Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-01-06falseNo description of principal activity6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC718990 2022-01-05 SC718990 2022-01-06 2023-03-31 SC718990 2021-01-06 2022-01-05 SC718990 2023-03-31 SC718990 c:Director1 2022-01-06 2023-03-31 SC718990 c:Director1 2023-03-31 SC718990 c:Director2 2022-01-06 2023-03-31 SC718990 c:Director2 2023-03-31 SC718990 c:Director3 2022-01-06 2023-03-31 SC718990 c:Director3 2023-03-31 SC718990 c:Director4 2022-01-06 2023-03-31 SC718990 c:Director4 2023-03-31 SC718990 c:RegisteredOffice 2022-01-06 2023-03-31 SC718990 d:PlantMachinery 2022-01-06 2023-03-31 SC718990 d:PlantMachinery 2023-03-31 SC718990 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-06 2023-03-31 SC718990 d:MotorVehicles 2022-01-06 2023-03-31 SC718990 d:MotorVehicles 2023-03-31 SC718990 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-06 2023-03-31 SC718990 d:OwnedOrFreeholdAssets 2022-01-06 2023-03-31 SC718990 d:CurrentFinancialInstruments 2023-03-31 SC718990 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC718990 d:ShareCapital 2023-03-31 SC718990 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC718990 c:OrdinaryShareClass1 2022-01-06 2023-03-31 SC718990 c:OrdinaryShareClass1 2023-03-31 SC718990 c:FRS102 2022-01-06 2023-03-31 SC718990 c:AuditExempt-NoAccountantsReport 2022-01-06 2023-03-31 SC718990 c:FullAccounts 2022-01-06 2023-03-31 SC718990 c:PrivateLimitedCompanyLtd 2022-01-06 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC718990










OVERBURNS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

 
OVERBURNS LIMITED
 

COMPANY INFORMATION


Directors
Mr K Campbell (appointed 6 January 2022)
Mr A Campbell (appointed 14 March 2023)
Mrs I Campbell (appointed 14 March 2023)
Mr C R McCready (appointed 31 March 2023)




Registered number
SC718990



Registered office
Overburns Farm
Lamington Road

Biggar

ML12 6HP




Accountants
EQ Accountants LLP
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
OVERBURNS LIMITED
REGISTERED NUMBER: SC718990

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
£

Fixed assets
  

Tangible assets
 4 
333,208

  
333,208

Current assets
  

Stocks
  
1,159,784

Debtors: amounts falling due within one year
 5 
1,116,928

Cash at bank and in hand
  
742,436

  
3,019,148

Creditors: amounts falling due within one year
 6 
(1,189,877)

Net current assets
  
 
 
1,829,271

Total assets less current liabilities
  
2,162,479

  

Net assets
  
2,162,479


Capital and reserves
  

Called up share capital 
  
2,300,100

Profit and loss account
  
(137,621)

  
2,162,479


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2023.




Mr K Campbell
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
OVERBURNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Overburns Limited is a private company, limited by shares, incorporated in Scotland with registration number SC718990. The registered office is Overburns Farm, Lamington Road, Biggar, United Kingdom, ML12 6HP.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
OVERBURNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 
OVERBURNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 4

 
OVERBURNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 6.


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


Additions
158,563
264,573
423,136



At 31 March 2023

158,563
264,573
423,136



Depreciation


Charge for the period on owned assets
23,784
66,144
89,928



At 31 March 2023

23,784
66,144
89,928



Net book value



At 31 March 2023
134,779
198,429
333,208


5.


Debtors

2023
£


Trade debtors
953,428

Other debtors
71,873

Prepayments and accrued income
23,299

Deferred taxation
68,328

1,116,928


Page 5

 
OVERBURNS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
755,086

Other taxation and social security
39,449

Other creditors
375,727

Accruals and deferred income
19,615

1,189,877



7.


Share capital

2023
£
Allotted, called up and fully paid


2,300,100 Ordinary shares of £1.00 each
2,300,100


The company was incorporated on the 6 January 2022 and issued 100 Ordinary £1 shares at par value. The company issued a further 2,300,000 Ordinary £1 shares at par value on 7th July 2022.


Page 6