Silverfin false false 31/03/2024 01/04/2023 31/03/2024 O S T Andrews 05/01/2022 07 August 2024 The principal activity of the Company during the year was the provision of consultancy services and residential property investment. 13830180 2024-03-31 13830180 bus:Director1 2024-03-31 13830180 2023-03-31 13830180 core:CurrentFinancialInstruments 2024-03-31 13830180 core:CurrentFinancialInstruments 2023-03-31 13830180 core:ShareCapital 2024-03-31 13830180 core:ShareCapital 2023-03-31 13830180 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 13830180 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 13830180 core:RetainedEarningsAccumulatedLosses 2024-03-31 13830180 core:RetainedEarningsAccumulatedLosses 2023-03-31 13830180 core:FurnitureFittings 2023-03-31 13830180 core:FurnitureFittings 2024-03-31 13830180 2023-04-01 2024-03-31 13830180 bus:FilletedAccounts 2023-04-01 2024-03-31 13830180 bus:SmallEntities 2023-04-01 2024-03-31 13830180 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13830180 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13830180 bus:Director1 2023-04-01 2024-03-31 13830180 core:FurnitureFittings 2023-04-01 2024-03-31 13830180 2022-01-05 2023-03-31 iso4217:GBP xbrli:pure

Company No: 13830180 (England and Wales)

OSTA PROPERTIES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

OSTA PROPERTIES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

OSTA PROPERTIES LTD

BALANCE SHEET

As at 31 March 2024
OSTA PROPERTIES LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 1,790 2,105
Investment property 4 567,000 519,762
568,790 521,867
Current assets
Debtors 0 1
Cash at bank and in hand 5,867 15,700
5,867 15,701
Creditors: amounts falling due within one year 5 ( 525,821) ( 555,612)
Net current liabilities (519,954) (539,911)
Total assets less current liabilities 48,836 (18,044)
Provision for liabilities ( 11,810) 0
Net assets/(liabilities) 37,026 ( 18,044)
Capital and reserves
Called-up share capital 1 1
Fair value reserve 35,428 0
Profit and loss account 1,597 ( 18,045 )
Total shareholder's funds/(deficit) 37,026 ( 18,044)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of OSTA Properties Ltd (registered number: 13830180) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

O S T Andrews
Director
OSTA PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
OSTA PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

OSTA Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for consultancy income, rental income and property management services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.03.2024
Period from
05.01.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 2,441 2,441
At 31 March 2024 2,441 2,441
Accumulated depreciation
At 01 April 2023 336 336
Charge for the financial year 315 315
At 31 March 2024 651 651
Net book value
At 31 March 2024 1,790 1,790
At 31 March 2023 2,105 2,105

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 519,762
Fair value movement 47,238
As at 31 March 2024 567,000

Valuation

The investment properties class of fixed assets was adjusted on 31 March 2024 to fair value by the directors who are internal to the company. The basis of this valuation was open market value.

This class of assets has a current value of £567,000 (2023 - £519,762) and a carrying amount at historical cost of £519,762 (2023 - £519,762). The depreciation on the historical cost is £nil.

Deferred tax is accounted for on amounts within the fair value reserve as detailed in the accounting policy.

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 547 3,832
Taxation and social security 5,626 0
Other creditors 519,648 551,780
525,821 555,612