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Registration number: 07597237

Oval Capital Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 June 2024

 

Oval Capital Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Oval Capital Ltd

Company Information

Director

Mr Santiago Carlos Ignacio Izaguirre

Registered office

Flat 21
Nicholas Court
Corney Reach Way
London
W4 2TS

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Oval Capital Ltd

(Registration number: 07597237)
Balance Sheet as at 29 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,221

2,999

Current assets

 

Debtors

5

4,678

11,293

Investments

6

538,232

437,514

Cash at bank and in hand

 

23,296

363,567

 

566,206

812,374

Creditors: Amounts falling due within one year

7

(55,462)

(32,463)

Net current assets

 

510,744

779,911

Total assets less current liabilities

 

511,965

782,910

Provisions for liabilities

(9,104)

(107,939)

Net assets

 

502,861

674,971

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

-

323,817

Retained earnings

502,761

351,054

Shareholders' funds

 

502,861

674,971

For the financial year ending 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 director on 25 March 2025
 

 

Oval Capital Ltd

(Registration number: 07597237)
Balance Sheet as at 29 June 2024

.........................................
Mr Santiago Carlos Ignacio Izaguirre
Director

 

Oval Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Flat 21
Nicholas Court
Corney Reach Way
London
W4 2TS

These financial statements were authorised for issue by the director on 25 March 2025.

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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised

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.

 

Oval Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Office Equipment

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Oval Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Oval Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 30 June 2023

8,092

8,092

At 29 June 2024

8,092

8,092

Depreciation

At 30 June 2023

5,093

5,093

Charge for the year

1,778

1,778

At 29 June 2024

6,871

6,871

Carrying amount

At 29 June 2024

1,221

1,221

At 29 June 2023

2,999

2,999

5

Debtors

Current

2024
£

2023
£

Other debtors

4,678

11,293

6

Current asset investments

2024
£

2023
£

Other investments

538,232

437,514

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

49,681

28,438

Accruals and deferred income

1,500

1,500

Other creditors

4,281

2,525

55,462

32,463

 

Oval Capital Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share Capital of £1 each

100

100

100

100

         

9

Related party transactions

Transactions with the director

2024

At 30 June 2023
£

Advances to director
£

At 29 June 2024
£

Mr Santiago Carlos Ignacio Izaguirre

Amount owed (to) / from the Director

686

2,480

3,167

       
     

 

2023

At 30 June 2022
£

Advances to director
£

At 29 June 2023
£

Mr Santiago Carlos Ignacio Izaguirre

Amount owed (to) / from the Director

7,717

(7,031)

686