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Registered number: 09356079
OVERIZONE LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 09356079
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 - 78
Investments 6 4,467 7,596
4,467 7,674
CURRENT ASSETS
Debtors 7 421,723 470,558
Cash at bank and in hand 1,138 9,154
422,861 479,712
Creditors: Amounts Falling Due Within One Year 8 (67,362 ) (126,523 )
NET CURRENT ASSETS (LIABILITIES) 355,499 353,189
TOTAL ASSETS LESS CURRENT LIABILITIES 359,966 360,863
NET ASSETS 359,966 360,863
CAPITAL AND RESERVES
Called up share capital 9 160,703 160,703
Share premium account 1,024,216 1,024,216
Profit and Loss Account (824,953 ) (824,056 )
SHAREHOLDERS' FUNDS 359,966 360,863
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Eugenio Corti
Director
24/06/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
(a) Overizone is a Limited Company Registered in England and Wales with the number 09356079. Registered
Office: Fifth Floor 167 - 169 Great Portland Street, London, W1W 5PF - United Kingdom. The Financial Conduct
Authority authorises it under registration number 730364.
(b) Overizone Ltd is a Holding company interested in Financial Trading, Real estate and FinTech. The primary
markets are Italy, the United Kingdom, and some European Countries. The entity has ceased participation in other
companies despite the fact that there are some companies such as All Boys Ltd and High Trade Assets Ltd that
although formally indipendent entities, in reality are functional entities in Overizone's business.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain
financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have reviewed the company's latest management figures and forecasts and consider that in preparing
the financial statements they have taken into account all information that could reasonably be expected to be
available. They believe that this information demonstrates that the company will be able to pay its creditors as they
fall due.
It is also noted that the company's shareholders have invested significantly in the company and have indicated their
willingness to continue to support the company for the foreseeable future.
The directors therefore have reasonable expectation that the company has adequate resources to continue in
operational existence for the foreseeable future.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services
rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to
the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the
associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the
transactions can be measured reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation
and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of
revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and
subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they
arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the
cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life
of that asset as follows:
Trademarks - 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an
intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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2.5. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and
impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of
revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive
income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously
recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in
other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in
respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity
in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful
economic life of that asset as follows:
Fixtures & Fittings 20% reducing balance
Computer Equipment 33% Straight line
2.6. Investment Properties
Investments in subsidiaries
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated
impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated
impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the
transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value
recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably
without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether
the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less
any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded
at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value
recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably
without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether
the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being
estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is
impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual
asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The
cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that
largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date,
allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination,
irrespective of whether other assets or liabilities of the company are assigned to those units.
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2.7. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after
deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt
instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in
the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss
account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then
this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to
equity.
2.8. Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as
at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the
exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 37,556
As at 31 December 2023 37,556
Amortisation
As at 1 January 2023 37,556
As at 31 December 2023 37,556
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 464 3,763 4,227
Disposals (464 ) (3,763 ) (4,227 )
Depreciation
As at 1 January 2023 386 3,763 4,149
Provided during the period 16 - 16
Disposals (402 ) (3,763 ) (4,165 )
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 - - -
As at 1 January 2023 78 - 78
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6. Investments
Other
£
Cost
As at 1 January 2023 7,596
Additions 1,754
Disposals (4,496 )
Revaluations (387 )
As at 31 December 2023 4,467
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 4,467
As at 1 January 2023 7,596
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 31,925 70,126
Other debtors 51,679 57,930
VAT 440 916
Amounts owed by group undertakings 337,679 341,586
421,723 470,558
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 316 153
Other creditors 18,461 63,542
Accruals and deferred income 14,900 16,800
Directors' loan accounts 328 343
Amounts owed to group undertakings 33,357 45,685
67,362 126,523
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 160,703 160,703
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10. Related Party Transactions
High Trade Assets Ltd is a company in which E Corti and M Pavarin are also directors.
Rich & Son 1 Ltd is a company in which E Corti is a director and Standard Estate IT Company Ltd is a shareholder.
Standard Estate IT Company Ltd in which E Corti is a director and sole shareholder.
Rearn SRL is a company in which Rich & Son 1 Ltd is a shareholder.
Real Freenance Ltd is a company in which E Corti is a director and Overizone Ltd is the sole shareholder.
All Boys Ltd is a company in which E Corti is a director and Standard Estate IT Company Ltd and M Pavarin are
shareholders.
Biz & Bit Ltd is a company in which E Corti is a director and Standard Estate IT Company Ltd and M Pavarin are
shareholders.
Rule 72 is a company which has common shareholders with the company.
Sophisticated Investor Ltd is a company which has common shareholders with the company.
At the year end, these companies owed Overizone Ltd the following balances:
High Trade Assets Ltd £282,890 (2022 £292,697).
BSM Refractory Ltd £9,874 (2022 £12,608).
All Boys Ltd £48,309 (2022 £47,289).
These balances are included in other debtors.
At the year end, these companies were owed by Overizone Ltd the following balances:
Biz & Bit Ltd £1,549 (2022 £2,352).
Real Freenance Ltd £165 (2022 £945).
Rule 72 £17,024 (2022 £19,334).
These balances are included in other creditors.
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