Ovation - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03877970 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

OVATION INTERIOR FLOORING DESIGN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

P A Ashworth

J N Ashworth

REGISTERED OFFICE:

Tanners Business Centre

Waterside Mills

Greenfield

Oldham

OL3 7NH

REGISTERED NUMBER:

03877970 (England and Wales)

ACCOUNTANTS:

Jane Cooksey Limited

FCCA

15/16 Boarshurst Bus. Park,

Boarshurst Lane, Greenfield

Oldham

Lancashire

OL3 7ER

FIXED ASSETS

Tangible assets

4

41,914

55,885

CURRENT ASSETS

Stocks

107,723

71,494

Debtors

5

302,579

317,254

Cash at bank and in hand

14,782

87,548

425,084

476,296

CREDITORS

Amounts falling due within one year

6

115,113

150,700

NET CURRENT ASSETS

309,971

325,596

TOTAL ASSETS LESS CURRENT LIABILITIES

351,885

381,481

CREDITORS

Amounts falling due after more than one year

7

78,126

99,233

NET ASSETS

273,759

282,248

CAPITAL AND RESERVES

Called up share capital

1,421

1,421

Retained earnings

272,338

280,827

SHAREHOLDERS' FUNDS

273,759

282,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2022 and were signed on its behalf by:

P A Ashworth - Director

1.	STATUTORY INFORMATION

Ovation Interior Flooring Design 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 20% on cost and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2021

and 28 February 2022

103,951

DEPRECIATION

At 1 March 2021

48,066

Charge for year

13,971

At 28 February 2022

62,037

NET BOOK VALUE

At 28 February 2022

41,914

At 28 February 2021

55,885

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2021

and 28 February 2022

59,240

DEPRECIATION

At 1 March 2021

11,848

Charge for year

11,848

At 28 February 2022

23,696

NET BOOK VALUE

At 28 February 2022

35,544

At 28 February 2021

47,392

5.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

44,898

46,701

Other debtors

202,443

215,315

247,341

262,016

Amounts falling due after more than one year:

Other debtors

55,238

55,238

Aggregate amounts

302,579

317,254

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

13,342

10,954

Hire purchase contracts

7,464

7,464

Trade creditors

5,435

7,316

Taxation and social security

1,051

19,386

Other creditors

87,821

105,580

115,113

150,700

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

44,346

57,390

Hire purchase contracts

32,580

40,043

Other creditors

1,200

1,800

78,126

99,233

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank Loans

15,015

18,343

9.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the directors 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 Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ovation Interior Flooring Design Limited for the year ended 28 February 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Ovation Interior Flooring Design Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ovation Interior Flooring Design Limited and state those matters that we have agreed to state to the Board of Directors of Ovation Interior Flooring Design Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ovation Interior Flooring Design Limited 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 Ovation Interior Flooring Design Limited. You consider that Ovation Interior Flooring Design Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ovation Interior Flooring Design Limited. 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.

Jane Cooksey Limited

FCCA

15/16 Boarshurst Bus. Park,

Boarshurst Lane, Greenfield

Oldham

Lancashire

OL3 7ER

24 November 2022