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Registration number: NI656138

OSM Trading UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

OSM Trading UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

OSM Trading UK Limited

Company Information

Director

Mr David Lundy

Registered office

Unit 1
11 Chancellors Road
Newry
Down
BT35 8PR

 

OSM Trading UK Limited

(Registration number: NI656138)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

-

60,280

Debtors

5

1

238,575

Cash at bank and in hand

 

70

30,412

 

71

329,267

Creditors: Amounts falling due within one year

6

(237,334)

(282,781)

Total assets less current liabilities

 

(237,263)

46,486

Creditors: Amounts falling due after more than one year

6

(17,396)

(24,573)

Net (liabilities)/assets

 

(254,659)

21,913

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(254,660)

21,912

Shareholders' (deficit)/funds

 

(254,659)

21,913

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

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

   
     
 

OSM Trading UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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

These financial statements were authorised for issue by the director on 31 July 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 company ceased trading in April 2023, and has become insolvent with no ability to pay its outstanding debts

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.

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.

 

OSM Trading UK Limited

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

Tax

The tax expense for the period comprises current 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.

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.

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

 

OSM Trading UK Limited

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

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.

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 the director) during the year, was 10 (2022 - 25).

4

Stocks

2023
£

2022
£

Other inventories

-

60,280

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

210,518

Prepayments

-

15,430

Other debtors

1

12,627

 

1

238,575

 

OSM Trading UK Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,800

12,655

Trade creditors

 

151,918

170,149

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

18,343

18,343

Taxation and social security

 

34,153

45,051

Accruals and deferred income

 

3,000

3,000

Other creditors

 

19,120

33,583

 

237,334

282,781

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,396

24,573

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,396

24,573

Current loans and borrowings

 

OSM Trading UK Limited

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

2023
£

2022
£

Bank borrowings

10,800

10,800

Bank overdrafts

-

1,855

10,800

12,655

Bank borrowings

Bounce Back Loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 17 July 2026. The carrying amount at year end is £28,196 (2022 - £35,373).

9

Related party transactions

 

OSM Trading UK Limited

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

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr David Lundy

Directors Loan

5,347

(3,960)

13,000

14,387

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr David Lundy

Directors Loan

21,847

(17,500)

1,000

5,347

 

OSM Trading UK Limited

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

Summary of transactions with other related parties

The company has a related party - OSM (IRL) Limited.
 OSM (IRL) Limited has a common director and shareholder.
  At the year end, the amount owed to OSM (IRL) LTD was £18,344 (2022 - £18,344).
 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

18,344

18,344

At end of period

18,344

18,344

2022

Other related parties
£

Total
£

At start of period

18,344

18,344

At end of period

18,344

18,344