Registered number
07952420
OSW LIMITED
Filleted Accounts
28 February 2024
OSW LIMITED
Registered number: 07952420
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 15,000 15,000
Tangible assets 4 965 1,287
15,965 16,287
Current assets
Cash at bank and in hand 198,005 272,099
Creditors: amounts falling due within one year 5 (49,782) (51,208)
Net current assets 148,223 220,891
Net assets 164,188 237,178
Capital and reserves
Called up share capital 100 100
Profit and loss account 164,088 237,078
Shareholders' funds 164,188 237,178
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.
Mazin Younis
Director
Approved by the board on 28 November 2024
OSW LIMITED
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 15,000
At 28 February 2024 15,000
Amortisation
At 28 February 2024 -
Net book value
At 28 February 2024 15,000
At 28 February 2023 15,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 13,962
At 28 February 2024 13,962
Depreciation
At 1 March 2023 12,675
Charge for the year 322
At 28 February 2024 12,997
Net book value
At 28 February 2024 965
At 28 February 2023 1,287
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors (146) -
Taxation and social security costs 710 1,391
Other creditors 49,218 49,817
49,782 51,208
6 Other information
OSW LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
61 Briony Avenue
Hale
Altrincham
WA15 8PZ
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