Overberry Limited 05812529 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is property trading. Digita Accounts Production Advanced 6.30.9574.0 true 05812529 2022-06-01 2023-05-31 05812529 2023-05-31 05812529 bus:OrdinaryShareClass1 2023-05-31 05812529 2 2023-05-31 05812529 core:CurrentFinancialInstruments 2023-05-31 05812529 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05812529 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05812529 core:FurnitureFittingsToolsEquipment 2023-05-31 05812529 core:OtherPropertyPlantEquipment 2023-05-31 05812529 bus:SmallEntities 2022-06-01 2023-05-31 05812529 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 05812529 bus:FullAccounts 2022-06-01 2023-05-31 05812529 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 05812529 bus:RegisteredOffice 2022-06-01 2023-05-31 05812529 bus:Director2 2022-06-01 2023-05-31 05812529 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 05812529 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05812529 core:FurnitureFittings 2022-06-01 2023-05-31 05812529 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05812529 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 05812529 core:PlantMachinery 2022-06-01 2023-05-31 05812529 core:OtherRelatedParties 2022-06-01 2023-05-31 05812529 countries:AllCountries 2022-06-01 2023-05-31 05812529 2022-05-31 05812529 core:FurnitureFittingsToolsEquipment 2022-05-31 05812529 core:OtherPropertyPlantEquipment 2022-05-31 05812529 2021-06-01 2022-05-31 05812529 2022-05-31 05812529 bus:OrdinaryShareClass1 2022-05-31 05812529 2 2022-05-31 05812529 core:CurrentFinancialInstruments 2022-05-31 05812529 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05812529 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05812529 core:FurnitureFittingsToolsEquipment 2022-05-31 05812529 core:OtherPropertyPlantEquipment 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05812529

Overberry Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Overberry Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Overberry Limited

Company Information

Director

D Symeou

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Overberry Limited

(Registration number: 05812529)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

304

405

Current assets

 

Stocks

1,710,680

1,710,680

Debtors

5

110,000

151,592

Cash at bank and in hand

 

22,087

652

 

1,842,767

1,862,924

Creditors: Amounts falling due within one year

6

(305,018)

(308,125)

Net current assets

 

1,537,749

1,554,799

Total assets less current liabilities

 

1,538,053

1,555,204

Creditors: Amounts falling due after more than one year

6

(1,485,260)

(1,518,265)

Net assets

 

52,793

36,939

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

52,791

36,937

Shareholders' funds

 

52,793

36,939

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 21 February 2024
 

.........................................
D Symeou
Director

 

Overberry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
17 Oakleigh Park South
London
N20 9JS

These financial statements were authorised for issue by the director on 21 February 2024.

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 represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occured. This is stated after discounts and other sales taxes
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.

 

Overberry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

Plant & machinery

25% Reducing balance method

Fixtures, fittings & equipment

25% Reducing balance method

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.

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.

 

Overberry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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 the director) during the year, was 1 (2022 - 2).

 

Overberry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

8,665

6,369

15,034

At 31 May 2023

8,665

6,369

15,034

Depreciation

At 1 June 2022

8,260

6,369

14,629

Charge for the year

101

-

101

At 31 May 2023

8,361

6,369

14,730

Carrying amount

At 31 May 2023

304

-

304

At 31 May 2022

405

-

405

5

Debtors

Note

2023
£

2022
£

Other debtors

 

110,000

150,000

Corporation tax receivable

-

1,592

 

110,000

151,592

 

Overberry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank borrowings

32,610

33,804

Accruals and deferred income

2,350

2,350

Corporation tax liability

4,268

477

Directors loan account

4,790

7,634

Other payables

261,000

261,000

Bank overdrafts

-

2,860

305,018

308,125

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,485,260

1,518,265

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Related party transactions

Summary of transactions with other related parties

Included in other creditors is an amount of £ 261,000 (2022: £261,000) owed to Keyside Properties Limited, a company under common cotrol. Included in other debtors is a sum of £ 110,000 (2022: £ 150,000) owed from Sann Properties Limited. Included in other creditors is the sum of £4,790 (2022: £7,634) owed to the director of the company.