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Registration number: 04591117

Oswald Retail Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Oswald Retail Limited

(Registration number: 04591117)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,808

Tangible assets

5

474,821

428,593

Investments

6

100

100

Other financial assets

7

4,800

4,800

 

479,721

435,301

Current assets

 

Stocks

482,792

505,015

Debtors

8

59,109

180,146

Cash at bank and in hand

 

946,185

893,990

 

1,488,086

1,579,151

Creditors: Amounts falling due within one year

9

(625,555)

(563,703)

Net current assets

 

862,531

1,015,448

Total assets less current liabilities

 

1,342,252

1,450,749

Provisions for liabilities

(32,588)

(14,724)

Net assets

 

1,309,664

1,436,025

Capital and reserves

 

Called up share capital

10

150

150

Retained earnings

1,309,514

1,435,875

Shareholders' funds

 

1,309,664

1,436,025

For the financial year ending 31 July 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.

 

Oswald Retail Limited

(Registration number: 04591117)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 


Mr R S Hunt
Director

   
 

Oswald Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
24 Marshalls Yard
Beaumont Street
Gainsborough
Lincolnshire
DN21 2NA

The company's registration number is 04591117.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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.

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 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 Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% per annum on cost

Furniture, fittings and equipment

15% per annum on written down value

Motor vehicles

25% per annum on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

At the transition to FRS 102 date there was less than 10 years remaining and so goodwill continues to be amortised at the same rate as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

 

Oswald Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 at the transaction price, 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.

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 at the transaction price.

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 Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 15 (2022 - 16).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

108,794

108,794

At 31 July 2023

108,794

108,794

Amortisation

At 1 August 2022

106,986

106,986

Amortisation charge

1,808

1,808

At 31 July 2023

108,794

108,794

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

1,808

1,808

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

331,320

280,965

99,954

712,239

Additions

-

-

104,729

104,729

Disposals

-

-

(66,072)

(66,072)

At 31 July 2023

331,320

280,965

138,611

750,896

Depreciation

At 1 August 2022

-

225,083

58,563

283,646

Charge for the year

6,626

8,384

19,082

34,092

Eliminated on disposal

-

-

(41,663)

(41,663)

At 31 July 2023

6,626

233,467

35,982

276,075

Carrying amount

At 31 July 2023

324,694

47,498

102,629

474,821

At 31 July 2022

331,320

55,882

41,391

428,593

 

Oswald Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 August 2022

100

At 31 July 2023

100

Carrying amount

At 31 July 2023

100

At 31 July 2022

100

7

Other financial assets (current and non-current)

Unlisted investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2022

4,800

4,800

At 31 July 2023

4,800

4,800

Carrying amount

At 31 July 2023

4,800

4,800

At 31 July 2022

4,800

4,800

 

Oswald Retail Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Debtors

2023
£

2022
£

Trade debtors

29,798

7,220

Amounts owed by related parties

-

151,998

Prepayments

29,311

20,158

Social security and other taxes

-

770

 

59,109

180,146

9

Creditors

2023
£

2022
£

Due within one year

Trade creditors

66,867

66,553

Social security and other taxes

74,338

64,484

Other creditors

484,350

432,666

625,555

563,703

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

150

150

150

150

         

11

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £25,000 (2022 - £25,000). This is in respect of the property lease.