Overseas Corporate Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04972889 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

FOR

OVERSEAS CORPORATE SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr N J Kleanthous

REGISTERED OFFICE:

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

REGISTERED NUMBER:

04972889 (England and Wales)

ACCOUNTANTS:

Hanburys Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Tangible assets

4

296

348

CURRENT ASSETS

Debtors

5

13,000

13,000

Cash at bank

3,182

11,186

16,182

24,186

CREDITORS

Amounts falling due within one year

6

10,315

11,055

NET CURRENT ASSETS

5,867

13,131

TOTAL ASSETS LESS CURRENT LIABILITIES

6,163

13,479

PROVISIONS FOR LIABILITIES

7

56

66

NET ASSETS

6,107

13,413

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

6,106

13,412

SHAREHOLDERS' FUNDS

6,107

13,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 has not been delivered.

The financial statements were approved by the director on 31 March 2020 and were signed by:

Mr N J Kleanthous - Director

1.	STATUTORY INFORMATION

Overseas Corporate Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include bank balances, are initially measured at transaction price including

transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are

not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, 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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2018

1,832

4,812

6,644

Disposals

-

(1,300

)

(1,300

)

At 30 June 2019

1,832

3,512

5,344

DEPRECIATION

At 1 July 2018

1,484

4,812

6,296

Charge for year

52

-

52

Eliminated on disposal

-

(1,300

)

(1,300

)

At 30 June 2019

1,536

3,512

5,048

NET BOOK VALUE

At 30 June 2019

296

-

296

At 30 June 2018

348

-

348

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

13,000

13,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

870

1,887

Taxation

5,056

8,038

Other creditors

2,625

-

Director's current account

894

260

Accruals

870

870

10,315

11,055

7.	PROVISIONS FOR LIABILITIES

30.6.19

30.6.18

£

£

Deferred tax

Accelerated capital allowances

56

66

Deferred

tax

£

Balance at 1 July 2018

66

Credit to Income Statement during year

(10

)

Balance at 30 June 2019

56

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.19

30.6.18

value:

£

£

1

Ordinary

£1

1

1

9.

RESERVES

Retained

earnings

£

At 1 July 2018

13,412

Profit for the year

20,694

Dividends

(28,000

)

At 30 June 2019

6,106