OSA SYSTEMS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
29 SEPTEMBER 2023 | |||||||||||
Company Registration Number: 12089652 | |||||||||||
OSA SYSTEMS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 10 | ||||||||||
OSA SYSTEMS LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
DIRECTORS | |||||||||||
appointed |
|||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
12089652 England and Wales | |||||||||||
OSA SYSTEMS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 29 SEPTEMBER 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Intangible assets | 5 | ||||||||||
Tangible assets | 6 | ||||||||||
Investments | 7 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 8 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 9 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
||||||||||
CREDITORS: Amounts falling due after more than one year | 10 | ||||||||||
NET LIABILITIES | ( |
( |
|||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Share premium account | - | ||||||||||
Distributable profit and loss account | ( |
( |
|||||||||
SHAREHOLDERS' DEFICIT | ( |
( |
|||||||||
OSA SYSTEMS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 29 SEPTEMBER 2023 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
H L Bartlett | R A C Bartlett | ||||||||||
Director | Director | ||||||||||
Date approved by the board: |
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OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
OSA Systems Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
4 Witan Way | Unit 12 Wroslyn Road Industrial Estate | ||||||||||
Witney | Freeland | ||||||||||
Oxon | Witney | ||||||||||
OX28 6FF | Oxon | ||||||||||
OX29 8HZ | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. The company owes its bank £281,320 which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank. The directors do not consider the support of the bank likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of machine repairs and maintenance services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Intangible fixed assets | |||||||||||
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised on a straight-line basis over its useful economic life of 5 years. | |||||||||||
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Plant and machinery | |||||||||||
Furniture and fittings | |||||||||||
Computer equipment | |||||||||||
Motor Vehicles | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
Investments | |||||||||||
Investments in associates are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account. | |||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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 amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a weighted average cost basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
Work in progress | |||||||||||
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction. | |||||||||||
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
Pensions | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Net goodwill | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 30 September 2022 | |||||||||||
At 29 September 2023 | |||||||||||
Accumulated amortisation and impairments | |||||||||||
At 30 September 2022 | |||||||||||
Charge for year | |||||||||||
At 29 September 2023 | |||||||||||
Net book value | |||||||||||
At 30 September 2022 | |||||||||||
At 29 September 2023 | |||||||||||
6 | TANGIBLE ASSETS | ||||||||||
Plant and machinery | Furniture and fittings | Computer equipment | Motor Vehicles | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Cost | |||||||||||
At 30 September 2022 | |||||||||||
Additions | - | - | |||||||||
At 29 September 2023 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 30 September 2022 | |||||||||||
Charge for year | |||||||||||
At 29 September 2023 | |||||||||||
Net book value | |||||||||||
At 30 September 2022 | |||||||||||
At 29 September 2023 | |||||||||||
OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
7 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in associates | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 30 September 2022 | |||||||||||
At 29 September 2023 | |||||||||||
Net book value | |||||||||||
At 30 September 2022 | |||||||||||
At 29 September 2023 | |||||||||||
8 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
123,774 | 198,138 | ||||||||||
9 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Hire purchase contracts and finance leases | - | ||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
393,496 | 450,603 | ||||||||||
10 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
11 | SECURED DEBTS | ||||||||||
OSA SYSTEMS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 29 SEPTEMBER 2023 | |||||||||||
12 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES | ||||||||||
The following director's advances, credits and guarantees took place during the year: | |||||||||||
Balance at 30 September 2022 | Amounts advanced | Amounts repaid | Amounts written off or waived | Balance at 29 September 2023 | |||||||
£ | £ | £ | £ | £ | |||||||
H & R Bartlett | 1,338 | 20,348 | 21,538 | - | 148 | ||||||
This advance is interest free and repayable on demand. | |||||||||||
13 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
R J Craig | |||||||||||
Director | |||||||||||
Advances from director | |||||||||||
The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director: | 1 | - | |||||||||