Registered number
10884918
OS Glasgow Limited
Filleted Accounts
31 August 2023
OS Glasgow Limited
Registered number: 10884918
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 81,221 95,721
Current assets
Stocks 9,200 8,200
Debtors 4 81,369 51,808
Cash at bank and in hand 10,026 30,108
100,595 90,116
Creditors: amounts falling due within one year 6 (60,987) (58,200)
Net current assets 39,608 31,916
Total assets less current liabilities 120,829 127,637
Creditors: amounts falling due after more than one year 7 (8,356) (13,417)
Net assets 112,473 114,220
Capital and reserves
Called up share capital 10 10
Profit and loss account 112,463 114,210
Shareholder's funds 112,473 114,220
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Kean Chin Lee
Director
Approved by the board on 28 July 2024
OS Glasgow Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 15% on reducing balance
Equipments 15% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2022 2,537 150,862 153,399
At 31 August 2023 2,537 150,862 153,399
Depreciation
At 1 September 2022 - 57,678 57,678
Charge for the year - 14,500 14,500
At 31 August 2023 - 72,178 72,178
Net book value
At 31 August 2023 2,537 78,684 81,221
At 31 August 2022 2,537 93,184 95,721
4 Debtors 2023 2022
£ £
Other debtors 81,369 51,808
5 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments - -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,520 5,520
Taxation and social security costs 8,268 6,463
Other creditors 47,199 46,217
60,987 58,200
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,356 13,417
8 Other information
OS Glasgow Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite B, 8th Floor, Albany House
31 Hurst Street
Birmingham
B5 4BD
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