Osborne Property Company Limited 31/03/2022 iXBRL

Osborne Property Company Limited 31/03/2022 iXBRL

OSBORNE PROPERTY COMPANY LIMITED - Company Information

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1 31/03/2022 2022-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03410460 2021-04-01 2022-03-31 03410460 2022-03-31 03410460 2020-04-01 2021-03-31 03410460 2021-03-31 03410460 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 03410460 bus:Director1 2021-04-01 2022-03-31 03410460 core:WithinOneYear 2022-03-31 03410460 core:WithinOneYear 2021-03-31 03410460 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 03410460 core:FurnitureFittingsToolsEquipment 2022-03-31 03410460 core:AfterOneYear 2022-03-31 03410460 core:ShareCapital 2022-03-31 03410460 core:ShareCapital 2021-03-31 03410460 core:RetainedEarningsAccumulatedLosses 2022-03-31 03410460 core:RetainedEarningsAccumulatedLosses 2021-03-31 03410460 core:LandBuildings core:LongLeaseholdAssets 2021-04-01 2022-03-31 03410460 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 03410460 core:Non-currentFinancialInstruments 2022-03-31 03410460 core:Non-currentFinancialInstruments 2021-03-31 03410460 bus:Director1 2021-03-31 03410460 bus:Director1 2022-03-31 03410460 bus:Director1 2020-03-31 03410460 bus:Director1 2021-03-31 03410460 bus:Director1 2020-04-01 2021-03-31 03410460 bus:SmallEntities 2021-04-01 2022-03-31 03410460 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 03410460 bus:FullAccounts 2021-04-01 2022-03-31 03410460 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 03410460 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 03410460 core:AllAssociates 2021-04-01 2022-03-31 03410460 core:AllAssociates 2020-04-01 2021-03-31 03410460 core:AllAssociates 2022-03-31 03410460 core:AllAssociates 2021-03-31
Company registration number: 03410460
Osborne Property Company Limited
Unaudited filleted financial statements
31 March 2022
OSBORNE PROPERTY COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 668,060 -
Investments 6 60,000 60,000
_______ _______
728,060 60,000
Current assets
Debtors 7 361,197 361,198
_______ _______
361,197 361,198
Creditors: amounts falling due
within one year 8 ( 372,805) ( 2,666)
_______ _______
Net current (liabilities)/assets ( 11,608) 358,532
_______ _______
Total assets less current liabilities 716,452 418,532
Creditors: amounts falling due
after more than one year 9 ( 325,000) -
_______ _______
Net assets 391,452 418,532
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10 391,352 418,432
_______ _______
Shareholders funds 391,452 418,532
_______ _______
For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:
Mr Simon Lea
Director
Company registration number: 03410460
OSBORNE PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is property letting.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - No depreciation is applied to investment property
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2021 - - -
Additions 664,660 4,000 668,660
_______ _______ _______
At 31 March 2022 664,660 4,000 668,660
_______ _______ _______
Depreciation
At 1 April 2021 - - -
Charge for the year - 600 600
_______ _______ _______
At 31 March 2022 - 600 600
_______ _______ _______
Carrying amount
At 31 March 2022 664,660 3,400 668,060
_______ _______ _______
At 31 March 2021 - - -
_______ _______ _______
The above long leasehold property relates to investment property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property Total
£ £
At 31 March 2022
Aggregate cost 664,660 664,660
Aggregate depreciation - -
_______ _______
Carrying amount 664,660 664,660
_______ _______
At 31 March 2021
Aggregate cost - -
Aggregate depreciation - -
_______ _______
Carrying amount - -
_______ _______
The property was purchased in September 2021. The purchase cost is believed to be a fair approximation of the market value as at 31 March 2022.
6. Investments
Loans to group undertakings and participating interests Total
£ £
Cost
At 1 April 2021 and 31 March 2022 60,000 60,000
_______ _______
Impairment
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 60,000 60,000
_______ _______
At 31 March 2021 60,000 60,000
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 361,197 361,198
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Accruals and deferred income 960 900
Other creditors 371,845 1,766
_______ _______
372,805 2,666
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 325,000 -
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses .
11. Directors advances, credits and guarantees
During the year the director entered into the following interest free advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Director ( 866) ( 369,349) ( 370,215)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Director ( 28,935) 28,069 ( 866)
_______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Connected companies ( 1) ( 19,934) 361,197 361,198
_______ _______ _______ _______
These loans are interest free and repayable on demand.