Ovington Park Properties 2013 Limited - Period Ending 2023-03-31

Ovington Park Properties 2013 Limited

Contents

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

Ovington Park Properties 2013 Limited

(Registration number: 08695936)
Abridged Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	404,805	417,495
Investment property		14,325,669	14,320,388
		14,730,474	14,737,883
Current assets
Debtors		2,403,721	2,836,057
Cash at bank and in hand		23,258	97,145
		2,426,979	2,933,202
Creditors: Amounts falling due within one year	5	(182,661)	(110,902)
Net current assets		2,244,318	2,822,300
Total assets less current liabilities		16,974,792	17,560,183
Creditors: Amounts falling due after more than one year	6	(5,720,365)	(6,335,363)
Provisions for liabilities		(1,169,456)	(1,170,219)
Net assets		10,084,971	10,054,601
Capital and reserves
Called up share capital		1,513	1,513
Profit and loss account		10,083,458	10,053,088
Total equity		10,084,971	10,054,601

For the financial year ending 31 March 2023 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.

Subsidiary company audit exemption

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 17 October 2023 and signed on its behalf by:
 

O S Mitchell

Director

Ovington Park Properties 2013 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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

These financial statements were authorised for issue by the Board on 17 October 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

Ovington Park Properties 2013 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4	Tangible assets

	Land and buildings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 April 2022	433,691	63,384	8,338	505,413
Additions	-	465	-	465
At 31 March 2023	433,691	63,849	8,338	505,878
Depreciation
At 1 April 2022	31,174	50,071	6,674	87,919
Charge for the year	8,674	3,444	-	12,118
Office equipment depreciation charge	-	-	1,036	1,036
At 31 March 2023	39,848	53,515	7,710	101,073
Carrying amount
At 31 March 2023	393,843	10,334	628	404,805
At 31 March 2022	402,517	13,313	1,665	417,495

Included within the net book value of land and buildings above is £393,843 (2022 - £402,517) in respect of freehold land and buildings.
 

Ovington Park Properties 2013 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Investment properties

	2023 £
At 1 April	14,320,388
Additions	5,281
At 31 March	14,325,669

There has been no valuation of investment property by an independent valuer.

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 £20,000 (2022 - £20,000).

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 £5,740,365 (2022 - £6,335,364).

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 £43,660 (2022 - (£5,444)),

Included within other creditors is a loan from Roke Manor Limited, a company connected by common control. At the balance sheet date, Roke Manor Limited is owed £71,534 (2022 - £80,500) by the company.

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 £1,536,420 (2022 - £2,123,724).

Included within other debtors is a loan to Coopers Yard (Hampshire) Limited, a company over which the directors have significant control. At the balance sheet date, Coopers Yard (Hampshire) Limited owed the company £1,200 (2022 - £0).

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, Ovington Park Services LLP owed the company £120,999 (2022 - £51,999).

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 £741,838 (2022 - £729,640).

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

Ovington Park Properties 2013 Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.