Onyx_Services_Group_Ltd_31_Mar_2020_companies_house_set_of_accounts.html

ONYX FIRE AND SECURITY LTD - Company Information

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Company registration number:

06549180

Onyx Services Group Ltd

Unaudited Filleted Financial Statements for the year ended

31 March 2020

Onyx Services Group Ltd

Statement of Financial Position

31 March 2020

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	5	43,060		13,234
Current assets
Debtors	6	1,673,915		1,868,275
Cash at bank and in hand		464,835		(43,076	)
		2,138,750		1,825,199
Creditors: amounts falling due within one year	7	(1,209,389	)	(1,333,829	)
Net current assets		929,361		491,370
Total assets less current liabilities		972,421		504,604
Creditors: amounts falling due after more than one year	8	(39,608	)	-
Provisions for liabilities		(7,460	)	(2,514	)
Net assets		925,353		502,090
Capital and reserves
Called up share capital		10,000		10,000
Profit and loss account		915,353		492,090
Shareholders funds		925,353		502,090

For the year ending

31 March 2020

, 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

financial statements

have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.

In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

31 October 2020

, and are signed on behalf of the board by:

J Mason

Director

Company registration number:

06549180

Onyx Services Group Ltd

Notes to the Financial Statements

Year ended

31 March 2020

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

C/O Oliver Phillips Ltd, Suite 20

46 Aldgate High Street

London

EC3N 1AL

, England.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

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. This is the first financial year that the company has presented its financial statements in accordance with FRS 102 Section 1A. The date of transition to FRS 102 Section 1A is therefore 1 April 2015. Please refer to note 12 for further details of the transition. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The following principal accounting policies have been applied:

Going concern

These financial statements have been prepared on a going concern basis. The director, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, has no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• The amount of turnover can be measured reliably;

• it is probable that the company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and • the costs incurred and the costs to complete the contract can be measured reliably.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

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

Plant and machinery	25% straight line
Motor vehicles	25% straight line
Fixtures and fittings	25% straight line
Office equipment	25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

• at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

• at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was

28.00

(2019:

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 April 2019	23,459
Additions	47,045
Disposals	(2,208	)
At 31 March 2020	68,296
Depreciation
At 1 April 2019	10,225
Charge	16,860
Disposals	(1,849	)
At 31 March 2020	25,236
Carrying amount
At 31 March 2020	43,060
At 31 March 2019	13,234

6 Debtors

	2020	2019
	£	£
Trade debtors	864,847	960,979
Other debtors	809,068	907,296
	1,673,915	1,868,275

7 Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	561,054	520,182
Taxation and social security	556,934	377,074
Other creditors	91,401	436,573
	1,209,389	1,333,829

The aggregate amount of creditors for which security has been given amounted to £48,076 (2019: £331,149) in respect of a loan from a finance company.

8 Creditors: amounts falling due after more than one year

	2020		2019
	£		£
Other creditors	39,608		-

The balance of other creditors has been secured by virtue of a personal guarantee from the director.

9 Related party transactions

At the balance sheet date the company owed Mr J R Mason, the director, £999 (2019: £138) During the year the company paid a dividend of £ 100,000 (2019: £41,855) to the shareholders of the company, including Mr J R Mason.

At 31 March 2020, an amount of £364,395 (2019: £299,802)) was owed to the company by Hennessy Mason Ltd, a company in which J R Mason has a 100% shareholding and is included within other debtors.

10 Controlling party

The controlling party is J R Mason by virtue of his shareholding.