Company registration number 00586093 (England and Wales)
D. Ostrin Limited
Unaudited Financial Statements
For The Year Ended 30 June 2023
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
D. Ostrin Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
D. Ostrin Limited
BALANCE SHEET
As At 30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
580,385
580,964
Current assets
Debtors
4
2,051
Cash at bank and in hand
6,193
4,152
8,244
4,152
Creditors: amounts falling due within one year
5
(41,652)
(44,984)
Net current liabilities
(33,408)
(40,832)
Net assets
546,977
540,132
Capital and reserves
Called up share capital
7,500
7,500
Profit and loss reserves
539,477
532,632
Total equity
546,977
540,132
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
Mr A R Ostrin
Director
Company registration number 00586093 (England and Wales)
D. Ostrin Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023
- 2 -
1
Accounting policies
Company information
D. Ostrin Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent received excluding value added tax relating to the principle activities of the company during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
-
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
D. Ostrin Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 June 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
575,957
80,282
656,239
Additions
216
216
At 30 June 2023
575,957
80,498
656,455
Depreciation and impairment
At 1 July 2022
75,275
75,275
Depreciation charged in the year
795
795
At 30 June 2023
76,070
76,070
Carrying amount
At 30 June 2023
575,957
4,428
580,385
At 30 June 2022
575,957
5,007
580,964
D. Ostrin Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 June 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,051
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
2
Other creditors
41,652
44,982
41,652
44,984