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Registered number: 09911898









OSSL GLOBAL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OSSL GLOBAL LIMITED
 
 
COMPANY INFORMATION


Directors
D Lynes Esq 
R H Lynes Esq 
W Lynes Esq 
Mrs L M Lynes 




Registered number
09911898



Registered office
Stephenson Way
Three Bridges

Crawley

East Sussex

RH10 1TN




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
OSSL GLOBAL LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14 - 15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17 - 18
Notes to the financial statements
 
19 - 39


 
OSSL GLOBAL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2022. 

Business review
 
The group delivered another solid sales performance recording a 1.6% year on year revenue growth. Management implemented a number of margin improvement strategies during the year to mitigate the effect of supply side pricing volatility whilst increasing the value of our service offering to our customers. The strength of our service offering in the construction industry has seen a number of new key accounts onboarded during 2023 with further key accounts secured in late 2023 for onboarding early 2024. 
As a carbon neutral group (from 2021), our focus on sustainability initiatives continued to accelerate during 2023. Our Building Better Strategy ESG Strategy provides the roadmap for our commitments to the environment and sustainability in the construction industry, ensuring our group is Net Zero by 2035. Building Better defines how we will build a truly sustainable business with continued growth achieved through becoming a role model and enabler for environmental and ethical best practice. 
The year saw us continue to develop Onsite Support’s industry leading PLUS data programme and increased its reach to more of our customers wishing to monitor, report and achieve our collective efficiency and sustainability goals. This innovative, value adding lean tool not only provides our customers with accurate, real time efficiency and sustainability data but also delivers significant cost savings in their procurement and administration functions.  
An organisation wide review led to a number of redundancies resulting in an exceptional, one-off charge to operating profit. This review has increased efficiency and productivity within the business whilst maintaining the high service levels our customers have come to expect from OnSite Support. The group looks forward to the ongoing EBITDA benefit provided by these organisational changes.
During the year we invested significantly in signage production equipment and successfully launched our range of stock and bespoke signage products. This has enabled the group to broaden its product offering to existing customers as well as establishing itself as a broader player in the signage market. The signage production equipment compliments our existing production capacity in bespoke garment embroidery and transfer printing. As we look toward 2024, the group remains alert to new product initiatives that provide valuable adjacencies to our core offerings.

Page 1

 
OSSL GLOBAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The key business risks and uncertainties are considered to relate to competition from established competitors, the state of the UK and global economies particularly relating to commodity pricing and reliability of supply chains. These risks are continually monitored by management.
Price Risk
The group operates in a competitive market where pressures continually exist to drive down the price of goods. The group continues work with its suppliers to obtain competitive pricing whilst closely managing overhead costs. In addition, the group utilises data analytics to provide our customers with information to efficiently and sustainably source our products resulting in better environmental outcomes and lower carriage costs. 
Inflationary Risk
Although inflation volatility began to ease by the end of 2023, global conditions including the conflict in Ukraine and energy prices continued to present inflationary headwinds which impacted margins, particularly where cost increases could not be immediately passed onto our customers. Margin improvement remained a focus. The group has undertaken a number of initiatives with both our supply chain and customers. 
Currency Risk
In order to compete and to minimise the group’s price risk, purchases from abroad remain sizeable. This has meant that the group remains open to a level of currency risk specifically in relation to the US Dollar and Euro. Hedging is in place and we cover both long-term and short-term currency requirements. Any negative currency translations are taken to the profit and loss account immediately if incurred.
 
Page 2

 
OSSL GLOBAL LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness tests. The group further mitigates the industry inherent credit risk by continuing to purchase credit insurance from a leading provider.  
 

Financial key performance indicators
 
KPI targets are set annually and discussed monthly during the financial review process.   These include, but are not restricted to, creditor days, debtor days, debtors overdue by 60/90 days, inventory days, GP% Margin, revenue growth and OTIF 


This report was approved by the board on 29 July 2024 and signed on its behalf.



................................................
R H Lynes Esq
CEO

Page 3

 
OSSL GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of a dormant holding company.
The group's principal activity is that of wholesale builders merchants providing support services to the construction and engineering trades.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £777,510 (2022 - £713,435).

Dividends voted by the company during the year amounted to £556,874 (2022: £448,314).

Directors

The directors who served during the year were:

D Lynes Esq 
R H Lynes Esq 
W Lynes Esq 
Mrs L M Lynes 

Page 4

 
OSSL GLOBAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

Since the Balance Sheet date the group has had to deal with the coronavirus pandemic and the associated measures that governments, customers, suppliers and finance providers are putting in place to deal with it. While the group will undoubtedly suffer some adverse impact from this in the short term, the directors are confident that we can work through the temporary disruption and that our business plans are robust even in the current situation. On the basis of the above the accounts have been prepared on the going concern basis.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Each of the persons who are directors at the time when this Directors' report is approved confimed that:
• so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and;
• the director have taken all the steps that ought to have been takenas a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There are no post balance sheet events that the directors consider impact on the business.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 July 2024 and signed on its behalf.
 





................................................
R H Lynes Esq
CEO

Page 5

 
OSSL GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSSL GLOBAL LIMITED
 

Opinion


We have audited the financial statements of OSSL Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
OSSL GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSSL GLOBAL LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
OSSL GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSSL GLOBAL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the sector that the group operates in;
• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, ISO accreditations and the group’s membership with constructionline;
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit. 
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management and the board as to where they consider there was susceptibility to fraud along with their knowledge of actual, suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation. 
 
Page 8

 
OSSL GLOBAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSSL GLOBAL LIMITED (CONTINUED)



To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspected and tested journal entries to identify unusual or unexpected transactions;
• Assessed whether judgement and assumptions made in determining significant accounting estimates, including stock provisions and the useful economic life of tangible fixed assets, were indicative of management bias; and
• Investigated the rationale behind significant transactions, or transactions that are unusual or outside the group’s usual course of business. 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mario Cientanni (senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
5 August 2024
Page 9

 
OSSL GLOBAL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
18,517,179
18,232,975

Cost of sales
  
(11,060,172)
(11,553,903)

Gross profit
  
7,457,007
6,679,072

Distribution costs
  
(1,917,937)
(3,073,562)

Administrative expenses
  
(4,202,900)
(2,717,174)

Exceptional administrative expenses
  
(263,826)
-

Other operating income
 4 
34,922
28,423

Operating profit
 5 
1,107,266
916,759

Interest receivable and similar income
 8 
29
-

Interest payable and expenses
 9 
(29,243)
(11,959)

Profit before taxation
  
1,078,052
904,800

Tax on profit
 10 
(251,756)
(148,747)

Profit for the financial year
  
826,296
756,053

Profit for the year attributable to:
  

Non-controlling interests
  
48,786
42,618

Owners of the parent company
  
777,510
713,435

  
826,296
756,053

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 39 form part of these financial statements.

Page 10

 
OSSL GLOBAL LIMITED
REGISTERED NUMBER: 09911898

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
325,372
494,891

Tangible assets
 14 
4,634,283
4,421,025

Investment property
 16 
100,000
100,000

  
5,059,655
5,015,916

Current assets
  

Stocks
 17 
1,565,133
1,702,973

Debtors: amounts falling due after more than one year
 18 
-
23,850

Debtors: amounts falling due within one year
 18 
3,434,186
3,485,637

Cash at bank and in hand
 19 
53,114
80,947

  
5,052,433
5,293,407

Creditors: amounts falling due within one year
 20 
(4,395,203)
(4,881,597)

Net current assets
  
 
 
657,230
 
 
411,810

Total assets less current liabilities
  
5,716,885
5,427,726

Creditors: amounts falling due after more than one year
 21 
(63,123)
(42,314)

Provisions for liabilities
  

Deferred taxation
 23 
(507,233)
(508,305)

Net assets
  
5,146,529
4,877,107

Page 11

 
OSSL GLOBAL LIMITED
REGISTERED NUMBER: 09911898
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
430
430

Revaluation reserve
  
1,716,327
1,716,327

Other reserves
  
589,572
589,572

Profit and loss account
  
2,911,695
2,691,059

Equity attributable to owners of the parent company
  
5,218,024
4,997,388

Non-controlling interests
  
(71,495)
(120,281)

  
5,146,529
4,877,107


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R H Lynes Esq
................................................
W Lynes Esq
CEO
Managing Director



................................................
D Lynes Esq
Sales Director





Date: 29 July 2024


The notes on pages 19 to 39 form part of these financial statements.

Page 12

 
OSSL GLOBAL LIMITED
REGISTERED NUMBER: 09911898

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
2,189,998
2,189,998

  
2,189,998
2,189,998

Current assets
  

Debtors: amounts falling due within one year
 18 
2
2

  
2
2

Creditors: amounts falling due within one year
 20 
(1,460,348)
(1,478,179)

Net current liabilities
  
 
 
(1,460,346)
 
 
(1,478,177)

Total assets less current liabilities
  
729,652
711,821

  

  

Net assets
  
729,652
711,821


Capital and reserves
  

Called up share capital 
 24 
430
430

Other reserves
  
589,572
589,572

Profit and loss account
  
139,650
121,819

  
729,652
711,821


The financial statements were approved and authorised for issue by the board and were signed on its behalf by  



................................................
R H Lynes Esq
................................................
W Lynes Esq
CEO
Managing Director


................................................
D Lynes Esq
Sales Director




Date: 29 July 2024


The notes on pages 19 to 39 form part of these financial statements.

Page 13

 

 
OSSL GLOBAL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 January 2023
430
1,716,327
589,572
2,691,059
4,997,388
(120,281)
4,877,107





Profit for the year
-
-
-
777,510
777,510
48,786
826,296


Dividends: Equity capital
-
-
-
(556,874)
(556,874)
-
(556,874)



At 31 December 2023
430
1,716,327
589,572
2,911,695
5,218,024
(71,495)
5,146,529



Page 14

 

 
OSSL GLOBAL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Revaluation reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 January 2022
430
1,974,000
589,572
2,425,938
4,989,940
(162,899)
4,827,041





Profit for the year
-
-
-
713,435
713,435
42,618
756,053


Dividends: Equity capital
-
-
-
(448,314)
(448,314)
-
(448,314)


Revaluation
-
(257,673)
-
-
(257,673)
-
(257,673)



At 31 December 2022
430
1,716,327
589,572
2,691,059
4,997,388
(120,281)
4,877,107



The notes on pages 19 to 39 form part of these financial statements.

Page 15

 
OSSL GLOBAL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
430
589,572
121,819
711,821



Profit for the year
-
-
574,705
574,705

Dividends: Equity capital
-
-
(556,874)
(556,874)


At 31 December 2023
430
589,572
139,650
729,652



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
430
589,572
100,131
690,133



Profit for the year
-
-
470,002
470,002

Dividends: Equity capital
-
-
(448,314)
(448,314)


At 31 December 2022
430
589,572
121,819
711,821


The notes on pages 19 to 39 form part of these financial statements.

Page 16

 
OSSL GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
826,296
756,053

Adjustments for:

Amortisation of intangible assets
169,519
183,187

Depreciation of tangible assets
222,426
149,345

Profit on disposal of tangible assets
(19,191)
(28,539)

Interest paid
29,243
11,959

Interest received
(29)
-

Taxation charge
251,756
148,747

Decrease/(increase) in stocks
137,840
(127,644)

Decrease in debtors
75,301
130,605

(Decrease) in creditors
(116,208)
(6,484)

Corporation tax (paid)
(197,938)
(96,989)

Net cash generated from operating activities

1,379,015
1,120,240


Cash flows from investing activities

Purchase of tangible fixed assets
(494,120)
(255,681)

Sale of tangible fixed assets
77,627
50,335

Interest received
29
-

HP interest paid
(12,088)
(6,967)

Net cash from investing activities

(428,552)
(212,313)
Page 17

 
OSSL GLOBAL LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of bank loans
(10,304)
(24,023)

Repayment of other loans
(225,000)
-

Repayment of/new finance leases
12,761
(25,982)

Dividends paid
(556,874)
(448,314)

Interest paid
(17,155)
(4,992)

Net cash used in financing activities
(796,572)
(503,311)

Net increase in cash and cash equivalents
153,891
404,616

Cash and cash equivalents at beginning of year
(817,208)
(1,221,824)

Cash and cash equivalents at the end of year
(663,317)
(817,208)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
53,114
80,947

Bank overdrafts
(716,431)
(898,155)

(663,317)
(817,208)


The notes on pages 19 to 39 form part of these financial statements.

Page 18

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

OSSL Global Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Stephenson Way, Three Bridges, Crawley, East Sussex, RH10 1TN. The principal activity of the company is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the group and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the merger accounting method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their book values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the beginning of the financial year in which the combination occurred, being 1 January 2016. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated income statement over its useful economic life.
Other intangible assets 
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. 

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:.


Freehold property
-
Revaluation
Plant and machinery
-
3 - 5  years Reducing balance
Motor vehicles
-
1 - 5 years Reducing balance
Fixtures and fittings
-
33% reducing balance
Office equipment
-
2 - 3 years Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.12

Financial instruments

Page 21

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Financial liabilities

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 group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 22

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.17

Pensions

Defined contribution pension plan
The group operates two defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.20

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 23

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.21

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The group has made key assumptions regarding the useful economic life of tangible and intangible fixed assets and this is further described in note 2.4 and 2.5 of the accounting policies.
The directors also apply a consistent stock provision policy based on the category of stock and historical movements on similar stock items. Each stock line is provided at between 0% and 100%; the total provision at the year end amounts to £62,269 (2022: £157,991).

Page 24

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Other operating income

2023
2022
£
£

Other operating income
26,015
26,654

Sundry income
8,907
1,769

34,922
28,423



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
222,426
149,345

Amortisation of intangible assets, including goodwill
169,519
183,187

Fees payable to the group's auditor and its associates for the audit of the company's annual financial statements
14,375
14,375

Exchange differences
6,528
(6,180)

Other operating lease rentals
119,545
148,172

Defined contribution pension cost
48,628
42,443

Page 25

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,070,363
3,027,006
-
-

Social security costs
359,186
334,726
-
-

Cost of defined contribution scheme
48,628
42,443
-
-

3,478,177
3,404,175
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
4
4
4
4



Staff
81
82
-
-

85
86
4
4


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
115,033
84,603

Group contributions to defined contribution pension schemes
1,113
917

116,146
85,520


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
29
-

Page 26

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
14,005
-

Other loan interest payable
3,150
4,992

Finance leases and hire purchase contracts
12,088
6,967

29,243
11,959


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
251,265
196,345

Adjustments in respect of previous periods
1,563
(74,769)


Total current tax
252,828
121,576

Deferred tax


Origination and reversal of timing differences
(1,072)
27,171


Taxation on profit on ordinary activities
251,756
148,747
Page 27

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of  23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,078,052
904,800


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
253,558
171,912

Effects of:


Non-tax deductible amortisation of goodwill and impairment
39,872
34,805

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,545
788

Capital allowances for year in excess of depreciation
(46,710)
(11,160)

R&D tax credit
1,563
(74,769)

Deferred tax
(1,072)
27,171

Total tax charge for the year
251,756
148,747


Factors that may affect future tax charges

There were no factors that may affect future tax charges except for the increase in corporation tax rates from 19% to 25% as of 1 April 2023.


11.


Dividends

2023
2022
£
£


Dividends paid on equity capital
556,874
448,314


12.


Exceptional items

2023
2022
£
£


Redundancy costs
263,826
-

263,826
-

Page 28

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 January 2023
764,348
623,750
1,388,098



At 31 December 2023

764,348
623,750
1,388,098



Amortisation


At 1 January 2023
276,290
616,917
893,207


Charge for the year on owned assets
162,686
6,833
169,519



At 31 December 2023

438,976
623,750
1,062,726



Net book value



At 31 December 2023
325,372
-
325,372



At 31 December 2022
488,058
6,833
494,891



Page 29

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Long-term leasehold property
Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 January 2023
143,092
4,000,000
906,600
468,653
880,789


Additions
-
-
10,799
236,600
246,721


Disposals
-
-
-
(112,229)
-



At 31 December 2023

143,092
4,000,000
917,399
593,024
1,127,510



Depreciation


At 1 January 2023
138,082
-
863,299
201,637
775,091


Charge for the year on owned assets
1,939
-
22,422
115,061
83,004


Disposals
-
-
-
(53,793)
-



At 31 December 2023

140,021
-
885,721
262,905
858,095



Net book value



At 31 December 2023
3,071
4,000,000
31,678
330,119
269,415



At 31 December 2022
5,010
4,000,000
43,301
267,016
105,698
Page 30

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
6,399,134


Additions
494,120


Disposals
(112,229)



At 31 December 2023

6,781,025



Depreciation


At 1 January 2023
1,978,109


Charge for the year on owned assets
222,426


Disposals
(53,793)



At 31 December 2023

2,146,742



Net book value



At 31 December 2023
4,634,283



At 31 December 2022
4,421,025

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
10,925
22,525

Motor vehicles
187,968
137,692

198,893
160,217

Page 31

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
2,000,000
At valuation:

31 December 2022
2,143,092



4,143,092

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
2,000,000
2,000,000

Accumulated depreciation
(394,350)
(374,350)

Net book value
1,605,650
1,625,650

Page 32

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2,189,998



At 31 December 2023
2,189,998





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the company:

Name

Class of shares

Holding

Onsite Holdings Limited
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Onsite Support Limited
England and Wales
Ordinary
92.86%

Page 33

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2023
100,000



At 31 December 2023
100,000



The 2023 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
28,120
28,120

The 2023 valuations were made by the directors, on an open market value for existing use basis.



17.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
1,565,133
1,702,973


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 34

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
-
23,850
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
3,126,222
3,186,965
-
-

Other debtors
104,429
130,791
2
2

Prepayments and accrued income
203,535
167,881
-
-

3,434,186
3,485,637
2
2



19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
53,114
80,947

Less: bank overdrafts
(716,431)
(898,155)

(663,317)
(817,208)


Page 35

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
716,431
898,155
-
-

Bank loans
-
10,304
-
-

Other loans
-
225,000
-
-

Trade creditors
1,181,837
1,550,147
-
-

Amounts owed to group undertakings
-
-
820,710
659,770

Corporation tax
251,265
196,375
-
-

Other taxation and social security
393,054
350,785
-
-

Obligations under finance lease and hire purchase contracts
66,966
75,014
-
-

Other creditors
1,126,791
1,106,170
639,638
818,409

Accruals and deferred income
658,859
469,647
-
-

4,395,203
4,881,597
1,460,348
1,478,179



21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
63,123
42,314

63,123
42,314


Secured Liabilities
Hire purchase liabilities amounting to £130,089 (2022: £117,327) are secured over the assets to which they relate.



Page 36

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
30,346
75,013

Between 1-5 years
99,743
42,314

130,089
117,327


23.


Deferred taxation


Group



2023


£






At beginning of year
(508,305)


Charged to profit or loss
1,072



At end of year
(507,233)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(223,560)
(224,632)

Revalued assets
(283,673)
(283,673)

(507,233)
(508,305)

Page 37

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,100 (2022 - 8,100) Ordinary and Ordinary O shares of £0.01 each
81.00
81.00
700 (2022 - 700) Ordinary A & B shares shares of £0.01 each
7.00
7.00
700 (2022 - 700) Ordinary C & D shares shares of £0.01 each
7.00
7.00
700 (2022 - 700) Ordinary E & F shares shares of £0.01 each
7.00
7.00
700 (2022 - 700) Ordinary G & H shares shares of £0.01 each
7.00
7.00
700 (2022 - 700) Ordinary I & J shares shares of £0.01 each
7.00
7.00
700 (2022 - 700) Ordinary K & L shares shares of £0.01 each
7.00
7.00
700 (2022 - 700) Ordinary M & N shares shares of £0.01 each
7.00
7.00
11,600 (2022 - 11,600) Ordinary P shares shares of £0.01 each
116.00
116.00
11,600 (2022 - 11,600) Ordinary Q shares shares of £0.01 each
116.00
116.00
3,400 (2022 - 3,400) Ordinary R shares shares of £0.01 each
34.00
34.00
3,400 (2022 - 3,400) Ordinary S shares shares of £0.01 each
34.00
34.00

430.00

430.00



25.


Contingent liabilities

A guarantee exists in favour of the groups' bankers to cover borrowings of certain group companies. At 31 December 2023 the total potential exposure of this guarantee was £716,431 (2022: £908,459). The directors consider the possibility of the company having to settle any liability under the terms of the guarantee to be remote, and no provision is required. This figure is the gross figure and does not take the underlying assets of the respective group companies. 


26.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £48,628 (2022: £42,443). At the year end £17,198 (2022: £11,296) was payable to the fund and is included in creditors.


27.


Commitments under operating leases

At 31 December 2023 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
11,470
56,748

Later than 1 year and not later than 5 years
15,773
27,243

27,243
83,991
Page 38

 
OSSL GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Related party transactions

The directors of the group have an interest in dividends voted during the year amounting to £359,096 (2022: £359,096).
Included within other creditors at the balance sheet date were various loans outstanding by the group to both directors and shareholders amounting to £960,463 (
2022: £1,031,948).


29.


Controlling party

There is no one controlling party.

 
Page 39