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COMPANY REGISTRATION NUMBER: 10752199
OSM ACCESSORIES LIMITED
Filleted Unaudited Financial Statements
31 October 2022
OSM ACCESSORIES LIMITED
Statement of Financial Position
31 October 2022
31 Oct 22
31 May 21
Note
£
£
Current assets
Stocks
9,480
2,578
Cash at bank and in hand
73,773
58,980
--------
--------
83,253
61,558
Creditors: amounts falling due within one year
4
185,515
101,721
---------
---------
Net current liabilities
102,262
40,163
---------
--------
Total assets less current liabilities
( 102,262)
( 40,163)
Creditors: amounts falling due after more than one year
5
38,082
50,000
---------
--------
Net liabilities
( 140,344)
( 90,163)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 140,444)
( 90,263)
---------
--------
Shareholders deficit
( 140,344)
( 90,163)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the Period ending 31 October 2022 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 financial statements for the Period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OSM ACCESSORIES LIMITED
Statement of Financial Position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 10 February 2024 , and are signed on behalf of the board by:
Osmat Chalghin
Director
Company registration number: 10752199
OSM ACCESSORIES LIMITED
Notes to the Financial Statements
Period from 1 June 2021 to 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Pembridge Road, London, W11 3HL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Creditors: amounts falling due within one year
31 Oct 22
31 May 21
£
£
Other creditors
185,515
101,721
---------
---------
5. Creditors: amounts falling due after more than one year
31 Oct 22
31 May 21
£
£
Bank loans and overdrafts
38,082
50,000
--------
--------
6. Director's advances, credits and guarantees
During the Period the director entered into the following advances and credits with the company:
31 Oct 22
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Osmat Chalghin
( 24,550)
5,160
( 19,390)
--------
-------
--------
31 May 21
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Osmat Chalghin
( 34,250)
9,700
( 24,550)
--------
-------
--------