Acorah Software Products - Accounts Production 14.6.300 false true true 31 December 2022 1 January 2022 false 6 September 2024 1 January 2023 31 December 2023 31 December 2023 13064534 Mr Pan Zhiyong Mr Yang Chao iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13064534 2022-12-31 13064534 2023-12-31 13064534 2023-01-01 2023-12-31 13064534 frs-core:CurrentFinancialInstruments 2023-12-31 13064534 frs-core:ComputerEquipment 2023-12-31 13064534 frs-core:ComputerEquipment 2023-01-01 2023-12-31 13064534 frs-core:ComputerEquipment 2022-12-31 13064534 frs-core:ShareCapital 2023-12-31 13064534 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13064534 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13064534 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13064534 frs-bus:SmallEntities 2023-01-01 2023-12-31 13064534 frs-bus:Audited 2023-01-01 2023-12-31 13064534 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13064534 frs-bus:Director1 2023-01-01 2023-12-31 13064534 frs-bus:Director2 2023-01-01 2023-12-31 13064534 frs-core:CurrentFinancialInstruments 2 2023-12-31 13064534 frs-countries:EnglandWales 2023-01-01 2023-12-31 13064534 2021-12-31 13064534 2022-12-31 13064534 2022-01-01 2022-12-31 13064534 frs-core:CurrentFinancialInstruments 2022-12-31 13064534 frs-core:WithinOneYear 2022-12-31 13064534 frs-core:ShareCapital 2022-12-31 13064534 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 13064534 frs-core:CurrentFinancialInstruments 1 2022-12-31 13064534 frs-core:CurrentFinancialInstruments 2 2022-12-31
OSL UK PVT Ltd
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—6
Page 1
Balance Sheet
Registered number: 13064534
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,238 65,841
21,238 65,841
CURRENT ASSETS
Debtors 5 413,015 572,400
Cash at bank and in hand 53,049 49,723
466,064 622,123
Creditors: Amounts Falling Due Within One Year 6 (319,387 ) (547,233 )
NET CURRENT ASSETS (LIABILITIES) 146,677 74,890
TOTAL ASSETS LESS CURRENT LIABILITIES 167,915 140,731
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,310 ) -
NET ASSETS 162,605 140,731
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 162,604 140,730
SHAREHOLDERS' FUNDS 162,605 140,731
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
Mr Yang Chao
Director
06/09/2024
The notes on pages 2 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
OSL UK PVT Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13064534 . The registered office is 1 Chapel Street, Warwick, CV34 4HL.
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 financial statements have been prepared on a going concern basis.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.
2.4. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.5. 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:
Computer Equipment 33% Straight Line Basis
2.6. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit or loss on a straight-line basis over the period of the lease.
2.7. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
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 is recognised in profit or loss.
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.
2.8. 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.
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2.9. 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.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Debtors
Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
2.12. 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.
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2.13. Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
2.14. 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.
2.15. Share based payments
The Group provides equity-settled share-based payments to certain employees.
Equity-settled arrangements are measured at fair value (excluding the effect on non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. Where equity settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for the share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.
The Group has no cash-settled arrangements.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 33)
12 33
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 111,990
Disposals (44,785 )
As at 31 December 2023 67,205
Depreciation
As at 1 January 2023 46,149
Provided during the period 26,290
Disposals (26,472 )
As at 31 December 2023 45,967
Net Book Value
As at 31 December 2023 21,238
As at 1 January 2023 65,841
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5. Debtors
2023 2022
£ £
Due within one year
Other debtors 32,175 157,816
Rental Deposit - 50,292
Prepayments 4,986 18,848
VAT 1,969 5,287
Amounts owed by group undertakings 373,885 340,157
413,015 572,400
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 754 415
Corporation tax 13,584 52,077
Other taxes and social security 22,531 127,592
Accruals 66,178 182,764
Amounts owed to group undertakings 216,340 184,385
319,387 547,233
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
8. Other Commitments
The total of future minimum lease payments is as follows: 
2023 2022
£ £
Not later than one year - 82,940
- 82,940
9. Dividends
There were no dividends paid or proposed in the current or prior year.
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10. Share based payments
The OSL Group Limited (formerly known as BC Technology Group Limited), of which OSL UK PVT Ltd is a part of, operate an equity-settled share award plan and an equity-settled share option plan for employees of the group.
Share award plan:
Fair value is measured at the grant date with reference to the share price for OSL Group Ltd per the Hong Kong stock exchange (HKEX). The share awards have different vesting periods depending on the employees but the only condition is the continued employment with the company over the vesting period. 
Share option plan:
Fair value of the options is measured at the grant date using the Black Scholes pricing model. The cost is recognised on a straight-line basis over the four year vesting period  and for the options to vest the employees must continue to be employed by the company.
11. Audit Information
The auditors report on the account of OSL UK PVT Ltd for the year ended 31 December 2023 was unqualified
The auditor's report was signed by David Wheeler (Senior Statutory Auditor) for and on behalf of Bourner Bullock , Statutory Auditor
Bourner Bullock
Chartered Accountants
114 St Martin’s Lane
Covent Garden
London
WC2N 4BE
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