Company Registration No. 03786048 (England and Wales)
OVIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
OVIC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OVIC LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,541
23,087
Investment properties
4
257,692
254,452
275,233
277,539
Current assets
Stocks
16,309
15,907
Debtors
5
18,370
61,767
Cash at bank and in hand
128,195
193,035
162,874
270,709
Creditors: amounts falling due within one year
6
(60,696)
(194,990)
Net current assets
102,178
75,719
Total assets less current liabilities
377,411
353,258
Creditors: amounts falling due after more than one year
7
(167,102)
(189,152)
Net assets
210,309
164,106
Capital and reserves
Called up share capital
33
33
Profit and loss reserves
210,276
164,073
Total equity
210,309
164,106
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OVIC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2019 and are signed on its behalf by:
W J Shears
Director
Company Registration No. 03786048
OVIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information
Ovic Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Water Mill, Skipton, North Yorkshire, BD23 6HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% straight line
Plant, machinery and office equipment
18% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss. The directors have assessed that the current fair value of the investment property to be of a market value.
OVIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
r
ecognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
OVIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2017 - 4).
3
Tangible fixed assets
Leasehold improvements
Plant, machinery and office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2017
1,875
29,868
16,106
47,849
Additions
-
3,088
-
3,088
At 30 June 2018
1,875
32,956
16,106
50,937
Depreciation and impairment
At 1 July 2017
376
18,708
5,678
24,762
Depreciation charged in the year
94
5,933
2,607
8,634
At 30 June 2018
470
24,641
8,285
33,396
Carrying amount
At 30 June 2018
1,405
8,315
7,821
17,541
At 30 June 2017
1,499
11,160
10,428
23,087
OVIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
4
Investment property
2018
£
Fair value
At 1 July 2017
254,452
Additions
3,240
At 30 June 2018
257,692
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
16,429
58,794
Other debtors
1,941
2,973
18,370
61,767
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
22,445
24,683
Taxation and social security
26,508
15,769
Other creditors
11,743
154,538
60,696
194,990
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
167,102
189,152