1 August 2022 false No description of principal activity Taxfiler 2024.1 10876357business:PrivateLimitedCompanyLtd2022-08-012023-07-31 108763572022-07-31 108763572022-08-012023-07-31 10876357business:AuditExempt-NoAccountantsReport2022-08-012023-07-31 10876357business:FilletedAccounts2022-08-012023-07-31 108763572023-07-31 10876357business:Director12022-08-012023-07-31 10876357business:Director22022-08-012023-07-31 10876357business:RegisteredOffice2022-08-012023-07-31 108763572022-07-31 10876357core:WithinOneYear2023-07-31 10876357core:WithinOneYear2022-07-31 10876357core:AfterOneYear2023-07-31 10876357core:AfterOneYear2022-07-31 10876357core:ShareCapitalcore:PreviouslyStatedAmount2023-07-31 10876357core:ShareCapitalcore:PreviouslyStatedAmount2022-07-31 10876357core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-07-31 10876357core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-07-31 10876357core:PreviouslyStatedAmount2023-07-31 10876357core:PreviouslyStatedAmount2022-07-31 10876357business:SmallEntities2022-08-012023-07-31 10876357countries:EnglandWales2022-08-012023-07-31 10876357core:FurnitureFittings2022-08-012023-07-31 10876357core:FurnitureFittings2022-07-31 10876357core:FurnitureFittings2023-07-31 10876357business:OrdinaryShareClass12022-08-012023-07-31 10876357business:OrdinaryShareClass12021-08-012022-07-31 108763572021-08-012022-07-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 10876357 (England and Wales)
The Online Savings Ltd Unaudited accounts for the year ended 31 July 2023
The Online Savings Ltd Unaudited accounts Contents
Page
- 2 -
The Online Savings Ltd Company Information for the year ended 31 July 2023
Directors
Mrs R Lichtenstein Mr Z Lichtenstein
Company Number
10876357 (England and Wales)
Registered Office
85 Great Portland Street London W1W 7LT
- 3 -
The Online Savings Ltd Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
196 
388 
Current assets
Inventories
394,754 
601,249 
Debtors
191,123 
72,893 
Cash at bank and in hand
20,192 
15,936 
606,069 
690,078 
Creditors: amounts falling due within one year
(525,435)
(602,092)
Net current assets
80,634 
87,986 
Total assets less current liabilities
80,830 
88,374 
Creditors: amounts falling due after more than one year
(18,968)
(29,098)
Net assets
61,862 
59,276 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
61,860 
59,274 
Shareholders' funds
61,862 
59,276 
For the 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. 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 16 April 2024 and were signed on its behalf by
Mr Z Lichtenstein Director Company Registration No. 10876357
- 4 -
The Online Savings Ltd Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
The Online Savings Ltd is a private company, limited by shares, registered in England and Wales, registration number 10876357. The registered office is 85 Great Portland Street, London, W1W 7LT.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33% on a straight line basis
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
- 5 -
The Online Savings Ltd Notes to the Accounts for the year ended 31 July 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 August 2022
2,272 
At 31 July 2023
2,272 
Depreciation
At 1 August 2022
1,884 
Charge for the year
192 
At 31 July 2023
2,076 
Net book value
At 31 July 2023
196 
At 31 July 2022
388 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
53,125 
40,143 
Accrued income and prepayments
119,683 
- 
Other debtors
18,315 
32,750 
191,123 
72,893 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,038 
10,204 
Trade creditors
144,965 
91,800 
Taxes and social security
11,496 
12,259 
Other creditors
356,686 
485,579 
Accruals
2,250 
2,250 
525,435 
602,092 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
18,968 
29,098 
- 6 -
The Online Savings Ltd Notes to the Accounts for the year ended 31 July 2023
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).
- 7 -