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Registration number: 00974243

Osprey Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Osprey Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Osprey Developments Limited

(Registration number: 00974243)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,181,612

1,033,687

Current assets

 

Debtors

5

280,483

226,112

Cash at bank and in hand

 

7,811

-

 

288,294

226,112

Creditors: Amounts falling due within one year

6

(614,105)

(549,963)

Net current liabilities

 

(325,811)

(323,851)

Total assets less current liabilities

 

855,801

709,836

Creditors: Amounts falling due after more than one year

6

(266,058)

(273,869)

Net assets

 

589,743

435,967

Capital and reserves

 

Called up share capital

1,600,000

1,600,000

Retained earnings

(1,010,257)

(1,164,033)

Shareholders' funds

 

589,743

435,967

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

W H Stockley
Director

   
     
 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Avon Gorge Industrial Estate
Portview Road
Bristol
BS11 9LQ

These financial statements were authorised for issue by the Board on 13 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Government grants

Government grants comprise the fair value of consideration received or receivable in respect to government provided funding to the entity.

Government grants have been recognised in line with the Accruals model where grants relating to revenue have been recognised as other income on a systematic basis over the periods in which the entity has recognised related costs for which the grant is intended to compensate.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

Not depreciated as they are maintained at a high level and the market value of the buildings is in excess of the cost.

Fixtures, fittings and equipment

15 - 25% straight line

Plant and machinery

5 - 10 years straight line

Motor vehicles

4 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 11 (2023 - 10).

 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

526,500

108,659

2,319,097

9,850

2,964,106

Additions

-

9,134

227,279

19,969

256,382

At 31 December 2024

526,500

117,793

2,546,376

29,819

3,220,488

Depreciation

At 1 January 2024

-

98,486

1,822,083

9,850

1,930,419

Charge for the year

-

4,447

99,850

4,160

108,457

At 31 December 2024

-

102,933

1,921,933

14,010

2,038,876

Carrying amount

At 31 December 2024

526,500

14,860

624,443

15,809

1,181,612

At 31 December 2023

526,500

10,173

497,014

-

1,033,687

Included within the net book value of land and buildings above is £526,500 (2023 - £526,500) in respect of land and buildings.

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

253,793

183,526

Amounts owed by related parties

8

25,346

39,211

Other debtors

 

-

50

Prepayments

 

1,344

3,325

 

280,483

226,112

 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Due within one year

2024
£

2023
£

Bank loans and borrowings

13,851

118,792

Trade creditors

363,324

148,997

Amounts due to related parties

114,754

197,478

Social security and other taxes

58,296

38,780

Other creditors

15,088

15,389

Accruals

48,792

30,527

614,105

549,963

Due after one year

Bank loans and borrowings

18,432

14,810

Other non-current financial liabilities

247,626

259,059

266,058

273,869


 

The bank overdraft is secured by personal guarantee of the director, a fixed charge over Unit 5 Avon Gorge Industrial Estate, a fixed charge on all book and other debts and a floating charge over all undertakings and assets.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £45,315 (2023 - £80,365).

Amounts disclosed in the balance sheet

Included in the balance sheet are outstanding pension contributions of £3,375 (2023 - £2,996).

 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Related party transactions

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

350,297

2023

Other related parties
£

Amounts payable to related party

131,554

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

39,211

39,211

Repaid

(13,865)

(13,865)

At end of period

25,346

25,346

2023

Other related parties
£

Total
£

Advanced

39,211

39,211

At end of period

39,211

39,211

Terms of loans to related parties

Loans to other related parties are interest free and repayable on demand.

 

Osprey Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024

Key management
£

Total
£

At start of period

197,478

197,478

Advanced

15,448

15,448

Repaid

(98,172)

(98,172)

At end of period

114,754

114,754

2023

Key management
£

Other related parties
£

Total
£

At start of period

241,911

886

242,797

Advanced

26,008

-

26,008

Repaid

(70,441)

(886)

(71,327)

At end of period

197,478

-

197,478

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.