REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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OSBORNE REFRIGERATORS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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FOR |
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OSBORNE REFRIGERATORS LIMITED |
OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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OSBORNE REFRIGERATORS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Pavilion View |
19 New Road |
Brighton |
East Sussex |
BN1 1EY |
OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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BALANCE SHEET |
31 OCTOBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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BALANCE SHEET - continued |
31 OCTOBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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1. | STATUTORY INFORMATION |
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Osborne Refrigerators Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared using a going concern basis which assumes that the company will continue in operational existence for the forseeable future. The company relies on the support its directors, whom have indicated that they will continue to support the trading activities of the company. The directors have considered the potential impact of Covid -19 pandemic on the company's activities and operations and concluded that the ongoing pandemic is not expected to have a material impact on the company's trading for at least 12 months from the date of approval of the financial statements. On that basis the directors are satisfied that the going concern basis of preparing the financial statements is appropriate. |
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Turnover |
Revenue is measured at fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. |
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Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. |
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Tangible fixed assets |
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Freehold land & buildings | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Freehold land and buildings includes Seftor Lodge and Stables and Trotters properties which are depreciated over a period of 50 years. |
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Government grants |
Government grants in the form of Covid-19 Small Business Support are recognised as revenue grants in accordance with the accruals model under Financial Reporting Standard 102, as follows: |
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Grants received in respect of the Coronavirus Job Retention Scheme (''CJRS'') are recognised in the Income Statement in the period to which the related salary costs are incurred. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2019 |
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Additions |
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Disposals |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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Included in cost or valuation of land and buildings is freehold land of £ 287,420 (2019 - £ 287,420 ) which is not depreciated. |
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Cost or valuation at 31 October 2020 is represented by: |
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Freehold | Fixtures |
land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2002 | 69,695 | - | - | - | 69,695 |
Cost | 1,380,812 | 786,898 | 208,833 | 656,604 | 3,033,147 |
1,450,507 | 786,898 | 208,833 | 656,604 | 3,102,842 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 1,380,812 | 1,380,812 |
Aggregate depreciation | 330,627 | 312,008 |
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Value of land in freehold land and buildings | 287,420 | 287,420 |
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The factory and warehouse were valued on an open market basis on 31 October 2002 by C B C Manhire BSC (Est Man) MRICS . |
OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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5. | STOCKS |
2020 | 2019 |
£ | £ |
Raw materials |
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Work-in-progress |
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Finished goods |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 68,114 | - |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Pensions | 8,112 | - |
VAT | 88,876 | 61,367 |
Other creditors |
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Net pay control account | 1,307 | 1,325 |
Directors' current accounts | 1,258 | 57,776 |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 5,286 | - |
OSBORNE REFRIGERATORS LIMITED (REGISTERED NUMBER: 00685143) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 12,000 | 12,000 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 October 2020 and 31 October 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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