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 2020 |
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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 2020 |
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Oovee Ltd (Registered number: 06771895) |
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Contents of the Financial Statements |
For The Year Ended 31st August 2020 |
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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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Oovee Ltd |
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Company Information |
For The Year Ended 31st August 2020 |
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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 |
170 High Street |
Gorleston |
Great Yarmouth |
Norfolk |
NR31 6RG |
Oovee Ltd (Registered number: 06771895) |
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Balance Sheet |
31st August 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
( |
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PROVISIONS FOR LIABILITIES |
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( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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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 2020 |
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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 2020 |
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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 healthy 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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Tangible fixed assets |
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Office equipment | - |
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Website | - |
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Computer equipment | - |
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Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure |
on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
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Grants of a revenue nature are recognised in other income within profit or loss in the same period as the |
related expenditure. This includes the Government Coronavirus Job Retention Scheme and Coronavirus local authority grants. |
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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 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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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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Oovee Ltd (Registered number: 06771895) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st August 2020 |
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5. | TANGIBLE FIXED ASSETS |
Office | Computer |
equipment | Website | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st September 2019 |
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Additions |
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At 31st August 2020 |
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DEPRECIATION |
At 1st September 2019 |
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Charge for year |
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At 31st August 2020 |
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NET BOOK VALUE |
At 31st August 2020 |
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At 31st August 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
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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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
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 2020 |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2020 | 2019 |
£ | £ |
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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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the year ended 31st August 2020 and the period ended 31st August 2019: |
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2020 | 2019 |
£ | £ |
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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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11. | 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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