Company registration number 12026983 (England and Wales)
DAVE OSBORNE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DAVE OSBORNE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
DAVE OSBORNE LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
55,176
45,432
Cash at bank and in hand
311
88
55,487
45,520
Creditors: amounts falling due within one year
4
(37,669)
(18,876)
Net current assets
17,818
26,644
Creditors: amounts falling due after more than one year
5
(17,780)
(26,500)
Net assets
38
144
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
37
143
Total equity
38
144
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 11 April 2024 and are signed on its behalf by:
Mr D Osborne
Director
Company registration number 12026983 (England and Wales)
DAVE OSBORNE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Dave Osborne Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Pask Way, Clare, Sudbury, Suffolk, CO10 8FJ.
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 is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
DAVE OSBORNE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,392
5,480
Other debtors
41,784
39,952
55,176
45,432
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
11,280
Taxation and social security
25,793
6,318
Other creditors
1,876
1,278
37,669
18,876
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,780
26,500
6
Directors' transactions
At the year end the director had an overdrawn loan account amounting to £14,956 (2022: £nil).