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REGISTERED NUMBER: 03637027 (England and Wales)














OVALTECH BUSINESS SOLUTIONS LIMITED

Unaudited Financial Statements

for the Year Ended 30 September 2024






OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


OVALTECH BUSINESS SOLUTIONS LIMITED

Company Information
for the Year Ended 30 September 2024







Director: Mr M Thomson





Secretary: Mrs G Thomson





Registered office: Artisans House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF





Registered number: 03637027 (England and Wales)





Accountants: Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF

OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,263 48,874

CURRENT ASSETS
Debtors 5 21,645 29,800
Cash at bank 53,719 70,499
75,364 100,299
CREDITORS
Amounts falling due within one year 6 45,407 65,237
NET CURRENT ASSETS 29,957 35,062
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,220

83,936

CREDITORS
Amounts falling due after more than
one year

7

35,094

47,868
NET ASSETS 34,126 36,068

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 34,026 35,968
SHAREHOLDERS' FUNDS 34,126 36,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Balance Sheet - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 January 2025 and were signed by:





Mr M Thomson - Director


OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

Ovaltech Business Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations of external liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses of these assets which would affect their decision to adopt the going concern basis.

The director is therefore satisfied and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Theses financial statements have therefore been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 October 2023 55,157
Additions 2,705
At 30 September 2024 57,862
Depreciation
At 1 October 2023 6,283
Charge for year 12,316
At 30 September 2024 18,599
Net book value
At 30 September 2024 39,263
At 30 September 2023 48,874

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
Cost
At 1 October 2023 44,408
Additions 316
At 30 September 2024 44,724
Depreciation
Charge for year 11,143
At 30 September 2024 11,143
Net book value
At 30 September 2024 33,581
At 30 September 2023 44,408

OVALTECH BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 03637027)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,609 28,584
Other debtors 2,036 1,216
21,645 29,800

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,355 7,404
Hire purchase contracts 6,956 6,956
Trade creditors 1,370 459
Taxation and social security 24,879 42,166
Other creditors 4,847 8,252
45,407 65,237

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,399 17,873
Hire purchase contracts 24,695 29,995
35,094 47,868