Osmaston General Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08640755 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Osmaston General Property Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Dr U Artus

Dr M M M Artus

Dr Z C Lewis

Dr B S Patel

Dr P Sagar

Dr I R Shand

Dr S P Stanley-Smith

Dr C E J Warner

REGISTERED OFFICE:

18 St Christopher's Way

Pride Park

Derby

DE24 8JY

BUSINESS ADDRESS:

212 Osmaston Road

Derby

Derbyshire

DE23 8JX

REGISTERED NUMBER:

08640755 (England and Wales)

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

18 St Christopher's Way

Pride Park

Derby

DE24 8JY

FIXED ASSETS

Investment property

4

-

450,000

CURRENT ASSETS

Debtors

-

11,146

Cash at bank

240,935

4,396

240,935

15,542

CREDITORS

Amounts falling due within one year

131,153

105,272

NET CURRENT ASSETS/(LIABILITIES)

109,782

(89,730

)

TOTAL ASSETS LESS CURRENT LIABILITIES

109,782

360,270

CREDITORS

Amounts falling due after more than one year

-

250,200

NET ASSETS

109,782

110,070

CAPITAL AND RESERVES

Called up share capital

6

8

8

Fair value reserve

7

-

124,418

Retained earnings

109,774

(14,356

)

SHAREHOLDERS' FUNDS

109,782

110,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 September 2021 and were signed on its behalf by:

Dr C E J Warner - Director

1.	STATUTORY INFORMATION

Osmaston General Property 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company made a profit before tax of £201,098 (2020: loss of £4,599) for the year ended 31 March 2021 and has net current assets of £109,782 (2020: net current liabilities of £89,730) at the balance sheet date.

During the period under review, the investment property was sold, and income arising from its ownership all ceased.

As such, there is no activity in the business since the sale of the property, and there are no plans to purchase any further properties for investment, therefore the accounts have been prepared on a break up basis.

Turnover

Turnover represents rent receivable. Rent receivable is recognised when the company becomes entitled to the income over the rental period.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The property was sold in the year and all revaluations realised as part of this.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

450,000

Disposals

(450,000

)

At 31 March 2021

-

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

450,000

The investment property was sold on 29 January 2021 for £550,000.

Fair value at 31 March 2021 is represented by:

£

Valuation in 2020

450,000

Valuation in 2021

(124,418

)

Cost

(325,582

)

5.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

-

259,890

The bank loan was secured by a first legal charge on 214 Osmaston Road, Derby and its associated assets. A personal guarantee has also been given by each director. As part of the sale of the property, all outstanding loans were satisfied and there are no outstanding funds at the year end.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

8

Ordinary

£1

8

8

7.

RESERVES

Fair

value

reserve

£

At 1 April 2020

124,418

Disposal of fair value reserve

(124,418

)

At 31 March 2021

-

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 Osmaston General Property Limited for the year ended 31 March 2021 which comprise the Income Statement, Abridged Balance Sheet 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 Osmaston General Property 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 Osmaston General Property Limited and state those matters that we have agreed to state to the Board of Directors of Osmaston General Property 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 Osmaston General Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Osmaston General Property 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 Osmaston General Property Limited. You consider that Osmaston General Property 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 Osmaston General Property 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.

HSKS Greenhalgh

Chartered Accountants

18 St Christopher's Way

Pride Park

Derby

DE24 8JY

22 December 2021