Osborne Richardson Limited - Accounts to registrar (filleted) - small 18.2

Osborne Richardson Limited - Accounts to registrar (filleted) - small 18.2

OSBORNE RICHARDSON LIMITED - Company Information

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REGISTERED NUMBER: 08083302 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2021

for

Osborne Richardson Limited
Osborne Richardson Limited (Registered number: 08083302)






Contents of the Financial Statements
for the Year Ended 30 June 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Osborne Richardson Limited

Company Information
for the Year Ended 30 June 2021







DIRECTOR: P S Gold





REGISTERED OFFICE: 4th Floor
167 Fleet Street
London
EC4A 2EA





REGISTERED NUMBER: 08083302 (England and Wales)





ACCOUNTANTS: Elliotts Shah
Chartered Accountants
4th Floor
167 Fleet Street
London
EC4A 2EA
Page 1
Osborne Richardson Limited (Registered number: 08083302)

Balance Sheet
30 June 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,244 3,996

CURRENT ASSETS
Debtors 5 1,611,972 1,108,890
Cash at bank and in hand 619,831 985,660
2,231,803 2,094,550
CREDITORS
Amounts falling due within one year 6 509,608 367,054
NET CURRENT ASSETS 1,722,195 1,727,496
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,725,439
1,731,492

PROVISIONS FOR LIABILITIES 847 847
NET ASSETS 1,724,592 1,730,645

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Retained earnings 1,224,592 1,230,645
SHAREHOLDERS' FUNDS 1,724,592 1,730,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 February 2022 and were signed by:




P S Gold - Director


The notes form part of these financial statements

Page 2
Osborne Richardson Limited (Registered number: 08083302)

Notes to the Financial Statements
for the Year Ended 30 June 2021

1. STATUTORY INFORMATION

Osborne Richardson 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.

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.

The presentation currency is £ sterling.

Going Concern
Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern. The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.

After reviewing the Company's forecast and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the company financial statements, estimates and judgements are made that could affect the reported amounts of assets and liabilities within the next reporting period. The items in the financial statements where these judgements and estimates have been made include:

Determine whether there are indicators of impairment of the Company's assets. Factors taken into consideration in reaching the decision include the future economic and financial performance of the asset.

Determine whether the leases entered into by the company are finance or operating leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Turnover
Turnover represents net invoiced sales of services and accrued amounts, less value added tax. This is recognised when the service has been provided.

Turnover in respect of permanent placement fees is recognised on the start date of the candidates employment. Turnover in respect of temporary placement is recognised when the service has been provided and accepted by the client.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on cost


Page 3 continued...
Osborne Richardson Limited (Registered number: 08083302)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial assets and financial liabilities are recognised on the Company's balance sheet when the Company has become a party to the contractual provisions of the instrument.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 13 ) .

Page 4 continued...
Osborne Richardson Limited (Registered number: 08083302)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2020 35,078
Additions 329
At 30 June 2021 35,407
DEPRECIATION
At 1 July 2020 31,082
Charge for year 1,081
At 30 June 2021 32,163
NET BOOK VALUE
At 30 June 2021 3,244
At 30 June 2020 3,996

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 1,213,138 668,061
Amounts owed by group undertakings 275,607 272,433
Other debtors 1,313 1,105
Prepayments and accrued income 121,914 167,291
1,611,972 1,108,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 14,942 11,738
Amounts owed to group undertakings 36,863 36,863
Amounts owed to associates 4,395 3,826
Tax 21,887 15,938
Social security and other taxes 10,689 31,721
VAT 85,848 66,829
Other creditors 195,192 52,128
Directors' current accounts - 1,498
Accruals and deferred income 139,792 146,513
509,608 367,054

The company has entered into an invoice discounting facility with HSBC secured by way of fixed and floating charges in the company assets. Interest is charged in this facility at 2.76 % over base.

7. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Page 5 continued...
Osborne Richardson Limited (Registered number: 08083302)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

7. RELATED PARTY DISCLOSURES - continued

The company's parent company is O R Holdings Ltd, a company registered in England and Wales.
OR Holdings Limited is under the control of the director, P Gold, by virtue of his beneficial interest in that company's issued share capital.

During the year , the company received management fees amounts to £62,400 (2020: £60,000) from O R
Education Limited, a company under the control by a director, Paul Gold.

Included in creditors is an amount of £4,395 (2020: £3,826) due to companies under the control of the director, Paul Gold.

8. ULTIMATE CONTROLLING PARTY

The controlling party is P S Gold.

The company's parent company is O R Holdings Ltd, a company registered in England and Wales.

OR Holdings Limited is under the control of the director, P Gold, by virtue of his beneficial interest in that company's issued share capital.

Page 6