REGISTERED NUMBER: 08682921 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

OWAP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr O W Crinnigan

Mrs W Crinnigan

REGISTERED OFFICE:

13 Arm and Sword Lane

Hatfield

Hertfordshire

AL9 5EH

REGISTERED NUMBER:

08682921 (England and Wales)

ACCOUNTANTS:

Chartswood Accounting Solutions Limited

Chartered Accountants

13 Arm And Sword Lane

Old Hatfield

Hertfordshire

AL9 5EH

FIXED ASSETS

Tangible assets

4

2,537

3,238

Investment property

5

1,525,000

1,525,000

1,527,537

1,528,238

CURRENT ASSETS

Debtors

6

6,372

6,372

Cash at bank and in hand

16,348

29,008

22,720

35,380

CREDITORS

Amounts falling due within one year

7

222,631

222,714

NET CURRENT LIABILITIES

(199,911

)

(187,334

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,327,626

1,340,904

CREDITORS

Amounts falling due after more than one year

8

(728,206

)

(723,843

)

PROVISIONS FOR LIABILITIES

11

(118,133

)

(118,266

)

NET ASSETS

481,287

498,795

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

481,187

498,695

SHAREHOLDERS' FUNDS

481,287

498,795

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr O W Crinnigan - Director

1.	STATUTORY INFORMATION

OWAP Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the provision of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

straight line over 3 years

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

17,760

488

18,248

DEPRECIATION

At 1 January 2024

14,794

216

15,010

Charge for year

593

108

701

At 31 December 2024

15,387

324

15,711

NET BOOK VALUE

At 31 December 2024

2,373

164

2,537

At 31 December 2023

2,966

272

3,238

The company's banks hold a fixed charge on the freehold properties.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

1,525,000

NET BOOK VALUE

At 31 December 2024

1,525,000

At 31 December 2023

1,525,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

99,616

Valuation in 2017

216,536

Valuation in 2024

325,000

Cost

883,848

1,525,000

If Investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

883,848

883,848

Investment property was valued on an open market basis on 31 December 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

6,372

6,372

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 9)

-

1,043

Trade creditors

-

223

Social security and other taxes

1,934

2,981

Other creditors

-

6,519

Directors' current accounts

217,727

209,068

Accrued expenses

2,970

2,880

222,631

222,714

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

728,206

723,843

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 years

non-installments

728,206

723,843

728,206

723,843

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

1,043

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 years

non-installments

728,206

723,843

728,206

723,843

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

728,206

723,843

The bank loans are secured by a fixed charge over the freehold properties of the company.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

482

615

Other timing differences

117,651

117,651

118,133

118,266

Deferred

tax

£

Balance at 1 January 2024

118,266

Credit to Statement of Income and Retained Earnings during year

(133

)

Balance at 31 December 2024

118,133

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£ 1

100

100

13.

RESERVES

Retained

earnings

£

At 1 January 2024

498,695

Deficit for the year

(17,508

)

At 31 December 2024

481,187