Osborne Smith Properties Limited |
Registered number: |
10056779 |
Balance Sheet |
as at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
65,394 |
|
|
61,890 |
Investment properties |
4 |
|
|
2,210,000 |
|
|
2,144,980 |
|
|
|
|
2,275,394 |
|
|
2,206,870 |
|
Current assets |
Debtors |
5 |
|
3,176 |
|
|
- |
Cash at bank and in hand |
|
|
9,926 |
|
|
113,956 |
|
|
|
13,102 |
|
|
113,956 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,793,123) |
|
|
(1,882,120) |
|
Net current liabilities |
|
|
|
(1,780,021) |
|
|
(1,768,164) |
|
Total assets less current liabilities |
|
|
|
495,373 |
|
|
438,706 |
|
|
Provisions for liabilities |
|
|
|
(71,671) |
|
|
(68,865) |
|
|
Net assets |
|
|
|
423,702 |
|
|
369,841 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
423,602 |
|
|
369,741 |
|
Shareholders' funds |
|
|
|
423,702 |
|
|
369,841 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
Mr J A Osborne-Smith |
Director |
Approved by the board on 18 November 2024 |
|
Osborne Smith Properties Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, modified to include the revaluation of investment properties to their fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
The accounts are prepared in sterling, which is the functional currency of the company. |
|
|
Turnover and other operating income |
|
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. Other operating income relates to rent receivable. Rental income is recognised when the company is entitled to receive income based on the contractual agreements in force. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Plant and equipment |
15% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
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 the profit and loss account. |
|
The directors assess the company's tangible fixed assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate the recoverable amount of the asset(s) and compare this with the carrying amount. If the recoverable amount is lower than the carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in the profit and loss account for the period. |
|
Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through the profit and loss account but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised. |
|
|
Investment properties |
|
Investment property, which is property held to earn rentals and/or 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 date. Changes in fair value are recognised in the profit and loss account. |
|
|
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. |
|
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
Average number of persons (including directors) employed by the company |
|
|
|
|
2 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Plant and equipment etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
12,629 |
|
101,464 |
|
114,093 |
|
Additions |
2,316 |
|
57,190 |
|
59,506 |
|
Disposals |
- |
|
(101,464) |
|
(101,464) |
|
At 31 March 2024 |
14,945 |
|
57,190 |
|
72,135 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
5,446 |
|
46,757 |
|
52,203 |
|
Charge for the year |
1,295 |
|
12,810 |
|
14,105 |
|
On disposals |
- |
|
(59,567) |
|
(59,567) |
|
At 31 March 2024 |
6,741 |
|
- |
|
6,741 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
8,204 |
|
57,190 |
|
65,394 |
|
At 31 March 2023 |
7,183 |
|
54,707 |
|
61,890 |
|
|
4 |
Investments |
|
Investment |
properties |
£ |
|
Fair value |
|
At 1 April 2023 |
2,144,980 |
|
Revaluation |
65,020 |
|
|
At 31 March 2024 |
2,210,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2023 |
1,844,421 |
|
At 31 March 2024 |
1,844,421 |
|
|
|
|
|
|
|
|
|
|
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2024 by a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices of similar properties. |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
3,176 |
|
- |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Trade creditors |
- |
|
1,446 |
|
Taxation and social security costs |
10,864 |
|
12,995 |
|
Other creditors |
1,782,259 |
|
1,867,679 |
|
|
|
|
|
|
1,793,123 |
|
1,882,120 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Osborne Smith Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Henlopen House |
|
Church Road |
|
Ketton |
|
Stamford |
|
PE9 3RD |