IRIS Accounts Production v24.2.0.383 05278300 director 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052783002022-12-31052783002023-12-31052783002023-01-012023-12-31052783002021-12-31052783002022-01-012022-12-31052783002022-12-3105278300ns15:EnglandWales2023-01-012023-12-3105278300ns14:PoundSterling2023-01-012023-12-3105278300ns10:Director12023-01-012023-12-3105278300ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105278300ns10:SmallEntities2023-01-012023-12-3105278300ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3105278300ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3105278300ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105278300ns10:FullAccounts2023-01-012023-12-3105278300ns10:OrdinaryShareClass12023-01-012023-12-3105278300ns10:RegisteredOffice2023-01-012023-12-3105278300ns5:CurrentFinancialInstruments2023-12-3105278300ns5:CurrentFinancialInstruments2022-12-3105278300ns5:Non-currentFinancialInstruments2023-12-3105278300ns5:Non-currentFinancialInstruments2022-12-3105278300ns5:ShareCapital2023-12-3105278300ns5:ShareCapital2022-12-3105278300ns5:RetainedEarningsAccumulatedLosses2023-12-3105278300ns5:RetainedEarningsAccumulatedLosses2022-12-3105278300ns5:FurnitureFittings2023-01-012023-12-3105278300ns5:FurnitureFittings2022-12-3105278300ns5:FurnitureFittings2023-12-3105278300ns5:FurnitureFittings2022-12-3105278300ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3105278300ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3105278300ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 05278300 (England and Wales)















Observit Ltd

Unaudited Financial Statements for the Year Ended 31 December 2023






Observit Ltd (Registered number: 05278300)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Observit Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr B L Callenfors





REGISTERED OFFICE: 4 Gleneagles Court
Brighton Road
Crawley
West Sussex
RH10 6AD





REGISTERED NUMBER: 05278300 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Observit Ltd (Registered number: 05278300)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,780 16,983

CURRENT ASSETS
Stocks 104,822 -
Debtors 5 868,218 788,323
Cash at bank 57,592 10,607
1,030,632 798,930
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

1,109,954

682,142
NET CURRENT (LIABILITIES)/ASSETS (79,322 ) 116,788
TOTAL ASSETS LESS CURRENT
LIABILITIES

(68,542

)

133,771

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(15,833

)

(25,833

)

PROVISIONS FOR LIABILITIES - (2,886 )
NET (LIABILITIES)/ASSETS (84,375 ) 105,052

CAPITAL AND RESERVES
Called up share capital 8 3 3
Retained earnings (84,378 ) 105,049
SHAREHOLDERS' FUNDS (84,375 ) 105,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Observit Ltd (Registered number: 05278300)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





Mr B L Callenfors - Director


Observit Ltd (Registered number: 05278300)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Observit Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings and equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Observit Ltd (Registered number: 05278300)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company contributes to the personal pension schemes of its employees. Contributions payable to these schemes are charged to the profit and loss account in the period to which they relate.

Going concern
These financial statements have been prepared on a going concern basis notwithstanding the deficiency of net assets shown on the Balance Sheet. The director has assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the director believes that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and thus concludes that the going concern basis remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

Observit Ltd (Registered number: 05278300)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
and
equipment
£   
COST
At 1 January 2023 241,003
Additions 1,117
Disposals (12,459 )
At 31 December 2023 229,661
DEPRECIATION
At 1 January 2023 224,020
Charge for year 3,595
Eliminated on disposal (8,734 )
At 31 December 2023 218,881
NET BOOK VALUE
At 31 December 2023 10,780
At 31 December 2022 16,983

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 853,676 596,893
Amounts owed by group undertakings - 56,638
Other debtors 14,542 134,792
868,218 788,323

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 448,923 287,777
Amounts owed to group undertakings 352,635 80,000
Taxation and social security 52,082 53,063
Other creditors 246,314 251,302
1,109,954 682,142

Observit Ltd (Registered number: 05278300)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,833 25,833

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 Ordinary £1 3 3

9. RELATED PARTY DISCLOSURES

Included in the balance sheet are loans from fellow group companies totalling £352,635 (2022 - £23,362). These loans are unsecured, interest free and repayable on demand.

At the balance sheet date the company owed amounts to a former director and shareholder totalling £9,000 (2022 - £25,067). This loan is unsecured, interest free and repayable on demand.

During the year the company paid dividends to the director totalling £nil (2022 - £11,188).

10. PARENT COMPANY

The company's parent company is Observit AB, a company registered in Sweden with the registered office address of: Sundsvall Kommun, Västernorrlands Iän, Sweden.