Overton Property Limited 11260772 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is Real estate agencies Digita Accounts Production Advanced 6.30.9574.0 true true 11260772 2022-07-01 2023-06-30 11260772 2023-06-30 11260772 core:RetainedEarningsAccumulatedLosses 2023-06-30 11260772 core:ShareCapital 2023-06-30 11260772 core:CurrentFinancialInstruments 2023-06-30 11260772 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 11260772 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 11260772 core:FurnitureFittingsToolsEquipment 2023-06-30 11260772 bus:SmallEntities 2022-07-01 2023-06-30 11260772 bus:Audited 2022-07-01 2023-06-30 11260772 bus:FullAccounts 2022-07-01 2023-06-30 11260772 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 11260772 bus:RegisteredOffice 2022-07-01 2023-06-30 11260772 bus:Director1 2022-07-01 2023-06-30 11260772 bus:Director2 2022-07-01 2023-06-30 11260772 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11260772 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 11260772 countries:England 2022-07-01 2023-06-30 11260772 2022-06-30 11260772 core:FurnitureFittingsToolsEquipment 2022-06-30 11260772 2021-07-01 2022-06-30 11260772 2022-06-30 11260772 core:RetainedEarningsAccumulatedLosses 2022-06-30 11260772 core:ShareCapital 2022-06-30 11260772 core:CurrentFinancialInstruments 2022-06-30 11260772 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 11260772 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 11260772 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 11260772

Overton Property Limited

Filleted Financial Statements

for the Year Ended 30 June 2023

 

Overton Property Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

Overton Property Limited

Company Information

Directors

Leighton Snow

Mrs Gemma Snow

Registered office

C/O Bright Partnership,
26 Edward Court,
Altrincham
England
WA14 5GL

Accountants

Bright Partnership LLP
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

Overton Property Limited

(Registration number: 11260772)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,715

2,955

Current assets

 

Stocks

52,604

-

Debtors

5

85,673

48,775

Cash at bank and in hand

 

97,568

126,134

 

235,845

174,909

Creditors: Amounts falling due within one year

6

(107,935)

(40,792)

Net current assets

 

127,910

134,117

Total assets less current liabilities

 

129,625

137,072

Creditors: Amounts falling due after more than one year

6

-

(635)

Provisions for liabilities

(326)

(561)

Net assets

 

129,299

135,876

Capital and reserves

 

Called up share capital

90

90

Retained earnings

129,209

135,786

Shareholders' funds

 

129,299

135,876

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Leighton Snow
Director

 

Overton Property Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
C/O Bright Partnership,
26 Edward Court,
Altrincham
England
WA14 5GL
England

These financial statements were authorised for issue by the Board on 24 October 2023.

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.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 24 October 2023 was , who signed for and on behalf of .

.........................................

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 sales/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.

 

Overton Property Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred 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.

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 statement of financial position 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:

Fixtures and fittings - 25% straight line
Office equipments - 33% straight line

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.

 

Overton Property Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Overton Property Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Overton Property Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

14,941

14,941

At 30 June 2023

14,941

14,941

Depreciation

At 1 July 2022

11,986

11,986

Charge for the year

1,240

1,240

At 30 June 2023

13,226

13,226

Carrying amount

At 30 June 2023

1,715

1,715

At 30 June 2022

2,955

2,955

5

Debtors

Current

2023
£

2022
£

Trade debtors

19,993

14,759

Prepayments

6,524

7,136

Other debtors

59,156

26,880

 

85,673

48,775

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,268

8,586

Taxation and social security

23,557

26,316

Accruals and deferred income

2,495

2,250

Other creditors

73,615

3,640

107,935

40,792

Creditors: amounts falling due after more than one year

 

Overton Property Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

-

635