Company registration number 03115167 (England and Wales)
THE OSBORNE STUDIO GALLERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
THE OSBORNE STUDIO GALLERY LIMITED
COMPANY INFORMATION
Directors
G C S Hughes
Q J Jones
A K Cooper
(Appointed 11 October 2023)
Secretary
Q J Jones
Company number
03115167
Registered office
2 Motcomb Street
London
United Kingdom
SW1X 8JU
THE OSBORNE STUDIO GALLERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE OSBORNE STUDIO GALLERY LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
336
Current assets
Stocks
3,930
4,390
Debtors
4
46,672
34,250
Cash at bank and in hand
23,783
33,661
74,385
72,301
Creditors: amounts falling due within one year
5
(232,744)
(226,779)
Net current liabilities
(158,359)
(154,478)
Total assets less current liabilities
(158,359)
(154,142)
Creditors: amounts falling due after more than one year
6
(111,667)
(119,667)
Net liabilities
(270,026)
(273,809)
Capital and reserves
Called up share capital
8
216
216
Share premium account
189,884
189,884
Profit and loss reserves
(460,126)
(463,909)
Total equity
(270,026)
(273,809)
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 OSBORNE STUDIO GALLERY LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
G C S Hughes
Director
Company Registration No. 03115167
THE OSBORNE STUDIO GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
The Osborne Studio Gallery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Motcomb Street, London, United Kingdom, SW1X 8JU.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company had net liabilities of £270,026 (2022 - £273,809). The company's directors have indicated they will continue to support the company for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
1.3
Turnover
Turnover represents net invoiced sales of goods and commission, excluding value added tax. Revenue is recognised when there is a full commitment from the buyer to purchase the item.
1.4
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:
Fixtures and fittings
25% on cost
Computer equipment
25% on cost
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and net selling price, after making due allowances for obsolete and slow moving items.
THE OSBORNE STUDIO GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE OSBORNE STUDIO GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
6,335
8,761
15,096
Depreciation and impairment
At 1 July 2022
6,335
8,425
14,760
Depreciation charged in the year
336
336
At 30 June 2023
6,335
8,761
15,096
Carrying amount
At 30 June 2023
At 30 June 2022
336
336
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,248
15,500
Other debtors
25,424
18,750
46,672
34,250
THE OSBORNE STUDIO GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,000
8,000
Trade creditors
151,239
131,015
Taxation and social security
13,605
4,741
Other creditors
59,900
83,023
232,744
226,779
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
16,667
24,667
Other creditors
95,000
95,000
111,667
119,667
7
Loans and overdrafts
2023
2022
£
£
Bank loans
24,667
32,667
Other loans
95,000
95,000
119,667
127,667
Payable within one year
8,000
8,000
Payable after one year
111,667
119,667
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
21,646
21,646
216
216
THE OSBORNE STUDIO GALLERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
56,250
131,250
The operating lease that is disclosed above has a guarantee in place from G C S Hughes.
10
Related party transactions
At the year end, the company owed £99,789 (2022: £95,556) to its directors of which £4,789 (2022: £556) is due within one year and £95,000 (2022: £95,000) is due after one year. These are included within other creditors and do not attract interest.