Ovalworld Limited - Accounts to registrar (filleted) - small 18.2
Ovalworld Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| OVALWORLD LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| OVALWORLD LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Exchange |
| 5 Bank Street |
| Bury |
| BL9 0DN |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| PROPERTY, PLANT AND EQUIPMENT |
| Property, plant and equipment | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 DECEMBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Ovalworld Limited is a private company, limited by shares, registered in England and Wales, registered number |
| 01763070. The registered office is Bastfield Mill, Beech Street, Little Harwood, Blackburn, Lancashire, BB1 |
| 6LT. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the statement of financial position date the company had net assets of £428,368 (2017: £470,952). The |
| company has reported a pre tax loss for the year, and continues to meet liabilities as they fall due. The directors |
| have considered the business risks and believe that the company is well placed to manage these risks |
| successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements. |
| The accounting policies which follow set out those policies which apply in preparing the financial statements for |
| the year ended 31 December 2018. |
| Revenue |
| Income received in respect of management charges for services (net of applicable value added tax) provided are |
| recognised as those services are provided. |
| Property, plant and equipment |
| Land and buildings | - |
| Plant and machinery etc | - |
| The residual values, estimated useful lives and depreciation method of property, plant and equipment are |
| reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision |
| are recognised in the income statement when the change arises. |
| The freehold property is let to other wholly owned subsidiaries within the group for use as warehousing/retail |
| space. |
| Inline with FRS 102 Section 16, this property is classified as property, plant and equipment. |
| The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is |
| transferred from the revaluation reserve to retained earnings. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial |
| assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
| parties and loans to third parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
| objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
| in the income statement. |
| Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, |
| being the transaction price less any amounts settled. |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and |
| depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are |
| included in creditors net of the finance charge allocated to future periods. The finance element of the rental |
| payment is charged to the income statement so as to produce a constant periodic rate of charge on the net |
| obligation outstanding in each period. |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Critical accounting estimates and judgements |
| In the application of the company's accounting policies, the directors are required to make estimates and |
| judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ |
| from these estimates. |
| The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in |
| which the estimate is revised. |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
| amount of assets and liabilities are outlined below: |
| In categorising leases as finance or operating leases, the directors make judgements as to whether significant |
| risks and rewards of ownership have transferred to the company as lessee. |
| Estimating the useful economic life of an asset is considered a key judgement in calculating an appropriate |
| depreciation charge. |
| Estimating the anticipated residual value is considered a key estimation in calculating an appropriate |
| depreciation charge. |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Cost or valuation at 31 December 2018 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2010 | 75,000 | - | 75,000 |
| Valuation in 2005 | 201,284 | - | 201,284 |
| Valuation in 2003 | 36,002 | - | 36,002 |
| Valuation in 2001 | 15,000 | - | 15,000 |
| Cost | 1,022,714 | 438,356 | 1,461,070 |
| 1,350,000 | 438,356 | 1,788,356 |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 4. | PROPERTY, PLANT AND EQUIPMENT - continued |
| If freehold land & buildings had not been revalued they would have been included at the following historical |
| cost: |
| 2018 | 2017 |
| £ | £ |
| Cost | 1,022,714 | 1,037,714 |
| Aggregate depreciation | 213,666 | 207,543 |
| Value of land in freehold land and buildings | 270,000 | 738,748 |
| Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as |
| follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST OR VALUATION |
| At 1 January 2018 |
| and 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| OVALWORLD LIMITED (REGISTERED NUMBER: 01763070) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts and finance leases |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| Hire purchase contracts and finance leases |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| Hire purchase contracts and finance leases | 32,948 | 44,217 |
| The bank loans are secured by a fixed and floating charge over the company's assets. |
| Net obligations under hire purchase contracts are secured on the assets concerned. |
| 9. | CONTINGENT LIABILITIES |
| The company is party to an unlimited inter-company guarantee with other group members in respect of group |
| bank borrowings with Barclays Bank plc. At 31 December 2018 net borrowings were £83,444 (2017 - £86,238). |