Osmond Capital Ltd - Period Ending 2023-01-31

Osmond Capital Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

Osmond Capital Ltd

(Registration number: 10812804)
Balance Sheet as at 31 January 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	95,789	142,049
Current assets
Debtors	5	260,593	359,921
Cash at bank and in hand		177,410	641,599
		438,003	1,001,520
Creditors: Amounts falling due within one year	6	(3,230,221)	(3,052,995)
Net current liabilities		(2,792,218)	(2,051,475)
Net liabilities		(2,696,429)	(1,909,426)
Capital and reserves
Called up share capital		1	1
Retained earnings		(2,696,430)	(1,909,427)
Shareholders' deficit		(2,696,429)	(1,909,426)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

......................................... A P Bradshaw Director

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Beaumont Mews
First Floor
London
W1G 6EN
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling (£) and rounded to the nearest pound.

Going concern

The Company has net liabilities. The Company's immediate parent, Devonshire Place Holdings Limited has confirmed in writing that it guarantees to provide whatever reasonable financial support is necessary for the Company to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of the financial statements. Devonshire Place Holdings Limited also confirms it will not call its intercompany loans for repayment unless the Company has sufficient resources available.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 October 2023 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Revenue recognition

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:

Rendering of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 the amount of revenue can be measured reliably;

 it is probable that the Company will receive the consideration due under the contract;

 the stage of completion of the contract at the end of the reporting period can be measured reliably; and

 the costs incurred and the costs to complete the contract can be measured reliably.

Tax

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing difference that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely that not than there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax assets and liabilities are offset only if: (a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settle or recovered.

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 balance sheet date.

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Long-term leasehold property	20% straight line
Motor vehicles	25% straight line
Fixtures and fittings	25% straight line
Office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Financial instruments

Classification
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 non-puttable ordinary shares.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs) unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the conditions of being ‘basic’ financial instruments as defined in FRS 102.11.9 are subsequently measured at amortised cost using the effective interest method.

Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Financial assets are derecognised when and only when

(a) the contractual rights to the cash flows from the financial asset expire or are settled,

(b) the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or

(c) the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

5

Debtors

Current	Note	2023 £	2022 £
Trade debtors		105,000	201,771
Amounts owed by group undertakings	8	7,200	-
Prepayments		68,274	78,185
Other debtors		80,119	79,965
		260,593	359,921

6

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	22,733	114,196
Amounts owed to group undertakings	2,545,001	2,520,000
Taxation and social security	34,614	74,606
Other creditors	627,873	344,193
	3,230,221	3,052,995

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,015,853 (2022 - £1,140,278).

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

8	Related party transactions

Transactions with directors

2023	At 1 February 2022 £	Repayments by director £	At 31 January 2023 £
T C Sword
Director loan account	1,268	(1,268)	-

2022	At 1 February 2021 £	Advances to director £	Repayments by director £	At 31 January 2022 £
J A Gripton
Director loan account	2,856	123	(2,979)	-
T C Sword
Director loan account	-	2,173	(905)	1,268

Summary of transactions with entities with joint control or significant interest

Under FRS 102 Section 33, the Company is exempt from disclosing related party transactions with its Parent Company and fellow wholly owned subsidiaries, as 100% of the voting rights are controlled by CCO Trading Limited.

During the year, the Company invoiced £nil (2022: £nil) for consultancy services to Mudlark Hotels Limited. A balance was outstanding at the year end of £45,000 (2022: £45,000). Mudlark Hotels Limited is considered a related party by virtue of common control and directors in common.

During the year, the Company invoiced £12,000 (2022: £12,000) for consultancy services to Apex2100 Limited. £7,200 was outstanding at the year end (2022: £Nil). Apex2100 Limited is considered a related party by virtue of common control and directors in common.

During the year, the Company invoiced Various Eateries Trading Limited £200,000 (2022: £200,000) for the rendering of monitoring services. A balance was outstanding at the year end of £60,000 (2022: £60,000). Various Eateries Trading Limited is a related party by virtue of common control and directors in common.

During the year, the Company invoiced DDE Group Limited £7,500 (2022: £22,250) for the rendering of management services. A balance was outstanding at the year end of £nil (2022: £11,700). DDE Group Limited is a related party by virtue of directors in common.

 

Osmond Capital Ltd

Notes to the Financial Statements for the Year Ended 31 January 2023

Summary of transactions with other related parties

9	Parent and ultimate parent undertaking

The ultimate parent is CCO Trading Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is CCO Trading Limited. These financial statements are available upon request from 23 Beaumont Mews, London, England, W1G 6EN.

 The ultimate controlling party is H Osmond.