| Ostrero Ltd. |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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).
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 £. |
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Going Concern |
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The financial statements have been prepared on the going concern basis. The director has considered a period of twelve months from the date of signature of the accounts and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is therefore considered appropriate to continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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Turnover |
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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 rendering of services. 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. |
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Tangible fixed assets |
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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: |
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Computer equipment |
over 3 years |
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Cash and cash equivalents |
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Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with banks. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
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| 3 |
Tangible fixed assets |
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Computer equipment |
| £ |
|
Cost |
|
At 1 April 2024 |
3,215 |
|
At 31 March 2025 |
3,215 |
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Depreciation |
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At 1 April 2024 |
1,290 |
|
Charge for the year |
1,072 |
|
At 31 March 2025 |
2,362 |
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Net book value |
|
At 31 March 2025 |
853 |
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At 31 March 2024 |
1,925 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
179 |
|
22,790 |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Taxation and social security costs |
4,990 |
|
6,908 |
|
Other creditors |
1,084 |
|
3,052 |
|
|
|
|
|
|
6,074 |
|
9,960 |
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| 6 |
Loans from directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Mary Michel |
|
Interest free loan |
1,313 |
|
312 |
|
(1,625) |
|
- |
|
|
|
1,313 |
|
312 |
|
(1,625) |
|
- |
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| 7 |
Other information |
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Ostrero Ltd. is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
60 Duddingston Park |
|
Portobello |
|
Edinburgh |
|
EH15 1JY |