OSM (IRL) LTD NI061058 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is Electrical and mechanical engineering services Digita Accounts Production Advanced 6.30.9574.0 true true NI061058 2022-10-01 2023-09-30 NI061058 2023-09-30 NI061058 bus:Director2 1 2023-09-30 NI061058 bus:OrdinaryShareClass1 2023-09-30 NI061058 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 NI061058 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 NI061058 core:CurrentFinancialInstruments 2023-09-30 NI061058 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 NI061058 core:Non-currentFinancialInstruments 2023-09-30 NI061058 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 NI061058 core:FurnitureFittingsToolsEquipment 2023-09-30 NI061058 core:MotorVehicles 2023-09-30 NI061058 core:OtherPropertyPlantEquipment 2023-09-30 NI061058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-09-30 NI061058 1 2023-09-30 NI061058 bus:SmallEntities 2022-10-01 2023-09-30 NI061058 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 NI061058 bus:FullAccounts 2022-10-01 2023-09-30 NI061058 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 NI061058 bus:RegisteredOffice 2022-10-01 2023-09-30 NI061058 bus:Director1 2022-10-01 2023-09-30 NI061058 bus:Director2 2022-10-01 2023-09-30 NI061058 bus:Director2 1 2022-10-01 2023-09-30 NI061058 bus:HighestPaidDirector 2022-10-01 2023-09-30 NI061058 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 NI061058 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI061058 core:FurnitureFittings 2022-10-01 2023-09-30 NI061058 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 NI061058 core:MotorVehicles 2022-10-01 2023-09-30 NI061058 core:OfficeEquipment 2022-10-01 2023-09-30 NI061058 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 NI061058 core:PlantMachinery 2022-10-01 2023-09-30 NI061058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-10-01 2023-09-30 NI061058 1 2022-10-01 2023-09-30 NI061058 countries:NorthernIreland 2022-10-01 2023-09-30 NI061058 2022-09-30 NI061058 bus:Director2 1 2022-09-30 NI061058 core:FurnitureFittingsToolsEquipment 2022-09-30 NI061058 core:MotorVehicles 2022-09-30 NI061058 core:OtherPropertyPlantEquipment 2022-09-30 NI061058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-30 NI061058 2021-10-01 2022-09-30 NI061058 2022-09-30 NI061058 bus:Director2 1 2022-09-30 NI061058 bus:OrdinaryShareClass1 2022-09-30 NI061058 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-09-30 NI061058 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-09-30 NI061058 core:CurrentFinancialInstruments 2022-09-30 NI061058 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 NI061058 core:Non-currentFinancialInstruments 2022-09-30 NI061058 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 NI061058 core:FurnitureFittingsToolsEquipment 2022-09-30 NI061058 core:MotorVehicles 2022-09-30 NI061058 core:OtherPropertyPlantEquipment 2022-09-30 NI061058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-30 NI061058 1 2022-09-30 NI061058 bus:Director2 1 2021-10-01 2022-09-30 NI061058 bus:HighestPaidDirector 2021-10-01 2022-09-30 NI061058 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 NI061058 2021-09-30 NI061058 bus:Director2 1 2021-09-30 NI061058 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI061058

OSM (IRL) LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

OSM (IRL) LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

OSM (IRL) LTD

Company Information

Directors

Mr Damian Rice

Mr David Lundy

Registered office

Unit 1
11 Chancellors Road
Newry
Down
BT35 8PR

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

OSM (IRL) LTD

(Registration number: NI061058)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

72,901

70,376

Current assets

 

Stocks

5

50,000

60,000

Debtors

6

109,454

162,858

Cash at bank and in hand

 

44,750

52,172

 

204,204

275,030

Creditors: Amounts falling due within one year

7

(128,932)

(143,820)

Net current assets

 

75,272

131,210

Total assets less current liabilities

 

148,173

201,586

Creditors: Amounts falling due after more than one year

7

(76,157)

(85,394)

Provisions for liabilities

(13,851)

(13,372)

Net assets

 

58,165

102,820

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

58,065

102,720

Shareholders' funds

 

58,165

102,820

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

 

OSM (IRL) LTD

(Registration number: NI061058)
Balance Sheet as at 30 September 2023

.........................................
Mr David Lundy
Director

   
     
 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Unit 1
11 Chancellors Road
Newry
Down
BT35 8PR
Northern Ireland

The principal place of business is:
Unit 1
11 Chancellors Road
Newry
Down
BT35 8PR
Northern Ireland

These financial statements were authorised for issue by the Board on 8 February 2024.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Fixtures and fittings

20% Reducing balance basis

Office equipment

15% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

41,006

193,967

59,588

294,561

Additions

1,331

41,294

5,667

48,292

Disposals

-

(55,650)

-

(55,650)

At 30 September 2023

42,337

179,611

65,255

287,203

Depreciation

At 1 October 2022

27,709

138,849

57,627

224,185

Charge for the year

2,259

18,270

1,907

22,436

Eliminated on disposal

-

(32,319)

-

(32,319)

At 30 September 2023

29,968

124,800

59,534

214,302

Carrying amount

At 30 September 2023

12,369

54,811

5,721

72,901

At 30 September 2022

13,297

55,118

1,961

70,376

5

Stocks

2023
£

2022
£

Other inventories

50,000

60,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

107,955

141,050

Amounts owed by related parties

11

-

18,343

Prepayments

 

1,275

3,375

Other debtors

 

224

90

   

109,454

162,858

7

Creditors

Creditors: amounts falling due within one year

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

48,582

39,531

Trade creditors

 

32,080

22,302

Taxation and social security

 

17,212

36,778

Accruals and deferred income

 

3,200

3,200

Other creditors

 

27,858

42,009

 

128,932

143,820

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

76,157

85,394

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

40,000

65,000

Hire purchase contracts

36,157

20,394

76,157

85,394

2023
£

2022
£

Current loans and borrowings

Bank borrowings

27,500

27,500

Hire purchase contracts

21,082

12,031

48,582

39,531

Bank borrowings

Coronavirus Business Interruption Loan Scheme is denominated in sterling with a nominal interest rate of 6.85%, and the final instalment is due on 14 October 2025. The carrying amount at year end is £67,500 (2022 - £92,500).

10

Dividends

Interim dividends paid

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

   

2023
£

 

2022
£

Interim dividend of £150.00 per each Ordinary shares

 

15,000

 

15,000

         

11

Related party transactions

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr David Lundy

Directors Loan

42,001

(103,512)

89,258

27,747

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr David Lundy

Directors Loan

40,790

(75,930)

77,141

42,001

         
       

 

 

OSM (IRL) LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

54,442

53,160

In respect of the highest paid director:

2023
£

2022
£

Remuneration

29,150

29,276

Dividends paid to directors

   

2023
£

 

2022
£

Mr Damian Rice

       

Dividends

 

3,000

 

3,000

         

Mr David Lundy

       

Dividends

 

12,000

 

12,000

         

Summary of transactions with entities with joint control or significant interest

OSM Trading Ltd
 Connected party OSM Trading Ltd owed a balance of £18,343 to OSM (Irl) Ltd at the year ended 30th September 2022. This balance has been written off in the current year, as OSM Trading Ltd has ceased trading
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

18,343

18,343

Expenses recognised as bad debt

(18,343)

(18,343)

At end of period

-

-

2022

Entities with joint control or significant influence
£

Total
£

At start of period

18,343

18,343

At end of period

18,343

18,343