ACCOUNTS - Final Accounts preparation

OFFICE SENSE LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-05-312022-05-31truefalse2021-06-015falseNo description of principal activity3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12635581 2021-06-01 2022-05-31 12635581 2020-05-30 2021-05-31 12635581 2022-05-31 12635581 2021-05-31 12635581 c:Director1 2021-06-01 2022-05-31 12635581 d:OfficeEquipment 2021-06-01 2022-05-31 12635581 d:OfficeEquipment 2022-05-31 12635581 d:OfficeEquipment 2021-05-31 12635581 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-06-01 2022-05-31 12635581 d:Goodwill 2022-05-31 12635581 d:Goodwill 2021-05-31 12635581 d:CurrentFinancialInstruments 2022-05-31 12635581 d:CurrentFinancialInstruments 2021-05-31 12635581 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 12635581 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 12635581 d:ShareCapital 2022-05-31 12635581 d:ShareCapital 2021-05-31 12635581 d:RetainedEarningsAccumulatedLosses 2022-05-31 12635581 d:RetainedEarningsAccumulatedLosses 2021-05-31 12635581 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 12635581 d:AcceleratedTaxDepreciationDeferredTax 2021-05-31 12635581 d:RetirementBenefitObligationsDeferredTax 2022-05-31 12635581 d:RetirementBenefitObligationsDeferredTax 2021-05-31 12635581 c:FRS102 2021-06-01 2022-05-31 12635581 c:AuditExempt-NoAccountantsReport 2021-06-01 2022-05-31 12635581 c:FullAccounts 2021-06-01 2022-05-31 12635581 c:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 12635581 d:Goodwill d:OwnedIntangibleAssets 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Registered number: 12635581

OFFICE SENSE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2022

OFFICE SENSE LIMITED

REGISTERED NUMBER: 12635581

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	4		3,600		4,800
Tangible assets	5		405		-
			4,005		4,800
Current assets
Debtors: amounts falling due within one year	6	196,419		177,192
Cash at bank and in hand	7	31,765		10,247
		228,184		187,439
Creditors: amounts falling due within one year	8	(181,959)		(165,653)
Net current assets			46,225		21,786
Total assets less current liabilities			50,230		26,586
Provisions for liabilities
Deferred tax	9	(67)		-
			(67)		-
Net assets			50,163		26,586

Capital and reserves
Called up share capital	100	100
Profit and loss account	50,063	26,486
	50,163	26,586

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OFFICE SENSE LIMITED

REGISTERED NUMBER: 12635581

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 2022

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 year 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: 28 February 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

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.

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 YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

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.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

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.

2.9

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.

2.10

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.

2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.12

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.

Page 5

OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

2.12

Financial instruments (continued)

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 5).

4.	Intangible assets

		Goodwill
		£
	Cost
	At 1 June 2021	6,000
	At 31 May 2022	6,000
	Amortisation
	At 1 June 2021	1,200
	Charge for the year on owned assets	1,200
	At 31 May 2022	2,400
	Net book value
	At 31 May 2022	3,600

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	608
	At 31 May 2022	608
	Depreciation
	Charge for the year on owned assets	203
	At 31 May 2022	203
	Net book value
	At 31 May 2022	405
	At 31 May 2021	-

Debtors

					2022	2021
					£	£


Trade debtors	195,124	172,636
Other debtors	522	-
Prepayments and accrued income	773	4,556
	196,419	177,192

7.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	31,765	10,247
	31,765	10,247

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OFFICE SENSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

8.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	169,981	150,119
Corporation tax	6,149	6,517
Other taxation and social security	981	7,107
Other creditors	614	405
Accruals and deferred income	4,234	1,505
	181,959	165,653

9.	Deferred taxation

		2022
		£

	Charged to profit or loss	(67)
	At end of year	(67)

The deferred taxation balance is made up as follows:
	2022	2021
	£	£

Accelerated capital allowances	(77)	-
Pension surplus	10	-
	(67)	-

10.	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 £872 (2021: £2,009). Contributions totalling £53 (2021: £97) were payable to the fund at the reporting date.

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