Registration number: 00888213

Osgood Textiles Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Osgood Textiles Limited

Company Information

Director

S Nayyar

Registered office

Flat 8, Great Jubilee Wharf 78 Wapping Wall London E1W 3TH

Accountants

Manningtons Chartered Accountants39 High Street Battle East Sussex TN33 0EE

Osgood Textiles Limited

(Registration number: 00888213)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	218	480
Tangible assets	5	26,739	27,440
Investment property	6	2,500,000	2,500,000
		2,526,957	2,527,920
Current assets
Debtors	7	159,319	132,991
Cash at bank and in hand		211,419	196,788
		370,738	329,779
Creditors: Amounts falling due within one year	8	(112,802)	(109,344)
Net current assets		257,936	220,435
Total assets less current liabilities		2,784,893	2,748,355
Provisions for liabilities		(329,119)	(329,179)
Net assets		2,455,774	2,419,176
Capital and reserves
Called up share capital		20,000	20,000
Revaluation reserve		1,392,148	1,392,148
Retained earnings		1,043,626	1,007,028
Shareholders' funds		2,455,774	2,419,176

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.

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Osgood Textiles Limited

(Registration number: 00888213)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 30 September 2025
 

.........................................

S Nayyar
Director

Osgood Textiles 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:
Flat 8, Great Jubilee Wharf
78 Wapping Wall
London
E1W 3TH

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Osgood Textiles Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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
Furniture, fittings and equipment	10-25% Straight line
Land and Buildings	2% Straight line
Other tangible assets	5% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents	Straight line over 7 years

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.

Trade debtors

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

Osgood Textiles Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 3 (2023 - 2).

Osgood Textiles Limited

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

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 January 2024	3,667	3,667
At 31 December 2024	3,667	3,667
Amortisation
At 1 January 2024	3,187	3,187
Amortisation charge	262	262
At 31 December 2024	3,449	3,449
Carrying amount
At 31 December 2024	218	218
At 31 December 2023	480	480

Osgood Textiles Limited

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

5	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	15,511	35,000	50,511
Additions	2,518	-	2,518
At 31 December 2024	18,029	35,000	53,029
Depreciation
At 1 January 2024	13,029	10,042	23,071
Charge for the year	1,469	1,750	3,219
At 31 December 2024	14,498	11,792	26,290
Carrying amount
At 31 December 2024	3,531	23,208	26,739
At 31 December 2023	2,482	24,958	27,440

Included within the net book value of land and buildings in 2022 above was £ in respect of long leasehold land and buildings. The premises has subsequently been revalued during 2023 when it became a rental property and recategorised as a Investment property asset.
 

6	Investment properties

	2024 £
At 1 January	2,500,000
At 31 December	2,500,000

Valuation is from director based on a valuation in 2023 on the rental value of unused Property and predicted resale value from an independent valuer on an informal basis.

There has been no valuation of investment property by an independent valuer.

Osgood Textiles Limited

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

7

Debtors

	2024 £	2023 £
Trade debtors	54,429	51,000
Other debtors	104,890	81,982
Director loan account	-	9
	159,319	132,991

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	43	5,904
Taxation and social security	9,534	845
Accruals and deferred income	2,400	2,400
Other creditors	96,226	100,195
Director loan account	4,599	-
	112,802	109,344

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Revaluation reserve £	Total £
Surplus/deficit on property, plant and equipment revaluation	1,392,148	1,392,148

£326,553 deferred tax was provided against the revaluation reserve in previous year.