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Registered number: 10727231









OWLSTONE PORTFOLIO LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
OWLSTONE PORTFOLIO LTD
 
 
COMPANY INFORMATION


Director
D. Kemp-Smith 




Registered number
10727231



Registered office
2nd Floor
4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD





 
OWLSTONE PORTFOLIO LTD
 

CONTENTS



Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 9

 
OWLSTONE PORTFOLIO LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OWLSTONE PORTFOLIO LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owlstone Portfolio Ltd for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Director of Owlstone Portfolio Ltd in accordance with the terms of our engagement letter dated 19 April 2017Our work has been undertaken solely to prepare for your approval the financial statements of Owlstone Portfolio Ltd  and state those matters that we have agreed to state to the Director of Owlstone Portfolio Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owlstone Portfolio Ltd and its Director for our work or for this report. 

It is your duty to ensure that Owlstone Portfolio Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Owlstone Portfolio Ltd. You consider that Owlstone Portfolio Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Owlstone Portfolio Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



WMT
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD
8 October 2024
Page 1

 
OWLSTONE PORTFOLIO LTD
REGISTERED NUMBER: 10727231

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 7 
777,750
777,750

  
777,750
777,750

Current assets
  

Debtors: amounts falling due within one year
 8 
17,869
7,305

Cash at bank and in hand
  
466,177
555,060

  
484,046
562,365

Creditors: amounts falling due within one year
 9 
(28,210)
(122,677)

Net current assets
  
 
 
455,836
 
 
439,688

Total assets less current liabilities
  
1,233,586
1,217,438

Creditors: amounts falling due after more than one year
 10 
(673,924)
(691,356)

  

Net assets
  
559,662
526,082


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
559,562
525,982

  
559,662
526,082

Page 2

 
OWLSTONE PORTFOLIO LTD
REGISTERED NUMBER: 10727231
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 year in question in accordance with section 476 of the 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 financial statements have been prepared 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.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

D. Kemp-Smith
Director

Date: 8 October 2024

The notes on pages 4 to 9 form part of these financial statements.
Page 3

 
OWLSTONE PORTFOLIO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Owlstone Portfolio Ltd is a Company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the contents page. The nature of the Company's operations and its principal activities are set out in the Director's report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
OWLSTONE PORTFOLIO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for revenue and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. 

Page 5

 
OWLSTONE PORTFOLIO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Rent income
71,940
61,818

71,940
61,818


All turnover arose within the United Kingdom.


5.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


6.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
7,877
103,163


7,877
103,163


Total current tax
7,877
103,163

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
7,877
103,163
Page 6

 
OWLSTONE PORTFOLIO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
6.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
41,457
537,889


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
7,877
103,163

Effects of:

Total tax charge for the year
7,877
103,163


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
777,750



At 31 March 2024
777,750

The director considers the investments are at fair values.





8.


Debtors

2024
2023
£
£


Amounts owed by joint ventures and associated undertakings
5,859
6,405

Other debtors
11,110
-

Prepayments and accrued income
900
900
Page 7

 
OWLSTONE PORTFOLIO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.Debtors (continued)


17,869
7,305



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
17,433
16,614

Corporation tax
7,877
103,163

Other creditors
1,900
1,900

Accruals and deferred income
1,000
1,000

28,210
122,677


The following liabilities were secured: £11,694 (2023: £11,016) of creditors due within one year are secured via a fixed charge over the Company's investment property and a floating charge over all other assets of the Company.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
673,924
691,356

673,924
691,356


The following liabilites were secured: £641,882 (2023: £653,576) of creditors due after one year are secured via a fixed charge over the Company's investment property and a floating charge over all other assets of the Company

Page 8

 
OWLSTONE PORTFOLIO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
17,433
16,614


17,433
16,614

Amounts falling due 1-2 years

Bank loans
18,299
17,433


18,299
17,433

Amounts falling due 2-5 years

Bank loans
19,730
45,623


19,730
45,623

Amounts falling due after more than 5 years

Bank loans
635,895
628,300

635,895
628,300

691,357
707,970



12.


Related party transactions

The company received rent of £12,540 (2023: £12,540) from a partnership under the control of the director.
As at 31 March 2024, Owlstone Portfolio Ltd owed £2,626 (2023: £Nil) by a shareholder of the company and £8,485 (2023: £6,405) from other related parties.

 
Page 9