Company registration number: 02589261
Unaudited financial statements
for the year ended 31 December 2024
for
OVL Group Limited
Pages for filing with the Registrar
OVL Group Limited
Chartered Accountants' Report to the Board of Directors for the preparation of the
unaudited financial statements
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of OVL Group Limited for the year ended 31 December 2024 which comprise the Profit and loss account, Balance sheet and the notes to the financial statements from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of OVL Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of OVL Group Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OVL Group Limited and its Board of Directors, as a body, for our work, or for this report.
It is your duty to ensure that OVL Group 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 OVL Group Limited. You consider that OVL Group 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 OVL Group 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 financial statements.
Cobble Accountants Limited
Commerce House
Carlton Boulevard
Lincoln
Lincolnshire
LN2 4WJ
United Kingdom
Date: 1 May 2025
1
Company registration number: 02589261
OVL Group Limited
Balance sheet
as at 31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 4 465,218 465,218
Tangible assets 5 3,413 3,191
468,631 468,409
Current assets
Debtors 135,055 317,832
Cash at bank and in hand 553 -
135,608 317,832
Creditors: amounts falling due within one
year 		(142,615) (175,268)
Net current (liabilities)/assets (7,007) 142,564
Total assets less current liabilities 461,624 610,973
Creditors: Amounts falling due after more
than one year 		(141,343) (225,259)
Provisions for liabilities (649) -
NET ASSETS 319,632 385,714
Capital and reserves
Called up share capital 100 100
Revaluation reserve 385,000 385,000
Profit and loss account (65,468) 614
TOTAL EQUITY 319,632 385,714
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
2
Company registration number: 02589261
OVL Group Limited
Balance sheet - continued
as at 31 December 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 1 May 2025 and signed on its behalf by:
Mr M Wedge, Director
1 May 2025
3
OVL Group Limited
Notes to the financial statements
for the year ended 31 December 2024
1 Company information
OVL Group Limited is a private company registered in England and Wales. Its registered number is 02589261. The company is limited by shares. Its registered office is West Barn, Brightwell Farm, Watlington, Oxfordshire, OX49 5NP.
2 Accounting policies
Basis of preparing the financial statements
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” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer software - Not provided
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 20% straight line
Fixtures & fittings - 20% straight line
4
OVL Group Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 13 (2023 - 12).
4 Intangible assets
Other
intangible
assets
£
Cost
At 1 January 2024 465,218
At 31 December 2024 465,218
Amortisation
At 31 December 2024 -
5
OVL Group Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
4 Intangible assets - continued
Net book value
At 31 December 2024 465,218
At 31 December 2023 465,218
5 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 January 2024 64,971
Additions 1,481
At 31 December 2024 66,452
Depreciation
At 1 January 2024 61,780
Charge for year 1,259
At 31 December 2024 63,039
Net book value
At 31 December 2024 3,413
At 31 December 2023 3,191
6 Advances, credit and guarantees granted to directors
The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023.
2024 2023
£ £
Balance outstanding at start of year 62,100 49,475
Amounts advanced 1,000 23,400
Amounts repaid (63,100) (10,775)
Balance outstanding at end of year - 62,100
6
OVL Group Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
6 Advances, credit and guarantees granted to directors - continued
2024 2023
£ £
Martin Wedge
Balance outstanding at start of year 144,900 123,625
Amounts advanced - 54,600
Amounts repaid (94,200) (33,325)
Balance outstanding at end of year 50,700 144,900
7