Registered number:
09581638
OSF (UK) I LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2018
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OSF (UK) I LIMITED
REGISTERED NUMBER:
09581638
BALANCE SHEET
AS AT
31 DECEMBER 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Net assets excluding pension asset
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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OSF (UK) I LIMITED
REGISTERED NUMBER:
09581638
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
25 June 2019
.
The notes on pages 3 to 8 form part of these financial statements.
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OSF (UK) I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
OSF (UK) I Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 8 Wimpole Street, London W1G 9SP. The company's principal activity is that of providing bridging finance.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest pound.
Turnover comprises revenue recognised by the Company in respect of services provided and interest on loans receivables, exclusive of Value Added Tax. Revenue from arrangement fee income is recognised when it has been realised or is earned. Turnover is all generated by one segment, that of arranging and servicing short term bridging loans and in the UK, hence no segmental or geographical analysis is required.
Cost of sales comprises arrangement fees payable and interest payable.
Interest payable is charged to the Statement of Comprehensive Income over the term of the financial liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Arrangement fees payable are recognised in the Statement of comprehensive income in the period in which they are incurred.
Administration expenses are recognised in the Statement of comprehensive income in the period in which they are incurred.
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OSF (UK) I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.
Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax on the profit and loss for the period comprises current tax. Tax is recognised in the Statement of comprehensive income except to the extent it relates to items recognised directly in equity, in which case it is recognised directly in equity.
Current tax
Current tax is the expected tax payable on the taxable profit for the period, using tax rates enacted or substantially enacted at the balance sheet date.
Deferred tax
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised. Deferred tax is measured at the tax rate that is expected to apply to any differences using tax rates enacted or substantially enacted at the balance sheet date. No deferred tax has been recognised in these financial statements due to immateriality.
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Classification of financial instruments issued by the Company
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In accordance with FRS 102.22, financial instruments issued by the Company are treated as equity only to the extent that they meet the following two conditions:
(a) they include no contractual obligations upon the Company to deliver cash or other financial assets to another entity; or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company; and
(b) where the instrument will or may be settled in the Company's own equity instruments, it is either a nonderivative that includes no obligation to deliver a variable number of the Company's own equity instruments or it is a derivative that will be settled by the Company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as financial liability. Where the instrument so classified takes the legal form of the Company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
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Basic financial instruments
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Loans receivables and debtors are recognised and subsequently measured at transaction price less attributable transaction costs. Creditors are recognised and subsequently measured at transaction price less attributable transaction costs.
At the end of each reporting period, loans receivables and debtors are assessed for objective
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OSF (UK) I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.
Accounting policies (continued)
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Basic financial instruments (continued)
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evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the financial instrument. The impairment loss is recognised in the Statement of comprehensive income as a direct write off. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. Loans receivables and debtors are derecognised when the contractual rights to the cash flows from the asset expire or are settled. Creditors are derecognised when a) the contractual rights to the cash flows due on the liability expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company discloses transactions with related parties which are wholly owned and, when applicable, the Company also discloses transations with related parties which are not wholly owned. The Company has taken advantage of the exemption from disclosing key management personnel compensation (FRS 102 paras 1.12 (e), 33.7).
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Critical accounting estimates and judgments in applying the Company's accounting policies
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The Directors believe that critical accounting estimates have been applied in the preparation of these financial statements in respect of the impairment of the loans receivables of the Company. See note 2.8 for further details.
Estimates and judgements are continually evaluated and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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The average monthly number of employees, including directors, during the year was
4
(2017 -
4
)
.
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OSF (UK) I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Loans receivable - non-current
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Loans receivable - current
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Amounts owed by group undertakings
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Prepayments and accrued income
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OSF (UK) I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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The following liabilities were secured:
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Details of security provided:
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The bank loan is secured by way of a fixed and floating charge over the assets of the company.
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Allotted, called up and fully paid
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446,024
(2017 -
418,024
)
Ordinary
shares of £
1.00
each
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During the year, the company issued 28,000 £1 shares at nominal value to OSF (Lux) I S.a.r.l (the parent company).
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OSF (UK) I LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Related party transactions
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At 31 December 2018, the company was owed £1,015,486 (2017: £877,771) by OSF (Lux) I S.a.r.l, its parent company. This relates to the net funds to be received for the financing of loans to external borrowers.
At 31 December 2018, the company was owed £16,072 (2017: £205,534) by Ortus Secured Finance I Limited, a related party. This relates to transactions between the entities during the period. This relates to interest, capital and arrangement fees payable by Ortus Secured Finance I Limited in relation to loans made by the company in which they are co-lenders.
At 31 December 2018, the company was owed £65,387 (2017: £Nil) by Ortus Secured Finance IV Limited, a related party. This relates to transactions between the entities during the period. This relates to interest, capital and arrangement fees payable by Ortus Secured Finance IV Limited in relation to loans made by the company in which they are co-lenders.
At 31 December 2018, the company was owed £40,361 (2017: £8,705) by OSF UK (II) Limited, a related party. This relates to transactions between the entities during the period. This relates to interest, capital and arrangement fees payable by OSF UK (II) Limited in relation to loans made by the company in which they are co-lenders.
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