Oneserve Limited - Period Ending 2021-03-31
Oneserve Limited - Period Ending 2021-03-31
Period from 1 July 2020 to
Registration number:
Oneserve Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Oneserve Limited
Company Information
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Directors |
Mr R J Austin Mr C A Proctor |
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Company secretary |
Mr R J Austin |
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Registered office |
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Accountants |
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Oneserve Limited
Balance Sheet
31 March 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Capital contribution reserve |
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Profit and loss account |
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Shareholders' funds |
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Oneserve Limited
Balance Sheet
31 March 2021
For the financial period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Disclosure of long or short period
Going concern
The directors, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, are satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts.
Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
Key sources of estimation uncertainty
The directors are satisfied, having considered the current financial position and performance of the company in light of the ongoing Covid-19 challenges that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the directors have considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.
Whilst the directors believe that the company is well prepared to deal with the potential impacts from an operational and financial perspective, and they have taken advantage of government support and secured a £250,000 loan under the CBILS loan scheme, they recognise that there can be no certainty in this respect.
In the application of the groups' accounting policies management are required to make estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are in respect of the carrying value of intangible assets.
Intangible fixed assets are carried at cost, less accumulated amortisation and any subsequent accumulated impairment loss. This requires an estimation in the amortisation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred.
The carrying amount is £3,517,931 (2020 - £3,223,107).
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment loss.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Software development |
10% Straight line |
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Website Costs |
33% Straight line |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold property |
20% Straight line |
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Office equipment |
33.3% and 20% Straight line |
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they became payable in accordance with the rules of the scheme.
Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans;
• Cash and bank balances; and
• Finance lease liabilities.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans and finance leases, such instruments are initially measured at transaction price,
including transaction costs, and are subsequently carried at the undiscounted amount of the cash or
other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are
subsequently carried at amortised cost using the effective interest method.
Assets held under finance leases and hire purchase contracts are recognised at the lower of their fair
value at inception of the lease and the present value of the minimum lease payments. These assets
are depreciated on a straight line basis over the shorter of the useful life of the asset and the lease
term. The corresponding liability to the lessor is included in the balance sheet as a finance lease
obligation. Finance lease obligations are subsequently measured at amortised cost using the effective
interest method.
Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Research and development
Research and development expenditure is written off in the year in which it is incurred, except that development expenditure incurred on clearly defined projects, whose outcome can be assessed with reasonable certainty, is carried forward and amortisation is charged from that time over the life of the project.
Revenue recognition
Turnover represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business services provided. Turnover is recognised on the basis of subscriptions with any advanced payments being recognised as deferred income.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
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Intangible assets |
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Website costs |
Software development |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Additions |
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At 31 March 2021 |
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Amortisation |
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At 1 July 2020 |
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Amortisation charge |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 30 June 2020 |
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 July 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 30 June 2020 |
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Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
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Debtors |
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Note |
31 March 2021 |
30 June 2020 |
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Trade debtors |
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Amounts due from group undertakings |
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Prepayments |
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Other debtors |
3,308 |
2,381 |
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Corporation tax receivable |
195,770 |
214,078 |
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Creditors |
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Note |
31 March 2021 |
30 June 2020 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
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Loans and borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
7,895 |
18,789 |
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2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
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£ |
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626 |
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626 |
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115 |
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115 |
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2,155 |
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2,155 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Oneserve Limited
Notes to the Financial Statements
Period from 1 July 2020 to 31 March 2021
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Related party transactions |
Summary of transactions with parent
At the year end, the balance due from the immediate parent company was £773 (2020 - £773).