Overstone Park Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03438534

OVERSTONE PARK LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2024

OVERSTONE PARK LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	6	3,407,897	4,008,772
Investments	7	–	1
		------------	------------
		3,407,897	4,008,773

CURRENT ASSETS

Stocks		66,422	74,648
Debtors	8	559,313	557,915
Cash at bank and in hand		49,229	103,735
		---------	---------
		674,964	736,298

CREDITORS: amounts falling due within one year	9	( 4,176,200)		( 5,265,644)
		------------		------------
NET CURRENT LIABILITIES			( 3,501,236)		( 4,529,346)
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 93,339)		( 520,573)

CREDITORS: amounts falling due after more than one year	10		–		( 4,759)

PROVISIONS	( 18,084)	–
	---------	---------
NET LIABILITIES	( 111,423)	( 525,332)
	---------	---------

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	( 111,425)	( 525,334)
	---------	---------
SHAREHOLDERS DEFICIT	( 111,423)	( 525,332)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

OVERSTONE PARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2024

For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 5 September 2025 , and are signed on behalf of the board by:

K Andrews
Director

Company registration number: 03438534

OVERSTONE PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ, West Yorkshire.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

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.

Going concern

These accounts have been prepared on the going concern basis on the understanding that the company has the ongoing financial support of its parent company for a period of at least 12 months.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of services provided, exclusive of Value added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised by the company during the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost.

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:

Freehold property	-	2% straight line
Plant and machinery e.t.c.	-	0% - 20% straight line
Fixtures and fittings	-	20% straight line

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recognised at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price. Any losses ar from impairment are recognised in the profit and loss account before operating profit.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 64 (2023: 64 ).

5. TAX ON PROFIT/(LOSS)

Major components of tax expense

	2024	2023
	£	£

Deferred tax:

Origination and reversal of timing differences	18,084	–
	--------	----
Tax on profit/(loss)	18,084	–
	--------	----

6. TANGIBLE ASSETS

	Freehold property	Plant and machinery e.t.c.	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2023	2,900,000	1,817,661	974,696	5,692,357
Additions	–	76,902	9,832	86,734
Disposals	–	( 614,182)	–	( 614,182)
	------------	------------	---------	------------
At 31 March 2024	2,900,000	1,280,381	984,528	5,164,909
	------------	------------	---------	------------
Depreciation
At 1 April 2023	100,000	690,084	893,501	1,683,585
Charge for the year	20,000	21,995	31,432	73,427
	------------	------------	---------	------------
At 31 March 2024	120,000	712,079	924,933	1,757,012
	------------	------------	---------	------------
Carrying amount
At 31 March 2024	2,780,000	568,302	59,595	3,407,897
	------------	------------	---------	------------
At 31 March 2023	2,800,000	1,127,577	81,195	4,008,772
	------------	------------	---------	------------

7. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 April 2023	1
Disposals	( 1)
	----
At 31 March 2024	–
	----
Impairment
At 1 April 2023 and 31 March 2024	–
	----

Carrying amount
At 31 March 2024	–
	----
At 31 March 2023	1
	----

8. DEBTORS

	2024	2023
	£	£
Trade debtors	1,321	2,536
Amounts owed by group undertakings and undertakings in which the company has a participating interest	387,665	316,157
Other debtors	170,327	239,222
	---------	---------
	559,313	557,915
	---------	---------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	93,155	175,003
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,586,938	4,631,731
Social security and other taxes	14,135	27,041
Other creditors	481,972	431,869
	------------	------------
	4,176,200	5,265,644
	------------	------------

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	–	4,759
	----	-------