2022-11-012023-10-312023-10-31false04649469Messrs M.D Oswald 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Messrs M.D Oswald Limited

Registered Number
04649469
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Messrs M.D Oswald Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

Sharon Oswald
Stuart Michael Oswald

Registered Address

9 Trinity Way
Keswick
CA12 4HZ

Registered Number

04649469 (England and Wales)
Messrs M.D Oswald Limited
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets812,46916,136
12,46916,136
Current assets
Stocks111,5001,500
Debtors129,8827,643
Cash at bank and on hand647734
12,0299,877
Creditors amounts falling due within one year13(21,283)(15,765)
Net current assets (liabilities)(9,254)(5,888)
Total assets less current liabilities3,21510,248
Creditors amounts falling due after one year14-(5,902)
Provisions for liabilities16(2,302)(3,066)
Net assets9131,280
Capital and reserves
Called up share capital490490
Profit and loss account423790
Shareholders' funds9131,280
The financial statements were approved and authorised for issue by the Board of Directors on 20 March 2024, and are signed on its behalf by:
Sharon Oswald
Director
Stuart Michael Oswald
Director

Registered Company No. 04649469
Messrs M.D Oswald Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery153
Fixtures and fittings15-
Vehicles25-
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases and hire purchase contracts which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Valuation of financial instruments policy
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
5.Critical estimates and judgements
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. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
6.Sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
7.Employee information

20232022
Average number of employees during the year33
8.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 November 229,01727,5402,76939,326
Additions527--527
At 31 October 239,54427,5402,76939,853
Depreciation and impairment
At 01 November 228,50412,0492,63723,190
Charge for year3013,873204,194
At 31 October 238,80515,9222,65727,384
Net book value
At 31 October 2373911,61811212,469
At 31 October 2251315,49113216,136
9.Provisions for impairment of tangible assets
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.
10.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £9,606 (2022 - £7,643) being the amount owed by the director. Net amounts advanced during the year were £1,963. These amounts were both repaid within nine months of the financial year. The loans where charged the official rate of interest were applicable and were repayable on demand.
11.Stocks

2023

2022

££
Work in progress1,5001,500
Total1,5001,500
12.Debtors

2023

2022

££
Other debtors9,8827,643
Total9,8827,643
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables14,8805,293
Taxation and social security4,3486,225
Finance lease and HP contracts-2,017
Other creditors55230
Accrued liabilities and deferred income2,0002,000
Total21,28315,765
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
14.Creditors after one year

2023

2022

££
Other creditors-5,902
Total-5,902
15.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts-5,902
16.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2023

2022

££
Net deferred tax liability (asset)2,3023,066
Total2,3023,066