Registered number
06958460
Ovalwish Ltd
Report and Accounts
31 March 2024
Ovalwish Ltd
Registered number: 06958460
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 510,524
Current assets
Stocks - 6,000
Cash at bank and in hand 99,230 22,878
99,230 28,878
Creditors: amounts falling due within one year 4 6,223 (25,377)
Net current assets 105,453 3,501
Total assets less current liabilities 105,453 514,025
Creditors: amounts falling due after more than one year 5 - (157,500)
Net assets 105,453 356,525
Capital and reserves
Called up share capital 500,000 500,000
Profit and loss account (394,547) (143,475)
Shareholders' funds 105,453 356,525
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 members have 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.
Paul Bonsall
Director
Approved by the board on 25 October 2024
Ovalwish Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Fixtures, fittings, tools and equipment 10% on written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 479,278 200,893 680,171
Disposals (479,278) (200,893) (680,171)
At 31 March 2024 - - -
Depreciation
At 1 April 2023 - 169,647 169,647
On disposals - (169,647) (169,647)
At 31 March 2024 - - -
Net book value
At 31 March 2024 - - -
At 31 March 2023 479,278 31,246 510,524
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,216 13,491
Corporation tax 3 3
Other taxes and social security costs (8,168) 3,892
Other creditors 726 7,991
(6,223) 25,377
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank Loans - 37,500
Other creditors - 120,000
- 157,500
6 Related party transactions
R D Pickard
Director and shareholder
Unsecured loan of £120,000 was repaid during the year, interest at £7,500 was paid duriing the year on the loan. £6,000 was paid during the year to 31/3/2023
P Bonsall
The Kings Arms at Penrith is managed by "The Fat Lamb" at Ravenstonedale which is partly owned by Mr P Bonsall, a director of Ovalwish Ltd. Management fees of £20,000 have been charged by "The Fat Lamb" in 2024 (2023: £20,000)
7 Controlling party
Each director owns 50% of the shares, so there is no ultimate controlling party
8 Other information
Ovalwish Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10, 80 Lytham Road
Fulwood
Preston
PR2 3AQ
Ovalwish Ltd 06958460 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Paul Bonsall No description of principal activity 06958460 2022-04-01 2023-03-31 06958460 core:WithinOneYear 2023-03-31 06958460 core:AfterOneYear 2023-03-31 06958460 core:ShareCapital 2023-03-31 06958460 core:RetainedEarningsAccumulatedLosses 2023-03-31 06958460 2023-04-01 2024-03-31 06958460 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06958460 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06958460 bus:Director40 2023-04-01 2024-03-31 06958460 1 2023-04-01 2024-03-31 06958460 2 2023-04-01 2024-03-31 06958460 core:LandBuildings 2023-04-01 2024-03-31 06958460 core:PlantMachinery 2023-04-01 2024-03-31 06958460 countries:England 2023-04-01 2024-03-31 06958460 bus:FRS102 2023-04-01 2024-03-31 06958460 bus:FilletedAccounts 2023-04-01 2024-03-31 06958460 2024-03-31 06958460 core:WithinOneYear 2024-03-31 06958460 core:AfterOneYear 2024-03-31 06958460 core:ShareCapital 2024-03-31 06958460 core:RetainedEarningsAccumulatedLosses 2024-03-31 06958460 core:LandBuildings 2024-03-31 06958460 core:PlantMachinery 2024-03-31 06958460 2023-03-31 06958460 core:LandBuildings 2023-03-31 06958460 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure