ACCOUNTS - Final Accounts preparation

OVERBURY STEWARD LTD - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-312021-05-252020-01-01falseNo description of principal activityfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10645074 2020-01-01 2020-12-31 10645074 2019-01-01 2019-12-31 10645074 2020-12-31 10645074 2019-12-31 10645074 c:Director1 2020-01-01 2020-12-31 10645074 d:OfficeEquipment 2020-01-01 2020-12-31 10645074 d:OfficeEquipment 2020-12-31 10645074 d:OfficeEquipment 2019-12-31 10645074 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 10645074 d:CurrentFinancialInstruments 2020-12-31 10645074 d:CurrentFinancialInstruments 2019-12-31 10645074 d:Non-currentFinancialInstruments 2020-12-31 10645074 d:Non-currentFinancialInstruments 2019-12-31 10645074 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 10645074 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 10645074 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 10645074 d:Non-currentFinancialInstruments d:AfterOneYear 2019-12-31 10645074 d:ShareCapital 2020-12-31 10645074 d:ShareCapital 2019-12-31 10645074 d:RetainedEarningsAccumulatedLosses 2020-12-31 10645074 d:RetainedEarningsAccumulatedLosses 2019-12-31 10645074 c:FRS102 2020-01-01 2020-12-31 10645074 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 10645074 c:FullAccounts 2020-01-01 2020-12-31 10645074 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 10645074 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2020-01-01 2020-12-31 10645074 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2020-12-31 10645074 2 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 10645074

OVERBURY STEWARD LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

OVERBURY STEWARD LTD

REGISTERED NUMBER: 10645074

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		321		500
			321		500
Current assets
Debtors: amounts falling due within one year	5	19,039		68,673
Cash at bank and in hand		79,719		4,963
		98,758		73,636
Creditors: amounts falling due within one year	6	(26,205)		(16,080)
Net current assets			72,553		57,556
Total assets less current liabilities			72,874		58,056
Creditors: amounts falling due after more than one year			(9,433)		-
Provisions for liabilities
Deferred tax		(61)		(95)
			(61)		(95)
Net assets			63,380		57,961

Capital and reserves
Called up share capital	4	4
Profit and loss account	63,376	57,957
	63,380	57,961

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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OVERBURY STEWARD LTD

REGISTERED NUMBER: 10645074

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 May 2021.

B C O Steward

Director

The notes on pages 3 to 7 form part of these financial statements.

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OVERBURY STEWARD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

The company is a private company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is 7 The Close, Norwich, NR1 4DJ.
The company's principal activity is that of consultancy. Its principal place of business is Norwich, Norfolk.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

In light of coronavirus (COVID-19) the director has considered a period of twelve months from the date of approval of the financial statements. The director considers that projected income together with current cash reserves will be more than adequate for the company's needs. As such the director believes that the financial statements should be prepared on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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OVERBURY STEWARD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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OVERBURY STEWARD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

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OVERBURY STEWARD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2020	1,554
	Additions	482
	At 31 December 2020	2,036
	Depreciation
	At 1 January 2020	1,054
	Charge for the year on owned assets	661
	At 31 December 2020	1,715
	Net book value
	At 31 December 2020	321

Debtors

					2020	2019
					£	£


	Trade debtors	6,824	18,483

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OVERBURY STEWARD LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

5.Debtors (continued)

Other debtors	12,075	50,051
Prepayments and accrued income	140	139
	19,039	68,673

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Other taxation and social security	9,465	3,355
Other creditors	14,340	10,449
Accruals and deferred income	2,400	2,276
	26,205	16,080

7.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Bank loans	9,433	-
	9,433	-

8.	Related party transactions
	As at 31 December 2020 the company owed the director £7,816 (2019 : £37,214 was owed by the director).

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