Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 24 September 2024 1 April 2023 31 March 2024 31 March 2024 09299691 Mr Keita Kitami Oval Corporation Otemachi First Square, West Tower, 19F 1-5-1 Otemachi, Chiyoda-Ku, Japan. true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09299691 2023-03-31 09299691 2024-03-31 09299691 2023-04-01 2024-03-31 09299691 frs-core:CurrentFinancialInstruments 2024-03-31 09299691 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 09299691 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 09299691 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 09299691 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-03-31 09299691 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09299691 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-31 09299691 frs-core:ShareCapital 2024-03-31 09299691 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 09299691 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09299691 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 09299691 frs-bus:SmallEntities 2023-04-01 2024-03-31 09299691 frs-bus:Audited 2023-04-01 2024-03-31 09299691 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09299691 1 2023-04-01 2024-03-31 09299691 frs-bus:Director1 2023-04-01 2024-03-31 09299691 frs-countries:EnglandWales 2023-04-01 2024-03-31 09299691 2022-03-31 09299691 2023-03-31 09299691 2022-04-01 2023-03-31 09299691 frs-core:CurrentFinancialInstruments 2023-03-31 09299691 frs-core:ShareCapital 2023-03-31 09299691 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 09299691
Oval Europe Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 09299691
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,270,479 17,270,479
17,270,479 17,270,479
CURRENT ASSETS
Debtors 5 497,657 461,201
Cash at bank and in hand 1,616,830 1,837,129
2,114,487 2,298,330
Creditors: Amounts Falling Due Within One Year 6 (163,634 ) (126,317 )
NET CURRENT ASSETS (LIABILITIES) 1,950,853 2,172,013
TOTAL ASSETS LESS CURRENT LIABILITIES 19,221,332 19,442,492
NET ASSETS 19,221,332 19,442,492
CAPITAL AND RESERVES
Called up share capital 7 18,663,100 18,663,100
Profit and Loss Account 558,232 779,392
SHAREHOLDERS' FUNDS 19,221,332 19,442,492
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Keita Kitami
Director
24th September 2024
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Oval Europe Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09299691 . The registered office is 76 Rennie Court, 11 Upper Ground Floor, London, SE1 9NZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Leasehold Nil
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Freehold Leasehold Total
£ £ £
Cost
As at 1 April 2023 17,000,000 270,479 17,270,479
As at 31 March 2024 17,000,000 270,479 17,270,479
Net Book Value
As at 31 March 2024 17,000,000 270,479 17,270,479
As at 1 April 2023 17,000,000 270,479 17,270,479
Cost or valuation as at 31 March 2024 represented by:
Land & Property
Freehold Leasehold Total
£ £ £
At cost 17,000,000 270,479 17,270,479
17,000,000 270,479 17,270,479
The company's investment property was revalued to an open market value of £17m on 27 September 2019 by Savills (UK) Limited, Chartered Surveyors.
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 6,781 4,681
Other debtors 490,876 456,520
497,657 461,201
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 70,449 23,242
VAT 11 2,117
Accruals and deferred income 93,174 100,958
163,634 126,317
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 18,663,100 18,663,100
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8. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Oval Corporation . Oval Corporation was incorporated in Japan. Copies of the group accounts may be obtained from the secretary, Otemachi First Square, West Tower, 19F 1-5-1 Otemachi, Chiyoda-Ku, Japan. . The ultimate controlling party is Oval Corporation who controls 100% of the shares of Oval Europe Limited .
10. Audit Information
The auditors report on the account of Oval Europe Limited for the year ended 31 March 2024 was qualified
The basis of qualification in the auditor's report was as follows:
Disclaimer of opinion
The company's freehold property was revalued to an open market value of £17m on 27 September 2019 by Savills UK Limited, Chartered Surveyors, as described in note 3 to the financial statements. The directors did not undertake a further valuation at the balance sheet date, so we were unable to satisfy ourselves that this value represented the fair value of the asset at the balance sheet date. As a result of this matter, we were unable to determine whether any adjustments might have been found necessary to the carrying value of the property in the financial statements at 31 March 2024. 
The matters required to report by exception are stated below:
The auditor's report was signed by Jeremy Boyden BA (Hons) FCA (Senior Statutory Auditor) for and on behalf of Pocknells Audit Limited , Statutory Auditor
Pocknells Audit Limited
46 Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NG
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