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 388,000 125,000 513,000 513,000 388,000 xbrli:pure xbrli:shares iso4217:GBP 04674420 2023-04-01 2024-03-31 04674420 2024-03-31 04674420 2023-03-31 04674420 2022-04-01 2023-03-31 04674420 2023-03-31 04674420 2022-03-31 04674420 core:FurnitureFittings 2023-04-01 2024-03-31 04674420 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04674420 bus:Director1 2023-04-01 2024-03-31 04674420 bus:Director4 2023-04-01 2024-03-31 04674420 core:FurnitureFittings 2024-03-31 04674420 core:WithinOneYear 2024-03-31 04674420 core:WithinOneYear 2023-03-31 04674420 core:ShareCapital 2024-03-31 04674420 core:ShareCapital 2023-03-31 04674420 core:RevaluationReserve 2024-03-31 04674420 core:RevaluationReserve 2023-03-31 04674420 core:RetainedEarningsAccumulatedLosses 2024-03-31 04674420 core:RetainedEarningsAccumulatedLosses 2023-03-31 04674420 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04674420 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-03-31 04674420 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 04674420 core:Non-currentFinancialInstruments 2024-03-31 04674420 core:Non-currentFinancialInstruments 2023-03-31 04674420 bus:SmallEntities 2023-04-01 2024-03-31 04674420 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04674420 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04674420 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04674420 bus:FullAccounts 2023-04-01 2024-03-31 04674420 bus:OrdinaryShareClass1 2024-03-31 04674420 bus:OrdinaryShareClass1 2023-03-31 04674420 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04674420 core:OtherPropertyPlantEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04674420
OWL PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
OWL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investments
5
513,000
388,000
CURRENT ASSETS
Cash at bank and in hand
14,053
16,706
CREDITORS: amounts falling due within one year
6
104,340
116,750
---------
---------
NET CURRENT LIABILITIES
90,287
100,044
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
422,713
287,956
PROVISIONS
Taxation including deferred tax
45,059
13,809
---------
---------
NET ASSETS
377,654
274,147
---------
---------
CAPITAL AND RESERVES
Called up share capital
7
4
4
Fair value reserve
241,341
147,591
Profit and loss account
136,309
126,552
---------
---------
SHAREHOLDERS FUNDS
377,654
274,147
---------
---------
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 comprehensive income 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 .
OWL PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
P C H Howell
N S Howell
Director
Director
Company registration number: 04674420
OWL PROPERTIES 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 36 Chapel Lane, Codsall, Wolverhampton, WV8 2EJ.
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. The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover shown in the profit and loss account represents rents received in the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Capital additions
-
10% straight line
Investments
Investment properties are included at fair value with gains and losses charged through the profit and loss account. Fair value is based upon open market value as determined by the directors.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. TANGIBLE ASSETS
Fixtures and fittings
Capital additions
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
4,364
10,963
15,327
-------
--------
--------
Depreciation
At 1 April 2023 and 31 March 2024
4,364
10,963
15,327
-------
--------
--------
Carrying amount
At 31 March 2024
-------
--------
--------
At 31 March 2023
-------
--------
--------
5. INVESTMENTS
Investment properties
£
Cost or valuation
At 1 April 2023
388,000
Revaluations
125,000
---------
At 31 March 2024
513,000
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
513,000
---------
At 31 March 2023
388,000
---------
Investment properties were revalued during the year ended 31 March 2024 based upon the directors estimate of open market values. The increase in value of £125,000 has been credited to the profit and loss account.
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,345
3,013
Other creditors
101,995
113,737
---------
---------
104,340
116,750
---------
---------
7. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
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