Oneline Surveys Limited - Period Ending 2016-12-31

Oneline Surveys Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2016

Registration number: 06122201

Oneline Surveys Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 10

Oneline Surveys Limited

Company Information

Directors

Mr I Johnson Mr S Johnson

Registered office

Compound 5 Foxmoor Business Park Wellington Somerset TA21 9RF

Accountants

Francis Clark LLP Vantage Point Woodwater Park Pynes Hill Exeter EX2 5FD

Page 1

Oneline Surveys Limited

Balance Sheet

31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	1,304,475	1,193,271
Current assets
Stocks	5	8,672	110,545
Debtors	6	494,289	270,643
Cash at bank and in hand		76,403	81,664
		579,364	462,852
Creditors: Amounts falling due within one year	7	(526,523)	(375,700)
Net current assets		52,841	87,152
Total assets less current liabilities		1,357,316	1,280,423
Creditors: Amounts falling due after more than one year	7	(626,038)	(560,819)
Provisions for liabilities		(160,000)	(154,000)
Net assets		571,278	565,604
Capital and reserves
Called up share capital		100	100
Revaluation reserve		71,222	140,099
Profit and loss account		499,956	425,405
Total equity		571,278	565,604

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 2

Oneline Surveys Limited

Balance Sheet

31 December 2016

For the financial year ending 31 December 2016 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 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.

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.

Approved and authorised by the Board on 28 July 2017 and signed on its behalf by:
 

.........................................

Mr I Johnson

Director

.........................................

Mr S Johnson

Director

Company Registration Number: 06122201

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Oneline Surveys Limited

Statement of Changes in Equity

Year Ended 31 December 2016

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 January 2016	100	140,099	425,405	565,604
Profit for the year	-	-	317,052	317,052
Total comprehensive income	-	-	317,052	317,052
Dividends	-	-	(311,378)	(311,378)
Transfers	-	(68,877)	68,877	-
At 31 December 2016	100	71,222	499,956	571,278

 

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 March 2015	100	176,402	420,173	596,675
Profit for the year	-	-	205,232	205,232
Total comprehensive income	-	-	205,232	205,232
Dividends	-	-	(200,000)	(200,000)
Transfers	-	(36,303)	-	(36,303)
At 31 December 2015	100	140,099	425,405	565,604

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Oneline Surveys Limited

Notes to the Financial Statements

Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Compound 5
Foxmoor Business Park
Wellington
Somerset
TA21 9RF

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 - '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 FRS102.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 March 2015. There is no material impact on the reported financial position and financial performance, further details are given in note 10.

The financial statements have been prepared under the historical cost convention, except as stated below in tangible fixed assets.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Fixed assets are initially recorded at cost, except for certain motor vehicles and plant and machinery acquired before 2016. Up to and including 31 December 2015 it was the Directors' policy to include certain motor vehicles and plant and machinery at their open market value as at 28 February 2015. In 2016 the Directors' adopted the transitional provisions of FRS102, which provide that companies do not have to revalue tangible fixed assets. Previous valuations have been retained as deemed cost and have not been updated.

Page 5

Oneline Surveys Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Depreciation

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their estimated useful lives as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line
Motor vehicles	25% reducing balance
Plant and machinery	10% straight line & 25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Page 6

Oneline Surveys Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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, 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.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2015 - 19).

Page 7

Oneline Surveys Limited

Notes to the Financial Statements

Year Ended 31 December 2016

4	Tangible assets

	Freehold property £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 January 2016	115,476	482,736	1,254,834	1,853,046
Additions	-	43,601	470,324	513,925
Disposals	-	(87,604)	(186,740)	(274,344)
At 31 December 2016	115,476	438,733	1,538,418	2,092,627
Depreciation
At 1 January 2016	3,834	112,910	543,031	659,775
Charge for the period	2,310	90,051	168,480	260,841
Eliminated on disposal	-	(34,376)	(98,088)	(132,464)
At 31 December 2016	6,144	168,585	613,423	788,152
Carrying amount
At 31 December 2016	109,332	270,148	924,995	1,304,475
At 31 December 2015	111,642	369,826	711,803	1,193,271

5

Stocks

	2016 £	2015 £
Other inventories	8,672	110,545

6

Debtors

	31 December 2016  £	31 December 2015  £
Trade debtors	444,706	255,006
Other debtors	16,548	3,257
Prepayments	33,035	12,380
	494,289	270,643

Page 8

Oneline Surveys Limited

Notes to the Financial Statements

Year Ended 31 December 2016

7

Creditors

	Note	31 December 2016  £	31 December 2015  £
Due within one year
Loans and borrowings	8	293,559	234,602
Trade creditors		43,934	44,362
Social security and other taxes		123,763	74,031
Other creditors		3,018	13,744
Accrued expenses		5,548	8,961
Corporation tax		56,701	-
		526,523	375,700
Due after one year
Loans and borrowings	8	626,038	560,819

	2016 £	2015 £
After more than five years by instalments	17,058	23,215

8	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	4,700	9,367
Bank overdrafts	39,530	45,761
Finance lease liabilities (secured on assets concerned)	248,662	159,223
Other borrowings (secured on assets concerned)	667	20,251
	293,559	234,602

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	35,858	40,815
Finance lease liabilities (secured on assets concerned)	590,180	519,338
Other borrowings (secured on assets concerned)	-	666
	626,038	560,819

Page 9

Oneline Surveys Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Bank borrowings

Included in the total bank borrowings at the year end is £40,558 (2015 - £50,183) on which security is held over the company freehold property.

Included in the total bank borrowings at the year end is £39,530 (2015 - £45,760) on which security is held over the company trade debtors.

9	Related party transactions

Advances to directors

2016	At 1 January 2016 £	Advances to director £	Repayments by director £	At 31 December 2016 £
Mr I Johnson
Interest free advance	-	83,963	(70,659)	13,304
Mr S Johnson
Interest free advance	-	64,342	(61,098)	3,244

2015	At 1 March 2015 £	Advances to director £	Repayments by director £	At 31 December 2015 £
Mr I Johnson
Interest free advance	37,069	28,658	(65,727)	-
Mr S Johnson
Interest free advance	28,055	29,609	(57,664)	-

10	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 March 2015.

There were no changes to the previously stated equity as at 1 March 2015 and 31 December 2015 or in the profit for the period ended 31 December 2015 as a result of transition to FRS102.

Page 10