2023-08-012024-07-312024-07-31false11313661OSMO PROJECTS 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OSMO PROJECTS LTD

(formerly THE MC2 NETWORK LTD)

Registered Number
11313661
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

OSMO PROJECTS LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

ALDRICH, Murray Russell Brian
CROTTY, Michael David
ROSE, Matthew

Registered Address

2 Colchester Road
St. Osyth
Clacton-On-Sea
CO16 8HA

Registered Number

11313661 (England and Wales)
OSMO PROJECTS LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets37,3113,218
7,3113,218
Current assets
Stocks4-5,885
Debtors145,3012,688
Cash at bank and on hand36,03849,839
181,33958,412
Creditors amounts falling due within one year5(142,190)(53,449)
Net current assets (liabilities)39,1494,963
Total assets less current liabilities46,4608,181
Net assets46,4608,181
Capital and reserves
Called up share capital64
Profit and loss account46,4548,177
Shareholders' funds46,4608,181
The financial statements were approved and authorised for issue by the Board of Directors on 20 September 2024, and are signed on its behalf by:
CROTTY, Michael David
Director
Registered Company No. 11313661
OSMO PROJECTS LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Office Equipment25
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year32
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 August 234,5511,0085,559
Additions-5,4945,494
At 31 July 244,5516,50211,053
Depreciation and impairment
At 01 August 231,9004412,341
Charge for year6627391,401
At 31 July 242,5621,1803,742
Net book value
At 31 July 241,9895,3227,311
At 31 July 232,6515673,218
4.Stocks

2024

2023

££
Work in progress-5,885
Total-5,885
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables27,996480
Bank borrowings and overdrafts7,36411,024
Taxation and social security54,55521,922
Other creditors42,27620,023
Accrued liabilities and deferred income9,999-
Total142,19053,449
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.