Company registration number 04697473 (England and Wales)
OGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
PAGES FOR FILING WITH REGISTRAR
OGN LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
OGN LIMITED
BALANCE SHEET
AS AT
30 MAY 2023
30 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,601
336,899
Current assets
Stocks
5,000
5,000
Cash at bank and in hand
2,994
8,833
7,994
13,833
Creditors: amounts falling due within one year
4
(354,489)
(340,658)
Net current liabilities
(346,495)
(326,825)
Total assets less current liabilities
(20,894)
10,074
Creditors: amounts falling due after more than one year
5
(201,783)
(215,933)
Net liabilities
(222,677)
(205,859)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(222,678)
(205,860)
Total equity
(222,677)
(205,859)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mr N Dhami
Director
Company registration number 04697473 (England and Wales)
OGN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MAY 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 31 May 2021
1
(198,707)
(198,706)
Year ended 30 May 2022:
Loss and total comprehensive income
-
(7,153)
(7,153)
Balance at 30 May 2022
1
(205,860)
(205,859)
Year ended 30 May 2023:
Loss and total comprehensive income
-
(16,818)
(16,818)
Balance at 30 May 2023
1
(222,678)
(222,677)
OGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
- 3 -
1
Accounting policies
Company information

OGN Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Oakfield House, Glyn Y Swisdir, Swiss Valley, Llanelli, Carmarthenshire, SA14 8EE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% striaght line
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

 

OGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

OGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 31 May 2022 and 30 May 2023
461,868
49,153
511,021
Depreciation and impairment
At 31 May 2022
133,213
40,909
174,122
Depreciation charged in the year
9,237
2,061
11,298
At 30 May 2023
142,450
42,970
185,420
Carrying amount
At 30 May 2023
319,418
6,183
325,601
At 30 May 2022
328,655
8,244
336,899
OGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
12,974
12,860
Trade creditors
12,098
10,774
Taxation and social security
45,436
31,705
Other creditors
283,981
285,319
354,489
340,658

The bank holds as security a charge on the company's freehold property.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
138,784
151,210
Other creditors
62,999
64,723
201,783
215,933

The bank loan is secured against the freehold property of the company and is repayable in monthly instalments. The interest rate is variable. The bounce back loan is unsecured and repayable in monthly instalments. The interest rate is fixed.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
86,783
99,780
6
Related party transactions

The company has received monies of £37,444 (2022: £34,444) from a company under common control. The amount received is interest free and repayable on demand.

7
Going concern

The company meets its day to day working capital requirements through the support of its directors and various other loan providers. Neither the directors or the other loan providers have indicated that they intend to withdraw their support and also steps are being taken to improve the company's trading position since the period end. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis and the financial statements do include any adjustments that would result from the withdrawal of the support.

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