Oval Cloud Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07691879 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Oval Cloud Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D J Fletcher-Shaw

Mrs L Fletcher

REGISTERED OFFICE:

64 - 66 Outram Street

Sutton in Ashfield

Nottinghamshire

NG17 4FS

REGISTERED NUMBER:

07691879 (England and Wales)

ACCOUNTANTS:

D. K. Rumsby & Co Limited

3 Colwick Quays

Colwick

Nottingham

Nottinghamshire

NG4 2JY

The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of freelance broadcasting, presenting, interviewing and event organisation.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

D J Fletcher-Shaw

Mrs L Fletcher

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D J Fletcher-Shaw - Director

25 October 2023

FIXED ASSETS

Tangible assets

4

73,167

1,593

CURRENT ASSETS

Debtors

5

1,038

67,728

Cash at bank

216,688

109,143

217,726

176,871

CREDITORS

Amounts falling due within one year

6

(122,870

)

(83,205

)

NET CURRENT ASSETS

94,856

93,666

TOTAL ASSETS LESS CURRENT LIABILITIES

168,023

95,259

CREDITORS

Amounts falling due after more than one year

7

(61,055

)

-

PROVISIONS FOR LIABILITIES

(262

)

(303

)

NET ASSETS

106,706

94,956

CAPITAL AND RESERVES

Called up share capital

10

102

102

Retained earnings

106,604

94,854

SHAREHOLDERS' FUNDS

106,706

94,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 25 October 2023 and were signed on its behalf by:

D J Fletcher-Shaw - Director

1.	STATUTORY INFORMATION

Oval Cloud Limited 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2022

14,624

Additions

96,180

At 31 July 2023

110,804

DEPRECIATION

At 1 August 2022

13,031

Charge for year

24,606

At 31 July 2023

37,637

NET BOOK VALUE

At 31 July 2023

73,167

At 31 July 2022

1,593

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

87,949

At 31 July 2023

87,949

DEPRECIATION

Charge for year

21,987

At 31 July 2023

21,987

NET BOOK VALUE

At 31 July 2023

65,962

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade debtors

-

67,012

Other debtors

1,038

716

1,038

67,728

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Hire purchase contracts (see note 8)

10,757

-

Trade creditors

-

10,566

Taxation and social security

82,845

66,378

Other creditors

29,268

6,261

122,870

83,205

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.23

31.7.22

£

£

Hire purchase contracts (see note 8)

61,055

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.7.23

31.7.22

£

£

Net obligations repayable:

Within one year

10,757

-

Between one and five years

61,055

-

71,812

-

Non-cancellable

operating leases

31.7.23

31.7.22

£

£

Within one year

-

5,854

Between one and five years

-

12,119

-

17,973

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.23

31.7.22

£

£

Hire purchase contracts

71,812

-

Obligations under hire purchase contracts are secured on the assets concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.23

31.7.22

value:

£

£

100

Ordinary

£1

100

100

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

102

102