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Company No: 07387807 (England and Wales)

ONESERVE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

ONESERVE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

ONESERVE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
ONESERVE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr A Martin
Mr C A Proctor
SECRETARY Mrs K R Blake
REGISTERED OFFICE 1 Tiger Moth Road
Skypark
Exeter
EX5 2FW
United Kingdom
COMPANY NUMBER 07387807 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
ONESERVE LIMITED

BALANCE SHEET

As at 31 March 2023
ONESERVE LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 4 3,829,023 3,791,981
Tangible assets 5 21,960 44,910
3,850,983 3,836,891
Current assets
Debtors 6 494,416 715,206
Cash at bank and in hand 191 198,611
494,607 913,817
Creditors: amounts falling due within one year 7 ( 489,791) ( 709,683)
Net current assets 4,816 204,134
Total assets less current liabilities 3,855,799 4,041,025
Creditors: amounts falling due after more than one year 8 ( 94,737) ( 142,595)
Provision for liabilities ( 632,150) ( 632,587)
Accruals and deferred income ( 938,138) ( 890,796)
Net assets 2,190,774 2,375,047
Capital and reserves
Called-up share capital 9 2,896 2,896
Share premium account 25 25
Capital redemption reserve 477 477
Capital contribution reserve 500,000 500,000
Profit and loss account 1,687,376 1,871,649
Total shareholder's funds 2,190,774 2,375,047

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oneserve Limited (registered number: 07387807) were approved and authorised for issue by the Board of Directors on 22 June 2023. They were signed on its behalf by:

Mr C A Proctor
Director
ONESERVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
ONESERVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oneserve Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Tiger Moth Road, Skypark, Exeter, EX5 2FW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Website costs 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 - 5 years straight line

Included in Office equipment are Leasehold improvements which are depreciated over 5 years on a straight line basis.
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Critical accounting judgements and 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.

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 asset software costs 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 £3,807,563 (2022 - £3,789,597).

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 37 45

4. Intangible assets

Development costs Website costs Total
£ £ £
Cost
At 01 April 2022 6,716,090 31,963 6,748,053
Additions 660,579 26,803 687,382
At 31 March 2023 7,376,669 58,766 7,435,435
Accumulated amortisation
At 01 April 2022 2,926,493 29,579 2,956,072
Charge for the financial year 642,613 7,727 650,340
At 31 March 2023 3,569,106 37,306 3,606,412
Net book value
At 31 March 2023 3,807,563 21,460 3,829,023
At 31 March 2022 3,789,597 2,384 3,791,981

5. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2022 171,040 171,040
Additions 3,650 3,650
Disposals ( 3,745) ( 3,745)
At 31 March 2023 170,945 170,945
Accumulated depreciation
At 01 April 2022 126,130 126,130
Charge for the financial year 26,600 26,600
Disposals ( 3,745) ( 3,745)
At 31 March 2023 148,985 148,985
Net book value
At 31 March 2023 21,960 21,960
At 31 March 2022 44,910 44,910

6. Debtors

2023 2022
£ £
Trade debtors 236,348 323,686
Amounts owed by Group undertakings 793 793
Prepayments 102,892 177,201
Corporation tax 154,383 210,704
Other debtors 0 2,822
494,416 715,206

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 94,587 80,876
Trade creditors 71,524 112,809
Accruals 160,634 247,000
Other taxation and social security 131,542 211,784
Obligations under finance leases and hire purchase contracts 5,129 5,221
Other creditors 26,375 51,993
489,791 709,683

Included within bank loans and overdrafts are balances totalling £9,574 (2022 - £nil) which are secured and have a fixed and floating charge against the assets of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 51,586 136,599
Obligations under finance leases and hire purchase contracts 867 5,996
Other creditors 42,284 0
94,737 142,595

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
114,625 Employee Ordinary shares of £ 0.001 each 115 115
625,958 Ordinary shares of £ 0.001 each 626 626
741 741
2,155,000 Preference shares of £ 0.001 each 2,155 2,155
2,896 2,896

10. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £500,158 (2022 - £611,305).