Company Registration No. 11208696 (England and Wales)
OSSTERA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
OSSTERA LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
OSSTERA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2020
28 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Trade and other receivables
3
389
500
Current liabilities
4
(8,637)
-
Net current (liabilities)/assets
(8,248)
500
Equity
Called up share capital
500
500
Retained earnings
(8,748)
-
Total equity
(8,248)
500
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial Year ended 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 February 2021
Mr V Roghell
Director
Company Registration No. 11208696
OSSTERA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 15 February 2018
-
-
-
Year ended 28 February 2019:
Profit and total comprehensive income for the year
-
-
-
Issue of share capital
500
-
500
Balance at 28 February 2019
500
-
500
Period ended 28 February 2020:
Loss and total comprehensive income for the period
-
(8,748)
(8,748)
Balance at 28 February 2020
500
(8,748)
(8,248)
OSSTERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 3 -
1
Accounting policies
Company information
Osstera Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
33 The Clarendon Centre, Salisbury Business Park, Dairy Meadow Lane, Salisbury, Wiltshire, SP1 2TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The company is a wholly owned subsidiary of Osstera AB, registered in Sweden, this company has filed for bankruptcy since the balance sheet date.
1.3
Reporting period
This is the first year of company trading, the comparative amounts are for a period from incorporation, in which the company was dormant and are therefore the comparative amounts are not entirely comparable.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
OSSTERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2020
2019
Number
Number
Total
3
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
500
Other receivables
389
-
389
500
OSSTERA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
3
Trade and other receivables
(Continued)
- 5 -
4
Current liabilities
2020
2019
£
£
Trade payables
1,878
-
Amounts owed to group undertakings
5,759
-
Other payables
1,000
-
8,637
-
5
Related party transactions
Transactions with related parties
During the Year the company entered into the following transactions with related parties:
2020
2019
Amounts due to related parties
£
£
Osstera AB
5,759
-
6
Parent company
The parent company of Osstera Limited is Osstera AB and its registered office is Redegatan 1C, 426 77 Vastra Frolunda, Sweden.