Oswald Retail Limited - Period Ending 2021-07-31
Oswald Retail Limited - Period Ending 2021-07-31
Registration number:
Oswald Retail Limited
for the Year Ended 31 July 2021
Oswald Retail Limited
(Registration number: 04591117)
Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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|
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Other financial assets |
4,800 |
4,800 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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 Profit and Loss Account has been taken.
Oswald Retail Limited
(Registration number: 04591117)
Balance Sheet as at 31 July 2021
Approved and authorised by the
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Oswald Retail Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The company's registration number is 04591117.
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.
Group accounts not prepared
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 sales/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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Oswald Retail Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
15% per annum on written down value |
Motor vehicles |
25% per annum on written down value |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.
At the transition to FRS 102 date there was less than 10 years remaining and so goodwill continues to be amortised at the same rate as follows:
Asset class |
Amortisation method and rate |
Goodwill |
over 20 years |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Oswald Retail Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Oswald Retail Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2020 |
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At 31 July 2021 |
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Amortisation |
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At 1 August 2020 |
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Amortisation charge |
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At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 August 2020 |
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At 31 July 2021 |
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Depreciation |
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At 1 August 2020 |
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Charge for the year |
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At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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Oswald Retail Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 August 2020 |
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At 31 July 2021 |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
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Other financial assets (current and non-current) |
Unlisted investments |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 August 2020 |
4,800 |
4,800 |
At 31 July 2021 |
4,800 |
4,800 |
Carrying amount |
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At 31 July 2021 |
|
4,800 |
At 31 July 2020 |
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4,800 |
Oswald Retail Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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|
150 |
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150 |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £