2023-04-012024-03-312024-03-31false12622717OSBORNE MORRIS AND MORGAN 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OSBORNE MORRIS AND MORGAN LIMITED

Registered Number
12622717
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

OSBORNE MORRIS AND MORGAN LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

LOCKHART, Paul Spencer
WINTERS, Sarah Jane
WOOLFORD, Timothy William James

Registered Address

Danbury House
West Street
Leighton Buzzard
LU7 1EP

Registered Number

12622717 (England and Wales)
OSBORNE MORRIS AND MORGAN LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3105,897102,248
Investments4250,000-
355,897102,248
Current assets
Debtors51,756,3481,028,137
Cash at bank and on hand347226,515
1,756,6951,254,652
Creditors amounts falling due within one year6(1,600,604)(990,629)
Net current assets (liabilities)156,091264,023
Total assets less current liabilities511,988366,271
Creditors amounts falling due after one year7(19,392)(82,853)
Provisions for liabilities9(188,610)(175,846)
Net assets303,986107,572
Capital and reserves
Called up share capital200200
Profit and loss account303,786107,372
Shareholders' funds303,986107,572
The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2024, and are signed on its behalf by:
WOOLFORD, Timothy William James
Director
Registered Company No. 12622717
OSBORNE MORRIS AND MORGAN LIMITED
Notes to the Financial Statements
for the year ended 31 March 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year4338
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 April 2333,12798,792131,919
Additions16,25421,24237,496
Disposals(8,321)(13,649)(21,970)
At 31 March 2441,060106,385147,445
Depreciation and impairment
At 01 April 234,96924,70229,671
Charge for year6,52723,21129,738
On disposals(6,719)(11,142)(17,861)
At 31 March 244,77736,77141,548
Net book value
At 31 March 2436,28369,614105,897
At 31 March 2328,15874,090102,248
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
Additions250,000250,000
At 31 March 24250,000250,000
Net book value
At 31 March 24250,000250,000
At 31 March 23--

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables474,686431,905
Other debtors-935
Prepayments and accrued income1,281,662595,297
Total1,756,3481,028,137
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables206,882168,223
Bank borrowings and overdrafts89,35450,000
Taxation and social security204,539150,461
Other creditors1,082,064604,878
Accrued liabilities and deferred income17,76517,067
Total1,600,604990,629
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,33358,333
Other creditors11,05924,520
Total19,39282,853
8.Secured creditors
Bank overdrafts are secured by a fixed and floating charges over the assets of the company.
9.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. Deferred tax provision The provision for deferred tax is made up of £8,100 (2023 - £3,100) in respect of accelerated capital allowances. Other provisions Other provisions relate to leased property dilapidation costs as a result of lease agreements specifying the restoration of the buildings to original condition upon the cessation of leases, the company has a contractual obligation to incur this cost.

2024

2023

££
Net deferred tax liability (asset)8,1003,100
Other provisions180,510172,746
Total188,610175,846
10.Operating lease commitments
At 31 March 2024 the company had future minimum lease payments under non-cancellable operating leases of £298,047 (2023 - £342,000).
11.Related party transactions
During the year a director had a loan account with the company. At the balance sheet date the company owed the director £734,420 (2023 - £563,466). This loan is unsecured, interest free and repayable upon demand.