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Registration number: 11583409

OS Generation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

OS Generation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

OS Generation Limited

Company Information

Directors

A Crowley

S Wright

Registered office

1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ

Accountants

MacMahon Leggate
Chartered Accountants
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ

 

OS Generation Limited

(Registration number: 11583409)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,999,979

1,940,861

Current assets

 

Debtors

5

89,225

113,241

Cash at bank and in hand

 

11,491

72,944

 

100,716

186,185

Creditors: Amounts falling due within one year

6

(183,469)

(197,848)

Net current liabilities

 

(82,753)

(11,663)

Total assets less current liabilities

 

1,917,226

1,929,198

Creditors: Amounts falling due after more than one year

6

(3,196,821)

(2,933,701)

Net liabilities

 

(1,279,595)

(1,004,503)

Capital and reserves

 

Called up share capital

150

150

Retained earnings

(1,279,745)

(1,004,653)

Shareholders' deficit

 

(1,279,595)

(1,004,503)

 

OS Generation Limited

(Registration number: 11583409)
Balance Sheet as at 31 March 2023

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................

S Wright
Director

 

OS Generation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ
England

These financial statements were authorised for issue by the Board on 15 March 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

 

OS Generation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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, Property and Equipment

10% Straight Line

Assets Under Construction

No Depreciation Charge

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.

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.

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.

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.

 

OS Generation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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 3 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Assets Under Construction
 £

Property, Plant and Equipment
£

Total
£

Cost or valuation

At 1 April 2022

5,005

823,599

1,318,758

2,147,362

Additions

139

219,259

-

219,398

Transfers

-

(376,462)

376,462

-

At 31 March 2023

5,144

666,396

1,695,220

2,366,760

Depreciation

At 1 April 2022

679

-

205,492

206,171

Charge for the year

514

-

160,096

160,610

At 31 March 2023

1,193

-

365,588

366,781

Carrying amount

At 31 March 2023

3,951

666,396

1,329,632

1,999,979

At 31 March 2022

4,036

823,559

1,113,266

1,940,861

 

OS Generation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

80,650

78,229

Amounts owed by related parties

5,942

-

Prepayments

 

1,025

1,777

Other debtors

 

1,608

33,235

   

89,225

113,241

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

36,238

48,633

Trade creditors

 

107,257

145,229

Taxation and social security

 

36,699

1,986

Accruals and deferred income

 

2,750

2,000

Other creditors

 

525

-

 

183,469

197,848

2023
£

2022
£

Current loans and borrowings

Other borrowings

36,238

48,633

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

3,196,821

2,933,701

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,691,894 (2022: £2,571,894).

 

OS Generation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

3,196,821

2,933,701