REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
OGI PROPERTIES LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
for |
OGI PROPERTIES LTD |
OGI PROPERTIES LTD (REGISTERED NUMBER: 08144548) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OGI PROPERTIES LTD |
Company Information |
for the year ended 31 July 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
OGI PROPERTIES LTD (REGISTERED NUMBER: 08144548) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their 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. |
OGI PROPERTIES LTD (REGISTERED NUMBER: 08144548) |
Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
OGI PROPERTIES LTD (REGISTERED NUMBER: 08144548) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | STATUTORY INFORMATION |
OGI Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows: |
Turnover represents the fair value of consideration received or receivable net of VAT and rental income is recognised on an accruals basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OGI PROPERTIES LTD (REGISTERED NUMBER: 08144548) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
At 1 August 2023 |
Reclassification/transfer | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | (4,895 | ) |
Reclassification/transfer | 1,290,000 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2023 | 407,034 |
Valuation in 2024 | (4,895 | ) |
Cost | 887,861 |
1,290,000 |
Investment property was valued on an open market basis on 31 July 2024 by the directors . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
OGI PROPERTIES LTD (REGISTERED NUMBER: 08144548) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
Charges constraining negative pledges are held on the loans of the company. |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 100,535 | 101,759 |
Deferred tax |
£ |
Balance at 1 August 2023 |
Revaluation adjustment | (1,224 | ) |
Balance at 31 July 2024 |
10. | RELATED PARTY TRANSACTIONS |
In the year to 31st July 2024 the company advanced the directors £5,453 and the directors loaned the company £7,100. The loan is interest free and repayable on demand. At the year end the company owed the directors £106,281 (2023: £104,634) |