General Information
Oval Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 04878752, registration address The Coach House, 16b High Street, Godalming, Surrey, GU7 1EB.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Going concern basis
The directors have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis. The entity is in a strong net asset and cash position and based on the company's directors and shareholders pledging sufficient funds to the Company as and when required and without delay, the Company is able to manage its liabilities as they fall due for a period of not less than 12 months of the approval of the financial statements. The directors therefore continue to adopt a going concern basis in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the design, build and implementation of digital tools, stated net of discounts and of Value Added Tax. Revenue is recognised once the service or product has been provided to the customer.
Judgements and key sources of estimation uncertainty
The preparation of financial statements under FRS 102 requires the Company to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the year. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
The directors have considered the above and do not believe that there are any estimates or assumptions which have a significant effect on the amounts recognised in the financial statements that require disclosure.
Operating lease rentals
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Interest receivable and payable
Interest receivable
Interest income is recognised in profit or loss using the effective interest method and is accrued on a time basis by reference to the principal outstanding and the applicable interest rate.
Interest payable
Interest expense is recognised in profit or loss using the effective interest method and is accrued over the period to which it relates.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and machinery etc |
25% Reducing balance / 4 Years |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Financial instruments
Financial assets
Financial assets are recognised when the entity becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets
Trade and other receivables
Trade and other receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment.
Trade and other payables
Obligations to pay for goods/services; current and non-current are initially recognised at fair value and are subsequently measured at amortised costs.
|
| 2. |
Average number of employees
Including directors and key management personnel.
Average number of employees during the year was 36 (2024 : 34).
|
| 3. |
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
- Not later than 1 year - £57,537 (2024: £61,122)
- Later than 1 year and not later than 5 years - £43,914 (2024: £0)
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
| At 01 November 2024 |
83,974 |
|
83,974 |
| Additions |
3,070 |
|
3,070 |
| Disposals |
(6,200) |
|
(6,200) |
| At 31 October 2025 |
80,844 |
|
80,844 |
| Depreciation |
| At 01 November 2024 |
62,810 |
|
62,810 |
| Charge for year |
6,058 |
|
6,058 |
| On disposals |
(6,200) |
|
(6,200) |
| At 31 October 2025 |
62,668 |
|
62,668 |
| Net book values |
| Closing balance as at 31 October 2025 |
18,176 |
|
18,176 |
| Opening balance as at 01 November 2024 |
21,164 |
|
21,164 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
257,214 |
|
352,716 |
| Other Debtors |
222,256 |
|
366,645 |
| Corporation Tax |
9,788 |
|
0 |
|
489,258 |
|
719,361 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
0 |
|
12,577 |
| Bank Loans & Overdrafts |
22,452 |
|
29,451 |
| Corporation Tax |
162,410 |
|
75,197 |
| Accrued Expenses |
39,141 |
|
49,886 |
| Social security and other taxes |
115,715 |
|
250,050 |
|
339,718 |
|
417,161 |
Included within bank loans and overdrafts is a Funding Circle loan, repayable over 5 years and carries interest at 13.4%.
|
| 7. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
39,819 |
|
38,197 |
|
39,819 |
|
38,197 |
|
| 8. |
Related party transactions
No transactions were undertaken with related parties as such that are required to be disclosed under FRS 102 Section 1A.
|
| 9. |
Other financial commitments
As at the reporting date, the company had no capital or other commitments or contracts for capital expenditure in place (2024: £nil).
|
| 10. |
Directors' advances, credits and guarantees
During the year the company made the following advances to its directors. All advances were interest free, unsecured and repayable on demand.
| Director |
|
Balance as at 1 November 2024
£ |
|
Advances
£ |
|
Repayments
£ |
|
Balance as at 31 October 2025
£ |
|
Maximum outstanding during the year
£ |
| M Holland |
|
10,000 |
|
10,000 |
|
(20,000) |
|
- |
|
20,000 |
| K Tann |
|
20,000 |
|
5,000 |
|
(25,000) |
|
- |
|
25,000 |
Repayments were made by way of dividends declared during the year. At 31 October 2025 a balance of £1,000 was owed by the company to the directors and is included within other creditors. No amounts were written off or waived during the year and no guarantees were entered into on behalf of the directors.
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3
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