|
Registered number: 07220494
OVERTON ESTATES LTD
UNAUDITED
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
|
|
OVERTON ESTATES LTD
Company Information
|
|
OVERTON ESTATES LTD
Registered number: 07220494
Balance sheet
As at 30 April 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERTON ESTATES LTD
Registered number: 07220494
Balance sheet (continued)
As at 30 April 2021
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2022.
The notes on pages 3 to 9 form part of these financial statements.
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
Overton Estates Ltd is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The Company's registered office address is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
|
|
|
Investments in associates
|
Investments in associates are shown at cost less provision of impairment.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment properties are shown at their open market value, as determined by the directors. The surplus or deficit arising from the annual revaluation is transferred to the Profit and loss account.
Short term debtors are measured at transaction price, less any impairment.
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
2.Accounting policies (continued)
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Basic financial instruments, including trade and other creditors are measured at the transaction price less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
|
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
|
The average monthly number of employees, including directors, during the year was 1 (2020 - 1).
|
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company holds 25% of the nominal value of the ordinary share capital in Four Developments Inc Limited.
|
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The investment property is stated at the director's valuation at the balance sheet date, on an open market existing use basis, and is not depreciated. The historic cost of the investment property at the balance sheet date was £590,204 (2020: £590,204).
|
|
|
|
|
|
|
Amounts owed by associate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayable other than by instalments
|
|
|
|
|
|
|
|
Included in bank loans is £40,000 (2020: £Nil) which consists of an unsecured bounce back loan, repayable in instalments until April 2026.
Included in bank loans is £280,000 (2020: £280,000) which is secured on the freehold investment property.
|
|
OVERTON ESTATES LTD
Notes to the financial statements
For the Year Ended 30 April 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on investment property
|
|
|
|
|
|
|
|
|
|
Factors that may affect future tax charges
|
On 24 May 2021 proposals to increase the main rate of corporation tax from 19% to 25% with effect from 1 April 2023 were enacted into UK law.
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1 (2020 - 1) Ordinary share of £1.00
|
|
|
Profit & loss account
Included in the profit and loss account are non-distributable reserves of £162,155 (2020: £162,749).
|
|
Related party transactions
|
|
|
At 30 April 2021 an associated company owed £152,606 (2020: £149,106) to Overton Estates Ltd in respect of expenses paid on the associates behalf, this amount is interest free and repayable on demand. The recovery of this debt is doubtful and a provision of £152,606 (2020: £Nil) was made against the debt during the year.
|
|
|
|
