1 June 2023 false No description of principal activity Taxfiler 2024.6 SC699672business:PrivateLimitedCompanyLtd2023-06-012024-05-31 SC6996722023-05-31 SC6996722023-06-012024-05-31 SC699672business:AuditExemptWithAccountantsReport2023-06-012024-05-31 SC699672business:FilletedAccounts2023-06-012024-05-31 SC6996722024-05-31 SC699672business:Director12023-06-012024-05-31 SC699672business:RegisteredOffice2023-06-012024-05-31 SC6996722023-05-31 SC699672core:WithinOneYear2024-05-31 SC699672core:WithinOneYear2023-05-31 SC699672core:ShareCapitalcore:PreviouslyStatedAmount2024-05-31 SC699672core:ShareCapitalcore:PreviouslyStatedAmount2023-05-31 SC699672core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-05-31 SC699672core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-05-31 SC699672core:PreviouslyStatedAmount2024-05-31 SC699672core:PreviouslyStatedAmount2023-05-31 SC699672business:SmallEntities2023-06-012024-05-31 SC699672countries:Scotland2023-06-012024-05-31 SC699672core:PlantMachinery2023-06-012024-05-31 SC699672core:LandBuildings2023-05-31 SC699672core:PlantMachinery2023-05-31 SC699672core:LandBuildings2023-06-012024-05-31 SC699672core:LandBuildings2024-05-31 SC699672core:PlantMachinery2024-05-31 SC6996722022-06-012023-05-31 iso4217:GBP xbrli:pure
Company Registration No. SC699672 (Scotland)
Onal 48 Limited Unaudited accounts for the year ended 31 May 2024
Onal 48 Limited Unaudited accounts Contents
Page
- 2 -
Onal 48 Limited Company Information for the year ended 31 May 2024
Director
H Onal
Company Number
SC699672 (Scotland)
Registered Office
12 MAIN STREET COWIE STIRLING FK7 7BL SCOTLAND
Accountants
Accounting Solutions (UK) Ltd 85 Great Portland Street First Floor London W1W 7LT
- 3 -
Onal 48 Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
36,791 
Investment property
32,500 
- 
32,500 
36,791 
Current assets
Inventories
- 
10,950 
Cash at bank and in hand
876 
339 
876 
11,289 
Creditors: amounts falling due within one year
(41,070)
(50,198)
Net current liabilities
(40,194)
(38,909)
Net liabilities
(7,694)
(2,118)
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
(7,695)
(2,119)
Shareholders' funds
(7,694)
(2,118)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 January 2025 and were signed on its behalf by
H Onal Director Company Registration No. SC699672
- 4 -
Onal 48 Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Onal 48 Limited is a private company, limited by shares, registered in Scotland, registration number SC699672. The registered office is 12 MAIN STREET, COWIE, STIRLING, FK7 7BL, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
- 5 -
Onal 48 Limited Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2023
32,500 
6,705 
39,205 
Disposals
- 
(6,705)
(6,705)
Transfer to investment property
(32,500)
- 
(32,500)
At 31 May 2024
- 
- 
- 
Depreciation
At 1 June 2023
- 
2,414 
2,414 
On disposals
- 
(2,414)
(2,414)
At 31 May 2024
- 
- 
- 
Net book value
At 31 May 2024
- 
- 
- 
At 31 May 2023
32,500 
4,291 
36,791 
5
Investment property
2024 
£ 
Transfers from tangible fixed assets
32,500 
At 31 May 2024
32,500 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Loans from directors
40,320 
49,448 
Accruals
750 
750 
41,070 
50,198 
7
Transactions with related parties
At the year end, company owes its director, H Onal £40,320. This is an interest free loan and is payable on demand.
8
Average number of employees
During the year the average number of employees was 5 (2023: 2).
- 6 -