2023-03-012024-02-292024-02-29false05305173OVELSHIELD 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OVELSHIELD LIMITED

Registered Number
05305173
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

OVELSHIELD LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

Tamer Ashraf KAMEL

Registered Address

32 Willoughby Road
London
N8 0JG

Registered Number

05305173 (England and Wales)
OVELSHIELD LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets337,27540,633
Tangible assets4134,790148,197
Investments576,60072,600
248,665261,430
Current assets
Stocks616,59514,755
Debtors7155,413134,188
Cash at bank and on hand1,078,8171,147,150
1,250,8251,296,093
Creditors amounts falling due within one year8(568,674)(460,883)
Net current assets (liabilities)682,151835,210
Total assets less current liabilities930,8161,096,640
Creditors amounts falling due after one year9(124,072)(187,331)
Provisions for liabilities10(4,987)(6,850)
Net assets801,757902,459
Capital and reserves
Called up share capital100100
Profit and loss account801,657902,359
Shareholders' funds801,757902,459
The financial statements were approved and authorised for issue by the Director on 31 October 2024, and are signed on its behalf by:
Tamer Ashraf KAMEL
Director
Registered Company No. 05305173
OVELSHIELD LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Deferred tax
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.
Intangible assets
Externally generated goodwill is amortised over the useful life of asset
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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 and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year4043
3.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 March 2368,000-68,000
At 29 February 2468,000-68,000
Amortisation and impairment
At 01 March 2327,367-27,367
Charge for year-3,3583,358
At 29 February 2427,3673,35830,725
Net book value
At 29 February 2440,633(3,358)37,275
At 28 February 2340,633-40,633
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 March 2379,061150,02014,829124,92933,854402,693
Additions----4,2254,225
At 29 February 2479,061150,02014,829124,92938,079406,918
Depreciation and impairment
At 01 March 23-141,8863,93982,02826,643254,496
Charge for year-17,632---17,632
At 29 February 24-159,5183,93982,02826,643272,128
Net book value
At 29 February 2479,061(9,498)10,89042,90111,436134,790
At 28 February 2379,0618,13410,89042,9017,211148,197
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 March 2372,60072,600
Additions4,0004,000
At 29 February 2476,60076,600
Net book value
At 29 February 2476,60076,600
At 28 February 2372,60072,600

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Finished goods16,59514,755
Total16,59514,755
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables71,40275,306
Other debtors75,94958,882
Prepayments and accrued income8,062-
Total155,413134,188
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables12,5889,070
Bank borrowings and overdrafts40,07839,217
Taxation and social security190,791163,530
Dividends payable325,000226,000
Other creditors21723,066
Total568,674460,883
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.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts124,072187,331
Total124,072187,331
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,9876,850
Total4,9876,850