Company Registration No. 03690768 (England and Wales)
Obsys Limited
Unaudited accounts
for the year ended 31 December 2024
Obsys Limited
Company Information
for the year ended 31 December 2024
Director
Phillip Michael Franklin
Company Number
03690768 (England and Wales)
Registered Office
Flat 87
Russell Court
Woburn Place
London
WC1H 0LW
England
Obsys Limited
Statement of financial position
as at 31 December 2024
Cash at bank and in hand
1,009
480
Creditors: amounts falling due within one year
(113,215)
(44,426)
Net current liabilities
(101,081)
(26,772)
Total assets less current liabilities
(99,583)
(26,252)
Creditors: amounts falling due after more than one year
(24,537)
(91,367)
Net liabilities
(124,120)
(117,619)
Called up share capital
2
2
Profit and loss account
(124,122)
(117,621)
Shareholders' funds
(124,120)
(117,619)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 September 2025 and were signed on its behalf by
Phillip Michael Franklin
Director
Company Registration No. 03690768
Obsys Limited
Notes to the Accounts
for the year ended 31 December 2024
Obsys Limited is a private company, limited by shares, registered in England and Wales, registration number 03690768. The registered office is Flat 87, Russell Court, Woburn Place, London, WC1H 0LW, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The director continues to support the company and has adopted the going concern basis of accounting in the preparation of these financial statements.
Revenue, described as turnover, is the value of work performed during the year with respect to services, plus goods provided to customers during the year, net of VAT and discounts.
Revenue is recognised on the provision of services on a percentage degree of completion basis calculated by reference to the time expended compared to the total anticipated time. Revenue is recognised on the sale of goods when the goods are delivered and title has passed.
Transactions in foreign currencies are initially recorded at the rate of exchange as at the date of the transaction. Year end assets and liabilities are retranslated at the rate of exchange as at the year end, with exchange differences included in operating profit.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
Computer equipment
25% per annum straight line
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11.
Basic financial instruments are recognised at amortised cost using the effective interest method.
Obsys Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Computer equipment
At 31 December 2024
12,754
At 31 December 2024
11,256
Amounts falling due within one year
Accrued income and prepayments
-
705
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,668
5,586
Trade creditors
37,054
36,052
Loans from directors
62,975
-
7
Creditors: amounts falling due after more than one year
2024
2023
8
Transactions with related parties
At the balance sheet date, the company owed the director £62,975 (2023: £61,737) in respect of loans and advances.
The director has charged the company interest on the outstanding balance at a rate of 5%. (2023: 0%)
Obsys Limited
Notes to the Accounts
for the year ended 31 December 2024
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).