IRIS Accounts Production v24.2.0.383 03323855 Board of Directors 1.1.23 31.12.23 31.12.23 24/9/2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033238552022-12-31033238552023-12-31033238552023-01-012023-12-31033238552021-12-31033238552022-01-012022-12-31033238552022-12-3103323855ns15:EnglandWales2023-01-012023-12-3103323855ns14:PoundSterling2023-01-012023-12-3103323855ns10:Director12023-01-012023-12-3103323855ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103323855ns10:SmallEntities2023-01-012023-12-3103323855ns10:Audited2023-01-012023-12-3103323855ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103323855ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103323855ns10:FullAccounts2023-01-012023-12-3103323855ns10:Director22023-01-012023-12-3103323855ns10:RegisteredOffice2023-01-012023-12-3103323855ns5:CurrentFinancialInstruments2023-12-3103323855ns5:CurrentFinancialInstruments2022-12-3103323855ns5:ShareCapital2023-12-3103323855ns5:ShareCapital2022-12-3103323855ns5:RetainedEarningsAccumulatedLosses2023-12-3103323855ns5:RetainedEarningsAccumulatedLosses2022-12-3103323855ns5:MotorVehicles2023-01-012023-12-3103323855ns5:ComputerEquipment2023-01-012023-12-3103323855ns5:PlantMachinery2022-12-3103323855ns5:FurnitureFittings2022-12-3103323855ns5:MotorVehicles2022-12-3103323855ns5:ComputerEquipment2022-12-3103323855ns5:PlantMachinery2023-01-012023-12-3103323855ns5:FurnitureFittings2023-01-012023-12-3103323855ns5:PlantMachinery2023-12-3103323855ns5:FurnitureFittings2023-12-3103323855ns5:MotorVehicles2023-12-3103323855ns5:ComputerEquipment2023-12-3103323855ns5:PlantMachinery2022-12-3103323855ns5:FurnitureFittings2022-12-3103323855ns5:MotorVehicles2022-12-3103323855ns5:ComputerEquipment2022-12-3103323855ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103323855ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103323855ns5:WithinOneYear2023-12-3103323855ns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 03323855 (England and Wales)


















OSAI-UK LTD

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






OSAI-UK LTD (REGISTERED NUMBER: 03323855)

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


OSAI-UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Maurizio Basso
Federico Ziliani



REGISTERED OFFICE: Mount House
Bond Avenue
Bletchley
Milton Keynes
MK1 1SF



REGISTERED NUMBER: 03323855 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Shaun Balch



AUDITORS: Thompson Balch Limited
Chartered Accountants and Statutory Auditors
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

OSAI-UK LTD (REGISTERED NUMBER: 03323855)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,542 4,299

CURRENT ASSETS
Stocks 192,424 163,778
Debtors 5 68,343 87,648
Cash at bank and in hand 493,809 404,848
754,576 656,274
CREDITORS
Amounts falling due within one year 6 97,565 70,747
NET CURRENT ASSETS 657,011 585,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

658,553

589,826

PROVISIONS FOR LIABILITIES 806 -
NET ASSETS 657,747 589,826

CAPITAL AND RESERVES
Called up share capital 160,000 160,000
Retained earnings 497,747 429,826
657,747 589,826

OSAI-UK LTD (REGISTERED NUMBER: 03323855)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Maurizio Basso - Director


OSAI-UK LTD (REGISTERED NUMBER: 03323855)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

OSAI-UK 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer 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 Statement of Income and Retained Earnings, 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.

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.

OSAI-UK LTD (REGISTERED NUMBER: 03323855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 27,834 8,272 22,419 107,108 165,633
Disposals - - (22,419 ) - (22,419 )
At 31 December 2023 27,834 8,272 - 107,108 143,214
DEPRECIATION
At 1 January 2023 27,834 8,272 20,176 105,052 161,334
Charge for year - - - 514 514
Eliminated on disposal - - (20,176 ) - (20,176 )
At 31 December 2023 27,834 8,272 - 105,566 141,672
NET BOOK VALUE
At 31 December 2023 - - - 1,542 1,542
At 31 December 2022 - - 2,243 2,056 4,299

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 47,144 47,366
Other debtors 21,199 40,282
68,343 87,648

OSAI-UK LTD (REGISTERED NUMBER: 03323855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,345 695
Amounts owed to group undertakings 20,323 8,171
Taxation and social security 30,483 24,843
Other creditors 44,414 37,038
97,565 70,747

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 6,750

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Shaun Balch (Senior Statutory Auditor)
for and on behalf of Thompson Balch Limited

9. ULTIMATE CONTROLLING PARTY

The ultimate parent company at 31st December 2023 is Ningbo Physis Technology Co. Ltd based in China.