A Osborn & Sons Limited 00201933 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of the owning and letting of property and retail festival sales. Digita Accounts Production Advanced 6.30.9574.0 true true 00201933 2023-03-01 2024-02-29 00201933 2024-02-29 00201933 bus:OrdinaryShareClass1 2024-02-29 00201933 core:CurrentFinancialInstruments 2024-02-29 00201933 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 00201933 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 00201933 core:ConstructionInProgressAssetsUnderConstruction 2024-02-29 00201933 core:FurnitureFittingsToolsEquipment 2024-02-29 00201933 core:MotorVehicles 2024-02-29 00201933 core:OtherPropertyPlantEquipment 2024-02-29 00201933 1 2024-02-29 00201933 bus:SmallEntities 2023-03-01 2024-02-29 00201933 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 00201933 bus:FilletedAccounts 2023-03-01 2024-02-29 00201933 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 00201933 bus:RegisteredOffice 2023-03-01 2024-02-29 00201933 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 00201933 bus:Director5 2023-03-01 2024-02-29 00201933 bus:Director6 2023-03-01 2024-02-29 00201933 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 00201933 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00201933 bus:Agent1 2023-03-01 2024-02-29 00201933 core:ComputerEquipment 2023-03-01 2024-02-29 00201933 core:ConstructionInProgressAssetsUnderConstruction 2023-03-01 2024-02-29 00201933 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 00201933 core:LandBuildings 2023-03-01 2024-02-29 00201933 core:LeaseholdImprovements 2023-03-01 2024-02-29 00201933 core:MotorVehicles 2023-03-01 2024-02-29 00201933 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 00201933 core:PlantMachinery 2023-03-01 2024-02-29 00201933 countries:EnglandWales 2023-03-01 2024-02-29 00201933 1 2023-03-01 2024-02-29 00201933 2023-02-28 00201933 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 00201933 core:FurnitureFittingsToolsEquipment 2023-02-28 00201933 core:MotorVehicles 2023-02-28 00201933 core:OtherPropertyPlantEquipment 2023-02-28 00201933 1 2023-02-28 00201933 2022-03-01 2023-02-28 00201933 2023-02-28 00201933 bus:OrdinaryShareClass1 2023-02-28 00201933 core:CurrentFinancialInstruments 2023-02-28 00201933 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 00201933 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 00201933 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 00201933 core:FurnitureFittingsToolsEquipment 2023-02-28 00201933 core:MotorVehicles 2023-02-28 00201933 core:OtherPropertyPlantEquipment 2023-02-28 00201933 1 2023-02-28 00201933 1 2022-03-01 2023-02-28 00201933 1 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 00201933

A Osborn & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

A Osborn & Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

A Osborn & Sons Limited

Company Information

Directors

K A Osborn

P D A Osborn

V G Osborn

Company secretary

K A Osborn

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Solicitors

Holmes & Hills LLP
Bocking End
Braintree
Essex
CM7 9AJ

Bankers

Barclays Bank PLC
1 Bank Street
Braintree
Essex
CM7 7UQ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

A Osborn & Sons Limited

(Registration number: 00201933)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,844

5,120

Investment property

5

200,000

200,000

 

204,844

205,120

Current assets

 

Stocks

6

2,650

1,450

Debtors

7

4,944

8,226

Cash at bank and in hand

 

15,530

13,607

 

23,124

23,283

Creditors: Amounts falling due within one year

8

(51,980)

(41,622)

Net current liabilities

 

(28,856)

(18,339)

Total assets less current liabilities

 

175,988

186,781

Creditors: Amounts falling due after more than one year

8

(29,000)

(29,000)

Net assets

 

146,988

157,781

Capital and reserves

 

Called up share capital

9

2,000

2,000

Revaluation on investment property

157,869

157,869

Retained earnings

(12,881)

(2,088)

Shareholders' funds

 

146,988

157,781

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

 

A Osborn & Sons Limited

(Registration number: 00201933)
Balance Sheet as at 29 February 2024


K A Osborn
Company secretary and director


P D A Osborn
Director

 
     
 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Argent House, Little Square, Braintree, Essex, CM7 1UT, England.

These financial statements were authorised for issue by the Board on 23 July 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the retail sale of goods at art, cultural and music festivals and rental income. Turnover is shown net of 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

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance method

Investment Property

Not provided

Computer equipment

25% reducing balance method

Motor Vehicles

15% reducing balance method

Improvements to investment property

10% reducing balance method

Investment property

The company's freehold investment property is included at a revalued amount based on fair value at the balance sheet date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for rents unpaid at the year end.

Trade debtors are recognised at the invoiced amount.

Stocks

Stocks are stated at the lower of cost and net realisable value.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Improvements to property
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

599

3,300

2,840

2,060

8,799

Additions

-

-

-

534

534

At 29 February 2024

599

3,300

2,840

2,594

9,333

Depreciation

At 1 March 2023

478

248

927

2,026

3,679

Charge for the year

30

458

191

131

810

At 29 February 2024

508

706

1,118

2,157

4,489

Carrying amount

At 29 February 2024

91

2,594

1,722

437

4,844

At 28 February 2023

121

3,052

1,913

34

5,120

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investment properties

2024
£

At 1 March

200,000

At 29 February

200,000

The investment property was valued by an external valuer in 2012. The building is Grade 2 listed and by nature is difficult to obtain an updated valuation. It is of the director's opinion that the market value as at 29 February 2024 is at least as high as the current carrying value and the directors are continuing to seek an updated third party valuation.

6

Stocks

2024
£

2023
£

Other inventories

2,650

1,450

7

Debtors

Note

2024
£

2023
£

Directors loan account

10

4,744

7,938

Other debtors

 

200

288

 

4,944

8,226

 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

36

Accruals and deferred income

7,039

2,900

Other creditors

44,941

38,686

51,980

41,622

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Directors loan account

29,000

29,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

       
 

A Osborn & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

7,938

4,900

(8,094)

4,744

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

7,782

8,250

(8,094)

7,938