OVERMILE PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

OVERMILE PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

OVERMILE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10529610
OVERMILE PROPERTIES LIMITED
Filleted Unaudited Financial Statements
31 December 2018
OVERMILE PROPERTIES LIMITED
Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
4
1,071,359
–
Current assets
Debtors
5
7,150
1
Creditors: amounts falling due within one year
6
208,802
–
---------
----
Net current (liabilities)/assets
( 201,652)
1
------------
----
Total assets less current liabilities
869,707
1
Creditors: amounts falling due after more than one year
7
905,178
–
---------
----
Net (liabilities)/assets
( 35,471)
1
---------
----
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 35,472)
–
--------
----
Shareholders (deficit)/funds
( 35,471)
1
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OVERMILE PROPERTIES LIMITED
Statement of Financial Position (continued)
31 December 2018
These financial statements were approved by the board of directors and authorised for issue on 3 May 2020 , and are signed on behalf of the board by:
M L Waldman
Director
Company registration number: 10529610
OVERMILE PROPERTIES LIMITED
Notes to the Financial Statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 16 December 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Land and buildings
£
Cost
At 1 January 2018
–
Additions
1,071,359
------------
At 31 December 2018
1,071,359
------------
Depreciation
At 1 January 2018 and 31 December 2018
–
------------
Carrying amount
At 31 December 2018
1,071,359
------------
At 31 December 2017
–
------------
5. Debtors
2018
2017
£
£
Other debtors
7,150
1
-------
----
6. Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
208,802
–
---------
----
7. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
905,178
–
---------
----
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 16 December 2016.
No transitional adjustments were required in equity or profit or loss for the period.