OSPREY INITIATIVES LIMITED

Company Registration Number:
SC338850 (Scotland)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

OSPREY INITIATIVES LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

OSPREY INITIATIVES LIMITED

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

The principal activities of OIL are designed to add value to the Osprey Group and involve managing properties through private mid-market rent residential tenancies leased to it but owned by OHL. OIL's activities during 2022/23 are summarised below: Marketing, letting, management and maintenance of Mid-Market Rented (MMR) properties leased to it by OHL. This activity ceased on 31 January 2023

Additional information

OIL’s Strategic Objectives:Development – provide capability and capacity for an active development programme to build and maintain a sustainable, high quality portfolio of mid-market tenure housing.Add value through contributing to overall growth, capability and reputation of the Osprey Group.Contributing to supporting neighbourhoods and helping communities to thrive.Provide high quality, accountable management and maintenance services to other third-party landlords through partnership arrangements.Where appropriate, to offer development services to other social landlords and providers of affordable housing in the North East of Scotland.Directors and GovernanceIt is the responsibility of the Board to provide strategic and policy direction, alongside performance monitoring.A key objective of OIL is to contribute to the growth of OHL. It must also examine other appropriate business opportunities such as ongoing provision of services to Registered Social Landlords and other landlords/organisations. Directors therefore ensure they fulfil their roles with appropriate autonomy within a defined governance arrangement supported by written legal and service level agreements.In order to ensure effective governance and mitigate against poor service delivery the Board receive regular performance, market operation and strategic reports from OHL management along with key reports from the external auditors. This provides reasonable assurance that specific control procedures are in place and are being followed.Operational ReviewFollowing the OHL Board’s decision not to develop any further MMR units, the OIL Board undertook a further review of its operations during the year and reached a decision, based on their experience of the market for MMR properties to recommend to the OHL Board that it should divest itself of its portfolio and terminate all contracts with OIL from the date of settlement.This was accepted and approved by the OHL Board, who concluded negotiations with another Register Social Landlord. The sale was completed on 31 January 2023 and OIL’s leases held with OHL were terminated accordingly.Future Business OpportunitiesHaving appraised the options for potential business opportunities the Board reached the conclusion that there was little prospect of success in the short to medium term. Therefore, with the full agreement of the OHL Board, the OIL Board took the decision to cease trading from 1 February 2023 with a view to striking off the company during 2023-24.Financial ReviewTurnover for the year was £549,745 (2022: £699,576) whilst costs for the year were £552,115 (2022: £774,081). This has resulted in an operating loss of £2,370 (2022: loss £74,505). The Board will not gift aid to the parent company until the reserve position allows. Corporation tax of £nil (2022: (£nil)) is due to be paid. The profit before and after taxation is £422 (£2022: loss £74,505).Going ConcernHaving taken the decision to cease trading these financial statements have not been prepared on a going concern basis.Statement as to Disclosure of Information to AuditorsThe directors who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.AuditorsA resolution to re-appoint RSM UK Audit LLP will be put to the members at the next AGM as per section 487 of the Companies Act 2006.This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.



Directors

The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023

Douglas Albert Bodie
Stacy Angus
Simpson Buglass
Robert Norman Hepburn
Stuart Alexander Robertson
Gary Andrew Walker


Secretary Clare Maureen Ruxton

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
23 August 2023

And signed on behalf of the board by:
Name: Douglas Albert Bodie
Status: Director

OSPREY INITIATIVES LIMITED

Profit And Loss Account

for the Period Ended 31 March 2023

2023 2022


£

£
Turnover: 549,745 699,576
Cost of sales: ( 531,887 ) ( 750,735 )
Gross profit(or loss): 17,858 (51,159)
Distribution costs: 0 0
Administrative expenses: ( 20,228 ) ( 23,346 )
Other operating income: 0 0
Operating profit(or loss): (2,370) (74,505)
Interest receivable and similar income: 2,792 0
Profit(or loss) before tax: 422 (74,505)
Profit(or loss) for the financial year: 422 (74,505)

OSPREY INITIATIVES LIMITED

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks:   0 0
Debtors: 3 1,997 25,051
Cash at bank and in hand: 378,379 409,342
Investments:   0 0
Total current assets: 380,376 434,393
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 4 ( 50,470 ) ( 104,909 )
Net current assets (liabilities): 329,906 329,484
Total assets less current liabilities: 329,906 329,484
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 329,906 329,484
Capital and reserves
Called up share capital: 100 100
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 329,806 329,384
Total Shareholders' funds: 329,906 329,484

The notes form part of these financial statements

OSPREY INITIATIVES LIMITED

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 23 August 2023
and signed on behalf of the board by:

Name: Douglas Albert Bodie
Status: Director

The notes form part of these financial statements

OSPREY INITIATIVES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents income from management contracts with the other bodies, and rental income from mid-market units, and is recognised when receivable.

    Other accounting policies

    Non-going concern basis of accountingThe Company ceased trading from 31 January 2023. The Directors intend to wind the Company up over the course of 2023-24 and as such they have concluded that it is appropriate to prepare these financial statements on a non-going concern basis of accounting.The Directors have considered if any values reported on the Balance Sheet require restatement as a result of this fact but have concluded that no such adjustments are required.Functional and Presentational CurrenciesThe financial statements are presented in sterling, which is also the functional currency of the company.TaxationThe tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. Operating LeasesRentals paid in respect of operating leases are charged to the Statement of Comprehensive Income account as incurred.Value Added TaxOsprey Initiatives Limited is registered for VAT and is part of the Osprey Group VAT Registration, effective from 1st May 2013. OIL is partially exempt and irrecoverable VAT is calculated throughout the year. Expenditure is shown inclusive of VAT. PensionThere are no staff employed directly by Osprey Initiatives Limited and therefore no pension scheme is operated.Financial InstrumentsThe Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.Financial assetsTrade and other debtorsTrade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.Financial liabilities and equityFinancial instruments are classified as liabilities and equity instruments 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.Equity instrumentsFinancial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.Trade and other creditorsTrade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.Judgements and key sources of estimation uncertaintyIn the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.There are no material judgements or sources of estimation uncertainty identified by the Directors.

OSPREY INITIATIVES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

OSPREY INITIATIVES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Debtors

2023 2022
£ £
Trade debtors 1,403 0
Prepayments and accrued income 0 7,035
Other debtors 594 18,016
Total 1,997 25,051
Debtors due after more than one year: 0 0

OSPREY INITIATIVES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 7,767 14,419
Taxation and social security 0 2,631
Accruals and deferred income 27,294 44,525
Other creditors 15,409 43,334
Total 50,470 104,909

OSPREY INITIATIVES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Financial Commitments

At 31 March 2023, the Company had £nil (2022: £516,000) annual rental commitments under non-cancellable operating leases.