Onyx Asset Management Limited
Registered number
SC547547
Filleted Accounts
31 October 2023
Onyx Asset Management Limited
Registered number: SC547547
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 830,223 929,534
Current assets
Cash at bank and in hand 32,417 65,918
Creditors: amounts falling due within one year 4 (27,214) (27,215)
Net current assets 5,203 38,703
Total assets less current liabilities 835,426 968,237
Creditors: amounts falling due after more than one year 5 (516,191) (558,411)
Net assets 319,235 409,826
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 266,628 318,628
Profit and loss account 52,507 91,098
Shareholder's funds 319,235 409,826
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Andrew J. Drummond
Director
Approved by the board on 26 September 2024
Onyx Asset Management Limited
Notes to the Accounts
for the year ended 31 October 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Investment properties : held at market value
Plant & Machinery , etc 25% Reducing Balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 927,000 2,772 929,772
Additions - 1,763 1,763
Disposals (100,000) - (100,000)
At 31 October 2023 827,000 4,535 831,535
Depreciation
At 1 November 2022 - 238 238
Charge for the year - 1,074 1,074
At 31 October 2023 - 1,312 1,312
Net book value
At 31 October 2023 827,000 3,223 830,223
At 31 October 2022 927,000 2,534 929,534
Freehold land and buildings: 2023 2022
£ £
Historical cost 561,706 681,706
Cumulative depreciation based on historical cost - -
561,706 681,706
4 Creditors: amounts falling due within one year 2023 2022
£ £
Other taxes and social security costs 27,214 27,214
Other creditors - 1
27,214 27,215
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 399,672 472,676
Other creditors 116,519 85,735
516,191 558,411
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 429,915 502,772
The bank holds a first ranking standard security over the investment properties of the company.
7 Revaluation reserve 2023 2022
£ £
At 1 November 2022 318,628 269,294
(Loss)/gain on revaluation of investment properties (52,000) 49,334
At 31 October 2023 266,628 318,628
8 Controlling party
The director, Mr Andrew Drummond is the conrolling party, by way of holding 100% of the issued share capital.
9 Other information
Onyx Asset Management Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Valentine Court
Dundee Business Park
Dundee
Angus
DD2 3QB
Onyx Asset Management Limited SC547547 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 Andrew J. Drummond No description of principal activity SC547547 2021-11-01 2022-10-31 SC547547 core:RevaluationReserve core:LandBuildings 2021-11-01 2022-10-31 SC547547 core:WithinOneYear 2022-10-31 SC547547 core:AfterOneYear 2022-10-31 SC547547 core:ShareCapital 2022-10-31 SC547547 core:OtherReservesSubtotal 2022-10-31 SC547547 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC547547 core:RevaluationReserve 2021-10-31 SC547547 2022-11-01 2023-10-31 SC547547 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC547547 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC547547 bus:Director40 2022-11-01 2023-10-31 SC547547 1 2022-11-01 2023-10-31 SC547547 2 2022-11-01 2023-10-31 SC547547 core:LandBuildings 2022-11-01 2023-10-31 SC547547 core:PlantMachinery 2022-11-01 2023-10-31 SC547547 core:RevaluationReserve core:LandBuildings 2022-11-01 2023-10-31 SC547547 countries:England 2022-11-01 2023-10-31 SC547547 bus:FRS102 2022-11-01 2023-10-31 SC547547 bus:FullAccounts 2022-11-01 2023-10-31 SC547547 2023-10-31 SC547547 core:WithinOneYear 2023-10-31 SC547547 core:AfterOneYear 2023-10-31 SC547547 core:ShareCapital 2023-10-31 SC547547 core:OtherReservesSubtotal 2023-10-31 SC547547 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC547547 core:LandBuildings 2023-10-31 SC547547 core:PlantMachinery 2023-10-31 SC547547 core:RevaluationReserve 2023-10-31 SC547547 2022-10-31 SC547547 core:LandBuildings 2022-10-31 SC547547 core:PlantMachinery 2022-10-31 SC547547 core:RevaluationReserve 2022-10-31 iso4217:GBP xbrli:pure