Osborne Property Company Limited 31/03/2021 iXBRL

Osborne Property Company Limited 31/03/2021 iXBRL

OSBORNE PROPERTY COMPANY LIMITED - Company Information

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31/03/2021 2021-03-31 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 2020-04-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 03410460 2020-04-01 2021-03-31 03410460 2021-03-31 03410460 2019-04-01 2020-03-31 03410460 2020-03-31 03410460 bus:Director1 2020-04-01 2021-03-31 03410460 core:WithinOneYear 2021-03-31 03410460 core:WithinOneYear 2020-03-31 03410460 core:ShareCapital 2021-03-31 03410460 core:ShareCapital 2020-03-31 03410460 core:RetainedEarningsAccumulatedLosses 2021-03-31 03410460 core:RetainedEarningsAccumulatedLosses 2020-03-31 03410460 core:CostValuation core:Non-currentFinancialInstruments 2021-03-31 03410460 core:Non-currentFinancialInstruments 2021-03-31 03410460 core:Non-currentFinancialInstruments 2020-03-31 03410460 bus:Director1 2020-03-31 03410460 bus:Director1 2021-03-31 03410460 bus:Director1 2019-03-31 03410460 bus:Director1 2020-03-31 03410460 bus:Director1 2019-04-01 2020-03-31 03410460 bus:SmallEntities 2020-04-01 2021-03-31 03410460 bus:AuditExemptWithAccountantsReport 2020-04-01 2021-03-31 03410460 bus:FullAccounts 2020-04-01 2021-03-31 03410460 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 03410460 bus:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 03410460 core:AllAssociates 2020-04-01 2021-03-31 03410460 core:AllAssociates 2021-03-31 03410460 core:AllAssociates 2020-03-31 03410460 1 2020-04-01 2021-03-31
Company registration number: 03410460
Osborne Property Company Limited
Unaudited filleted financial statements
31 March 2021
OSBORNE PROPERTY COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2021
2021 2020
Note £ £ £ £
Fixed assets
Investments 5 60,000 60,000
_______ _______
60,000 60,000
Current assets
Debtors 6 361,198 381,132
_______ _______
361,198 381,132
Creditors: amounts falling due
within one year 7 ( 2,666) ( 30,640)
_______ _______
Net current assets 358,532 350,492
_______ _______
Total assets less current liabilities 418,532 410,492
_______ _______
Net assets 418,532 410,492
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 418,432 410,392
_______ _______
Shareholders funds 418,532 410,492
_______ _______
For the year ending 31 March 2021 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 2021 , 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 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 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company was property letting which ceased on 31 July 2013 following the sale of its last property.
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.
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 (2020: 1 ).
5. Investments
Loans to group undertakings and participating interests Total
£ £
Cost
At 1 April 2020 and 31 March 2021 60,000 60,000
_______ _______
Impairment
At 1 April 2020 and 31 March 2021 - -
_______ _______
Carrying amount
At 31 March 2021 60,000 60,000
_______ _______
At 31 March 2020 60,000 60,000
_______ _______
6. Debtors
2021 2020
£ £
Other debtors 361,198 381,132
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 900 900
Other creditors 1,766 29,740
_______ _______
2,666 30,640
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Events after the end of the reporting period
Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that as at the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.
10. Directors advances, credits and guarantees
During the year the director entered into the following interest free advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Director ( 28,935) 28,069 ( 866)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Director ( 23,924) ( 5,011) ( 28,935)
_______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Connected companies ( 19,934) - 361,198 381,132
_______ _______ _______ _______
These loans are interest free and repayable on demand.