Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 July 2022 false 1 January 2023 31 December 2023 31 December 2023 11568989 Leroy Spence Onkar Bhamber Leroy Spence & Onkar Bhamber true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11568989 2022-12-31 11568989 2023-12-31 11568989 2023-01-01 2023-12-31 11568989 frs-core:CurrentFinancialInstruments 2023-12-31 11568989 frs-core:Non-currentFinancialInstruments 2023-12-31 11568989 frs-core:BetweenOneFiveYears 2023-12-31 11568989 frs-core:ComputerEquipment 2023-12-31 11568989 frs-core:ComputerEquipment 2023-01-01 2023-12-31 11568989 frs-core:ComputerEquipment 2022-12-31 11568989 frs-core:FurnitureFittings 2023-12-31 11568989 frs-core:FurnitureFittings 2023-01-01 2023-12-31 11568989 frs-core:FurnitureFittings 2022-12-31 11568989 frs-core:MotorVehicles 2023-12-31 11568989 frs-core:MotorVehicles 2023-01-01 2023-12-31 11568989 frs-core:MotorVehicles 2022-12-31 11568989 frs-core:WithinOneYear 2023-12-31 11568989 frs-core:ShareCapital 2023-12-31 11568989 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11568989 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11568989 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11568989 frs-bus:SmallEntities 2023-01-01 2023-12-31 11568989 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11568989 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11568989 1 2023-01-01 2023-12-31 11568989 frs-bus:Director1 2023-01-01 2023-12-31 11568989 frs-bus:Director2 2023-01-01 2023-12-31 11568989 frs-core:CurrentFinancialInstruments 1 2023-12-31 11568989 frs-core:CurrentFinancialInstruments 9 2023-12-31 11568989 frs-countries:EnglandWales 2023-01-01 2023-12-31 11568989 2022-06-30 11568989 2022-12-31 11568989 2022-07-01 2022-12-31 11568989 frs-core:CurrentFinancialInstruments 2022-12-31 11568989 frs-core:Non-currentFinancialInstruments 2022-12-31 11568989 frs-core:BetweenOneFiveYears 2022-12-31 11568989 frs-core:WithinOneYear 2022-12-31 11568989 frs-core:ShareCapital 2022-12-31 11568989 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 11568989 frs-core:CurrentFinancialInstruments 1 2022-12-31 11568989 frs-core:CurrentFinancialInstruments 9 2022-12-31
Registered number: 11568989
Obso Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Carthy Accountants Limited
Certified Practising Accountants
33 Eastgate Street
Stafford
Staffordshire
ST16 2LZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11568989
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 63,996 60,747
63,996 60,747
CURRENT ASSETS
Stocks 5 40,698 22,738
Debtors 6 124,966 553,013
Cash at bank and in hand 232 21,462
165,896 597,213
Creditors: Amounts Falling Due Within One Year 7 (195,110 ) (343,285 )
NET CURRENT ASSETS (LIABILITIES) (29,214 ) 253,928
TOTAL ASSETS LESS CURRENT LIABILITIES 34,782 314,675
Creditors: Amounts Falling Due After More Than One Year 8 (164,755 ) (159,173 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,160 ) (11,542 )
NET (LIABILITIES)/ASSETS (142,133 ) 143,960
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account (142,233 ) 143,860
SHAREHOLDERS' FUNDS (142,133) 143,960
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Leroy Spence
Director
30/09/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Obso Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11568989 . The registered office is Stafford Education & Enterprise Park, Weston Road, Stafford, ST18 0BF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The directors agree to continue to financially support the company for the next 12 months. 
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% RBM
Fixtures & Fittings 15% RBM
Computer Equipment 25% RBM
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2022: 16)
23 16
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 62,090 3,290 26,622 92,002
Additions - 8,470 14,617 23,087
As at 31 December 2023 62,090 11,760 41,239 115,089
Depreciation
As at 1 January 2023 21,344 539 9,372 31,255
Provided during the period 10,187 1,684 7,967 19,838
As at 31 December 2023 31,531 2,223 17,339 51,093
Net Book Value
As at 31 December 2023 30,559 9,537 23,900 63,996
As at 1 January 2023 40,746 2,751 17,250 60,747
5. Stocks
31 December 2023 31 December 2022
£ £
Finished goods 40,698 22,738
Page 4
Page 5
6. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 120,155 476,560
Prepayments and accrued income 1,357 2,114
Other debtors 1,299 74,339
Other debtors (1) 2,155 -
124,966 553,013
7. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 7,434 7,434
Trade creditors 66,528 21,473
Bank loans and overdrafts 98,203 172,417
Corporation tax (11,155 ) 25,002
PAYE 11,553 28,636
VAT 3,746 2,161
Pension 2,192 -
Other creditors (1) 7,776 -
Credit Card 4,250 3,997
Accruals and deferred income 4,583 22,963
Directors' loan accounts - 59,202
195,110 343,285
8. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Net obligations under finance lease and hire purchase contracts 31,721 39,155
Bank loans 133,034 120,018
164,755 159,173
9. Secured Creditors
The bank loan and overdraft are covered by personal guarantees given by directors and secured on assets outside the company. 
Page 5
Page 6
10. Obligations Under Finance Leases and Hire Purchase
31 December 2023 31 December 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 7,434 7,434
Later than one year and not later than five years 31,721 39,155
39,155 46,589
39,155 46,589
11. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is OBSO Holdings Ltd . OBSO Holdings Ltd was incorporated in the United Kingdom. The ultimate controlling party is Leroy Spence & Onkar Bhamber who combined, control 100% of the shares of OBSO Holdings Ltd. 
Page 6