Company Registration No. 03241377 (England and Wales)
OSEL ARCHITECTURE LIMITED
Unaudited accounts
for the year ended 30 June 2023
OSEL ARCHITECTURE LIMITED
Unaudited accounts
Contents
OSEL ARCHITECTURE LIMITED
Company Information
for the year ended 30 June 2023
Directors
Victoria Shipton
William Terence Monan
Georgia Kachri
Richard Mark Capanini
Company Number
03241377 (England and Wales)
Registered Office
G.04 The Record Hall
16-16A Baldwins Gardens
London
EC1N 7RJ
United Kingdom
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
OSEL ARCHITECTURE LIMITED
Statement of financial position
as at 30 June 2023
Tangible assets
10,110
13,334
Inventories
199,750
205,000
Cash at bank and in hand
18,546
94
Creditors: amounts falling due within one year
(218,108)
(180,076)
Net current assets
322,199
320,075
Total assets less current liabilities
332,309
333,409
Creditors: amounts falling due after more than one year
(21,288)
(41,288)
Net assets
311,021
292,121
Called up share capital
12,000
12,000
Capital redemption reserve
24,000
24,000
Profit and loss account
275,021
256,121
Shareholders' funds
311,021
292,121
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by
William Terence Monan
Director
Company Registration No. 03241377
OSEL ARCHITECTURE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
OSEL ARCHITECTURE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03241377. The registered office is G.04 The Record Hall, 16-16A Baldwins Gardens, London, EC1N 7RJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over the estimated useful lives, on a straight line and reducing balance basis.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Computer equipment
25% Reducing Balance
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of Services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
OSEL ARCHITECTURE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Pensions - Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom here the Company operates and generates income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
OSEL ARCHITECTURE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
152,968
28,851
45,614
227,433
At 30 June 2023
152,968
28,851
45,614
227,433
At 1 July 2022
144,175
26,666
43,258
214,099
Charge for the year
2,198
437
589
3,224
At 30 June 2023
146,373
27,103
43,847
217,323
At 30 June 2023
6,595
1,748
1,767
10,110
At 30 June 2022
8,793
2,185
2,356
13,334
Amounts falling due within one year
Trade debtors
149,963
189,238
Accrued income and prepayments
81,150
4,655
Other debtors
90,898
101,164
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,766
Trade creditors
90,642
31,813
Taxes and social security
76,094
80,171
Other creditors
32,292
40,863
OSEL ARCHITECTURE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 11 (2022: 10).