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Registered number: 06913511














OSTRO MINERALS (UK) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
OSTRO MINERALS (UK) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
OSTRO MINERALS (UK) LIMITED
REGISTERED NUMBER:06913511

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Intangible assets
 4 
24,477
28,347

Tangible assets
 5 
26,801
15,550

  
51,278
43,897

Current assets
  

Debtors: amounts falling due within one year
 7 
1,279,435
3,648,064

Cash at bank and in hand
  
81,589
409,716

  
1,361,024
4,057,780

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(1,564,829)
(4,186,948)

Net current liabilities
  
 
 
(203,805)
 
 
(129,168)

  

Net liabilities
  
(152,527)
(85,271)


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
(152,529)
(85,273)

  
(152,527)
(85,271)


Page 1

 
OSTRO MINERALS (UK) LIMITED
REGISTERED NUMBER:06913511
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 September 2024.




M S Ostro
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ostro Minerals (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 77-79 Charlotte Street, London, W1T 4PW.
The principal activity of the Company during the year was the wholesale of semi-precious gemstones.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

Page 4

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

Depreciation is provided on the following basis:

Fixtures, fittings & equipment
-
25% reducing balance
Computer equipment
-
25% straight line

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 5

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Other
Computer software
Total

$
$
$



Cost


At 1 January 2023
19,825
38,705
58,530



At 31 December 2023

19,825
38,705
58,530



Amortisation


At 1 January 2023
19,825
10,358
30,183


Charge for the year on owned assets
-
3,870
3,870



At 31 December 2023

19,825
14,228
34,053



Net book value



At 31 December 2023
-
24,477
24,477



At 31 December 2022
-
28,347
28,347



Page 6

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

$
$
$



Cost or valuation


At 1 January 2023
149,383
13,341
162,724


Additions
17,732
-
17,732



At 31 December 2023

167,115
13,341
180,456



Depreciation


At 1 January 2023
139,867
7,307
147,174


Charge for the year on owned assets
4,433
2,048
6,481



At 31 December 2023

144,300
9,355
153,655



Net book value



At 31 December 2023
22,815
3,986
26,801



At 31 December 2022
9,517
6,034
15,551


6.


Fixed asset investments













Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Holding

Ideal Source Quality Assurance LLC
409 Vandiver Drive, Building 4, Suite 200, Columbia Missouri, 65202
100%

Page 7

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
$
$


Trade debtors
1,043,701
3,518,859

Other debtors
114,029
36,870

Prepayments and accrued income
15,694
1,883

Deferred taxation
106,011
90,452

1,279,435
3,648,064



8.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
40,499
12,632

Other taxation and social security
5,467
6,117

Other creditors
1,507,206
4,157,916

Accruals and deferred income
11,657
10,283

1,564,829
4,186,948



9.


Deferred taxation




2023


$






At beginning of year
90,452


Charged to profit or loss
15,559



At end of year
106,011

The deferred tax asset is made up as follows:

2023
2022
$
$


Accelerated capital allowances
(9,743)
(8,340)

Tax losses carried forward
115,754
98,792

106,011
90,452

Page 8

 
OSTRO MINERALS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1 each
2
2



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to $3,496 (2022 - $4,386). Contributions totalling $831 (2022 - $888) were payable to the fund at the reporting date and are included in creditors.


12.


Related party transactions

The Company forms part of a wholly owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.

 
Page 9