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
H L Bartlett
R A C Bartlett
R J Craig
appointed 15 June 2023
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
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 3,000 7,000
Tangible assets 6 49,604 52,707
Investments 7 2 2
52,606 59,709
CURRENT ASSETS
Stock 144,381 123,750
Debtors 8 123,774 198,138
Cash at bank and in hand 83,210 737
351,365 322,625
CREDITORS: Amounts falling due within one year 9 393,496 450,603
NET CURRENT LIABILITIES (42,131) (127,978)
TOTAL ASSETS LESS CURRENT LIABILITIES 10,475 (68,269)
CREDITORS: Amounts falling due after more than one year 10 140,289 37,037
NET LIABILITIES (129,814) (105,306)
CAPITAL AND RESERVES
Called up share capital 112 100
Share premium account 99,988 -
Distributable profit and loss account (229,914) (105,406)
SHAREHOLDERS' DEFICIT (129,814) (105,306)
OSA SYSTEMS LTD
BALANCE SHEET
AS AT 29 SEPTEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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: 26 September 2024
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
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
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 Reducing balance basis at 20% per annum
Furniture and fittings Reducing balance basis at 20% per annum
Computer equipment Reducing balance basis at 20% per annum
Motor Vehicles Reducing balance basis at 20% per annum
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 company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
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
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
OSA SYSTEMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
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 10 9
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 20,000
At 29 September 2023 20,000
Accumulated amortisation and impairments
At 30 September 2022 13,000
Charge for year 4,000
At 29 September 2023 17,000
Net book value
At 30 September 2022 7,000
At 29 September 2023 3,000
6 TANGIBLE ASSETS
Plant and machinery Furniture and fittings Computer equipment Motor Vehicles Total
£ £ £ £ £
Cost
At 30 September 2022 46,152 21,062 2,320 5,995 75,529
Additions 4,619 - - 3,249 7,868
At 29 September 2023 50,771 21,062 2,320 9,244 83,397
Accumulated depreciation and impairments
At 30 September 2022 15,689 5,514 920 699 22,822
Charge for year 6,414 3,110 280 1,167 10,971
At 29 September 2023 22,103 8,624 1,200 1,866 33,793
Net book value
At 30 September 2022 30,463 15,548 1,400 5,296 52,707
At 29 September 2023 28,668 12,438 1,120 7,378 49,604
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 2
At 29 September 2023 2
Net book value
At 30 September 2022 2
At 29 September 2023 2
8 DEBTORS
2023 2022
£ £
Trade debtors 112,864 108,467
Prepayments and accrued income 8,186 1,365
Other debtors 2,724 88,306
123,774 198,138
9 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 141,031 55,378
Trade creditors 82,819 143,431
Taxation and social security 31,538 54,665
Hire purchase contracts and finance leases - 835
Accruals and deferred income 24,773 83,541
Other creditors 113,335 112,753
393,496 450,603
10 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 140,289 37,037
11 SECURED DEBTS
The company has an invoice discounting facility in place with Peak Cashflow Limited. Peak Cashflow Limited holds a fixed and floating charge over the assets of OSA Systems Ltd.
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 -
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