limited (Registered number: 07370714)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. RELATED PARTY DISCLOSURES

As at 31 March 2024 the company owed Mr D R Ormond, a director £647,373 (2023:£647,373), Mr D P Ormond, a shareholder £304,741 (2023: £304,741) and Miss M G Ormond, a shareholder £304,741 (2023:£304,741). These amounts are unsecured, interest free and with no fixed repayment terms. On the basis that the directors do not expect to make repayments within the 12 months following the balance sheet date, the balances are presented in creditors due after more than one year.

12. ULTIMATE CONTROLLING PARTY

By virtue of his shareholding the ultimate controlling party is Mr D R Ormond.