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Company No: SC200371 (Scotland)

OSSIPEE LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

OSSIPEE LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

OSSIPEE LTD

BALANCE SHEET

As at 30 November 2023
OSSIPEE LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,547,576 2,992,352
Investments 4 465,296 410,560
3,012,872 3,402,912
Current assets
Stocks 95,600 112,884
Debtors 5 61,474 239,131
Cash at bank and in hand 370,965 245,715
528,039 597,730
Creditors: amounts falling due within one year 6 ( 1,145,948) ( 1,147,052)
Net current liabilities (617,909) (549,322)
Total assets less current liabilities 2,394,963 2,853,590
Creditors: amounts falling due after more than one year 7 ( 38,696) ( 58,745)
Provision for liabilities 0 ( 16,962)
Net assets 2,356,267 2,777,883
Capital and reserves
Called-up share capital 8 1,000 1,000
Other reserves 0 490,883
Profit and loss account 2,355,267 2,286,000
Total shareholders' funds 2,356,267 2,777,883

For the financial year ending 30 November 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 Ossipee Ltd (registered number: SC200371) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

Peter Anderson
Director
OSSIPEE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
OSSIPEE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

Ossipee Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 10 Thistle Street, Aberdeen, Aberdeenshire, AB10 1XZ, 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

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

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

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

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.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases

The company as lessee
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Investment property Total
£ £
Cost
At 01 December 2022 2,992,352 2,992,352
Additions 51,544 51,544
Revaluations ( 496,320) ( 496,320)
At 30 November 2023 2,547,576 2,547,576
Accumulated depreciation
At 01 December 2022 0 0
At 30 November 2023 0 0
Net book value
At 30 November 2023 2,547,576 2,547,576
At 30 November 2022 2,992,352 2,992,352

Revaluation of tangible assets

The fair value of £2,547,576 of the investment properties have been arrived at on the basis of valuations carried out by the directors on 30 November 2023. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

2023 2022
£ £
Historical cost 2,686,315 2,634,771
Carrying value 2,686,315 2,634,771

4. Fixed asset investments

Investments in associates Loans Total
£ £ £
Cost or valuation before impairment
At 01 December 2022 110,590 299,970 410,560
Additions 0 54,736 54,736
At 30 November 2023 110,590 354,706 465,296
Carrying value at 30 November 2023 110,590 354,706 465,296
Carrying value at 30 November 2022 110,590 299,970 410,560

5. Debtors

2023 2022
£ £
Amounts owed by group undertakings 47,010 48,315
Other debtors 14,464 190,816
61,474 239,131

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 19,656 22,000
Trade creditors 2,185 4,863
Corporation tax 35,191 34,924
Other taxation and social security 7,552 1,927
Other creditors 1,081,364 1,083,338
1,145,948 1,147,052

The Bank holds Standard Securities over the Investment properties and a bond and floating charge over the assets of the company. The bank also holds a negative pledge over 8 Craigshaw Drive.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 38,696 58,745

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Commitments

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

2023 2022
£ £
within one year 35,000 42,000

At the reporting end date of 30 November 2023, the company has contracted with tenants for the following minimum lease payments: 2023 £927,881 (2022 - £1,129,799).

10. Related party transactions

Other related party transactions

2023 2022
£ £
Other Related Parties - Debit Balance 115,477 475,620

As at 30 November 2023 the company was due the directors £978 (2022 - the directors were due the company £5,211). The loan is interest free with no set repayment terms.