ACCOUNTS - Final Accounts preparation

OFFICE SENSE LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-05-312021-05-31No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2020-05-305falsetrue 12635581 2020-05-29 12635581 2020-05-30 2021-05-31 12635581 2019-05-30 2020-05-29 12635581 2021-05-31 12635581 c:Director1 2020-05-30 2021-05-31 12635581 d:Goodwill 2020-05-30 2021-05-31 12635581 d:Goodwill 2021-05-31 12635581 d:CurrentFinancialInstruments 2021-05-31 12635581 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 12635581 d:ShareCapital 2021-05-31 12635581 d:RetainedEarningsAccumulatedLosses 2021-05-31 12635581 c:FRS102 2020-05-30 2021-05-31 12635581 c:AuditExempt-NoAccountantsReport 2020-05-30 2021-05-31 12635581 c:FullAccounts 2020-05-30 2021-05-31 12635581 c:PrivateLimitedCompanyLtd 2020-05-30 2021-05-31 12635581 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2020-05-30 2021-05-31 12635581 d:Goodwill d:OwnedIntangibleAssets 2020-05-30 2021-05-31 iso4217:GBP xbrli:pure

Registered number: 12635581

OFFICE SENSE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2021

OFFICE SENSE LIMITED

REGISTERED NUMBER: 12635581

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2021

		2021
Note		£

Fixed assets
Intangible assets			4,800
			4,800
Current assets
Debtors: amounts falling due within one year	5	177,192
Cash at bank and in hand	6	10,247
		187,439
Creditors: amounts falling due within one year	7	(165,653)
Net current assets			21,786
Total assets less current liabilities			26,586

Net assets			26,586

Capital and reserves
Called up share capital			100
Profit and loss account			26,486
			26,586

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OFFICE SENSE LIMITED

REGISTERED NUMBER: 12635581

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

R W Taylor

Director

Date: 16 February 2022

The notes on pages 3 to 6 form part of these financial statements.

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2021

1.	General information

Office Sense Limited is a private company limited by shares and incorporated in England and Wales, registration number 12635581. The registered office is 10 Chislehurst Road, Carlton Colville, Lowestoft, NR33 8BY.
The company issued 100 ordinary shares in the period and started to trade on 15 June 2020.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2021

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Income statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

years

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2021

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 5.

4.	Intangible assets

		Goodwill
		£
	Cost
	Additions	6,000
	At 31 May 2021	6,000
	Amortisation
	Charge for the period on owned assets	1,200
	At 31 May 2021	1,200
	Net book value
	At 31 May 2021	4,800

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2021

Debtors

					2021
					£


	Trade debtors	172,636
	Prepayments and accrued income	4,556
		177,192

6.	Cash and cash equivalents
		2021
		£

	Cash at bank and in hand	10,247
		10,247

7.	Creditors: Amounts falling due within one year
		2021
		£

	Trade creditors	150,119
	Corporation tax	6,517
	Other taxation and social security	7,107
	Other creditors	405
	Accruals and deferred income	1,505
		165,653

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,009. Contributions totalling £97 were payable to the fund at the reporting date.

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