Onstream Communications Limited

Onstream Communications Limited

ONSTREAM COMMUNICATIONS LIMITED - Company Information

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1 January 2019 false No description of principal activity Taxfiler 2020.12 06011605business:PrivateLimitedCompanyLtd2019-01-012019-12-31 060116052018-12-31 060116052019-01-012019-12-31 06011605business:AuditExempt-NoAccountantsReport2019-01-012019-12-31 06011605business:AbridgedAccounts2019-01-012019-12-31 060116052019-12-31 06011605business:Director12019-01-012019-12-31 06011605business:Director22019-01-012019-12-31 06011605business:Director32019-01-012019-12-31 06011605business:Director42019-01-012019-12-31 06011605business:RegisteredOffice2019-01-012019-12-31 060116052018-12-31 06011605core:WithinOneYear2019-12-31 06011605core:WithinOneYear2018-12-31 06011605core:AfterOneYear2019-12-31 06011605core:AfterOneYear2018-12-31 06011605core:ShareCapital2019-12-31 06011605core:ShareCapital2018-12-31 06011605core:SharePremium2019-12-31 06011605core:SharePremium2018-12-31 06011605core:RetainedEarningsAccumulatedLosses2019-12-31 06011605core:RetainedEarningsAccumulatedLosses2018-12-31 06011605business:SmallEntities2019-01-012019-12-31 06011605countries:EnglandWales2019-01-012019-12-31 060116052018-01-012018-12-31 iso4217:GBP xbrli:pure
Company Registration No. 06011605 (England and Wales)
Onstream Communications Limited Unaudited Filleted Abridged Financial Statements for the year ended 31 December 2019
Onstream Communications Limited Unaudited Filleted Abridged Financial Statements Contents
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Onstream Communications Limited Company Information for the year ended 31 December 2019
Directors
Gordon Johnston Philip Blackwell Clive Rankin David Simpson
Company Number
06011605 (England and Wales)
Registered Office
Three Hills Farm Bartlow Cambridge CB21 6EN
Accountants
Caseron Cloud Accounting Ltd 7 Swallow Drive Stowmarket Suffolk IP14 5BY
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Onstream Communications Limited Statement of financial position as at 31 December 2019
2019 
2018 
Notes
£ 
£ 
Fixed assets
Investments
850,000 
850,000 
Current assets
Debtors
24,940 
28,140 
Cash at bank and in hand
103 
(7)
25,043 
28,133 
Creditors: amounts falling due within one year
(606,443)
(609,459)
Net current liabilities
(581,400)
(581,326)
Total assets less current liabilities
268,600 
268,674 
Creditors: amounts falling due after more than one year
- 
3 
Net assets
268,600 
268,677 
Capital and reserves
Called up share capital
17,805 
17,805 
Share premium
973,821 
973,821 
Profit and loss account
(723,026)
(722,949)
Shareholders' funds
268,600 
268,677 
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2020 and were signed on its behalf by
Gordon Johnston Director Company Registration No. 06011605
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Onstream Communications Limited Notes to the Accounts for the year ended 31 December 2019
1
Statutory information
Onstream Communications Limited is a private company, limited by shares, registered in England and Wales, registration number 06011605. The registered office is Three Hills Farm, Bartlow, Cambridge, CB21 6EN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue Recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Taxation
There was no tax due for the year ending 31-Dec-2019 nor for the previous year ending 31-Dec-2018.
Business Combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Interest income
Interest income is recognised using the effective interest method.
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Onstream Communications Limited Notes to the Accounts for the year ended 31 December 2019
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Interest Paid and Finance Costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
4
Average number of employees
During the year the average number of employees was 4 (2018: 4).
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