REGISTERED NUMBER: 05278300 (England and Wales)

Observit Ltd

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr B L Callenfors

REGISTERED OFFICE:

4 Gleneagles Court

Brighton Road

Crawley

West Sussex

RH10 6AD

REGISTERED NUMBER:

05278300 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Tangible assets

4

9,500

10,780

CURRENT ASSETS

Stocks

88,463

104,822

Debtors

5

851,885

868,218

Cash at bank

47,056

57,592

987,404

1,030,632

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

1,131,400

1,109,954

NET CURRENT LIABILITIES

(143,996

)

(79,322

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(134,496

)

(68,542

)

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

7

5,833

15,833

NET LIABILITIES

(140,329

)

(84,375

)

CAPITAL AND RESERVES

Called up share capital

8

3

3

Retained earnings

(140,332

)

(84,378

)

SHAREHOLDERS' FUNDS

(140,329

)

(84,375

)

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

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

The director acknowledges his 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 director and authorised for issue on 26 September 2025 and were signed by:

Mr B L Callenfors - Director

1.	STATUTORY INFORMATION

Observit Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits

The company contributes to the personal pension schemes of its employees. Contributions payable to these schemes are charged to the profit and loss account in the period to which they relate.

Going concern

These financial statements have been prepared on a going concern basis notwithstanding the deficiency of net assets shown on the Balance Sheet. The director has assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the director believes that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and thus concludes that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 January 2024

229,661

Additions

1,890

At 31 December 2024

231,551

DEPRECIATION

At 1 January 2024

218,881

Charge for year

3,170

At 31 December 2024

222,051

NET BOOK VALUE

At 31 December 2024

9,500

At 31 December 2023

10,780

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

783,628

853,676

Other debtors

68,257

14,542

851,885

868,218

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

479,988

448,923

Amounts owed to group undertakings

346,657

352,635

Taxation and social security

56,648

52,082

Other creditors

238,107

246,314

1,131,400

1,109,954

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

5,833

15,833

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

3

Ordinary

£1

3

3

9.	RELATED PARTY DISCLOSURES

Included in the balance sheet are loans from fellow group companies totalling £346,657 (2023 - £352,635). These loans are unsecured, interest free and repayable on demand.

At the balance sheet date the company owed amounts to a former director and shareholder totalling £nil (2023 - £9,000). This loan is unsecured, interest free and repayable on demand.

10.	PARENT COMPANY

The company's parent company is Observit AB, a company registered in Sweden with the registered office address of: Sundsvall Kommun, Västernorrlands Iän, Sweden.