Osbourne Purdie Limited Filleted accounts for Companies House (small and micro)

OSBOURNE PURDIE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3049481

OSBOURNE PURDIE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2021

OSBOURNE PURDIE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

OSBOURNE PURDIE LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	1,942	2,265
Tangible assets	6	13,078	6,700
		---------	-------
		15,020	8,965

Current assets

Debtors	7	395,553	196,578
Cash at bank and in hand		549,472	506,111
		----------	----------
		945,025	702,689

Creditors: amounts falling due within one year	8	534,635		284,194
		----------		----------
Net current assets			410,390	418,495
			----------	----------
Total assets less current liabilities			425,410	427,460

Creditors: amounts falling due after more than one year	9		–	47,600

Provisions

Taxation including deferred tax	1,820	667
	----------	----------
Net assets	423,590	379,193
	----------	----------

OSBOURNE PURDIE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	12,125	12,125
Share premium account	6,800	6,800
Profit and loss account	404,665	360,268
	----------	----------
Shareholder funds	423,590	379,193
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 June 2022 , and are signed on behalf of the board by:

T J Gardiner

Director

Company registration number: 3049481

OSBOURNE PURDIE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lee Barns, Lee Lane, Maidenhead, Berks, SL6 6PE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trademarks	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance

Impairment of fixed assets

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown within Government Grant Income within the financial statements.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 15 ).

5. Intangible assets

	Trademarks
	£
Cost
At 1 January 2021 and 31 December 2021	3,234
	-------
Amortisation
At 1 January 2021	969
Charge for the year	323
	-------
At 31 December 2021	1,292
	-------
Carrying amount
At 31 December 2021	1,942
	-------
At 31 December 2020	2,265
	-------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2021	17,335	3,749	21,084
Additions	8,408	–	8,408
	---------	-------	---------
At 31 December 2021	25,743	3,749	29,492
	---------	-------	---------
Depreciation
At 1 January 2021	10,846	3,538	14,384
Charge for the year	1,977	53	2,030
	---------	-------	---------
At 31 December 2021	12,823	3,591	16,414
	---------	-------	---------
Carrying amount
At 31 December 2021	12,920	158	13,078
	---------	-------	---------
At 31 December 2020	6,489	211	6,700
	---------	-------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	360,502	161,417
Other debtors	35,051	35,161
	----------	----------
	395,553	196,578
	----------	----------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	2,400
Trade creditors	132,723	70,185
Corporation tax	47,549	20,980
Social security and other taxes	111,412	137,047
Other creditors	242,951	53,582
	----------	----------
	534,635	284,194
	----------	----------

Other creditors includes a loan from related companies of £15,175 (2020 - £10,787).

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	–	47,600
	----	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	43,866	44,708
Later than 1 year and not later than 5 years	–	18,866
	---------	---------
	43,866	63,574
	---------	---------

11. Related party transactions

The company was under the control of S M Davison throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.