Company Registration No. 385193 (England and Wales)
J A OVERTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
J A OVERTON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J A OVERTON LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,816
1,367
Investment properties
5
331,300
331,300
333,116
332,667
Current assets
Debtors
6
14,332
10,625
Cash at bank and in hand
24,316
26,532
38,648
37,157
Creditors: amounts falling due within one year
7
(34,863)
(33,070)
Net current assets
3,785
4,087
Total assets less current liabilities
336,901
336,754
Provisions for liabilities
(53,988)
(53,988)
Net assets
282,913
282,766
Capital and reserves
Called up share capital
8
2,300
2,300
Profit and loss reserves
280,613
280,466
Total equity
282,913
282,766
J A OVERTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2020
31 January 2020
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 June 2020 and are signed on its behalf by:
Mr S J Overton
Director
Company Registration No. 385193
J A OVERTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Company information
J A Overton Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
, Brambly Hedge, Shatters Road, Layer Breton, Essex, CO2 0PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on written down value
Fixtures, fittings & equipment
5% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
J A OVERTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt.
Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions. Assets and liabilities held in foreign currencies are translated to GBP at the balance sheet date at an appropriate year end exchange rate.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences
.
2
Change in accounting policy
During the year, the commercial units, which were previously stated at costs less accumulated depreciation has been restated as investment properties. a prior period adjustment has been made to remove the depreciation charged in the previous year.
A fair value adjustment has also been made in the prior year to bring the valuation of the property up to the value obtained by the director.
A deferred tax charge has also been introduced in the prior year to show the potential tax charge on the disposal of the units. Deferred tax charge has not previously been recognised.
The net effect of this is to increase the equity in the company by £34,312.
J A OVERTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 February 2019
12,213
Additions
620
At 31 January 2020
12,833
Depreciation and impairment
At 1 February 2019
10,846
Depreciation charged in the year
171
At 31 January 2020
11,017
Carrying amount
At 31 January 2020
1,816
At 31 January 2019
1,367
5
Investment property
2020
£
Fair value
At 1 February 2019 and 31 January 2020
331,300
Investment property comprises
the commercial units at Factory Lane West, Halstead
. The fair value of the investment property has been arrived at on the basis of a valuation carried out at
by the director using valuation website
. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
J A OVERTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
5
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2020
2019
£
£
Cost
47,153
-
Accumulated depreciation
-
-
Carrying amount
47,153
-
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
14,332
8,253
Other debtors
-
2,372
14,332
10,625
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
689
580
Corporation tax
1,349
862
Other taxation and social security
438
481
Other creditors
32,387
31,147
34,863
33,070
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2,300 Ordinary shares of £1 each
2,300
2,300
J A OVERTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
9
Non-distributable profits reserve
2020
2019
£
£
At the beginning of the year
230,159
195,847
Transfer of non-distributable profits relating to prior periods
-
34,312
At the end of the year
230,159
230,159