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Registration number: 10943296

Oswald & Pablo Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2022

Pages for filing with Registrar

 

Oswald & Pablo Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Oswald & Pablo Limited

Company Information


 

Directors

Mr M Clayton-Coleman

Mr J Clayton-Coleman

Mr C Clayton-Coleman

Registered office

Unit 3, J2 Business Park
Bridge Hall Lane
Bury
BL9 7PB

 

Oswald & Pablo Limited

(Registration number: 10943296)

Balance Sheet as at 30 September 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

313,868

306,608

Current assets

 

Stocks

52,000

327,088

Debtors

5

203,043

180,547

Cash at bank and in hand

 

745,961

977,192

 

1,001,004

1,484,827

Creditors: Amounts falling due within one year

6

(1,250,973)

(1,520,819)

Net current liabilities

 

(249,969)

(35,992)

Total assets less current liabilities

 

63,899

270,616

Creditors: Amounts falling due after more than one year

6

(36,757)

(49,594)

Provisions for liabilities

(26,929)

(35,396)

Net assets

 

213

185,626

Capital and reserves

 

Called up share capital

100

100

Retained earnings

113

185,526

Shareholders' funds

 

213

185,626

 

Oswald & Pablo Limited

(Registration number: 10943296)

Balance Sheet as at 30 September 2022 (continued)

For the financial year ending 30 September 2022 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 14 November 2023 and signed on its behalf by:
 

.........................................
Mr M Clayton-Coleman
Director

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

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:
Unit 3, J2 Business Park
Bridge Hall Lane
Bury
BL9 7PB

These financial statements were authorised for issue by the Board on 14 November 2023.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost 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

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

2

Accounting policies (continued)

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2021 - 25).

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2021

19,770

3,355

235,765

161,539

420,429

Additions

-

-

120,042

-

120,042

At 30 September 2022

19,770

3,355

355,807

161,539

540,471

Depreciation

At 1 October 2021

1,977

904

67,173

43,767

113,821

Charge for the year

3,954

1,106

78,277

29,445

112,782

At 30 September 2022

5,931

2,010

145,450

73,212

226,603

Carrying amount

At 30 September 2022

13,839

1,345

210,357

88,327

313,868

At 30 September 2021

17,793

2,451

168,592

117,772

306,608

Included within the net book value of land and buildings above is £13,839 (2021 - £17,793) in respect of short leasehold land and buildings.
 

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

5

Debtors

Current

2022
£

2021
£

Trade debtors

31,288

32,145

Prepayments

18,500

40,371

Other debtors

153,255

108,031

 

203,043

180,547

6

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

 

11,400

325

HP and finance lease liabilities

 

3,561

15,184

Trade creditors

 

67,582

28,957

Other taxation and social security

 

153,235

213,534

Other creditors

 

1,010,180

1,257,804

Accruals and deferred income

 

5,015

5,015

 

1,250,973

1,520,819

Due after one year

 

Loans and borrowings

28,696

49,594

HP and finance lease liabilities

 

8,061

-

 

36,757

49,594

7

Related party transactions

 

Oswald & Pablo Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022 (continued)

7

Related party transactions (continued)

Loans to related parties

2022

Key management
£

At start of period

103,163

Advances and repayments

46,738

Interest at 2.00%

3,355

At end of period

153,256

2021

Key management
£

Advances and repayments

102,432

Interest at 2.25%

731

At end of period

103,163

Terms of loans to related parties

Loans owed by key management are repayable on demand.