Obsidian 22 Ltd

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Obsidian 22 Ltd

Company Information

Directors

D W Ough L C Francis V L Ough C J Jones

Registered office

N23 Upper North Block Seale Hayne Newton Abbot Devon England TQ12 6NQ

Obsidian 22 Ltd

(Registration number: 13619821)
Statement of Financial Position as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	515,305	473,370
Tangible assets	5	18,305	18,187
Investments		922,643	850,292
		1,456,253	1,341,849
Current assets
Debtors	7	339,014	151,509
Cash at bank and in hand		4,423	42,139
		343,437	193,648
Creditors: Amounts falling due within one year	8	(362,085)	(252,998)
Net current liabilities		(18,648)	(59,350)
Total assets less current liabilities		1,437,605	1,282,499
Creditors: Amounts falling due after more than one year	8	(214,286)	(250,000)
Provisions for liabilities		(25,972)	(3,455)
Net assets		1,197,347	1,029,044
Capital and reserves
Called up share capital		751,000	751,000
Profit and loss account		446,347	278,044
Shareholders' funds		1,197,347	1,029,044

For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 October 2026 and signed on its behalf by:
 

Obsidian 22 Ltd

(Registration number: 13619821)
Statement of Financial Position as at 31 October 2025 (continued)

C J Jones Director

Obsidian 22 Ltd

Notes to the Unaudited Financial Statements for the year ended 31 October 2025

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:
N23
Upper North Block
Seale Hayne
Newton Abbot
Devon
TQ12 6NQ
England

Principal activity

The principal activity of the company is that of provision of back office services for traders.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis, with management having given due consideration to the company’s ability to continue as a going concern for at least the next twelve months.

Obsidian 22 Ltd

Notes to the Unaudited Financial Statements for the year ended 31 October 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Obsidian 22 Ltd

Notes to the Unaudited Financial Statements for the year ended 31 October 2025 (continued)

2	Accounting policies (continued)

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
Computer equipment	5 year straight line and 10 year straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Computer software	10 year straight line

Investments

Investments in equity shares which are not publicly traded are based on valuations undertaken by the directors.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Obsidian 22 Ltd

Notes to the Unaudited Financial Statements for the year ended 31 October 2025 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 5).

Obsidian 22 Ltd

Notes to the Unaudited Financial Statements for the year ended 31 October 2025 (continued)

4	Intangible assets

	Software  £	Total £
Cost or valuation
At 1 November 2024	473,370	473,370
Additions acquired separately	99,191	99,191
At 31 October 2025	572,561	572,561
Amortisation
Amortisation charge	57,256	57,256
At 31 October 2025	57,256	57,256
Carrying amount
At 31 October 2025	515,305	515,305
At 31 October 2024	473,370	473,370

5	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 November 2024	22,685	22,685
Additions	3,563	3,563
At 31 October 2025	26,248	26,248
Depreciation
At 1 November 2024	4,498	4,498
Charge for the year	3,445	3,445
At 31 October 2025	7,943	7,943
Carrying amount
At 31 October 2025	18,305	18,305
At 31 October 2024	18,187	18,187

Obsidian 22 Ltd

Notes to the Unaudited Financial Statements for the year ended 31 October 2025 (continued)

6	Investments

	2025 £	2024 £
Investments in joint ventures	672,643	600,292
Investments in associates	250,000	250,000
	922,643	850,292