Ovington Park Properties 2013 Limited - Period Ending 2020-03-31

Ovington Park Properties 2013 Limited

Contents

Abridged Balance Sheet	1 to 2
Notes to the Abridged Financial Statements	3 to 5

Ovington Park Properties 2013 Limited

(Registration number: 08695936)
Abridged Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	441,693	453,956
Investment property		14,085,900	14,085,900
		14,527,593	14,539,856
Current assets
Debtors		3,182,465	2,342,529
Cash at bank and in hand		749	65,029
		3,183,214	2,407,558
Creditors: Amounts falling due within one year	5	(230,295)	(200,305)
Net current assets		2,952,919	2,207,253
Total assets less current liabilities		17,480,512	16,747,109
Creditors: Amounts falling due after more than one year		(6,577,678)	(5,890,058)
Provisions for liabilities		(1,142,864)	(1,135,412)
Net assets		9,759,970	9,721,639
Capital and reserves
Called up share capital		1,513	1,513
Profit and loss account		9,758,457	9,720,126
Total equity		9,759,970	9,721,639

Ovington Park Properties 2013 Limited

(Registration number: 08695936)
Abridged Balance Sheet as at 31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

	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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 23 December 2020 and signed on its behalf by:
 

............................
 

O S Mitchell

Director

Ovington Park Properties 2013 Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
The Old Dairy
Ovington
Alresford
Hampshire
SO24 0RB

2	Accounting policies

Statement of compliance

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

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the rental income received or receivable in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

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

Ovington Park Properties 2013 Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Freehold land and buildings	2% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2019 - 5).

4	Tangible assets

	Total £
Cost or valuation
At 1 April 2019	502,215
Additions	904
At 31 March 2020	503,119
Depreciation
At 1 April 2019	48,259
Charge for the year	13,167
At 31 March 2020	61,426
Carrying amount
At 31 March 2020	441,693
At 31 March 2019	453,956

5	Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £23,076 (2019 - £23,076).

Ovington Park Properties 2013 Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2020

6	Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,577,678 (2019 - £5,890,058).

Bank borrowings

Bank loans have a carrying amount at year end of £6,600,754 (2019 - £5,913,135). Fixed charges dated 24 June 2014, 24 September 2015 and 1 December 2017 are held by Svenska Handelsbanken AB over the properties of the company.

Other borrowings

Other loans within other creditors with a carrying amount of £52,000 (2019 - £67,000) is denominated in with a nominal interest rate of . The final instalment is due on .

There is no security on the loan which is repayable on demand.

7	Related party transactions

Advances to directors

Summary of transactions with other related parties

Included within other debtors is a loan to Ovington Park Properties Limited, a company connected by common control. At the balance sheet date, Ovington Park Properties Limited owed the company £12,295 (2019: £10,866),

Included within other debtors is a loan to CLOS Residential Limited, a company connected by common control. At the balance sheet date, CLOS Residential Limited owed the company £1,279,685 (2019: £1,300,738).

Included within other debtors is a loan to 51 The Dean Limited, a company over which the directors have significant control. At the balance sheet date, 51 The Dean Limited owed the company £1,035,669 (2019: £232,929).

Included within other debtors is a loan to Ovington Park Services LLP, a limited liability partnership connected by common control. At the balance sheet date, the company owed Ovington Park Services LLP £91,073 (2019: £21,556).

There is no interest charged on these loans and the balances are repayable on demand.


Included within other debtors is a loan to 50 Stockbridge Road Limited, a company connected by common control. At the balance sheet date, 50 Stockbridge Road Limited owed the company £746,000 (2019: £746,000).

There is interest charged at a commercial on this loan and the balance is repayable on demand.
 

8	Parent and ultimate parent undertaking

The company's immediate parent is Ovington Park Properties 2016 Limited, incorporated in England & Wales.

 The ultimate controlling party is D S Mitchell.