REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
OVERBURY ESTATES PORTFOLIO LTD |
PREVIOUSLY KNOWN AS |
WEALTH MANAGEMENT BY INVITATION LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
OVERBURY ESTATES PORTFOLIO LTD |
PREVIOUSLY KNOWN AS |
WEALTH MANAGEMENT BY INVITATION LTD |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OVERBURY ESTATES PORTFOLIO LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Southbridge House |
Southbridge Place |
Croydon |
CR0 4HA |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non- Distributable Reserves | 9 |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
BALANCE SHEET - continued |
30 JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Overbury Estates Portfolio Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
In accordance with the Financial Reporting Standard for Smaller Entities ( FRS 102 s1A), investment properties are revalued annually by the directors. Any aggregate surplus or temporary deficit from the original cost is transferred to the revaluation reserve. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year. |
On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve. |
No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. The Companies Act requires all properties to be depreciated, but that requirement conflicts with the generally accepted accounting principle set out in the FRS 102 s1A. The directors consider that, as the properties are held for long term investment, a true and fair view is given by following the FRS 102 s1A. Depreciation is only one of many factors reflected in the annual valuation of properties and the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2020 | 92,529 | - | 92,529 |
Valuation in 2021 | 374,551 | - | 374,551 |
Valuation in 2022 | 611,613 | - | 611,613 |
Valuation in 2023 | (71,446 | ) | - | (71,446 | ) |
Valuation in 2024 | 195,803 | - | 195,803 |
Cost | 7,656,950 | - | 7,656,950 |
8,860,000 | - | 8,860,000 |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Amounts owed to associates | 226,991 | 336,088 |
Taxation and social security |
Other creditors |
9. | RESERVES |
Non- |
Distributable |
Reserves |
£ |
At 1 July 2023 |
Property Revaluation | 195,803 |
At 30 June 2024 |
OVERBURY ESTATES PORTFOLIO LTD (REGISTERED NUMBER: 09924101) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Included in creditors falling due within one year is the amount due to the director of nil (2023: £156,332) |
11. | RELATED PARTY DISCLOSURES |
Included in creditors falling due after more than one year is amount owed to Mr. J Overbury of £88,470 and to Mrs. E Overbury of £138,521. This is an interest bearing loan at 10% p.a |
Mr and Mrs Overbury are parents of the ultimate controlling party (Mr Daniel Overbury) |