Registration number:
Owl Education (Management) Limited
for the Year Ended 31 March 2024
Owl Education (Management) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Owl Education (Management) Limited
Company Information
Director: |
Ms R Verma |
Company secretary: |
A Moghanchi |
Registered office: |
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Registered number: |
03578921 |
Accountants: |
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Owl Education (Management) Limited
(Registration number: 03578921)
Balance Sheet as at 31 March 2024
Note |
31.03.24 |
31.03.23 |
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£ |
£ |
£ |
£ |
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FIXED ASSETS |
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Tangible assets |
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3,770,486 |
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Investment property |
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2,052,000 |
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5,822,486 |
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CURRENT ASSETS |
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Debtors |
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122,429 |
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Cash at bank and in hand |
|
394 |
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122,823 |
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CREDITORS |
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Creditors within 1yr |
314,018 |
280,371 |
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Net current liabilities |
( |
(157,548) |
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Total assets less current liabilities |
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5,664,938 |
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Creditors
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912,041 |
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PROVISIONS FOR LIABILITIES |
( |
(820,805) |
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Net assets |
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3,932,092 |
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CAPITAL AND RESERVES |
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Called up share capital |
100 |
100 |
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Property reserve |
3,884,687 |
3,884,687 |
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Profit and loss account |
87,048 |
47,305 |
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Shareholders' funds |
3,971,835 |
3,932,092 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Owl Education (Management) Limited
(Registration number: 03578921)
Balance Sheet as at 31 March 2024 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Owl Education (Management) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
1. |
General information |
The company is a private company limited by share capital, incorporated in England & Wales .
The address of its registered office is:
England
These financial statements were authorised for issue by the
2. |
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Owl Education (Management) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
Depreciation
Freehold land and buildings are not depreciated as in the opinion of the director the lives of the assets and their
residual values are such that the depreciation is insignificant
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line basis |
Computer equiptment |
33% straight line basis |
Investment property
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
3. |
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Owl Education (Management) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
4. |
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
- |
- |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
- |
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Charge for the year |
- |
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At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included within the net book value of land and buildings above is £3,765,675 (2023 - £3,765,675) in respect of freehold land and buildings.
The property was valued at the year end on an open market basis by the director.
5. |
Investment properties |
31.03.24 |
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At 1 April |
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Additions |
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At 31 March |
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Fair value at 31 March 2024 is represented by:
£ |
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Cost |
1,730,000 |
Transfer from freehold propertry |
432,000 |
Valuation 2022 |
(110,000) |
Additions 2023 |
11,584 |
2,063,584 |
At the year end, the investment property was valued on an open market basis by the director.
Owl Education (Management) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
6. |
Debtors |
Current |
31.03.24 |
31.03.23 |
Trade debtors |
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- |
Prepayments |
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5,525 |
Other debtors |
|
116,904 |
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122,429 |
Included in other debtors is the amount of £45,449.82 owed by the directors, including interest at the official rate and no repayment terms have been set.
7. |
Creditors |
Creditors: amounts falling due within one year
Note |
31.03.24 |
31.03.23 |
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Due within one year |
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Loans and borrowings |
|
125,261 |
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Trade creditors |
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4,744 |
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Taxation and social security |
|
37,968 |
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Accruals and deferred income |
|
11,760 |
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Other creditors |
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100,638 |
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280,371 |
Included in other creditors is a loan given to a company under common control. No interest or repayment terms have been set and the loan is repayable on demand.
Creditors: amounts falling due after more than one year
Note |
31.03.24 |
31.03.23 |
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Due after one year |
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Loans and borrowings |
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912,041 |