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OLIVERBALL SERVICED APARTMENTS LTD

Registered Number
11605797
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

OLIVERBALL SERVICED APARTMENTS LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

BALL, Colin David

Registered Address

2nd Floor, Froddington House Cumberland Business Centre
Northumberland Road
Southsea
PO5 1DS

Registered Number

11605797 (England and Wales)
OLIVERBALL SERVICED APARTMENTS LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets388,300104,021
88,300104,021
Current assets
Stocks4-129,007
Debtors599,509205,167
Cash at bank and on hand26,69546,704
626,204380,878
Creditors amounts falling due within one year5(317,538)(190,297)
Net current assets (liabilities)308,666190,581
Total assets less current liabilities396,966294,602
Creditors amounts falling due after one year6(38,292)(52,870)
Net assets358,674241,732
Capital and reserves
Called up share capital100100
Profit and loss account358,574241,632
Shareholders' funds358,674241,732
The financial statements were approved and authorised for issue by the Board of Directors on 23 December 2024, and are signed on its behalf by:
BALL, Colin David
Director
Registered Company No. 11605797
OLIVERBALL SERVICED APARTMENTS LTD
Notes to the Financial Statements
for the year ended 31 March 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, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and in the Companies Act 2006. There were no material departures from the reporting standard.
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 policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, and is recognised in the period in which the services are performed. Turnover includes revenue earned by the company for direct short-term lets and management services of rented properties.
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.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-3
Fixtures and fittings20-
Vehicles-5
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks consist of raw materials and work in progress stated at the lower of cost and net realisable value. Cost comprises of direct materials, direct labour and delivery costs. Costs of purchased materials are determined after deducting rebates and discounts received or receivable. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Government grants or assistance
Government grants are recognised under the accrual model. Grants relate to revenue and are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.
2.Average number of employees

20242023
Average number of employees during the year45
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 232,60242,223102,0995,995152,919
Additions2,542-1,438-3,980
At 31 March 245,14442,223103,5375,995156,899
Depreciation and impairment
At 01 April 231,2335,20637,9854,47448,898
Charge for year1,2578,4458,8441,15519,701
At 31 March 242,49013,65146,8295,62968,599
Net book value
At 31 March 242,65428,57256,70836688,300
At 31 March 231,36937,01764,1141,521104,021
4.Stocks

2024

2023

££
Work in progress-129,007
Total-129,007
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables39,05113,824
Taxation and social security78,84334,777
Finance lease and HP contracts5,4845,484
Other creditors21,4921,000
Accrued liabilities and deferred income172,668135,212
Total317,538190,297
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.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts20,79131,923
Other creditors17,50120,947
Total38,29252,870
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts17,50120,947
8.Related party transactions
At the balance sheet date, there were the amounts of £50 (2023: £50) and £50 (2023: £50) owed from James Oliver Holdings Limited and Hyhaus Properties Ltd respectively, shareholders of the Company. This amount is unsecured, interest-free and repayable on demand. At the balance sheet date, there was an amount of £325,557 (2023: £33,100) owed from Oliverball Property Ltd, a mutually controlled company by common ultimate shareholders. This amount is unsecured, interest-free and repayable on demand. During the year, the Company made sales in the amount of £423,525 (including VAT where applicable) (2023: £123,582) to Oliverball Properties Ltd, a mutually controlled company by common ultimate shareholders, for development works carried out on properties.