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Registered number: 13830963









HOUSE OF OZ LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
HOUSE OF OZ LIMITED
REGISTERED NUMBER: 13830963

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
5,447
188,068

Current asset investments
 6 
250,000
-

Bank and cash balances
  
105,964
2,327

  
361,411
190,395

Creditors: amounts falling due within one year
 7 
(1,440,370)
(716,442)

Net current liabilities
  
 
 
(1,078,959)
 
 
(526,047)

Total assets less current liabilities
  
(1,078,959)
(526,047)

  

Net liabilities
  
(1,078,959)
(526,047)


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
(1,088,959)
(536,047)

  
(1,078,959)
(526,047)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 January 2025.



Ms G Black
Director

Page 1

 
HOUSE OF OZ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

House of Oz Limited is a private company limited by shares and registered in England and Wales. The address of its principal place of business is 1st Floor Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

There was a net deficiency of assets of £1,078,959 (2023: £526,547) at the balance sheet date, however the director has confirmed her continued support to enable the company to continue trading for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company derives the majority of its income from the presentation and production of theatrical productions, including the receipt of grants and donations.
Performance revenue
Turnover from the sale of theatre tickets is recognised on the date the performance takes place. Statements are received in arrears of the performance date, therefore an adjustment is made at the year end and income is accrued accordingly.
Grant income
Performance related grants are recognised when the conditions for receipt of the grant are met and receipt is probable. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure. The deferred element of grants is included in creditors as deferred income.
Donation income
The company receives public donations which are being recognised when the company has entitlement and receipt is probable.

Page 2

 
HOUSE OF OZ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 3

 
HOUSE OF OZ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


3.


Judgments and key sources of estimation uncertainty

Judgments in applying accounting policies and key sources of estimation uncertainty. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the reporting date based on invoices received after the period end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.


4.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


5.


Debtors

2024
2023
£
£


Other debtors
5,447
188,068



6.


Current asset investments

2024
2023
£
£

Investments in Theatrical Productions
250,000
-


Page 4

 
HOUSE OF OZ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
160

Other creditors
1,437,370
713,282

Accruals and deferred income
3,000
3,000

1,440,370
716,442


 
Page 5