OVERPAIDTAX LTD,Ltd - AccountsLtd - Accounts

OVERPAIDTAX LTD,Ltd - AccountsLtd - Accounts

OVERPAIDTAX LIMITED - Company Information

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2019-06-01 06911701 2020-05-31 06911701 2019-06-01 2020-05-31 06911701 2019-05-31 06911701 2018-06-01 2019-05-31 06911701 uk-core:WithinOneYear 2019-05-31 06911701 uk-core:WithinOneYear 2020-05-31 06911701 uk-core:AfterOneYear 2019-05-31 06911701 uk-core:AfterOneYear 2020-05-31 06911701 uk-core:ShareCapital 2020-05-31 06911701 uk-core:ShareCapital 2019-05-31 06911701 uk-core:RetainedEarningsAccumulatedLosses 2020-05-31 06911701 uk-core:RetainedEarningsAccumulatedLosses 2019-05-31 06911701 uk-bus:Director1 2019-06-01 2020-05-31 06911701 uk-core:ToolsEquipment 2019-06-01 2020-05-31 06911701 uk-core:FurnitureFittings 2019-06-01 2020-05-31 06911701 uk-core:ToolsEquipment 2019-05-31 06911701 uk-core:FurnitureFittings 2019-05-31 06911701 uk-core:FurnitureFittings 2020-05-31 06911701 uk-core:ToolsEquipment 2020-05-31 06911701 uk-core:AfterOneYear uk-core:Secured 2020-05-31 06911701 uk-core:AfterOneYear uk-core:Secured 2019-05-31 iso4217:GBP xbrli:pure 06911701 uk-bus:AuditExempt-NoAccountantsReport 2019-06-01 2020-05-31 06911701 uk-bus:FRS102 2019-06-01 2020-05-31 06911701 uk-bus:FullAccounts 2019-06-01 2020-05-31 06911701 uk-bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31
OVERPAIDTAX LTD
Registered Number:06911701
For the year ended 31 May 2020
England and Wales
Unaudited Financial Statements
2
For the year ended 31 May 2020
OVERPAIDTAX LTD
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
06911701
As at 31 May 2020
OVERPAIDTAX LTD
Statement of Financial Position
£
£
2019
2020
Notes
Fixed assets
Property, plant and equipment
207
1,241
2
207
1,241
Current assets
Trade and other receivables
49,724
41,910
3
3,761
Cash and cash equivalents
49,420
91,330
53,485
Trade and other payables: amounts falling due within one year
(7,815)
(8,089)
4
45,670
83,241
Net current assets
Total assets less current liabilities
83,448
46,911
Trade and other payables: amounts falling due after more than one year
-
(50,000)
5
33,448
Net assets
46,911
Capital and reserves
Called up share capital
2
-
Retained earnings
33,446
46,911
33,448
46,911
Shareholders' funds
For the year ended 31 May 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006
The director acknowledges her responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MRS YANPING WU Director
These financial statements were approved and authorised for issue by the Board on 01 January 2021 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 May 2020
OVERPAIDTAX LTD
Notes to the Financial Statements
Statutory Information
OVERPAIDTAX LTD is a private limited company, limited by shares, domiciled in England and Wales, registration number 06911701.
Registered address:
The Media Centre
7 Northumberland Street
Huddersfield
HD1 1RL
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have
been prepared under the historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
25 Straight line
Computer equipment
25 Straight line
Fixtures and fittings
The company''s freehold properties were professionally valued in 0. This valuation has been reduced by subsequent depreciation. Under
the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the properties continue to be
stated at that valuation less accumulated depreciation to date and that valuation has not been updated.
The company''s freehold properties are revalued in full every five years. Interim valuations are carried out when it is likely that there has
been a material change in value.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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5
For the year ended 31 May 2020
OVERPAIDTAX LTD
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Fixtures and fittings
£
£
£
Cost or valuation
At 01 June 2019
5,954
5,647
307
At 31 May 2020
307
5,647
5,954
Provision for depreciation and impairment
At 01 June 2019
4,713
4,636
77
Charge for year
1,034
1,034
-
At 31 May 2020
5,747
5,670
77
At 31 May 2020
Net book value
230
(23)
207
At 31 May 2019
230
1,011
1,241
3. Trade and other receivables
2019
2020
£
£
Trade debtors
27,050
20,432
Other debtors
14,860
29,292
49,724
41,910
The debtors above include the following amounts falling due after more than one year:
Trade debtors
15,266
7,620
4. Trade and other payables: amounts falling due within one year
2019
2020
£
£
Trade creditors
1
(7,647)
Taxation and social security
8,088
9,824
Other creditors
-
5,638
8,089
7,815
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6
For the year ended 31 May 2020
OVERPAIDTAX LTD
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year
2019
2020
£
£
Bank loans and overdraft
50,000
-
Other creditors
-
-
50,000
-
6. Average number of persons employed
During the year the average number of employees was 7 (2019 : 7)
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