Silverfin false false 31/12/2023 01/01/2023 31/12/2023 J V Dijkhuizen 19/07/2007 M Van Dijkhuizen 01/01/2022 23 August 2024 The principal activity of the Company during the financial year was hardware distribution. 06318053 2023-12-31 06318053 bus:Director1 2023-12-31 06318053 bus:Director2 2023-12-31 06318053 2022-12-31 06318053 core:CurrentFinancialInstruments 2023-12-31 06318053 core:CurrentFinancialInstruments 2022-12-31 06318053 core:ShareCapital 2023-12-31 06318053 core:ShareCapital 2022-12-31 06318053 core:RetainedEarningsAccumulatedLosses 2023-12-31 06318053 core:RetainedEarningsAccumulatedLosses 2022-12-31 06318053 core:PlantMachinery 2022-12-31 06318053 core:FurnitureFittings 2022-12-31 06318053 core:PlantMachinery 2023-12-31 06318053 core:FurnitureFittings 2023-12-31 06318053 bus:OrdinaryShareClass1 2023-12-31 06318053 2023-01-01 2023-12-31 06318053 bus:FilletedAccounts 2023-01-01 2023-12-31 06318053 bus:SmallEntities 2023-01-01 2023-12-31 06318053 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06318053 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06318053 bus:Director1 2023-01-01 2023-12-31 06318053 bus:Director2 2023-01-01 2023-12-31 06318053 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 06318053 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 06318053 2022-01-01 2022-12-31 06318053 core:PlantMachinery 2023-01-01 2023-12-31 06318053 core:FurnitureFittings 2023-01-01 2023-12-31 06318053 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06318053 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06318053 (England and Wales)

OSPL UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

OSPL UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

OSPL UK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
OSPL UK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,630 1,640
2,630 1,640
Current assets
Debtors 4 292,033 246,565
292,033 246,565
Creditors: amounts falling due within one year 5 ( 39,004) ( 23,296)
Net current assets 253,029 223,269
Total assets less current liabilities 255,659 224,909
Net assets 255,659 224,909
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 255,559 224,809
Total shareholder's funds 255,659 224,909

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

Directors' responsibilities:

The financial statements of OSPL UK Limited (registered number: 06318053) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Van Dijkhuizen
Director

23 August 2024

OSPL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
OSPL UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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 year, unless otherwise stated.

General information and basis of accounting

OSPL UK Limited (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. 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.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 January 2023 12,330 3,380 15,710
Additions 1,019 1,060 2,079
At 31 December 2023 13,349 4,440 17,789
Accumulated depreciation
At 01 January 2023 11,390 2,680 14,070
Charge for the financial year 690 399 1,089
At 31 December 2023 12,080 3,079 15,159
Net book value
At 31 December 2023 1,269 1,361 2,630
At 31 December 2022 940 700 1,640

4. Debtors

2023 2022
£ £
Amounts owed by group undertakings 287,165 243,196
Prepayments 1,945 1,675
VAT recoverable 1,348 1,074
Other debtors 1,575 620
292,033 246,565

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 1,000 1,000
Taxation and social security 36,726 22,175
Other creditors 1,278 121
39,004 23,296

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 3,150 2,040

Pensions

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £139 (2022 - £121) were payable to the fund at the balance sheet date.

2023 2022
£ £
Pension contributions 139 121