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REGISTERED NUMBER: 03527981 (England and Wales)















Financial Statements

for the Period 1 April 2022 to 30 March 2023

for

OVERLEC LIMITED

OVERLEC LIMITED (REGISTERED NUMBER: 03527981)

Contents of the Financial Statements
for the period 1 April 2022 to 30 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OVERLEC LIMITED

Company Information
for the period 1 April 2022 to 30 March 2023







Directors: D L Holland
M Porter
K A Fowlie





Registered office: Chaddock Lane
Worsley
Greater Manchester
M28 1XW





Registered number: 03527981 (England and Wales)





Auditors: Haines Watts
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

OVERLEC LIMITED (REGISTERED NUMBER: 03527981)

Balance Sheet
30 March 2023

2023 2022
Notes £ £
Current assets
Debtors 5 671,412 568,584
Cash at bank 56,229 128,398
727,641 696,982
Creditors
Amounts falling due within one year 6 16,966 178,192
Net current assets 710,675 518,790
Total assets less current liabilities 710,675 518,790

Capital and reserves
Called up share capital 7 2 2
Retained earnings 710,673 518,788
Shareholders' funds 710,675 518,790

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:





D L Holland - Director


OVERLEC LIMITED (REGISTERED NUMBER: 03527981)

Notes to the Financial Statements
for the period 1 April 2022 to 30 March 2023


1. Statutory information

Overlec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company no longer trades. The financial statements are, therefore, prepared on a basis other than going concern. However, no adjustments are required to the figures in the financial statements as a result of ceasing to trade.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year.

Turnover
Turnover is the total amount receivable by the company in the ordinary course of business with customers for goods supplied and services provided excluding value added tax.

Turnover is recognised to the extent it is probable that economic benefit will flow to the Company. Turnover is recognised as the fair value of 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:

The amount of turnover can be measured reliably;
It is probable that the Company will receive the consideration due under the contract; and
Where applicable, the costs incurred and the costs to complete the contract can be measured reliably.

Turnover in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer. Where turnover recognised exceeds billing, the balance is shown as due from customers within debtors.

OVERLEC LIMITED (REGISTERED NUMBER: 03527981)

Notes to the Financial Statements - continued
for the period 1 April 2022 to 30 March 2023


3. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost using the effective interest method.

Trade payables 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 payment is due within one year. If not, they are presented as non-current liabilities. Trade payables are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. Employees and directors

The average number of employees during the period was NIL (2022 - 9 ).

OVERLEC LIMITED (REGISTERED NUMBER: 03527981)

Notes to the Financial Statements - continued
for the period 1 April 2022 to 30 March 2023


5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors - 11,788
Amounts owed by group undertakings 651,726 335,532
Amounts recoverable on contract - 13,296
Other debtors 19,686 207,968
671,412 568,584

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 13,754 -
Corporation tax 3,212 178,192
16,966 178,192

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
200 Ordinary A 0.01 2 2
2 Ordinary B 0.01 - -
2 2

All shares have full voting and capital distribution rights and are entitled to dividends as declared for each class.

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David M Fort FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

9. Contingent liabilities

The company had guaranteed the bank loans and overdrafts of all group undertakings. At 30 March 2023 the total indebtedness of its ultimate parent company was £nil (2022 - £75,000,000). The indebtedness of other group companies was £nil (2022 - £nil).

10. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. Ultimate controlling party

The immediate parent company, by virtue of its 100% shareholding, is Network Plus Services Limited, a company registered in the United Kingdom.

Nyetimber Finco Limited, a company registered in the United Kingdom, is the parent undertaking of the smallest group of undertakings to consolidate these financial statements. OMERS Administration Corporation is the beneficial owner of Nyetimber Finco Limited.