OSA Systems Ltd - Filleted accounts


OSA SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 SEPTEMBER 2024



































Company Registration Number: 12089652

OSA SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


CONTENTS									PAGES



Company information									1

Balance sheet									2 to 3

Notes to the financial statements									4 to 11

OSA SYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 SEPTEMBER 2024


DIRECTORS

H L Bartlett
R A C Bartlett
R J Craig


SECRETARY

The company does not have an appointed secretary


REGISTERED OFFICE

4 Witan Way
Witney
Oxon
OX28 6FF


COMPANY REGISTRATION NUMBER

12089652 England and Wales

OSA SYSTEMS LTD

BALANCE SHEET
AS AT 29 SEPTEMBER 2024


	Notes	2024		2023
		£		£

FIXED ASSETS
Intangible assets	5		-		3,000
Tangible assets	6		42,201		49,604
Investments	7		2		2


			42,203		52,606

CURRENT ASSETS
Stock		122,911		144,381
Debtors	8	184,615		123,774
Cash at bank and in hand		160		83,210


		307,686		351,365

CREDITORS: Amounts falling due within one year	9	601,487		393,496
CREDITORS: Amounts falling due within one year


NET CURRENT LIABILITIES			(293,801)		(42,131)


TOTAL ASSETS LESS CURRENT LIABILITIES			(251,598)		10,475

CREDITORS: Amounts falling due after more than one year	10		97,161		140,289
CREDITORS: Amounts falling due after more than one year


NET LIABILITIES			(348,759)		(129,814)


CAPITAL AND RESERVES
Called up share capital			112		112
Share premium account			99,988		99,988
Distributable profit and loss account			(448,859)		(229,914)


SHAREHOLDERS' DEFICIT			(348,759)		(129,814)

OSA SYSTEMS LTD

BALANCE SHEET
AS AT 29 SEPTEMBER 2024


These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

For the financial year ended 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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.

As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.


Signed on behalf of the board of directors




H L Bartlett						R A C Bartlett
Director						Director

Date approved by the board: 29 September 2025

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


1	GENERAL INFORMATION

	OSA Systems Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:

	Registered office	Principal place of business
	4 Witan Way	Unit 12 Wroslyn Road Industrial Estate
	Witney	Freeland
	Oxon	Witney
	OX28 6FF	Oxon
		OX29 8HZ

	The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

	Basis of preparation of financial statements

	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its bank and other loan providers £207,668. The company is therefore dependent upon the continued support of the bank and the other loan providers. The directors do not consider this support likely to be withdrawn.

	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.


	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of machine repairs and maintenance services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Intangible fixed assets

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

	Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 5 years.

	If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.


	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.

	Plant and machinery					Reducing balance basis at 20% per annum
	Furniture and fittings					Reducing balance basis at 20% per annum
	Computer equipment					Reducing balance basis at 20% per annum
	Motor Vehicles					Reducing balance basis at 20% per annum

	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

	Investments

	Investments in subsidiaries are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account.

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Financial Instruments

	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.


	The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

	Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.

	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.


	Stock

	Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.

	The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Work in progress

	Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors

	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

	Leases

	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.

	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.

	Taxation

	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.

	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)

	Pensions

	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

	Research and development

	Expenditure on research is written off against profits in the year in which it is incurred.

3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES

	The average number of persons employed by the company (including directors) during the year was:

		2024	2023
	Average number of employees	9	10


5	INTANGIBLE FIXED ASSETS
			Net goodwill
			£
	Cost
	At 30 September 2023		20,000


	At 29 September 2024		20,000


	Accumulated amortisation and impairments
	At 30 September 2023		17,000

	Charge for year		3,000


	At 29 September 2024		20,000


	Net book value
	At 30 September 2023		3,000


	At 29 September 2024		-

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


6	TANGIBLE ASSETS
		Plant and machinery	Furniture and fittings	Computer equipment	Motor Vehicles	Total
		£	£	£	£	£
	Cost
	At 30 September 2023	50,771	21,062	2,320	9,244	83,397

	Additions	5,870	-	-	-	5,870

	Disposals	-	-	-	(3,249)	(3,249)


	At 29 September 2024	56,641	21,062	2,320	5,995	86,018


	Accumulated depreciation and impairments
	At 30 September 2023	22,103	8,624	1,200	1,866	33,793

	Charge for year	6,573	2,488	224	847	10,132

	Disposals	-	-	-	(108)	(108)


	At 29 September 2024	28,676	11,112	1,424	2,605	43,817


	Net book value
	At 30 September 2023	28,668	12,438	1,120	7,378	49,604


	At 29 September 2024	27,965	9,950	896	3,390	42,201


7	FIXED ASSET INVESTMENTS
						Investment in subsidiary
						£
	Cost
	At 30 September 2023					2


	At 29 September 2024					2


	Net book value
	At 30 September 2023					2


	At 29 September 2024					2

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024


8	DEBTORS
					2024	2023
					£	£
	Trade debtors				82,340	112,864
	Prepayments and accrued income				10,025	8,186
	Other debtors				92,250	2,724


					184,615	123,774


9	CREDITORS: Amounts falling due within one year
					2024	2023
					£	£
	Bank loans and overdrafts				110,507	141,031
	Trade creditors				85,600	82,819
	Taxation and social security				181,789	31,538
	Accruals and deferred income				103,427	24,773
	Other creditors				120,164	113,335


					601,487	393,496


10	CREDITORS: Amounts falling due after more than one year
					2024	2023
					£	£
	Bank loans and overdrafts				97,161	140,289


11	SECURED DEBTS

	The company has an invoice discounting facility in place with Peak Cashflow Limited. Peak Cashflow Limited holds a fixed and floating charge over the assets of OSA Systems Ltd.

12	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

	The following director's advances, credits and guarantees took place during the year:

		Balance at 30 September 2023	Amounts advanced	Amounts repaid	Amounts written off or waived	Balance at 29 September 2024
		£	£	£	£	£
	H & R Bartlett	148	15,380	3,411	-	12,117

	Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.

OSA SYSTEMS LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2024

13	RELATED PARTY TRANSACTIONS

	The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:

	Hare Press Limited	Subsidiary company
	PJ Hare Limited	Subsidiary company

	During the year, the following transactions with related parties took place:

	R J Craig
	Director		2024	2023
			£	£
	Advances from director	The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director:	1	1