Overbridge Development Ltd - Filleted accounts

OVERBRIDGE DEVELOPMENT LTD - Company Information

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Registered number

10227289

Overbridge Development Ltd

Unaudited Financial Statements

For the period ended 30 June 2017

Pages For Filing With Registrar

Overbridge Development Ltd

Company Information

Directors

Mr M A Amitai (appointed 11 June 2016)

Mr J Dunner (appointed 11 June 2016)

Mr B Ditkovsky (appointed 11 June 2016)

Accountants

Goldwins Limited

75 Maygrove Road

London

NW6 2EG

Registered office

C/O Goldwins Limited

75 Maygrove Road

London

NW6 2EG

Company number

10227289

Overbridge Development Ltd
Contents




Page

Balance sheet	1
Notes to the financial statements	2 - 4

Overbridge Development Ltd
Registered number:		10227289
Balance Sheet
as at 30 June 2017

Notes			2017
£
Current assets
Stocks		10,408,853
Debtors	2	262,932
Cash at bank and in hand		243,576
		10,915,361

Creditors: amounts falling due within one year	3	(1,221,994)

Net current assets			9,693,367

Total assets less current liabilities			9,693,367

Creditors: amounts falling due after more than one year	4		(9,877,022)



Net liabilities			(183,655)

Capital and reserves
Called up share capital	5		100
Profit and loss account			(183,755)

Shareholders' funds			(183,655)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial Period ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
The members have not required the company to obtain an audit of its financial statements for the Period 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 1 June 2018 and are signed on its behalf by:



Ben Ditkovsky
Director
Approved by the board on 1 June 2018

Overbridge Development Ltd
Notes to the Accounts
for the period from 11 June 2016 to 30 June 2017


1	Accounting policies

	Company information
	Overbridge Development Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Goldwins Limited, 75 Maygrove Road, London, NW6 2EG.

1.1	Basis of preparation
	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 amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2	Turnover
	Turnover represents rent receivable and property sales which are recognised on completion.

1.3	Borrowing costs related to fixed assets
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.4	Stocks
	Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5	Cash and cash equilvalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6	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 debtors and cash and 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7	Equity instruments
	Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


2	Debtors	2017
£
	Amounts falling due within one year:
	Trade debtors	131,224
	Other debtors	131,708
		262,932


3	Creditors: amounts falling due within one year	2017
£

	Trade creditors	404,473
	Other creditors	817,521
		1,221,994


4	Creditors: amounts falling due after one year	2017
£

	Loans from other group companies	1,049,900
	Other creditors	8,827,122
		9,877,022


5	Called up share capital	2017
£
	Ordinary share capital
	Issued and fully paid
	100 Ordinary of £1 each	100
		100

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