Company registration number 12729634 (England and Wales)
OSC PROPERTY HOLDING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
OSC PROPERTY HOLDING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OSC PROPERTY HOLDING LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,485,764
1,177,869
Current assets
Debtors
4
903
536
Cash at bank and in hand
90,005
51,667
90,908
52,203
Creditors: amounts falling due within one year
5
(1,499,696)
(1,196,036)
Net current liabilities
(1,408,788)
(1,143,833)
Net assets
76,976
34,036
Capital and reserves
Called up share capital
600
600
Profit and loss reserves
76,376
33,436
Total equity
76,976
34,036
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 October 2024
A Edwards
Director
Company registration number 12729634 (England and Wales)
OSC PROPERTY HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
OSC Property Holding Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6-8 Calverton Business Park, Hoyle Road, Calverton, Nottingham, NG14 6QL. The company registration number is 12729634.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income and is shown net of VAT and other sales related taxes.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
OSC PROPERTY HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 February 2023
1,177,869
Additions
307,895
At 31 January 2024
1,485,764
The valuation of the properties has been assessed by the director who considers these to be the best estimate of fair value.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
721
307
Other debtors
182
229
903
536
OSC PROPERTY HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,389
Corporation tax
10,273
5,444
Other creditors
1,489,423
1,189,203
1,499,696
1,196,036
6
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.