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Company Registration No. 01510978 (England and Wales)
Ovalring Limited Unaudited accounts for the year ended 31 May 2024
Ovalring Limited Unaudited accounts Contents
Page
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Ovalring Limited Company Information for the year ended 31 May 2024
Directors
Nicola Powell Sheila May Smith
Secretary
Nicola Powell
Company Number
01510978 (England and Wales)
Registered Office
8 Brightwell Crescent Dorridge Solihull West Midlands B93 8HF England
Accountants
Perfect Balance Accounting 63 Micklehill Drive Solihull West Midlands B90 2PU
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Ovalring Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
698 
812 
Investment property
340,998 
214,119 
341,696 
214,931 
Current assets
Inventories
325 
350 
Debtors
7,638 
13,264 
Cash at bank and in hand
31,436 
166,193 
39,399 
179,807 
Creditors: amounts falling due within one year
(36,739)
(54,254)
Net current assets
2,660 
125,553 
Total assets less current liabilities
344,356 
340,484 
Creditors: amounts falling due after more than one year
(18,148)
(19,479)
Net assets
326,208 
321,005 
Capital and reserves
Called up share capital
3,000 
3,000 
Profit and loss account
323,208 
318,005 
Shareholders' funds
326,208 
321,005 
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 directors acknowledge their 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 of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by
Nicola Powell Director Company Registration No. 01510978
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Ovalring Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Ovalring Limited is a private company, limited by shares, registered in England and Wales, registration number 01510978. The registered office is 8 Brightwell Crescent, Dorridge, Solihull, West Midlands, B93 8HF, England.
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.
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
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.
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Ovalring Limited Notes to the Accounts for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 June 2023
71,588 
At 31 May 2024
71,588 
Depreciation
At 1 June 2023
70,776 
Charge for the year
114 
At 31 May 2024
70,890 
Net book value
At 31 May 2024
698 
At 31 May 2023
812 
5
Investment property
2024 
£ 
Fair value at 1 June 2023
214,119 
Additions
126,879 
At 31 May 2024
340,998 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
7,000 
10,000 
Accrued income and prepayments
638 
- 
Other debtors
- 
3,264 
7,638 
13,264 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
- 
2,750 
VAT
1,480 
1,499 
Trade creditors
6,067 
14,072 
Taxes and social security
1,394 
39 
Loans from directors
27,798 
7,680 
Accruals
- 
28,214 
36,739 
54,254 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
18,148 
19,479 
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Ovalring Limited Notes to the Accounts for the year ended 31 May 2024
9
Average number of employees
During the year the average number of employees was 3 (2023: 3).
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