Oscar CS Ltd. - Period Ending 2019-03-31

Registration number: 06515180

Oscar CS Ltd.

Annual Report and Unaudited Financial Statements - Companies House Filing

for the Year Ended 31 March 2019

Oscar CS Ltd.

(Registration number: 06515180)
Statement of Financial Position as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	401	472
Current assets
Debtors	5	231	4,620
Creditors: Amounts falling due within one year	6	(73,554)	(68,674)
Net current liabilities		(73,323)	(64,054)
Net liabilities		(72,922)	(63,582)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(72,923)	(63,583)
Total equity		(72,922)	(63,582)

For the financial year ending 31 March 2019 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 her 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 16 December 2019
 

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

Miss S Gunbie
Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Oscar CS Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

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:
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 due to the continued support of the director who is a major creditor.

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.

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.

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:

Page 2

Oscar CS Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

Asset class	Depreciation method and rate
Fittings, fixtures and equipment	15% reducing balance

Trade debtors

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

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 Income Statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

Page 3

Oscar CS Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 April 2018	1,473	1,473
At 31 March 2019	1,473	1,473
Depreciation
At 1 April 2018	1,001	1,001
Charge for the year	71	71
At 31 March 2019	1,072	1,072
Carrying amount
At 31 March 2019	401	401
At 31 March 2018	472	472

5

Debtors

	2019 £	2018 £
Trade debtors	-	4,620
Other debtors	231	-
	231	4,620

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Bank loans and overdrafts	7	9,526	13,091
Trade creditors		1,178	2,126
Taxation and social security		-	1,278
Accruals and deferred income		550	875
Other creditors		62,300	51,304
		73,554	68,674

Page 4

Oscar CS Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	-	3,864
Bank overdrafts	9,526	9,227
	9,526	13,091

8	Related party transactions

At the year end the company owed the director £61,300 (2018 - £51,304).

9	Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the director.

Page 5