Registration number: 07537457

Ordovas Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 6

Ordovas Limited

Company Information

Director

P Ordovas

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Accountants

Brebners Chartered Accountants 130 Shaftesbury Avenue London W1D 5AR

Ordovas Limited

Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	86,962	89,016
Current assets
Stocks	6	1,077,610	964,262
Debtors	7	575,482	785,838
Cash at bank and in hand		1,663,455	1,707,011
		3,316,547	3,457,111
Creditors: Amounts falling due within one year	8	(517,589)	(967,002)
Net current assets		2,798,958	2,490,109
Total assets less current liabilities		2,885,920	2,579,125
Provisions for liabilities		(18,003)	-
Net assets		2,867,917	2,579,125
Capital and reserves
Called up share capital		1	1
Retained earnings		2,867,916	2,579,124
Shareholders' funds		2,867,917	2,579,125

For the financial year ending 31 March 2025 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 her 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The director of Ordovas Limited has elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the director on 19 September 2025
 

.........................................

P Ordovas

Director

Company registration number: 07537457

Ordovas Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the sale of artworks as agent and principal.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2025 and had net assets at that date amounting to £2,867,917, including cash at bank of £1,663,455.

The director believes that the company will continue to trade profitably in the forthcoming year.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of commission received or profits from the sale of artwork in the normal course of the company's activities. Turnover is shown net of value added tax. The company recognises turnover from the sale of artwork when the legal title of artworks passes from the vendor to the purchaser.

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.

Ordovas Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	33% Straight line

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	Straight line over the life of the lease
Furniture, fittings and equipment	33% Straight line
Motor vehicles	25% Straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Ordovas Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company during the year, was 3 (2024 - 4).

4	Intangible assets

	Website £	Total £
Cost or valuation
At 1 April 2024	2,940	2,940
At 31 March 2025	2,940	2,940
Amortisation
At 1 April 2024	2,940	2,940
At 31 March 2025	2,940	2,940
Carrying amount
At 31 March 2025	-	-

5	Tangible assets

	Leasehold property £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	284,659	142,359	70,880	497,898
Additions	-	54,559	-	54,559
Disposals	-	(9,852)	-	(9,852)
At 31 March 2025	284,659	187,066	70,880	542,605
Depreciation
At 1 April 2024	248,650	89,352	70,880	408,882
Charge for the year	18,977	37,538	-	56,515
Eliminated on disposal	-	(9,754)	-	(9,754)
At 31 March 2025	267,627	117,136	70,880	455,643
Carrying amount
At 31 March 2025	17,032	69,930	-	86,962
At 31 March 2024	36,009	53,007	-	89,016

Ordovas Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Stocks

	2025 £	2024 £
Artwork	1,077,610	964,262

7

Debtors

	2025 £	2024 £
Trade debtors	22	-
Other debtors	575,460	785,838
	575,482	785,838