Osmond Reporting Limited - Period Ending 2018-03-31

Registration number: 07980649

Osmond Reporting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Osmond Reporting Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

Osmond Reporting Limited

(Registration number: 07980649)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	1,026	1,368
Current assets
Debtors	5	4,498	8,486
Cash at bank and in hand		28,932	29,357
		33,430	37,843
Creditors: Amounts falling due within one year	6	(17,220)	(16,715)
Net current assets		16,210	21,128
Net assets		17,236	22,496
Capital and reserves
Called up share capital		100	2
Profit and loss account		17,136	22,494
Total equity		17,236	22,496

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2018 and signed on its behalf by:
 

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

WA Osmond
Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

Osmond Reporting Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of transcription services.Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Office Equipment	25% reducing balance basis

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.

Page 2

Osmond Reporting Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade debtors

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 3

Osmond Reporting Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 April 2017	4,144	4,144
At 31 March 2018	4,144	4,144
Depreciation
At 1 April 2017	2,776	2,776
Charge for the year	342	342
At 31 March 2018	3,118	3,118
Carrying amount
At 31 March 2018	1,026	1,026
At 31 March 2017	1,368	1,368

5

Debtors

	2018 £	2017 £
Trade debtors	4,498	8,240
Other debtors	-	246
	4,498	8,486

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Taxation and social security	7,127	8,214
Other creditors	10,093	8,501
	17,220	16,715

Page 4

Osmond Reporting Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7	Related party transactions

Transactions with directors

W A Osmond and PC Osmond have a loan account with the company. At the balance sheet date the amount due to WA Osmond and PC Osmond was £10,093 (2017: £8,341).

Page 5