Overlane Properties Ltd
Overlane Properties Ltd
Registered number: 08314657
Financial Statements
For The Year Ended
30 April 2023
Overlane Properties Ltd
Financial Statements
For The Year Ended
30 April 2023
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Page 1
Overlane Properties Ltd
Balance Sheet
As At
30 April 2023
Balance Sheet
Registered number:
08314657
For the year ending 30 April 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 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 ASSETS (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 | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Revaluation reserve | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 318,451 | 294,020 | |||
Page 1
Page 2
Overlane Properties Ltd
Balance Sheet (continued)
As At
30 April 2023
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Overlane Properties Ltd
Notes to the Financial Statements
For The Year Ended
30 April 2023
Notes to the Financial Statements
1.
General Information
Overlane Properties Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08314657
. The registered office is 550 Valley Road, Nottingham, NG5 1JJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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2.3.
Leases
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2022: NIL)
Page 3
Page 4
Overlane Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
4.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at
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| Depreciation | ||||
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| Provided during the period |
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| As at
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| Net Book Value | ||||
| As at
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5.
Investments
| Listed | |
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| £ | |
| Cost | |
| As at
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| As at
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| Provision | |
| As at
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| Net Book Value | |
| As at
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| As at
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6.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| VAT | - |
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Page 4
Page 5
Overlane Properties Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| VAT |
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- | |
| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance leases |
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| Bank loans |
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9.
Obligations Under Finance Leases
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Later than one year and not later than five years |
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10.
Share Capital
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Allotted, Called up and fully paid |
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11.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at
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| As at
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12.
Related Party Transactions
At the balance sheet date, the company owed the director £196,134 (2022:£822). The directors loan account is unsecured, interest free and repayable on demand.
Page 5