Company Registration No. 13245911 (England and Wales)
OVESSA INVESTMENTS LIMITED
Unaudited accounts
for the year ended 31 March 2024
OVESSA INVESTMENTS LIMITED
Unaudited accounts
Contents
OVESSA INVESTMENTS LIMITED
Company Information
for the year ended 31 March 2024
Directors
Rizwan Ejaz Malik
Asad Ejaz
Hammad Subhani Malik
Company Number
13245911 (England and Wales)
Registered Office
493 Dallow Road
Luton
Bedfordshire
LU1 1UN
England
Accountants
IAB Accountants Limited
200 Selbourne Road
Luton
Bedfordshire
LU4 8LT
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
OVESSA INVESTMENTS LIMITED
for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
OVESSA INVESTMENTS LIMITED for the year ended
31 March 2024 as set out on pages
5 -
8 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of OVESSA INVESTMENTS LIMITED, as a body, in accordance with the terms of our engagement letter dated 12 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of OVESSA INVESTMENTS LIMITED and state those matters that we have agreed to state to the Board of Directors of OVESSA INVESTMENTS LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OVESSA INVESTMENTS LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OVESSA INVESTMENTS LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of OVESSA INVESTMENTS LIMITED. You consider that OVESSA INVESTMENTS LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of OVESSA INVESTMENTS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
IAB Accountants Limited
Chartered Certified Accountants
200 Selbourne Road
Luton
Bedfordshire
LU4 8LT
28 March 2025
OVESSA INVESTMENTS LIMITED
Statement of financial position
as at 31 March 2024
Tangible assets
36,054
46,925
Inventories
123,302
126,973
Cash at bank and in hand
3,476
18,372
Creditors: amounts falling due within one year
(232,379)
(192,562)
Net current liabilities
(57,717)
(1,163)
Net (liabilities)/assets
(21,663)
45,762
Called up share capital
100
100
Share premium
299,950
299,950
Profit and loss account
(321,713)
(254,288)
Shareholders' funds
(21,663)
45,762
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by
Asad Ejaz
Director
Company Registration No. 13245911
OVESSA INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
OVESSA INVESTMENTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 13245911. The registered office is 493 Dallow Road, Luton, Bedfordshire, LU1 1UN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 '' The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
- 25% on straight line basis
Fixtures & fittings
- 10% on straight line basis
Computer equipment
- 25% on straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
OVESSA INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
Government grants in relation to tangible fixed assets 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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
4,888
40,590
22,361
67,839
At 31 March 2024
4,888
40,590
22,361
67,839
At 1 April 2023
2,444
8,118
10,352
20,914
Charge for the year
1,222
4,059
5,590
10,871
At 31 March 2024
3,666
12,177
15,942
31,785
At 31 March 2024
1,222
28,413
6,419
36,054
At 31 March 2023
2,444
32,472
12,009
46,925
Amounts falling due within one year
Trade debtors
41,184
35,675
Accrued income and prepayments
6,600
6,600
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
222,353
191,239
Taxes and social security
6,765
1,117
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
OVESSA INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
8
Average number of employees
During the year the average number of employees was 4 (2023: 5).