6
false
false
false
false
false
false
false
false
false
true
false
false
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false
false
false
No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
15,825
15,029
199
15,228
597
796
xbrli:pure
xbrli:shares
iso4217:GBP
04237573
2021-04-01
2022-03-31
04237573
2022-03-31
04237573
2021-03-31
04237573
2020-04-01
2021-03-31
04237573
2021-03-31
04237573
core:FurnitureFittings
2021-04-01
2022-03-31
04237573
bus:OrdinaryShareClass1
2021-04-01
2022-03-31
04237573
bus:Director2
2021-04-01
2022-03-31
04237573
core:FurnitureFittings
2021-03-31
04237573
core:FurnitureFittings
2022-03-31
04237573
core:WithinOneYear
2022-03-31
04237573
core:WithinOneYear
2021-03-31
04237573
core:ShareCapital
2022-03-31
04237573
core:ShareCapital
2021-03-31
04237573
core:RetainedEarningsAccumulatedLosses
2022-03-31
04237573
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2021-03-31
04237573
core:RestatedAmount
2021-03-31
04237573
core:FurnitureFittings
2021-03-31
04237573
bus:SmallEntities
2021-04-01
2022-03-31
04237573
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
04237573
bus:FullAccounts
2021-04-01
2022-03-31
04237573
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
04237573
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
04237573
bus:OrdinaryShareClass1
2022-03-31
04237573
bus:OrdinaryShareClass1
2021-03-31
04237573
core:ImmediateParent
2021-04-01
2022-03-31
COMPANY REGISTRATION NUMBER:
04237573
Osborn Customs Services Ltd |
|
Unaudited financial statements |
|
Osborn Customs Services Ltd |
|
Statement of financial position |
|
31 March 2022
|
2022 |
2021 |
|
|
|
(restated) |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Fixed assets
Tangible assets |
5 |
|
597 |
|
796 |
|
|
|
|
|
|
Current assets
Debtors |
6 |
248,636 |
|
204,889 |
|
Cash at bank and in hand |
1,204,082 |
|
571,576 |
|
|
----------- |
|
--------- |
|
|
1,452,718 |
|
776,465 |
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
7 |
(
237,709) |
|
(
119,582) |
|
|
----------- |
|
--------- |
|
Net current assets |
|
1,215,009 |
|
656,883 |
|
|
----------- |
|
--------- |
Total assets less current liabilities |
|
1,215,606 |
|
657,679 |
|
|
----------- |
|
--------- |
Net assets |
|
1,215,606 |
|
657,679 |
|
|
----------- |
|
--------- |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
102 |
|
102 |
Profit and loss account |
|
1,215,504 |
|
657,577 |
|
|
----------- |
|
--------- |
Shareholders funds |
|
1,215,606 |
|
657,679 |
|
|
----------- |
|
--------- |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
27 April 2023
, and are signed on behalf of the board by:
Company registration number:
04237573
Osborn Customs Services Ltd |
|
Notes to the financial statements |
|
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Suite 16 Orwell House, Ferry Lane, Felixstowe, IP11 3AQ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As part of an organisational restructure, it is the intention of the directors that the trade and assets of the company will be transferred to another group company. Despite this, the directors have deemed it appropriate to adopt the going concern basis of accounting in preparing the financial statements as it does not differ materially from preparation of the financial statements on the break up basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances
.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover is recognised in respect of services provided for customs declarations on the date that the goods receive customs clearance.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of employees during the year was
6
(2021:
5
).
5.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 April 2021 (as restated) and 31 March 2022 |
15,825 |
|
------- |
Depreciation |
|
At 1 April 2021 |
15,029 |
Charge for the year |
199 |
|
------- |
At 31 March 2022 |
15,228 |
|
------- |
Carrying amount |
|
At 31 March 2022 |
597 |
|
------- |
At 31 March 2021 |
796 |
|
------- |
|
|
6.
Debtors
|
2022 |
2021 |
|
|
(restated) |
|
£ |
£ |
Trade debtors |
248,636 |
204,889 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
Amounts falling due within one year
|
2022 |
2021 |
|
|
(restated) |
|
£ |
£ |
Trade creditors |
32,435 |
29,006 |
Social security and other taxes |
160,985 |
79,809 |
Other creditors |
44,289 |
10,767 |
|
--------- |
--------- |
|
237,709 |
119,582 |
|
--------- |
--------- |
|
|
|
8.
Prior period errors
Prior year adjustments have occurred in respect of current assets, current liabilities and the opening profit and loss account within the prior year accounts. Cash at bank and in hand was understated by £96,533. This has been adjusted by reducing cost of sales by the same amount. Creditors was overstated by £13,000 which has been adjusted against administrative expenses. The opening profit and loss account balance was adjusted in respect of previously omitted expenses amounting to £23,083. The net effect to the profit and loss is an increase to profit of £70,018, being an increase in net profit of £86,450 and an increase in the corporation tax liability of £16,432.
9.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
|
|
(restated) |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
102 |
102 |
102 |
102 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Ultimate controlling party
From 5 May 2022 the company's immediate parent company is
Customs Support Group UK Limited
, incorporated in England and Wales, the registered office address is Unit 4, Suite 16, Orwell House, Ferry Lane, Felixstowe, Suffolk, England, IP11 3AQ. The ultimate parent company is Customs Investments S.a.r.l., incorporated in Luxembourg.