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REGISTERED NUMBER: 01707073 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Osborne Engineering Limited

Osborne Engineering Limited (Registered number: 01707073)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Osborne Engineering Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr R Hazra
Mr Z A Nasr
Mr S McLean





REGISTERED OFFICE: 39a Colborne Crescent
Nelson Park
Cramlington
Northumberland
NE23 1WB





REGISTERED NUMBER: 01707073 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Osborne Engineering Limited (Registered number: 01707073)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 3,935 4,918
Tangible assets 6 1,072,277 1,133,541
Investments 7 38,700 38,700
1,114,912 1,177,159

CURRENT ASSETS
Stocks 601,102 597,969
Debtors 8 2,218,133 2,420,913
Cash at bank and in hand 709,242 429,760
3,528,477 3,448,642
CREDITORS
Amounts falling due within one year 9 (3,496,938 ) (2,415,193 )
NET CURRENT ASSETS 31,539 1,033,449
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,146,451

2,210,608

CAPITAL AND RESERVES
Called up share capital 8,811,244 8,811,244
Share premium 122,917 122,917
Profit and loss account (7,787,710 ) (6,723,553 )
1,146,451 2,210,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





Mr S McLean - Director


Osborne Engineering Limited (Registered number: 01707073)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Osborne Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The disclosure requirements of FRS 102 Section 1A have been applied other than where additional disclosure is required to show a true and fair view.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company continues to receive support from its parent company, AM Holdings Limited. For this reason, they continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Goodwill
Acquired goodwill is written off at 20% on a reducing balance basis.

Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation 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:

Development costs7 years straight line

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:

Land and buildings Leasehold4% straight line
Plant and machinery10% - 25% reducing balance
Fixtures, fittings and equipment25% straight line
Motor vehicles25% reducing balance

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Osborne Engineering Limited (Registered number: 01707073)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the date of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases assets are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Osborne Engineering Limited (Registered number: 01707073)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 38 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 88,402 48,749 137,151
AMORTISATION
At 1 April 2023 83,484 48,749 132,233
Charge for year 983 - 983
At 31 March 2024 84,467 48,749 133,216
NET BOOK VALUE
At 31 March 2024 3,935 - 3,935
At 31 March 2023 4,918 - 4,918

6. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2023 2,500 96,767 4,918,564
Additions - 57,509 -
At 31 March 2024 2,500 154,276 4,918,564
DEPRECIATION
At 1 April 2023 875 89,313 3,908,658
Charge for year 1,500 853 84,557
At 31 March 2024 2,375 90,166 3,993,215
NET BOOK VALUE
At 31 March 2024 125 64,110 925,349
At 31 March 2023 1,625 7,454 1,009,906

Osborne Engineering Limited (Registered number: 01707073)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 628,501 4,955 5,651,287
Additions - - 57,509
At 31 March 2024 628,501 4,955 5,708,796
DEPRECIATION
At 1 April 2023 514,691 4,209 4,517,746
Charge for year 31,746 117 118,773
At 31 March 2024 546,437 4,326 4,636,519
NET BOOK VALUE
At 31 March 2024 82,064 629 1,072,277
At 31 March 2023 113,810 746 1,133,541

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 38,700
NET BOOK VALUE
At 31 March 2024 38,700
At 31 March 2023 38,700

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,037,962 1,535,103
Amounts owed by group undertakings 1,053,678 702,680
Other debtors 126,493 183,130
2,218,133 2,420,913

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 67,085 -
Trade creditors 401,447 1,570,814
Amounts owed to group undertakings 1,342,334 -
Taxation and social security 36,385 89,156
Other creditors 1,649,687 755,223
3,496,938 2,415,193

10. ULTIMATE CONTROLLING PARTY

Osborne Engineering (BVI) Ltd is regarded by the directors as being the ultimate controlling party, a company registered in the British Virgin Islands.