Company Registration No. 10657075 (England and Wales)
OVINGTON MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
OVINGTON MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OVINGTON MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
3
19,278,096
18,048,568
Current assets
Debtors
4
4,920
2,691
Cash at bank and in hand
56,247
597,362
61,167
600,053
Creditors: amounts falling due within one year
5
(11,761,494)
(11,308,523)
Net current liabilities
(11,700,327)
(10,708,470)
Total assets less current liabilities
7,577,769
7,340,098
Provisions for liabilities
(1,516,493)
(1,152,534)
Net assets
6,061,276
6,187,564
Capital and reserves
Called up share capital
100
100
Share premium account
6,865,859
6,865,859
Profit and loss reserves
(804,683)
(678,395)
Total equity
6,061,276
6,187,564
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 31 March 2022 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.
OVINGTON MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 December 2022 and are signed on its behalf by:
J Z Dewinter
Director
Company Registration No. 10657075
OVINGTON MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Ovington Management Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover derives from rental income. Rental income is recognised on an accrual basis.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially 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 gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include deposits held at call with banks.
1.6
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
OVINGTON MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
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 loans from
fellow group companies that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit
.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Investment property reserve
The investment property reserve comprises the fair value uplift on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/ or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.
2
Employees
There were no employees during the
current or the previous year.
OVINGTON MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Investment property
2022
£
Fair value
At 1 April 2021
18,048,568
Additions
1,229,528
At 31 March 2022
19,278,096
The fair value of the investment property has been arrived on the basis of valuation carried out by directors at 31 March 2022. The valuation was made on an open market basis by reference to market evidence of transaction price for similar properties.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
2,691
2,691
Prepayments and accrued income
2,229
4,920
2,691
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
275,000
Amounts owed to group undertakings
88,284
91,084
Corporation tax
71,670
41,993
Other creditors
11,576,238
10,883,838
Accruals and deferred income
25,302
16,608
11,761,494
11,308,523
Included within other creditors is £8,167,300 (20
21
: £
8,332
,
500
) owed to the designated members of the company's parent undertaking, Ovington Operations LLP. This balance is unsecured, interest free and repayable on demand.
6
Financial commitments, guarantees and contingent liabilities
The company has given a cross company guarantee to Building Development Support Limited
.
At 31 March 2022 the borrowings of Building Development Support Limited amounted to £3,
200,000 (20
21
: £
3,200,000
)
.
OVINGTON MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
7
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2021
£
£
£
Creditors due within one year
Other creditors
(11,059,130)
67,600
(10,991,530)
Capital and reserves
Profit and loss
(745,995)
67,600
(678,395)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2021
£
£
£
Administrative expenses
(262,821)
67,600
(195,221)
Profit for the financial period
179,022
67,600
246,622