Registration number:
Osborne Property Company Ltd
for the Year Ended 31 March 2023
Osborne Property Company Ltd
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Osborne Property Company Ltd
(Registration number: 03410460)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
366,215 |
391,352 |
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Shareholders' funds |
366,315 |
391,452 |
For the financial 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:
• |
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• |
The director acknowledges his 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
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Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is property letting.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
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. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Tangible assets
Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold property |
No depreciation is applied to investment property |
Fittings fixtures and equipment |
15% straight line |
Impairment
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.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
- |
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Charge for the year |
- |
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At 31 March 2023 |
- |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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The above long leasehold land and buildings relates to investment property.
Revaluation
The company's long leasehold property was revalued by the director on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investments |
2023 |
2022 |
|
Fixed asset investment participating loan |
60,000 |
60,000 |
Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
5 |
Investments (continued) |
Fixed asset investment participating loan
£ |
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Cost or valuation |
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At 1 April 2022 |
60,000 |
Debtors |
Note |
2023 |
2022 |
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Amounts owed by related parties |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Summary of transactions with key management
Transactions with the director |
2023 |
At 1 April 2022 |
Other payments made to company by director |
At 31 March 2023 |
Director |
( |
(25,630) |
( |
2022 |
At 1 April 2021 |
Other payments made to company by director |
At 31 March 2022 |
Director |
( |
(369,349) |
( |
Summary of transactions with other related parties
These loans are interest free and repayable on demand.
Osborne Property Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
10 |
Related party transactions (continued) |
Loans to related parties
2023 |
Other related parties |
Total |
At start of period |
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At end of period |
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2022 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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