OSG Cloud Ltd - Period Ending 2021-12-31

OSG Cloud Ltd

(Registration number: NI038100)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	407,093	-
Current assets
Debtors	5	31,568	1,730
Cash at bank and in hand		1,523	1,718
		33,091	3,448
Creditors: Amounts falling due within one year	6	(433,097)	-
Net current (liabilities)/assets		(400,006)	3,448
Net assets		7,087	3,448
Capital and reserves
Called up share capital		3,433	3,433
Other reserves		15	15
Retained earnings		3,639	-
Shareholders' funds		7,087	3,448

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

OSG Cloud Ltd

(Registration number: NI038100)
Balance Sheet as at 31 December 2021

Approved and authorised by the Board on 28 September 2022 and signed on its behalf by:
 

......................................... Mr Terrance Moore Director

OSG Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 3 Plasketts Close, Antrim, Co Antrim, BT41 4LY.

These financial statements were authorised for issue by the Board on 28 September 2022.

2	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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current 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 income 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.

OSG Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred development expenditure

Where the directors are satisfied as to the technical, commercial and financial viability of development projects, the related identifiable development expenditure is capitalised as an intangible asset. The capitalised cost comprises all directly attributable project costs. Amortisation will be charged to reflect the pattern in which the directors expect to consume the asset’s future economic benefits. Amortisation commences on the date the intangible reaches commercial viability. Where doubts subsequently arise over project viability, provision is made for impairment of the capitalised costs.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

OSG Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4	Intangible assets

Deferred development expenditure

	Total £
Cost
Additions	407,093
At 31 December 2021	407,093
Carrying amount
At 31 December 2021	407,093

5

Debtors

	2021 £	2020 £
Trade debtors	29,392	-
Other debtors	2,176	1,730
	31,568	1,730

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Trade creditors	12,698	-
Accruals and deferred income	13,802	-
Other creditors	406,597	-
	433,097	-

7	Related party transactions

Summary of transactions with parent

At the year end a balance of £405,743 owed to Outsource Solutions (NI) Ltd was included in other creditors (2020: £1,350 included in other debtors).

At the year end a balance of £24,698 owed to Outsource Solutions (NI) Ltd was included in trade creditors (2020: Nil).

OSG Cloud Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8	Parent and ultimate parent undertaking

The company's immediate parent is Outsource Solutions (NI) Ltd, incorporated in Northern Ireland.