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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
Page
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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
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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
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OVESSA INVESTMENTS LIMITED Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
36,054 
46,925 
Current assets
Inventories
123,302 
126,973 
Debtors
47,884 
46,054 
Cash at bank and in hand
3,476 
18,372 
174,662 
191,399 
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 
Capital and reserves
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
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OVESSA INVESTMENTS LIMITED Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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OVESSA INVESTMENTS LIMITED Notes to the Accounts for the year ended 31 March 2024
Government grants
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.
Pension costs
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 
Depreciation
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 
Net book value
At 31 March 2024
1,222 
28,413 
6,419 
36,054 
At 31 March 2023
2,444 
32,472 
12,009 
46,925 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
3,729 
Trade debtors
41,184 
35,675 
Accrued income and prepayments
6,600 
6,600 
Other debtors
100 
50 
47,884 
46,054 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
1,995 
- 
Trade creditors
222,353 
191,239 
Taxes and social security
6,765 
1,117 
Other creditors
1,266 
206 
232,379 
192,562 
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
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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).
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