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COMPANY REGISTRATION NUMBER: 05669110
OVERTON ENGINEERING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
OVERTON ENGINEERING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
OVERTON ENGINEERING LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
3,070
4,094
Investments
7
5,000
5,000
-------------
-------------
8,070
9,094
Current assets
Debtors
8
17,831
31,648
Cash at bank and in hand
33,248
28,567
-------------
-------------
51,079
60,215
Creditors: amounts falling due within one year
9
45,337
59,019
-------------
-------------
Net current assets
5,742
1,196
-------------
-------------
Total assets less current liabilities
13,812
10,290
Creditors: amounts falling due after more than one year
10
37,435
43,559
-------------
-------------
Net liabilities
( 23,623)
( 33,269)
-------------
-------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
( 23,723)
( 33,369)
-------------
-------------
Shareholders deficit
( 23,623)
( 33,269)
-------------
-------------
These 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OVERTON ENGINEERING LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
S M Higgins
Director
Company registration number: 05669110
OVERTON ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sunbank Cottage, 162a Blacker Lane, Netherton, Wakefield, WF4 4EZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of goods sold and services provided net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
In the period of acquisition tangible fixed assets are depreciated from 1 April.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
15,000
-------------
Amortisation
At 1 April 2022 and 31 March 2023
15,000
-------------
Carrying amount
At 31 March 2023
-------------
At 31 March 2022
-------------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
4,332
3,969
4,590
12,891
-------------
-------------
-------------
-------------
Depreciation
At 1 April 2022
3,720
3,929
1,148
8,797
Charge for the year
153
10
861
1,024
-------------
-------------
-------------
-------------
At 31 March 2023
3,873
3,939
2,009
9,821
-------------
-------------
-------------
-------------
Carrying amount
At 31 March 2023
459
30
2,581
3,070
-------------
-------------
-------------
-------------
At 31 March 2022
612
40
3,442
4,094
-------------
-------------
-------------
-------------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022 and 31 March 2023
5,000
-------------
Impairment
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
5,000
-------------
At 31 March 2022
5,000
-------------
8. Debtors
2023
2022
£
£
Trade debtors
16,326
23,703
Prepayments and accrued income
190
190
Corporation tax repayable
1,315
2,883
Director loan accounts
4,872
-------------
-------------
17,831
31,648
-------------
-------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,103
5,952
Trade creditors
1,567
1,396
Accruals and deferred income
4,233
4,233
Social security and other taxes
12,024
26,966
Other creditors
20,472
20,472
Director's loan account
938
-------------
-------------
45,337
59,019
-------------
-------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,435
43,559
-------------
-------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
-------------
-------------
-------------
-------------
12. Related party transactions
The director's loan account above is unsecured, repayable on demand and currently interest free. Control of the company The company is controlled by S M Higgins .
13. Going concern
The directors are providing adequate working capital to enable the company to continue trading and consequently the accounts have been prepared on a going concern basis.