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Registration number: 4798984

Overhaul Limited



Filleted Unaudited Financial Statements

for the Year Ended 31 October 2021

 

Overhaul Limited

 

(Registration number: 4798984)
Balance Sheet as at 31 October 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

3,600

4,800

Investment property

5

1,025,000

1,025,000

 

1,028,600

1,029,800

Current assets

 

Debtors

6

4,004

4,004

Cash at bank and in hand

 

159,623

31,284

 

163,627

35,288

Creditors: Amounts falling due within one year

7

(215,476)

(80,117)

Net current liabilities

 

(51,849)

(44,829)

Total assets less current liabilities

 

976,751

984,971

Creditors: Amounts falling due after more than one year

7

(196,094)

(226,094)

Provisions for liabilities

 

Deferred tax liabilities

 

(102,850)

(102,850)

Net assets

 

677,807

656,027

Capital and reserves

 

Called up share capital

5

5

Profit and loss account

259,407

237,627

Non-distributable reserve

 

418,395

418,395

Total equity

 

677,807

656,027

For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Overhaul Limited

 

(Registration number: 4798984)
Balance Sheet as at 31 October 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 August 2022 and signed on its behalf by:
 

.........................................
Mr J Salomon
Director

 

Overhaul Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2nd Floor Parkgates
Bury New Road
Manchester
M25 0TL
United Kingdom

These financial statements were authorised for issue by the Board on 10 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Overhaul Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Overhaul Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Overhaul Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2020

37,907

37,907

At 31 October 2021

37,907

37,907

Depreciation

At 1 November 2020

33,107

33,107

Charge for the year

1,200

1,200

At 31 October 2021

34,307

34,307

Carrying amount

At 31 October 2021

3,600

3,600

At 31 October 2020

4,800

4,800

5

Investment properties

2021
£

At 1 November 20

1,025,000

Additions

180,042

Disposals

(205,564)

Transfers to and from owner-occupied property (not to be used after adopting triennial review)

25,522

At 31 October 21

1,025,000

There has been no valuation of investment property by an independent valuer.

The historical cost of the property is £521,561

 

 

Overhaul Limited

 

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

6

Debtors

Current

2021
£

2020
£

Other debtors

4,004

4,004

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Other borrowings

100,000

-

Trade creditors

 

18,846

16,441

Taxation and social security

 

13,791

11,191

Accruals and deferred income

 

1,561

1,517

Other creditors

 

62,000

35,000

Corporation tax liability

 

19,278

15,968

 

215,476

80,117

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

196,094

226,094