REGISTERED NUMBER:
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Oovee Ltd |
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Unaudited Financial Statements |
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For The Year Ended |
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31st August 2021 |
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REGISTERED NUMBER:
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Oovee Ltd |
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Unaudited Financial Statements |
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For The Year Ended |
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31st August 2021 |
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Oovee Ltd (Registered number: 06771895) |
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Contents of the Financial Statements |
For The Year Ended 31st August 2021 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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Chartered Accountants' Report | 8 |
Oovee Ltd |
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Company Information |
For The Year Ended 31st August 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Englands Lane Business Centre |
47 Englands Lane |
Gorleston |
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Norfolk |
NR31 6BE |
Oovee Ltd (Registered number: 06771895) |
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Balance Sheet |
31st August 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Oovee Ltd (Registered number: 06771895) |
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Balance Sheet - continued |
31st August 2021 |
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The financial statements were approved by the director and authorised for issue on
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Oovee Ltd (Registered number: 06771895) |
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Notes to the Financial Statements |
For The Year Ended 31st August 2021 |
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1. | STATUTORY INFORMATION |
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Oovee Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on the going concern basis due to the continued profits generated by the company, and predicted post balance sheet profits. Furthermore, a single creditor, which accounts for over 90% of potential liabilities is also under dispute. Most importantly, the company has a substantial bad debtor, which the company is pursuing legal recovery of the debt owed. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Office equipment | - |
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Website | - |
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Computer equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Oovee Ltd (Registered number: 06771895) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st August 2021 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
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At 31st August 2021 |
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NET BOOK VALUE |
At 31st August 2021 |
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Oovee Ltd (Registered number: 06771895) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st August 2021 |
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6. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | Website | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st September 2020 |
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Additions |
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At 31st August 2021 |
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DEPRECIATION |
At 1st September 2020 |
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Charge for year |
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At 31st August 2021 |
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NET BOOK VALUE |
At 31st August 2021 |
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At 31st August 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Oovee Ltd (Registered number: 06771895) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st August 2021 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st August 2021 and 31st August 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest is charged on the loan at H M Revenue & Customs approved rates. |
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12. | RELATED PARTY DISCLOSURES |
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In the year the director sold various Intellectual Property assets and rights to the company. This was calculated using an arms length valuation. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Saxton & Co Limited. |
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The ultimate controlling party is
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Oovee Ltd |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oovee Ltd for the year ended 31st August 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Oovee Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oovee Ltd and state those matters that we have agreed to state to the director of Oovee Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oovee Ltd and its director for our work or for this report. |
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It is your duty to ensure that Oovee Ltd 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 Oovee Ltd. You consider that Oovee Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Oovee Ltd. 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. |
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Chartered Accountants |
Englands Lane Business Centre |
47 Englands Lane |
Gorleston |
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Norfolk |
NR31 6BE |
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