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Registration number: 12453078

Ontix Trading Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Ontix Trading Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Ontix Trading Limited

Company Information

Directors

Mr Patrick David Bradd

Mr Alan Paul Harper

Mr Anthony Tomlinson

Mr Neil McRae

Mr Thorsten Philip-Stuart Johnsen

Registered office

320 Garratt Lane
London
SW18 4EJ

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

Ontix Trading Limited

(Registration number: 12453078)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

1,090,034

1,280,730

Cash at bank and in hand

 

394,400

31,665

 

1,484,434

1,312,395

Prepayments and accrued income

 

20,372

-

Creditors: Amounts falling due within one year

(2,158,831)

(2,928,419)

Total assets less current liabilities

 

(654,025)

(1,616,024)

Creditors: Amounts falling due after more than one year

(54,856)

(71,313)

Net liabilities

 

(708,881)

(1,687,337)

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

(708,981)

(1,687,437)

Shareholders' deficit

 

(708,881)

(1,687,337)

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.

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

 

Ontix Trading Limited

(Registration number: 12453078)
Abridged Balance Sheet as at 31 March 2023

.........................................
Mr Patrick David Bradd
Director

 

Ontix Trading Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
320 Garratt Lane
London
SW18 4EJ

These financial statements were authorised for issue by the Board on 24 October 2023.

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 abridged 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 abridged 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.

Revenue recognition

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

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.

 

Ontix Trading Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ontix Trading Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

5

Share capital

Allotted, called up and not fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Ontix Trading Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

6

Related party transactions

Summary of transactions with parent

Ontix Infrastructure Holdings Limited
 Various inter-company transfer between subsidiary and parent
 No commitment for these loans to be paid back in the near future, with no interest being charged.
 

Summary of transactions with all subsidiaries

Ontix Sites No. 1 Limited
 Various inter-company transfers between subsidiaries and parent.
 No commitment for these loans to be paid back in the near future, with no interest being charged.
 

Loans to related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

179,846

1,122,015

1,301,861

Advanced

-

1,092

1,092

Repaid

(179,846)

-

(179,846)

At end of period

-

1,123,107

1,123,107

2022

Parent
£

Subsidiary
£

Total
£

At start of period

10,819

504,857

515,676

Advanced

169,027

617,158

786,185

At end of period

179,846

1,122,015

1,301,861

Loans from related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

1,945,204

1,035,477

2,980,681

Repaid

(875,273)

(652,339)

(1,527,612)

At end of period

1,069,931

383,138

1,453,069

2022

Parent
£

Subsidiary
£

Total
£

At start of period

1,085,585

840,915

1,926,500

Advanced

859,619

194,562

1,054,181

At end of period

1,945,204

1,035,477

2,980,681

 

Ontix Trading Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

7

Parent and ultimate parent undertaking

Subsidiary

 The company's immediate parent is Ontix Infrastructure Holdings Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Ontix Infrastructure Holdings Limited. These financial statements are available upon request from Companies House