0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 103,361 103,361 103,361 xbrli:pure xbrli:shares iso4217:GBP 04361306 2023-04-01 2024-03-31 04361306 2024-03-31 04361306 2023-03-31 04361306 2022-04-01 2023-03-31 04361306 2023-03-31 04361306 2022-03-31 04361306 bus:Director1 2023-04-01 2024-03-31 04361306 bus:Director3 2023-04-01 2024-03-31 04361306 core:WithinOneYear 2024-03-31 04361306 core:WithinOneYear 2023-03-31 04361306 core:AfterOneYear 2024-03-31 04361306 core:AfterOneYear 2023-03-31 04361306 core:ShareCapital 2024-03-31 04361306 core:ShareCapital 2023-03-31 04361306 core:RetainedEarningsAccumulatedLosses 2024-03-31 04361306 core:RetainedEarningsAccumulatedLosses 2023-03-31 04361306 core:LandBuildings 2024-03-31 04361306 core:LandBuildings 2023-03-31 04361306 bus:SmallEntities 2023-04-01 2024-03-31 04361306 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04361306 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04361306 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04361306 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 04361306
Oval (1703) Limited
Filleted Unaudited Financial Statements
31 March 2024
Oval (1703) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
103,361
103,361
Current assets
Debtors
5
117,295
106,792
Creditors: amounts falling due within one year
6
62,139
29,135
---------
---------
Net current assets
55,156
77,657
---------
---------
Total assets less current liabilities
158,517
181,018
Creditors: amounts falling due after more than one year
7
914,069
914,069
---------
---------
Net liabilities
( 755,552)
( 733,051)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 755,553)
( 733,052)
---------
---------
Shareholders deficit
( 755,552)
( 733,051)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
Mr J Kassis
Mr C M Tavner
Director
Director
Company registration number: 04361306
Oval (1703) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Regent House, Bath Avenue, Wolverhampton, WV1 4EG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of rents receivable for the year, exclusive of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
103,361
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
103,361
---------
At 31 March 2023
103,361
---------
The freehold land and buildings are principally held for investment purposes.
5. Debtors
2024
2023
£
£
Prepayments and accrued income
5,594
2,419
Other debtors
111,701
104,373
---------
---------
117,295
106,792
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,282
3,863
Amounts owed to connected companies
56,159
21,574
Other creditors
3,698
3,698
--------
--------
62,139
29,135
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans
914,069
914,069
---------
---------
The loans are unsecured, interest free and have no set repayment terms. In the opinion of the directors no repayment of these loans will be made in the foreseeable future and accordingly the company will have adequate resources to finance its trading and other obligations for a period of at least twelve months from the date of approval of these financial statements.
8. Controlling party
The ultimate parent company is T & O Investments Pty Ltd, a company registered in Australia.