Osborne House Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01702727 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2020

for

Osborne House Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

J G Fifield Esq

E G Fifield Esq

Mrs R G Fifield

P C J Holme Esq

SECRETARY:

Mrs R G Fifield

REGISTERED OFFICE:

No. 1 Royal Mews

Gadbrook Park

Northwich

Cheshire

CW9 7UD

REGISTERED NUMBER:

01702727 (England and Wales)

ACCOUNTANTS:

Bennett Brooks & Co Limited

Chartered Accountants

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

FIXED ASSETS

Tangible assets

4

89,738

107,182

Investments

5

24,849

24,849

Investment property

6

6,588,564

4,027,410

6,703,151

4,159,441

CURRENT ASSETS

Stocks

977,215

968,954

Debtors

7

46,495

54,075

Cash at bank

907,838

1,002,765

1,931,548

2,025,794

CREDITORS

Amounts falling due within one year

8

173,082

1,081,689

NET CURRENT ASSETS

1,758,466

944,105

TOTAL ASSETS LESS CURRENT LIABILITIES

8,461,617

5,103,546

CREDITORS

Amounts falling due after more than one year

9

(2,138,967

)

(448,085

)

PROVISIONS FOR LIABILITIES

(363,472

)

(164,246

)

NET ASSETS

5,959,178

4,491,215

CAPITAL AND RESERVES

Called up share capital

11

81

81

Non-distributable reserve

12

2,529,380

1,244,950

Capital redemption reserve

19

19

Retained earnings

3,429,698

3,246,165

SHAREHOLDERS' FUNDS

5,959,178

4,491,215

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2020 and were signed on its behalf by:

J G Fifield Esq - Director

P C J Holme Esq - Director

1.	STATUTORY INFORMATION

Osborne House Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rental income, net of VAT, which is matched to the period in which it relates.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery -

10% on cost

Fixtures and fittings -

15% on cost

Investment property

Investment properties are initially measured at cost plus costs directly attributable to the acquisition. Subsequent measurement is with reference to fair value with any increases credited to the Income Statement and transferred to a non-distributable reserve. Any diminution in fair value, below that of amounts already credited to this reserve, are charged to the Income Statement. Any increases in property values which were previously charged to the Income Statement are credited from the Income Statement to the extent that the original charge is reversed.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

Share capital

Ordinary shares are classed as equity.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

244,787

Additions

3,851

At 30 April 2020

248,638

DEPRECIATION

At 1 May 2019

137,605

Charge for year

21,295

At 30 April 2020

158,900

NET BOOK VALUE

At 30 April 2020

89,738

At 30 April 2019

107,182

5.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1 May 2019

and 30 April 2020

24,849

NET BOOK VALUE

At 30 April 2020

24,849

At 30 April 2019

24,849

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

4,027,410

Additions

827,480

Revaluations

1,733,674

At 30 April 2020

6,588,564

NET BOOK VALUE

At 30 April 2020

6,588,564

At 30 April 2019

4,027,410

The company's investment properties are reported at a fair value deemed appropriate by the directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

12,513

20,476

Other debtors

33,982

33,599

46,495

54,075

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

47,800

823,872

Trade creditors

3,632

62,732

Taxation and social security

24,663

121,690

Other creditors

96,987

73,395

173,082

1,081,689

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

2,138,867

-

Amounts owed to group undertakings

100

100

Other creditors

-

447,985

2,138,967

448,085

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

2,186,667

823,872

Other loan

-

447,985

2,186,667

1,271,857

The bank holds a fixed charge over the assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

81

Ordinary

£1

81

81

12.

RESERVES

Non-distributa

reserve

£

At 1 May 2019

1,244,950

Deferred tax movement

(200,327

)

Gains and losses on revaluation

1,484,757

At 30 April 2020

2,529,380

At the year end any increase in investment property valuations, above initial cost, is taken to a non-distributable reserve. Any diminution in fair value, below that already taken to this reserve, is transferred from the non-distributable reserve to the profit and loss reserve.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Osborne House Limited for the year ended 30 April 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Osborne House Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Osborne House Limited and state those matters that we have agreed to state to the Board of Directors of Osborne House Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Osborne House Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Osborne House Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Osborne House Limited. You consider that Osborne House Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Osborne House Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bennett Brooks & Co Limited

Chartered Accountants

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

18 November 2020