Overmed Investments Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07562073 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

OVERMED INVESTMENTS LIMITED

TRADING AS

TOLSON TILING

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Tolson

M G Tolson

R M Tolson

REGISTERED OFFICE:

Vantage House Euxton Lane

Euxton

Chorley

Lancashire

PR7 6TB

REGISTERED NUMBER:

07562073 (England and Wales)

ACCOUNTANTS:

Studholme-Bell Limited

Chartered Accountants

& Business Advisors

Vantage House Euxton Lane

Euxton

Chorley

Lancashire

PR7 6TB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

28,075

31,091

28,075

31,091

CURRENT ASSETS

Debtors

6

59,065

55,633

Cash at bank

1,843

4,481

60,908

60,114

CREDITORS

Amounts falling due within one year

62,782

49,968

NET CURRENT (LIABILITIES)/ASSETS

(1,874

)

10,146

TOTAL ASSETS LESS CURRENT LIABILITIES

26,201

41,237

CREDITORS

Amounts falling due after more than one year

(9,619

)

(17,965

)

PROVISIONS FOR LIABILITIES

(4,223

)

(6,218

)

NET ASSETS

12,359

17,054

CAPITAL AND RESERVES

Called up share capital

250

250

Retained earnings

12,109

16,804

SHAREHOLDERS' FUNDS

12,359

17,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 Balance Sheet for the year ended 31 March 2017 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 8 September 2017 and were signed on its behalf by:

R M Tolson - Director

1.	STATUTORY INFORMATION

Overmed Investments 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

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of

goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2011, has been evenly

amortised over its estimated useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

30,000

AMORTISATION

At 1 April 2016

and 31 March 2017

30,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

47,597

Additions

1,480

At 31 March 2017

49,077

DEPRECIATION

At 1 April 2016

16,506

Charge for year

4,496

At 31 March 2017

21,002

NET BOOK VALUE

At 31 March 2017

28,075

At 31 March 2016

31,091

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

33,961

DEPRECIATION

At 1 April 2016

7,564

Charge for year

2,640

At 31 March 2017

10,204

NET BOOK VALUE

At 31 March 2017

23,757

At 31 March 2016

26,397

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Other debtors

5,309

5,309

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at the year ended 31 March 2017 the Directors had an overdrawn Directors Loan Account of £36,086 (2016

£49,071). The loan has been charged interest at the official rate of 3%.

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £57,000 (2016 - £53,200) were paid to the directors .