Onside Enterprises Limited Filleted accounts for Companies House (small and micro)

ONSIDE ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05434842

Onside Enterprises Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2019

Onside Enterprises Limited

Financial Statements

Year ended 31 October 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Onside Enterprises Limited

Officers and Professional Advisers

Director	Mr R D Groome

Company secretary	Mrs H E Groome

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	National Westminster Bank Plc
	Customer Service Centre
	Bede House
	11 Western Boulevard
	Leicester
	LE2 7EJ

Onside Enterprises Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	4		3,750	6,750

Current assets

Debtors	5	33,476	29,971
Cash at bank and in hand		106,017	112,498
		---------	---------
		139,493	142,469

Creditors: amounts falling due within one year	6	13,693		15,085
		---------		---------
Net current assets			125,800	127,384
			---------	---------
Total assets less current liabilities			129,550	134,134
			---------	---------
Net assets			129,550	134,134
			---------	---------

Capital and reserves

Called up share capital	7	10	10
Profit and loss account		129,540	134,124
		---------	---------
Shareholders funds		129,550	134,134
		---------	---------

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 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 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 6 April 2020 , and are signed on behalf of the board by:

Mr R D Groome
Director

Company registration number: 05434842

Onside Enterprises Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. 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.

Revenue recognition

The turnover shown in the profit and loss account represents commission receivable during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

The company contributes to the directors private pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £18,000 (2018: £10,500).

3. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 November 2018 and 31 October 2019	30,000
	--------
Amortisation
At 1 November 2018	23,250
Charge for the year	3,000
	--------
At 31 October 2019	26,250
	--------
Carrying amount
At 31 October 2019	3,750
	--------
At 31 October 2018	6,750
	--------

5. Debtors

	2019	2018
	£	£
Trade debtors	3,255	–
Other debtors	30,221	29,971
	--------	--------
	33,476	29,971
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	8,189	8,990
Social security and other taxes	4,654	5,245
Other creditors	850	850
	--------	--------
	13,693	15,085
	--------	--------

7. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	10	10	10	10
	----	----	----	----

8. Director's advances, credits and guarantees

The director owed the company £29,971 (2018: £29,971) at the statement of financial position date. This amount was repaid within 9 months. The directors loan is interest free, unsecured and repayable on demand.