Registered number
12458395
Ovation Outdoor Limited
Filleted Accounts
29 February 2024
Ovation Outdoor Limited
Registered number: 12458395
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,451 3,542
Current assets
Stocks 67,350 92,092
Debtors 4 150,116 119,553
Cash at bank and in hand 354,696 183,935
572,162 395,580
Creditors: amounts falling due within one year 5 (351,617) (185,146)
Net current assets 220,545 210,434
Net assets 225,996 213,976
Capital and reserves
Called up share capital 10 10
Profit and loss account 225,986 213,966
Shareholder's funds 225,996 213,976
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 member has 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.
Simon Tappenden
Director
Approved by the board on 21 November 2024
Ovation Outdoor Limited
Notes to the Accounts
for the year ended 29 February 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 (as applied to small entities by section 1A of the standard).
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:
Computer & Office equipment over 3 years
Plant & Machinery over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant & Machinery Computer & Office equipment Total
£ £ £
Cost
At 1 March 2023 - 4,552 4,552
Additions 2,394 1,873 4,267
At 29 February 2024 2,394 6,425 8,819
Depreciation
At 1 March 2023 - 1,010 1,010
Charge for the year 384 1,974 2,358
At 29 February 2024 384 2,984 3,368
Net book value
At 29 February 2024 2,010 3,441 5,451
At 28 February 2023 - 3,542 3,542
4 Debtors 2024 2023
£ £
Trade debtors 112,062 93,147
Directors Loan account 26,050 25,544
Other debtors 12,004 862
150,116 119,553
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,031 770
Amounts owed to group undertakings and undertakings in which the company has a participating interest 176,972 119,588
Taxation and social security costs 40,301 63,672
Other creditors 133,313 1,116
351,617 185,146
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Simon Tappenden
Loan 25,544 147,664 (147,158) 26,050
25,544 147,664 (147,158) 26,050
7 Related party transactions
The Company received goods from Ovation Commercial Services Limited, a company in which the director S Tappenden has a material interest, of £Nil (2023: £Nil). The amount due to Ovation Commercial Services Limited at 28 February 2023 was £176,972 (2022: £119,588) and is included amounts owed to group undertakings.
8 Controlling party
The company is controlled by Simon Tappenden by virtue of his 100% shareholding.
9 Other information
Ovation Outdoor Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Westhorpe
Greatworth
Banbury
Oxfordshire
OX17 2ED
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