Outset (UK) Limited Filleted accounts for Companies House (small and micro)

64 false false false false false false false false false true false false false false false false No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 350,000 232,776 582,776 72,356 72,356 510,420 350,000 279,661 7,319 108,308 178,672 210,002 19,448 108,308 121,142 57,530 69,659 302,661 109,808 132,250 242,058 60,603 192,853 xbrli:pure xbrli:shares iso4217:GBP 04607565 2020-01-01 2020-12-31 04607565 2020-12-31 04607565 2019-12-31 04607565 2019-01-01 2019-12-31 04607565 2019-12-31 04607565 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-01-01 2020-12-31 04607565 bus:Director1 2020-01-01 2020-12-31 04607565 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 04607565 core:WithinOneYear 2020-12-31 04607565 core:WithinOneYear 2019-12-31 04607565 core:ShareCapital 2020-12-31 04607565 core:ShareCapital 2019-12-31 04607565 core:SharePremium 2020-12-31 04607565 core:SharePremium 2019-12-31 04607565 core:CapitalRedemptionReserve 2020-12-31 04607565 core:CapitalRedemptionReserve 2019-12-31 04607565 core:RetainedEarningsAccumulatedLosses 2020-12-31 04607565 core:RetainedEarningsAccumulatedLosses 2019-12-31 04607565 core:BetweenOneFiveYears 2020-12-31 04607565 core:BetweenOneFiveYears 2019-12-31 04607565 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-12-31 04607565 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-12-31 04607565 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 04607565 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2019-12-31 04607565 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2020-12-31 04607565 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2020-12-31 04607565 core:Non-currentFinancialInstruments 2020-12-31 04607565 core:Non-currentFinancialInstruments 2019-12-31 04607565 bus:SmallEntities 2020-01-01 2020-12-31 04607565 bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 04607565 bus:FullAccounts 2020-01-01 2020-12-31 04607565 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 04607565 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 04607565 core:OfficeEquipment 2020-01-01 2020-12-31 04607565 core:OfficeEquipment 2019-12-31 04607565 core:OfficeEquipment 2020-12-31

COMPANY REGISTRATION NUMBER: 04607565

Outset (UK) Limited

Filleted Unaudited Financial Statements

31 December 2020

Outset (UK) Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Outset (UK) Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	510,420	350,000
Tangible assets	6	57,530	69,659
Investments	7	60,603	192,853
		---------	---------
		628,553	612,512

Current assets

Debtors	8	1,143,259	1,265,969
Cash at bank and in hand		3,707,119	1,925,310
		------------	------------
		4,850,378	3,191,279

Creditors: amounts falling due within one year	9	916,502		460,037
		------------		------------
Net current assets			3,933,876	2,731,242
			------------	------------
Total assets less current liabilities			4,562,429	3,343,754

Provisions

Taxation including deferred tax	9,513	11,506
	------------	------------
Net assets	4,552,916	3,332,248
	------------	------------

Capital and reserves

Called up share capital	10,160	10,160
Share premium account	49,350	49,350
Capital redemption reserve	760	760
Profit and loss account	4,492,646	3,271,978
	------------	------------
Shareholders funds	4,552,916	3,332,248
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Outset (UK) Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 23 December 2021 , and are signed on behalf of the board by:

Mr J S H Gauton
Director

Company registration number: 04607565

Outset (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Moorgate, London, EC2R 6AY.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The revenue shown in the profit and loss account represent amounts invoices during the year, exclusive of Value Added Tax. In respect of long-term contracts for on-going services, revenue represents the value of the work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is recognised by reference to stage of completion.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

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

	Development costs	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

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

	Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

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. Employee numbers

The average number of persons employed by the company during the year amounted to 64 (2019: 68 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2020	350,000
Additions	232,776
	---------
At 31 December 2020	582,776
	---------
Amortisation
Charge for the year	72,356
	---------
At 31 December 2020	72,356
	---------
Carrying amount
At 31 December 2020	510,420
	---------
At 31 December 2019	350,000
	---------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2020	279,661	279,661
Additions	7,319	7,319
Disposals	( 108,308)	( 108,308)
	---------	---------
At 31 December 2020	178,672	178,672
	---------	---------
Depreciation
At 1 January 2020	210,002	210,002
Charge for the year	19,448	19,448
Disposals	( 108,308)	( 108,308)
	---------	---------
At 31 December 2020	121,142	121,142
	---------	---------
Carrying amount
At 31 December 2020	57,530	57,530
	---------	---------
At 31 December 2019	69,659	69,659
	---------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	302,661
	---------
Impairment
At 1 January 2020	109,808
Impairment losses	132,250
	---------
At 31 December 2020	242,058
	---------

Carrying amount
At 31 December 2020	60,603
	---------
At 31 December 2019	192,853
	---------

The company owns 100% of the issued share capital in Medway Safety (Holdings) Limited. Medway Safety (Holdings) Limited owns 100% of the share capital in UK Health, Safety & Environmental Training Limited and 100% of the share capital in Medway Safety Limited.

The company owns 100% of the issued share capital of Active Career Transition Limited, FINHR Limited and Outset Limited, all of which were non trading for the current and previous year.

The company owns 100% of the issued share capital of Employment Input Limited.

The company owns 100% of the issued share capital of Primed Limited.

8. Debtors

	2020	2019
	£	£
Trade debtors	138,814	207,913
Amounts owed by group undertakings and undertakings in which the company has a participating interest	173,490	219,864
Other debtors	830,955	838,192
	------------	------------
	1,143,259	1,265,969
	------------	------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	95,849	127,509
Amounts owed to group undertakings and undertakings in which the company has a participating interest	247	101
Corporation tax	197,158	56,019
Social security and other taxes	295,892	133,820
Other creditors	327,356	142,588
	---------	---------
	916,502	460,037
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	64,422	115,692
Later than 1 year and not later than 5 years	3,790	51,338
	--------	---------
	68,212	167,030
	--------	---------

11. Director's advances, credits and guarantees

During the year a director received advances of £160,133 (2019: £99,844) and made repayments of £208,886. Interest of £3,240 (2019: £155) was charged on the loan at a rate of 2.5%. At the year end the director was owed £383 from the company (2019: owed £48,753 to the company).

12. Related party transactions

At the year end the company was owed £440,829 (2019: £564,231) by group companies and partnerships under common control. At the year end the company owed £247 (2019: £101) to companies under common control and/or directorship.