2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,585,000 90,000 1,495,000 1,495,000 1,585,000 xbrli:pure xbrli:shares iso4217:GBP 00505324 2023-04-01 2024-03-31 00505324 2024-03-31 00505324 2023-03-31 00505324 2022-04-01 2023-03-31 00505324 2023-03-31 00505324 2022-03-31 00505324 bus:RegisteredOffice 2023-04-01 2024-03-31 00505324 bus:Director1 2023-04-01 2024-03-31 00505324 bus:Director2 2023-04-01 2024-03-31 00505324 bus:CompanySecretary1 2023-04-01 2024-03-31 00505324 core:WithinOneYear 2024-03-31 00505324 core:WithinOneYear 2023-03-31 00505324 core:UKTax 2023-04-01 2024-03-31 00505324 core:UKTax 2022-04-01 2023-03-31 00505324 core:ShareCapital 2024-03-31 00505324 core:ShareCapital 2023-03-31 00505324 core:RetainedEarningsAccumulatedLosses 2024-03-31 00505324 core:RetainedEarningsAccumulatedLosses 2023-03-31 00505324 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 00505324 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 00505324 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00505324 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00505324 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00505324 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00505324 bus:SmallEntities 2023-04-01 2024-03-31 00505324 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00505324 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00505324 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00505324 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 00505324
OSSIAN INVESTORS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
OSSIAN INVESTORS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
OSSIAN INVESTORS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mrs C.R. Sinclair
Mr D.M. Sinclair
Company secretary
Mrs M.M. Bray
Registered office
Mountview House
151 High Street
Southgate
London
N14 6EW
OSSIAN INVESTORS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
1,495,000
1,585,000
CURRENT ASSETS
Debtors
7
236
Cash at bank and in hand
25,536
263,350
--------
---------
25,772
263,350
CREDITORS: amounts falling due within one year
8
( 7,257)
( 160,734)
--------
---------
NET CURRENT ASSETS
18,515
102,616
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,513,515
1,687,616
PROVISIONS
( 314,811)
( 337,311)
------------
------------
NET ASSETS
1,198,704
1,350,305
------------
------------
CAPITAL AND RESERVES
Called up share capital
10,000
10,000
Profit and loss account
1,188,704
1,340,305
------------
------------
SHAREHOLDERS FUNDS
1,198,704
1,350,305
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OSSIAN INVESTORS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 October 2024 , and are signed on behalf of the board by:
Mr D.M. Sinclair
Director
Company registration number: 00505324
OSSIAN INVESTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mountview House, 151 High Street, Southgate, London, N14 6EW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.
Going concern
At the year end the company had net current assets of £18,515, net assets of £1.2m and cash at bank of £25,536. The directors have not identified any uncertainty regarding going concern and continue to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the valuation of investment properties and have been disclosed in note 6 to the financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable for the year. Rents are recognised as receivable in accordance with the terms of the lease.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax expense
4,031
139,382
Deferred tax:
Origination and reversal of timing differences
( 22,500)
( 194,372)
--------
---------
Tax on loss
( 18,469)
( 54,990)
--------
---------
6. Tangible assets
Investment property
£
Cost or valuation
At 1 April 2023
1,585,000
Revaluations
( 90,000)
------------
At 31 March 2024
1,495,000
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
1,495,000
------------
At 31 March 2023
1,585,000
------------
The company's properties were valued on 31 March 2024 by the directors. The properties are all held for investment and market values are on the basis that the properties would be sold subject to any existing leases and tenancies. The director's opinion of market value was derived using expected movements according to house price indices and by a review of comparable recent market transactions on arm's length terms.
7. Debtors
2024
2023
£
£
Other debtors
236
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,031
139,382
Other creditors
3,226
21,352
-------
---------
7,257
160,734
-------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
314,811
337,311
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
314,811
337,311
---------
---------