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Registered number: 04404879
Onefile Ltd
Financial statements
For the year ended 31 March 2020
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Onefile Ltd
Company Information
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S Clarke (appointed 22 April 2020)
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Hurst Accountants Limited
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Chartered Accountants & Statutory Auditors
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Onefile Ltd
Contents
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Notes to the financial statements
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Onefile Ltd
Registered number: 04404879
Balance Sheet
As at 31 March 2020
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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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Provisions for liabilities
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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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
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Onefile Ltd
Notes to the Financial Statements
For the year ended 31 March 2020
Onefile Limited is a private company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is 6th Floor Arndale Centre, Manchester, M4 3AQ.
The nature of the company's operations and its principal activity is the provision of learning platform software.
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.
Restatement of prior year comparatives
In the prior year financial statements, Cost of Sales were classified within Adminstrative Expenses. In these financial statements, Cost of Sales have been classified separately in the Statement of Income and Retained Earnings. Reclassifications have been made such that prior year amounts are presented on the same basis at current year amounts.
The following principal accounting policies have been applied:
The Covid-19 pandemic, which began ahead of the balance sheet date, has had a significant impact on the majority of UK businesses. Following the implementation of lockdown restrictions by the UK Government on 23 March 2020, the directors carried out a number of immediate actions including utilising the support provided by the Government, such as the Coronavirus Job Retention Scheme.
The business has continued to provide Eportfolio and learning platform software for apprenticeships throughout the period since the pandemic began. The Company's employees smoothly adapted to home-working in the strict lockdown period and Onefile management has performed risk assessments and implemented new procedures to ensure that head office in Manchester is Covid-secure and a safe environment for the Company's employees to work in going forward.
The Company is currently meeting its working capital requirements through its cash balances and bank facilities. Based on the Company's forecasts and projections, the directors believe they have sufficient facilities
to trade through the next twelve months.
The directors believe it is appropriate, therefore, to prepare the financial statements to 31 March 2020 on a going concern basis and there will be no adverse effect on solvency in the twelve months after the date of approval of the financial statements.
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Onefile Ltd
Notes to the Financial Statements
For the year ended 31 March 2020
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 revenue 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.
During the course of the year, Onefile Ltd sold increasing numbers of contracts on an annual time-bound basis. This has resulted in an increase in the level of income deferred in the financial statements by £853k for the current financial year.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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 profit or loss 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.
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Onefile Ltd
Notes to the Financial Statements
For the year ended 31 March 2020
2.Accounting policies (continued)
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Onefile Ltd
Notes to the Financial Statements
For the year ended 31 March 2020
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Onefile Ltd
Notes to the Financial Statements
For the year ended 31 March 2020
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Charge for the year on owned assets
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Onefile Ltd
Notes to the Financial Statements
For the year ended 31 March 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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During the course of the year, Onefile Ltd sold increasing numbers of contracts on an annual time-bound basis. This has resulted in an increase in the level of income deferred in the financial statements by £853k for the current financial year.
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The ultimate controlling party is C Whalley by virtue of his shareholding in the company.
The auditors' report on the financial statements for the year ended 31 March 2020 was unqualified.
The audit report was signed on 10 December 2020 by John Glover (senior statutory auditor) on behalf of Hurst Accountants Limited.
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