A Osborn & Sons Limited 00201933 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of the owning and letting of property and retail festival sales. Digita Accounts Production Advanced 6.30.9574.0 true 00201933 2022-03-01 2023-02-28 00201933 2023-02-28 00201933 bus:OrdinaryShareClass1 2023-02-28 00201933 core:CurrentFinancialInstruments 2023-02-28 00201933 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 00201933 core:Non-currentFinancialInstruments 2023-02-28 00201933 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 00201933 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 00201933 core:FurnitureFittingsToolsEquipment 2023-02-28 00201933 core:MotorVehicles 2023-02-28 00201933 core:OtherPropertyPlantEquipment 2023-02-28 00201933 1 2023-02-28 00201933 bus:SmallEntities 2022-03-01 2023-02-28 00201933 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 00201933 bus:FullAccounts 2022-03-01 2023-02-28 00201933 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 00201933 bus:RegisteredOffice 2022-03-01 2023-02-28 00201933 bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 00201933 bus:Director5 2022-03-01 2023-02-28 00201933 bus:Director6 2022-03-01 2023-02-28 00201933 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 00201933 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 00201933 bus:Agent1 2022-03-01 2023-02-28 00201933 core:ComputerEquipment 2022-03-01 2023-02-28 00201933 core:ConstructionInProgressAssetsUnderConstruction 2022-03-01 2023-02-28 00201933 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 00201933 core:LandBuildings 2022-03-01 2023-02-28 00201933 core:MotorVehicles 2022-03-01 2023-02-28 00201933 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 00201933 core:PlantMachinery 2022-03-01 2023-02-28 00201933 countries:EnglandWales 2022-03-01 2023-02-28 00201933 1 2022-03-01 2023-02-28 00201933 2022-02-28 00201933 core:ConstructionInProgressAssetsUnderConstruction 2022-02-28 00201933 core:FurnitureFittingsToolsEquipment 2022-02-28 00201933 core:MotorVehicles 2022-02-28 00201933 core:OtherPropertyPlantEquipment 2022-02-28 00201933 1 2022-02-28 00201933 2021-03-01 2022-02-28 00201933 2022-02-28 00201933 bus:OrdinaryShareClass1 2022-02-28 00201933 core:CurrentFinancialInstruments 2022-02-28 00201933 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 00201933 core:Non-currentFinancialInstruments 2022-02-28 00201933 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 00201933 core:ConstructionInProgressAssetsUnderConstruction 2022-02-28 00201933 core:FurnitureFittingsToolsEquipment 2022-02-28 00201933 core:MotorVehicles 2022-02-28 00201933 core:OtherPropertyPlantEquipment 2022-02-28 00201933 1 2022-02-28 00201933 1 2021-03-01 2022-02-28 00201933 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 00201933

A Osborn & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

A Osborn & Sons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

A Osborn & Sons Limited

Company Information

Directors

K A Osborn

P D A Osborn

V G Osborn

Company secretary

K A Osborn

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Solicitors

Holmes & Hills LLP
Bocking End
Braintree
Essex
CM7 9AJ

Bankers

Barclays Bank PLC
1 Bank Street
Braintree
Essex
CM7 7UQ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

A Osborn & Sons Limited

(Registration number: 00201933)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,120

1,819

Investment property

5

200,000

200,000

 

205,120

201,819

Current assets

 

Stocks

6

1,450

1,763

Debtors

7

8,226

8,894

Cash at bank and in hand

 

13,607

4,526

 

23,283

15,183

Creditors: Amounts falling due within one year

8

(41,622)

(36,675)

Net current liabilities

 

(18,339)

(21,492)

Total assets less current liabilities

 

186,781

180,327

Creditors: Amounts falling due after more than one year

8

(29,000)

(29,000)

Net assets

 

157,781

151,327

Capital and reserves

 

Called up share capital

9

2,000

2,000

Revaluation on investment property

157,869

157,869

Retained earnings

(2,088)

(8,542)

Shareholders' funds

 

157,781

151,327

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

P D A Osborn
Director

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Argent House, Little Square, Braintree, Essex, CM7 1UT, England.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the retail sale of goods at art, cultural and music festivals and rental income. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance method

Investment Property

Not provided

Computer equipment

25% reducing balance method

Motor Vehicles

15% reducing balance method

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investment property

The company's freehold investment property is included at a revalued amount based on fair value at the balance sheet date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for rents unpaid at the year end.

Trade debtors are recognised at the invoiced amount.

Stocks

Stocks are stated at the lower of cost and net realiseable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Improvements to property
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

599

-

2,359

2,060

5,018

Additions

-

3,300

481

-

3,781

At 28 February 2023

599

3,300

2,840

2,060

8,799

Depreciation

At 1 March 2022

438

-

746

2,015

3,199

Charge for the year

40

248

181

11

480

At 28 February 2023

478

248

927

2,026

3,679

Carrying amount

At 28 February 2023

121

3,052

1,913

34

5,120

At 28 February 2022

161

-

1,613

45

1,819

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investment properties

2023
£

At 1 March 2022

200,000

At 28 February 2023

200,000

The investment property was valued by an external valuer in 2012. The building is Grade 2 listed and by nature is difficult to obtain an updated valuation. It is of the director's opinion that the market value as at 28 February 2023 is at least as high as the current carrying value and the directors are continuing to seek an updated third party valuation.

6

Stocks

2023
£

2022
£

Stocks

1,450

1,763

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

655

Directors loan account

11

7,938

7,782

Prepayments

 

-

408

Other debtors

 

288

49

 

8,226

8,894

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

36

-

Other creditors

38,686

33,975

Accruals and deferred income

2,900

2,700

41,622

36,675

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

29,000

29,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

29,000

29,000

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

11

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

7,782

8,250

(8,094)

7,938

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

-

8,250

(468)

7,782