3 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC378897 2022-04-01 2023-03-31 SC378897 2023-03-31 SC378897 2022-03-31 SC378897 2021-04-01 2022-03-31 SC378897 2022-03-31 SC378897 core:PlantMachinery 2022-04-01 2023-03-31 SC378897 core:MotorVehicles 2022-04-01 2023-03-31 SC378897 bus:Director3 2022-04-01 2023-03-31 SC378897 core:PlantMachinery 2022-03-31 SC378897 core:MotorVehicles 2022-03-31 SC378897 core:PlantMachinery 2023-03-31 SC378897 core:MotorVehicles 2023-03-31 SC378897 core:WithinOneYear 2023-03-31 SC378897 core:WithinOneYear 2022-03-31 SC378897 core:ShareCapital 2023-03-31 SC378897 core:ShareCapital 2022-03-31 SC378897 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC378897 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC378897 core:PlantMachinery 2022-03-31 SC378897 core:MotorVehicles 2022-03-31 SC378897 bus:SmallEntities 2022-04-01 2023-03-31 SC378897 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC378897 bus:FullAccounts 2022-04-01 2023-03-31 SC378897 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC378897 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: SC378897
Osprey Systems Ltd
Filleted Unaudited Financial Statements
31 March 2023
Osprey Systems Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
126,447
78,413
Current assets
Stocks
30,997
35,452
Debtors
6
36,284
15,751
Cash at bank and in hand
173,014
150,621
---------
---------
240,295
201,824
Creditors: amounts falling due within one year
7
72,921
71,907
---------
---------
Net current assets
167,374
129,917
---------
---------
Total assets less current liabilities
293,821
208,330
Provisions
Taxation including deferred tax
23,579
14,424
---------
---------
Net assets
270,242
193,906
---------
---------
Capital and reserves
Called up share capital
99
99
Profit and loss account
270,143
193,807
---------
---------
Shareholders funds
270,242
193,906
---------
---------
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 year ending 31 March 2023 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 year 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 .
Osprey Systems Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mr R B Chalmers
Director
Company registration number: SC378897
Osprey Systems Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Upper Mains, Echt, Westhill, AB32 7AR.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
91,954
85,896
177,850
Additions
63,828
48,488
112,316
Disposals
( 15,000)
( 37,991)
( 52,991)
---------
--------
---------
At 31 March 2023
140,782
96,393
237,175
---------
--------
---------
Depreciation
At 1 April 2022
56,974
42,463
99,437
Charge for the year
15,869
14,867
30,736
Disposals
( 13,905)
( 5,540)
( 19,445)
---------
--------
---------
At 31 March 2023
58,938
51,790
110,728
---------
--------
---------
Carrying amount
At 31 March 2023
81,844
44,603
126,447
---------
--------
---------
At 31 March 2022
34,980
43,433
78,413
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
35,028
12,357
Other debtors
1,256
3,394
--------
--------
36,284
15,751
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,506
27,900
Corporation tax
12,808
10,144
Social security and other taxes
13,596
4,340
Other creditors
29,011
29,523
--------
--------
72,921
71,907
--------
--------