Oval (2284) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09297466 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Oval (2284) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr G Simpson

REGISTERED OFFICE:

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

REGISTERED NUMBER:

09297466 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

CURRENT ASSETS

Debtors

4

6,513,001

856,869

Cash at bank

11,983,805

17,127,659

18,496,806

17,984,528

CREDITORS

Amounts falling due within one year

5

(73,238

)

(37,143

)

NET CURRENT ASSETS

18,423,568

17,947,385

TOTAL ASSETS LESS CURRENT LIABILITIES

18,423,568

17,947,385

CREDITORS

Amounts falling due after more than one year

6

(18,013,727

)

(17,813,727

)

NET ASSETS

409,841

133,658

CAPITAL AND RESERVES

Called up share capital

15

15

Retained earnings

409,826

133,643

SHAREHOLDERS' FUNDS

409,841

133,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 November 2017 and were signed by:

Mr G Simpson - Director

1.	STATUTORY INFORMATION

Oval (2284) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make

judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ

from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised if the revision

affects only that period, or in the period of the revision and future periods if the revision affects

both current and future periods.

The company does not make significant estimates and assumptions concerning the future, that

affect the position reported in the accounts.

Changes in accounting policies

These accounts reflect the first year that the company has adopted FRS 102. The prior year financial

statements were restated for adoption of FRS 102 in the current year. There were no material

adjustments arising.

Turnover

Turnover represents the investment returns generated by the company's investment activity.

Investment income in respect of interest is recorded when the right to consideration is received.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method,

except for investments in non-convertible preference and non-puttable preference and ordinary

shares, which are measured at fair value, with changes recognised in profit or loss. Derivative

financial instruments are initially recorded at cost and thereafter at fair value, with changes

recognised in profit and loss.

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Other debtors

6,513,001

856,869

Other debtors relate to loans made by the company which are repayable on demand.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Taxation and social security

70,013

33,918

Other creditors

3,225

3,225

73,238

37,143

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Other creditors

18,013,727

17,813,727

31.3.17

31.3.16

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan notes

18,013,727

17,813,727

The company's loan notes are unsecured and accrue interest at 5% per annum. Interest is payable at

the point at which the loan note is redeemed which is 10 years from the date of issue (the issue date

being 5 December 2014). A loan note holder can request an early redemption of the loan note in

part or in full anytime after 5 years from the date of issue. In the period to 31 March 2017 the loan

note holders have waived their entitlement to interest on the loan notes. Drawings have been made

from the company by the loan note holders and these amounts have been netted against the

balance due under the terms of the loan note.

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2017 and

the period ended 31 March 2016:

31.3.17

31.3.16

£

£

Mr G Simpson

Balance outstanding at start of year

-

-

Amounts advanced

70,506

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

70,506

-

8.	RELATED PARTY DISCLOSURES

Shute End Holdings Limited

A company of which Mr G Simpson is a director.

As at the period end £2,438,432 (2016: £850,000) was owed from Shute End Holdings Limited, a

company of which Mr G Simpson is a director. The loan is repayable on demand and bears interest

at 5%

Westbourne Group Limited

A company of which Mr G Simpson is a director

As at the period end £3,266,760 (2016: £Nil) was owed from Westbourne Group Limited, a company

of which Mr G Simpson is a director. The loan is repayable on demand and bears interest at 5%.

Mr J Simpson

Family member of a director

As at the period end, under the terms of a loan note instrument, an amount of £6,146,780 was

owed to Mr J Simpson, a shareholder of the company. The loan note is redeemable on the 5

December 2024 but at the request of Mr J Simpson can be redeemed in part or in full from 6

December 2019. The loan note is unsecured and bears interest at 5%. Interest is paid when the loan

note is redeemed. In the period to 31 March 2017 an interest waiver has been entered into and

therefore no accrual has been made in respect of interest due on the loan note to the balance sheet

date.

As at the period end £158,871 (2016: £158,871) is due from Mr J Simpson in relation to drawings

made from the company. The balance has been netted against the loan note creditor in the

accounts.

As at the period end £20,625 (2016: £Nil) is due from Mr J Simpson in relation to a separate loan

taken from the company. The loan is repayable on demand and bears interest at 5%.

Mr C Simpson

Family member of a director

As at the period end, under the terms of a loan note instrument an amount of £6,146,780 is owed to

Mr C Simpson, a shareholder of the company. The loan note is redeemable on the 5 December 2024

but at the request of Mr C Simpson can be redeemed in part or in full from 6 December 2019. The

loan note is unsecured and bears interest at 5%. Interest is paid when the loan note is redeemed. In

the period to 31 March 2017 an interest waiver has been entered into and therefore no accrual has

been made in respect of interest due on the loan note to the balance sheet date.

As at the period end £153,871 (2016: £133,871) is due from Mr C Simpson in relation to drawings

made from the company. The balance has been netted against the loan note creditor in the

accounts.

As at the period end £707,807 (2016: £Nil) is due from Mr C Simpson in relation to a separate loan

taken from the company. The loan is repayable on demand and bears interest at 5%.

Mrs H Phillips

Family member of a director

As at the period end, under the terms of a loan note instrument an amount of £6,146,839 is owed to

Mrs H Phillips, a shareholder of the company. The loan note is redeemable on the 5 December 2024

but at the request of Mrs H Phillips can be redeemed in part or in full from 6 December 2019. The

loan note is unsecured and bears interest at 5%. Interest is paid when the loan note is redeemed. In

the period to 31 March 2017 an interest waiver has been entered into and therefore no accrual has

been made in respect of interest due on the loan note to the balance sheet date.

As at the period end £133,930 (2016: £333,930) is due from Mrs H Phillips in relation to drawings

made from the company. The balance has been netted against the loan note creditor in the

accounts.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr G Simpson.