Company registration number 13035602 (England and Wales)
OFFSPRING ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OFFSPRING ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OFFSPRING ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,963,506
2,797,859
Current assets
Debtors
4
979
100
Cash at bank and in hand
221,948
25,886
222,927
25,986
Creditors: amounts falling due within one year
5
(4,683,277)
(2,991,574)
Net current liabilities
(4,460,350)
(2,965,588)
Total assets less current liabilities
(496,844)
(167,729)
Creditors: amounts falling due after more than one year
6
-
0
(3,928)
Net liabilities
(496,844)
(171,657)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(496,944)
(171,757)
Total equity
(496,844)
(171,657)

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 March 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.

OFFSPRING ENTERPRISES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
Mr D Furnish
Director
Company Registration No. 13035602
OFFSPRING ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Offspring Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.

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. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

During the year turnover comprised of rent receivable. Rent is recognised in the period to which it relates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
25% reducing balance
Biological assets
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

An impairment loss is recognised immediately in profit or loss.

OFFSPRING ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

1.6
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

 

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
OFFSPRING ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Biological assets
Total
£
£
£
£
Cost
At 1 April 2023
2,780,422
61,459
33,195
2,875,076
Additions
1,178,865
-
0
30,460
1,209,325
At 31 March 2024
3,959,287
61,459
63,655
4,084,401
Depreciation and impairment
At 1 April 2023
53,268
19,799
4,150
77,217
Depreciation charged in the year
28,174
10,415
5,089
43,678
At 31 March 2024
81,442
30,214
9,239
120,895
Carrying amount
At 31 March 2024
3,877,845
31,245
54,416
3,963,506
At 31 March 2023
2,727,154
41,660
29,045
2,797,859
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
979
100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
4,714
12,222
Trade creditors
40,032
14,485
Taxation and social security
596
-
0
Other creditors
4,615,224
2,956,151
Accruals and deferred income
22,711
8,716
4,683,277
2,991,574
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
-
0
3,928
7
Related party transactions
OFFSPRING ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Related party transactions
(Continued)
- 6 -

Himitsu is connected under ultimate common ownership. During the year, £142,778 expenses were paid by Himitsu on behalf of the company. At the year end the company owed £3,096,300 (2023 - £2,953,522) to Himitsu.

 

William A Bong Limited is a connected company under ultimate common ownership. During the year, £95,228 expenses were paid by William A Bong Limited on behalf of the company. At the year end the company owed £95,858 (2023 - £630) to William A Bong Limited.

 

J Bondi LLP is a connected company under ultimate common ownership. During the year, £1,423,065 expenses were paid by J Bondi LLP on behalf of the company. At the year end the company owed £1,423,065 (2023 - £Nil) to J Bondi LLP.

 

During the year, an amount of £100 was paid by Sir Elton Hercules John in relation to unpaid share capital payable by his children, and shareholders of the company, Elijah and Zachary Furnish-John. No amounts were outstanding at the year end.

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