Company Registration No. 09186420 (England and Wales)
OSP RETAIL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OSP RETAIL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OSP RETAIL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,149
38,208
Current assets
Debtors
5
153,203
300,865
Cash at bank and in hand
206,816
280,815
360,019
581,680
Creditors: amounts falling due within one year
6
(142,716)
(289,230)
Net current assets
217,303
292,450
Net assets
242,452
330,658
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
242,450
330,656
Total equity
242,452
330,658

The directors of the company have 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 directors acknowledge their 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 by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
Mr T Kemp
Director
Company registration number 09186420 (England and Wales)
OSP RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

OSP Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is 227A West Street, Fareham, Hants, PO16 0HZ.

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.

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:

Computers
25% Reducing Balance
Motor vehicles
25% 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
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.

OSP RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
15
13
4
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
22,365
44,395
66,760
Additions
2,724
-
0
2,724
At 31 March 2024
25,089
44,395
69,484
Depreciation and impairment
At 1 April 2023
6,354
22,198
28,552
Depreciation charged in the year
4,684
11,099
15,783
At 31 March 2024
11,038
33,297
44,335
Carrying amount
At 31 March 2024
14,051
11,098
25,149
At 31 March 2023
16,011
22,197
38,208
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
151,177
299,119
Other debtors
2,026
1,746
153,203
300,865
OSP RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,173
20,290
Trade creditors
2,628
-
0
Corporation tax
10,222
81,526
Other taxation and social security
97,549
155,002
Other creditors
23,144
32,412
142,716
289,230
2024-03-312023-04-01false04 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr T KempMr A HiggsS Hodgsonfalsefalse091864202023-04-012024-03-31091864202024-03-31091864202023-03-3109186420core:ComputerEquipment2024-03-3109186420core:MotorVehicles2024-03-3109186420core:ComputerEquipment2023-03-3109186420core:MotorVehicles2023-03-3109186420core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3109186420core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109186420core:CurrentFinancialInstruments2024-03-3109186420core:CurrentFinancialInstruments2023-03-3109186420core:ShareCapital2024-03-3109186420core:ShareCapital2023-03-3109186420core:RetainedEarningsAccumulatedLosses2024-03-3109186420core:RetainedEarningsAccumulatedLosses2023-03-3109186420bus:Director12023-04-012024-03-3109186420core:ComputerEquipment2023-04-012024-03-3109186420core:MotorVehicles2023-04-012024-03-31091864202022-04-012023-03-3109186420core:ComputerEquipment2023-03-3109186420core:MotorVehicles2023-03-31091864202023-03-3109186420core:WithinOneYear2024-03-3109186420core:WithinOneYear2023-03-3109186420bus:PrivateLimitedCompanyLtd2023-04-012024-03-3109186420bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109186420bus:FRS1022023-04-012024-03-3109186420bus:AuditExemptWithAccountantsReport2023-04-012024-03-3109186420bus:Director22023-04-012024-03-3109186420bus:Director32023-04-012024-03-3109186420bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP