Overseas Off-plan No. 1 Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 05294018 (England and Wales)

Overseas Off-plan No. 1 Limited

Abridged Unaudited Financial Statements

for the Year Ended 30 April 2016

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr A F Reeves

Mr M J Beardmore

SECRETARY:

Mr A F Reeves

REGISTERED OFFICE:

81 Rochester Row

Westminster

London

SW1P 1LJ

REGISTERED NUMBER:

05294018 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

237 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the directors and members 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 Statement of Financial Position. Readers are cautioned that the

Abridged 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 Overseas Off-plan No. 1 Limited for the year ended 30 April 2016

which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial

Position, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Overseas Off-plan No. 1 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 Overseas Off-plan No. 1 Limited and state those matters that we have agreed to state to the Board of Directors of Overseas Off-plan No. 1 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Overseas Off-plan No. 1 Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Overseas Off-plan No. 1 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 Overseas Off-plan No. 1 Limited. You consider that Overseas Off-plan No. 1 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 Overseas Off-plan No. 1 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.

Alton & Co

Chartered Accountants

237 Kennington Lane

London

SE11 5QU

28 January 2017

CURRENT ASSETS

Inventories

3

329,500

417,500

Debtors

4

3,325

1,773

Investments

5

-

2,200

Cash at bank

8,579

2,144

341,404

423,617

CREDITORS

Amounts falling due within one year

6

9,538

49,222

NET CURRENT ASSETS

331,866

374,395

TOTAL ASSETS LESS CURRENT LIABILITIES

331,866

374,395

CREDITORS

Amounts falling due after more than one year

7

114,919

109,009

NET ASSETS

216,947

265,386

CAPITAL AND RESERVES

Called up share capital

9

372,501

372,501

Share premium

10

367,543

367,543

Retained earnings

10

(523,097

)

(474,658

)

SHAREHOLDERS' FUNDS

216,947

265,386

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement for the year ended 30 April 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 27 January 2017 and were signed on its behalf by:

Mr A F Reeves - Director

1.	STATUTORY INFORMATION

Overseas Off-plan No. 1 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 the provisions of Section 1A "Small Entities" 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 cost convention.

Turnover

Turnover, in relation to the sale of properties, represents the surplus on transactions and is recognised

when the company becomes entitled to the income.

Stocks and work in progress

Stocks consist of completed properties held for sale and work in progress properties yet to be

completed; both are valued at the lower of cost and net realisable value. Properties held for sale and

work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is

based upon estimated selling price less further costs expected to be incurred to completion and

disposal.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date where transactions or events that result in an obligation to pay

more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

Timing differences are differences between the company's taxable profits and its results as stated in

the financial statements that arise from the include of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which

timing differences are expected to reverse, based on tax rates and laws that have been enacted or

substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position 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.

Investments

Current asset investments are stated at the lower of cost and net realisable value.

Going concern

In the directors' assessment of the company's ability to continue as a going concern, there are no

material uncertainties that may cast significant doubt about the company's ability to continue as a

going concern.

3.	INVENTORIES

2016

2015

£

£

Stocks

329,500

417,500

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors - Noscasa

1,277

1,023

Solicitors' control account

1,000

-

Prepayments

1,048

750

3,325

1,773

5.	CURRENT ASSET INVESTMENTS

2016

2015

£

£

Investments

-

2,200

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

4,303

4,708

Trade creditors

231

11,066

Other creditors

150

14,352

Deposit received

-

10,000

Directors' current accounts

400

-

Accrued expenses

4,454

9,096

9,538

49,222

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans - 1-2 years

4,303

4,708

Bank loans - 2-5 years

12,908

14,124

Bank loans more than 5 years

by instalments

19,035

18,303

Bank loans more than 5 years

by non-instalments

78,673

71,874

114,919

109,009

2016

2015

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 years

by non-instalments

78,673

71,874

78,673

71,874

Repayable by instalments

Bank loans more than 5 years

by instalments

19,035

18,303

19,035

18,303

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

119,222

113,717

Bank loans of £119,222 (2015: £113,717) are secured by a fixed and floating charge over the

properties which they relate to.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Founder Shares

£1

1

1

745,000

Ordinary Shares

£372,500

372,500

372,500

372,501

372,501

The ordinary and founder shares rank pari passu in all events, except only that in the event of a

winding up or distribution of assets the holders of the ordinary shares shall receive a priority return

equivalent to 5% per annum of the initial capital invested and the remaining amount available for

distribution shall be allocated as to 25% to the holders of founder shares and 75% to the holders of

ordinary shares in proportion to their holdings.

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 May 2015

(474,658

)

367,543

(107,115

)

Deficit for the year

(48,439

)

(48,439

)

At 30 April 2016

(523,097

)

367,543

(155,554

)

11.	RELATED PARTY DISCLOSURES

Mr A F Reeves

Director and shareholder

Amount owed to at balance sheet date £400 (2015: Nil).

Invest-in-Property Ltd

A company in which Mr A F Reeves is a director and shareholder

During the year, the company incurred a management charge of £2,654 (2015: £3,775) from the

founder shareholder Invest-in-Property Limited, a company registered in England and Wales. At 30

April 2016, nil (2015: £10,836) was owed to Invest-in-Property Limited and a further £2,654 (2015:

£3,775) was accrued in relation to the management charge incurred during the year.

During the prior year ended 30 April 2015, Invest-in-Property Limited provided a loan to Overseas

Off-Plan No. 1 Limited of £10,000. At the year end £150 (2015: £14,352) remained outstanding and

has been included in other creditors.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors.