Osborne King Limited Filleted accounts for Companies House (small and micro)

OSBORNE KING LIMITED - Company Information

5 false false false false false false false false false true false false false false false false No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 121,240 121,240 1,060,511 1,060,511 1,060,511 xbrli:pure xbrli:shares iso4217:GBP NI041268 2020-01-01 2020-12-31 NI041268 2020-12-31 NI041268 2019-12-31 NI041268 core:NetGoodwill 2020-01-01 2020-12-31 NI041268 bus:RegisteredOffice 2020-01-01 2020-12-31 NI041268 bus:LeadAgentIfApplicable 2020-01-01 2020-12-31 NI041268 bus:Director1 2020-01-01 2020-12-31 NI041268 bus:Director2 2020-01-01 2020-12-31 NI041268 bus:CompanySecretary1 2020-01-01 2020-12-31 NI041268 core:NetGoodwill 2020-12-31 NI041268 core:WithinOneYear 2020-12-31 NI041268 core:WithinOneYear 2019-12-31 NI041268 core:ShareCapital 2020-12-31 NI041268 core:ShareCapital 2019-12-31 NI041268 core:SharePremium 2020-12-31 NI041268 core:SharePremium 2019-12-31 NI041268 core:RetainedEarningsAccumulatedLosses 2020-12-31 NI041268 core:RetainedEarningsAccumulatedLosses 2019-12-31 NI041268 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 NI041268 core:Non-currentFinancialInstruments 2020-12-31 NI041268 core:Non-currentFinancialInstruments 2019-12-31 NI041268 bus:SmallEntities 2020-01-01 2020-12-31 NI041268 bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 NI041268 bus:FullAccounts 2020-01-01 2020-12-31 NI041268 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 NI041268 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 NI041268 core:AllAssociates 2020-01-01 2020-12-31

COMPANY REGISTRATION NUMBER: NI041268

Osborne King Limited

Filleted Unaudited Financial Statements

31 December 2020

Osborne King Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4

Osborne King Limited

Officers and Professional Advisers

The board of directors	Mr G P Clarke
	Mr D J McClure

Company secretary	Mr S P Henry

Registered office	The Metro Building
	6-9 Donegall Square South
	Belfast
	BT1 5JA

Accountants	Maneely Mc Cann
	Chartered Accountants
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Osborne King Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Osborne King Limited

Year ended 31 December 2020

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Maneely Mc Cann Chartered Accountants

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

14 December 2021

Osborne King Limited

Statement of Financial Position

31 December 2020

	2020	2019
Note	£	£

Fixed assets

Investments	5	1,060,511	1,060,511

Creditors: amounts falling due within one year	6	245,325	308,277
		---------	---------
Net current liabilities		245,325	308,277
		------------	------------
Total assets less current liabilities		815,186	752,234
		---------	---------

Capital and reserves

Called up share capital	119,048	119,048
Share premium account	282,208	282,208
Profit and loss account	413,930	350,978
	---------	---------
Shareholders funds	815,186	752,234
	---------	---------

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 2020 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 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 14 December 2021 , and are signed on behalf of the board by:

Mr G P Clarke

Director

Company registration number: NI041268

Osborne King Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is The Metro Building, 6-9 Donegall Square South, Belfast, BT1 5JA.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

	Goodwill	-	Estimated useful economic life of 5 years

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.

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Intangible assets

	Goodwill
	£
Cost
At 1 January 2020 and 31 December 2020	121,240
	---------
Amortisation
At 1 January 2020 and 31 December 2020	121,240
	---------
Carrying amount
At 31 December 2020	–
	---------
At 31 December 2019	–
	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	1,060,511
	------------
Impairment
At 1 January 2020 and 31 December 2020	–
	------------

Carrying amount
At 31 December 2020	1,060,511
	------------
At 31 December 2019	1,060,511
	------------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	245,323	308,275
Other creditors	2	2
	---------	---------
	245,325	308,277
	---------	---------

7. Directors' advances, credits and guarantees

Dividends totalling £119,048 (2019: £334,525) were paid in the year in respect of shares held by the company's directors.

8. Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.