Company Registration No. 04639531 (England and Wales)
HOWARD OVERMAN LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
HOWARD OVERMAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HOWARD OVERMAN LIMITED
BALANCE SHEET
AS AT 5 APRIL 2023
05 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
17,319
15,803
Investment property
4
380,000
370,000
Investments
6
3,025,945
3,049,160
3,423,264
3,434,963
Current assets
Debtors
7
314,314
4,138
Cash at bank and in hand
4,910
402,594
319,224
406,732
Creditors: amounts falling due within one year
8
(154,320)
(236,796)
Net current assets
164,904
169,936
Total assets less current liabilities
3,588,168
3,604,899
Provisions for liabilities
(148,013)
(124,272)
Net assets
3,440,155
3,480,627
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9
3,440,055
3,480,527
Total equity
3,440,155
3,480,627

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 18 October 2023
H Overman
Director
Company registration number 04639531 (England and Wales)
HOWARD OVERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 2 -
1
Accounting policies
Company information

Howard Overman Limited is a private company limited by shares incorporated in England and Wales. The registered office is Europa House, Goldstone Villas, Hove, East Sussex, BN3 3RQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised when the goods are physically delivered to the customer and when the services are performed.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Financial instruments

The company has the following financial instruments:

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HOWARD OVERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
HOWARD OVERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
4
Investment property
2023
£
Fair value
At 6 April 2022
370,000
Revaluations
10,000
At 5 April 2023
380,000

The fair value of the investment property at 5 April 2023 has been arrived at on an open market basis by reference to the market evidence of transaction prices for similar properties by H Overman, the director of the company.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
183,364
183,364
Accumulated depreciation
(22,725)
(21,210)
Carrying amount
160,639
162,154
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 6 April 2022
39,401
Additions
4,572
At 5 April 2023
43,973
Depreciation and impairment
At 6 April 2022
23,598
Depreciation charged in the year
3,056
At 5 April 2023
26,654
Carrying amount
At 5 April 2023
17,319
At 5 April 2022
15,803
HOWARD OVERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 5 -
6
Fixed asset investments
2023
2022
£
£
Listed investments
3,025,945
3,049,160
Fixed asset investments revalued

Listed investments have been included at their market value. The historical cost of these items is £2,565,124 (2022 - £2,510,234).

Movements in fixed asset investments
Listed investments
£
Cost or valuation
At 6 April 2022
3,049,160
Additions
407,809
Valuation changes
(78,105)
Investment charges
(50,838)
Disposals
(302,081)
At 5 April 2023
3,025,945
Carrying amount
At 5 April 2023
3,025,945
At 5 April 2022
3,049,160
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
313,534
3,405
Other debtors
780
733
314,314
4,138
8
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
95,784
128,512
Other taxation and social security
21,885
5,911
Other creditors
36,651
102,373
154,320
236,796
HOWARD OVERMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 6 -
9
Profit and loss reserves

Included in the profit and loss account reserves are fair value revaluations of £482,389 (2022 : £568,330), which are non-distributable.

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