NATIVE ORACLE LIMITED 28/02/2023 iXBRL

NATIVE ORACLE LIMITED 28/02/2023 iXBRL

NATIVE ORACLE LIMITED - Company Information

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2 01/03/2022 28/02/2023 2023-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC442370 2022-03-01 2023-02-28 SC442370 2023-02-28 SC442370 2022-02-28 SC442370 2021-03-01 2022-02-28 SC442370 2022-02-28 SC442370 2021-02-28 SC442370 bus:RegisteredOffice 2022-03-01 2023-02-28 SC442370 bus:LeadAgentIfApplicable 2022-03-01 2023-02-28 SC442370 bus:Director1 2022-03-01 2023-02-28 SC442370 bus:Director2 2022-03-01 2023-02-28 SC442370 core:WithinOneYear 2023-02-28 SC442370 core:WithinOneYear 2022-02-28 SC442370 core:AfterOneYear 2023-02-28 SC442370 core:AfterOneYear 2022-02-28 SC442370 core:ShareCapital 2023-02-28 SC442370 core:ShareCapital 2022-02-28 SC442370 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC442370 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC442370 bus:SmallEntities 2022-03-01 2023-02-28 SC442370 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC442370 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 SC442370 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC442370 bus:AbridgedAccounts 2022-03-01 2023-02-28 SC442370 1 2022-03-01 2023-02-28
Company registration number: SC442370
NATIVE ORACLE LIMITED
Unaudited filleted abridged financial statements
28 February 2023
NATIVE ORACLE LIMITED
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
NATIVE ORACLE LIMITED
Directors and other information
Directors Mr Donald Anderson
Mr Navdeep Basi (Appointed 1 July 2022)
Company number SC442370
Registered office Traders Quarter, 3rd.Floor
166 Buchanan Street
Glasgow
G1 2LW
Business address Traders Quarter, 3rd.Floor
166 Buchanan Street
Glasgow
G1 2LW
Accountants T. Murphy & Company
Chartered Accountants
59 Admiral Street
Glasgow
G41 1HP
NATIVE ORACLE LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of NATIVE ORACLE LIMITED
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NATIVE ORACLE LIMITED for the year ended 28 February 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of NATIVE ORACLE LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of NATIVE ORACLE LIMITED and state those matters that we have agreed to state to the board of directors of NATIVE ORACLE LIMITED as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NATIVE ORACLE LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that NATIVE ORACLE LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of NATIVE ORACLE LIMITED. You consider that NATIVE ORACLE LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of NATIVE ORACLE LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
T. Murphy & Company
Chartered Accountants
Chartered Accountants
59 Admiral Street
Glasgow
G41 1HP
26 February 2024
NATIVE ORACLE LIMITED
Abridged statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 21 5,512
Cash at bank and in hand 138 36
_______ _______
159 5,548
Creditors: amounts falling due
within one year ( 288,458) ( 280,860)
_______ _______
Net current liabilities ( 288,299) ( 275,312)
_______ _______
Total assets less current liabilities ( 288,299) ( 275,312)
Creditors: amounts falling due
after more than one year ( 3,509) ( 6,800)
_______ _______
Net liabilities ( 291,808) ( 282,112)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 291,908) ( 282,212)
_______ _______
Shareholder deficit ( 291,808) ( 282,112)
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2024 , and are signed on behalf of the board by:
Mr Navdeep Basi
Director
Company registration number: SC442370
NATIVE ORACLE LIMITED
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Traders Quarter, 3rd.Floor, 166 Buchanan Street, Glasgow, G1 2LW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Directors advances, credits and guarantees
During the year under review no advances, credits or guarantees were either granted to, or on behalf of, the directors.
6. Controlling party
The company's share capital is wholly owned by Mr. Navdeep Basi , a director of the company.
7. Going Concern
As at the balance sheet date the company has an excess of liabilities over assets. However, the shareholder has confirmed that sufficient resources will be made available to fund the company's on-going operations. That being the case it has been regarded as appropriate to prepare these accounts on the going concern basis of accounting.