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Registration number: 03410460

Osborne Property Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Osborne Property Company Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Osborne Property Company Ltd

(Registration number: 03410460)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

667,460

668,060

Investments

5

60,000

60,000

 

727,460

728,060

Current assets

 

Debtors

6

361,854

361,197

Creditors: Amounts falling due within one year

7

(397,999)

(372,805)

Net current liabilities

 

(36,145)

(11,608)

Total assets less current liabilities

 

691,315

716,452

Creditors: Amounts falling due after more than one year

7

(325,000)

(325,000)

Net assets

 

366,315

391,452

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

366,215

391,352

Shareholders' funds

 

366,315

391,452

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 3 January 2024
 

.........................................
Mr Simon Lea
Director

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is property letting.

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 entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Long leasehold property

No depreciation is applied to investment property

Fittings fixtures and equipment

15% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
‹[]›] [

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

664,660

4,000

668,660

At 31 March 2023

664,660

4,000

668,660

Depreciation

At 1 April 2022

-

600

600

Charge for the year

-

600

600

At 31 March 2023

-

1,200

1,200

Carrying amount

At 31 March 2023

664,660

2,800

667,460

At 31 March 2022

664,660

3,400

668,060

The above long leasehold land and buildings relates to investment property.

Revaluation

The company's long leasehold property was revalued by the director on 31 March 2023. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £664,660 (2022 - £664,660).

5

Investments

2023
£

2022
£

Fixed asset investment participating loan

60,000

60,000

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Investments (continued)

Fixed asset investment participating loan

£

Cost or valuation

At 1 April 2022

60,000

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

10

361,197

361,197

Other debtors

 

657

-

 

361,854

361,197

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,050

960

Other creditors

396,949

371,845

397,999

372,805

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

325,000

325,000

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

325,000

325,000

10

Related party transactions

Summary of transactions with key management

During the year the director entered into the following interest free advances and creditors with the company.
 

Transactions with the director

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

Director

(370,215)

(25,630)

(395,845)

       
     

 

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Director

(866)

(369,349)

(370,215)

       
     

 

Summary of transactions with other related parties

Connected companies
 During the year the company entered into the following transactions with related parties.
 These loans are interest free and repayable on demand.
 

 

Osborne Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Related party transactions (continued)

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

361,197

361,197

At end of period

361,197

361,197

2022

Other related parties
£

Total
£

At start of period

361,198

361,198

Repaid

(1)

(1)

At end of period

361,197

361,197