Obsidian Rose Limited 10554987 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of investment company Digita Accounts Production Advanced 6.30.9574.0 true 10554987 2023-02-01 2024-01-31 10554987 2024-01-31 10554987 bus:OrdinaryShareClass1 2024-01-31 10554987 core:CurrentFinancialInstruments 2024-01-31 10554987 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 10554987 core:Non-currentFinancialInstruments 2024-01-31 10554987 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 10554987 bus:SmallEntities 2023-02-01 2024-01-31 10554987 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 10554987 bus:FilletedAccounts 2023-02-01 2024-01-31 10554987 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 10554987 bus:RegisteredOffice 2023-02-01 2024-01-31 10554987 bus:CompanySecretary1 2023-02-01 2024-01-31 10554987 bus:Director2 2023-02-01 2024-01-31 10554987 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 10554987 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10554987 countries:EnglandWales 2023-02-01 2024-01-31 10554987 2023-01-31 10554987 2022-02-01 2023-01-31 10554987 2023-01-31 10554987 bus:OrdinaryShareClass1 2023-01-31 10554987 core:CurrentFinancialInstruments 2023-01-31 10554987 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 10554987 core:Non-currentFinancialInstruments 2023-01-31 10554987 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10554987

Obsidian Rose Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Obsidian Rose Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Obsidian Rose Limited

Company Information

Director

Miss Sumbal Saleem Chaudhry

Company secretary

Mr Mohammed Saleem Chaudhry

Registered office

11 Rosken Grove
Farnham Royal
SL2 3DZ

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Obsidian Rose Limited

(Registration number: 10554987)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

348,679

348,679

Current assets

 

Debtors

5

219

218

Cash at bank and in hand

 

3,046

10,916

 

3,265

11,134

Creditors: Amounts falling due within one year

6

(113,238)

(113,308)

Net current liabilities

 

(109,973)

(102,174)

Total assets less current liabilities

 

238,706

246,505

Creditors: Amounts falling due after more than one year

6

(200,566)

(218,926)

Net assets

 

38,140

27,579

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

38,139

27,578

Shareholders' funds

 

38,140

27,579

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 23 August 2024
 

.........................................
Miss Sumbal Saleem Chaudhry
Director

   
     
 

Obsidian Rose Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Rosken Grove
Farnham Royal
SL2 3DZ
United Kingdom

These financial statements were authorised for issue by the director on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Obsidian Rose Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Obsidian Rose Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments 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 and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2023: 1).

 

Obsidian Rose Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Investment properties

2024
£

At 1 February

348,679

At 31 January

348,679

As per the directors, the the market value of Investment properties at the balance sheet date does not materially differ from the book value.

5

Debtors

2024
£

2023
£

Prepayments

219

218

219

218

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,478

2,548

Directors current account

110,760

110,760

113,238

113,308

Note

2024
£

2023
£

Due after more than five years

 

Bank borrowings

7

(200,566)

(218,926)

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

200,566

218,926

The bank loan is borrowed against the Investment Property.

 

Obsidian Rose Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1