Onside Enterprises Limited Company Accounts

ONSIDE ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05434842

Onside Enterprises Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2017

Onside Enterprises Limited

Financial Statements

Year ended 31 October 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	7

Onside Enterprises Limited

Officers and Professional Advisers

Director	Mr R D Groome

Company secretary	Mrs H E Groome

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	National Westminster Bank Plc
	148-149 Victoria Centre
	Nottingham
	NG1 3QT

Onside Enterprises Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	4		9,750	12,750

Current assets

Debtors	5	36,689	32,582
Cash at bank and in hand		98,559	82,888
		---------	---------
		135,248	115,470

Creditors: amounts falling due within one year	6	15,889		11,742
		---------		---------
Net current assets			119,359	103,728
			---------	---------
Total assets less current liabilities			129,109	116,478
			---------	---------
Net assets			129,109	116,478
			---------	---------

Capital and reserves

Called up share capital	7	10	10
Profit and loss account		129,099	116,468
		---------	---------
Members funds		129,109	116,478
		---------	---------

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 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 income statement has not been delivered.

For the year ending 31 October 2017 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 .

These financial statements were approved by the board of directors and authorised for issue on 23 March 2018 , and are signed on behalf of the board by:

Mr R D Groome
Director

Company registration number: 05434842

Onside Enterprises Limited

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

The turnover shown in the profit and loss account represents commission receivable during the year, exclusive of Value Added Tax.

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.

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:

	Goodwill	-	10% 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.

Defined contribution plans

The company contributes to the directors private pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £nil (2016: £5,000).

3. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 November 2016 and 31 October 2017	30,000
	--------
Amortisation
At 1 November 2016	17,250
Charge for the year	3,000
	--------
At 31 October 2017	20,250
	--------
Carrying amount
At 31 October 2017	9,750
	--------
At 31 October 2016	12,750
	--------

5. Debtors

	2017	2016
	£	£
Trade debtors	6,418	2,311
Other debtors	30,271	30,271
	--------	--------
	36,689	32,582
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	11,065	8,074
Social security and other taxes	3,961	2,805
Other creditors	863	863
	--------	--------
	15,889	11,742
	--------	--------

7. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	10	10	10	10
	----	----	----	----

8. Director's advances, credits and guarantees

The director owed the company £29,971 (2016: £29,971) at the statement of financial position date. This amount was repaid within 9 months. The directors loan is interest free, unsecured and repayable on demand.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Onside Enterprises Limited

Management Information

Year ended 31 October 2017

The following pages do not form part of the financial statements.

Onside Enterprises Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Onside Enterprises Limited

Year ended 31 October 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Onside Enterprises Limited for the year ended 31 October 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Onside Enterprises Limited in accordance with the terms of our engagement letter dated 17 February 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Onside Enterprises Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Onside Enterprises Limited and its director for our work or for this report.

It is your duty to ensure that Onside Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Onside Enterprises Limited. You consider that Onside Enterprises Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Onside Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Swandec Chartered Accountants

550 Valley Road Basford Nottingham NG5 1JJ

23 March 2018