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REGISTERED NUMBER: 06968913 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ON CHANNEL LIMITED

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


ON CHANNEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: R Apostoliti
O Celli





SECRETARY: G Fittante





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 06968913 (England and Wales)





AUDITORS: N7 Accountants Limited
Statutory Auditors
Central House
1 Ballards Lane
London
N31LQ

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
During the year under review the company's activities were transferred to a related company Expandi Agency Limited as per the managements decision for simplification of the group.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is exposed to a moderate level of price risk, credit risk, liquidity risk, exchange rate risk and cash flow risk. The group manages these risks by financing its operations through retained profits, supplemented by long-term bank borrowings where necessary, to fund expansion or capital expenditure programmes.

Management's objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the group's exposure to fluctuating interest rates and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the group's trading activities.

The group makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit and loss of the company.

STRATEGY
In accordance with the strategy to maintain the group's leadership in co-marketing services for B2B markets, the board will continue to pursue plans for organic growth and other development opportunities, including:

- implementation of new and innovative co-marketing services, focused on lead generation
- development of an innovative offer in digital marketing service

The directors of the company are of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the performance and position of the group.

FUTURE DEVELOPMENT
The undisputed leadership in the co-marketing services is expected to facilitate further diversification of our client base within the IT industry and future growth across sectors with similar channel distribution strategy. The company is expecting simplify the group structure by merging NetPartnering Limited. and On Channel Limited.

ON BEHALF OF THE BOARD:





R Apostoliti - Director


26 October 2023

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the provision of marketing services with a focus on the IT industry and specifically in the area of joint marketing between vendors and their distribution channels (co-marketing) towards business customers.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2022 will be £300,000.

FUTURE DEVELOPMENTS
Following mergers are expected to be completed in the following year, to simplify the group structure.

- Merger of Expandi Limited and Expandi Match Limited
- Merger of NetPartnering SARL and On Channel SARL

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

R Apostoliti
O Celli

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
The auditors, N7 Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Apostoliti - Director


26 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ON CHANNEL LIMITED

Opinion
We have audited the financial statements of ON CHANNEL LIMITED for the year ended 31 December 2022 which comprise of the Income Statement, the Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 17, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company's ability to continue as a going concern.

Emphasis of matter
We draw attention to Note 17 of the financial statements, which describes that the company will proceed with merge with Expandi Agency Limited and the effects on the Company. Our opinion is not qualified is respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ON CHANNEL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ON CHANNEL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws was as follows:

-We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those relating to the reporting framework (United Kingdom Generally Accepted Accounting Practice) and the relevant direct and indirect tax compliance regulations.
-The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's activity.
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection.
- We understood how On Channel Limited is complying with those frameworks by making enquiries with management to understand how the group maintains and communicates its policies and procedures to ensure compliance. We corroborated this through our review of the group's board minutes. We also reviewed correspondence with the relevant tax authorities regarding tax compliance.
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the potential incentives and pressures for management to manipulate the financial statements and performed procedures to understand the areas in which this would most likely arise. Based on our risk assessment procedures on this Company as a holding entity, we identified management override of controls as our fraud risk.

To address our fraud risk of management override of controls, we performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias;
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation.
-reading the minutes of meetings of those charged with governance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ON CHANNEL LIMITED


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Evangelos Charalambous FCCA (Senior Statutory Auditor)
for and on behalf of N7 Accountants Limited
Statutory Auditors
Central House
1 Ballards Lane
London
N31LQ

23 November 2023

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

TURNOVER 3 491,663 377,219

Cost of sales 412,296 147,739
GROSS PROFIT 79,367 229,480

Administrative expenses 32,710 169,194
46,657 60,286

Other operating income 26 7,886
OPERATING PROFIT 5 46,683 68,172

Income from shares in group undertakings 53,300 295,650
99,983 363,822

Interest payable and similar expenses 6 30 505
PROFIT BEFORE TAXATION 99,953 363,317

Tax on profit 7 (4,405 ) 13,279
PROFIT FOR THE FINANCIAL YEAR 104,358 350,038

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 104,358 350,038


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

104,358

350,038

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 - 426,952
- 426,952

CURRENT ASSETS
Debtors 11 4,051,674 1,627,613
Cash at bank - 2,252,374
4,051,674 3,879,987
CREDITORS
Amounts falling due within one year 12 - 59,623
NET CURRENT ASSETS 4,051,674 3,820,364
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,051,674

4,247,316

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 4,051,574 4,247,216
SHAREHOLDERS' FUNDS 4,051,674 4,247,316

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





R Apostoliti - Director


ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2021 100 4,492,333 4,492,433

Changes in equity
Dividends - (595,155 ) (595,155 )
Total comprehensive income - 350,038 350,038
Balance at 31 December 2021 100 4,247,216 4,247,316

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 104,358 104,358
Balance at 31 December 2022 100 4,051,574 4,051,674

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

On Channel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about On Channel Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Expandi Limited, 38 Craven Street, London. WC2N 5NG.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33.3% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, less any impairment in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market for the year ended 31 December 2021 is given below:

£   
United Kingdom 175,663
Europe 160,157
United States of America 41,399
377,219

This analysis is not considered to be applicable to the year ended 31 December 2022.

4. EMPLOYEES AND DIRECTORS

Average number of employees in the current year is NIL (2021 : NIL)

2022 2021
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Other operating leases - 638
Auditors' remuneration 1,000 5,000
Foreign exchange differences (2,400 ) 130,045

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 30 505

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 8,864 13,279
Prior year adjustments (13,269 ) -

Tax on profit (4,405 ) 13,279

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 99,953 363,317
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

18,991

69,030

Effects of:
Expenses not deductible for tax purposes - 423
Income not taxable for tax purposes (10,127 ) (56,174 )
Adjustments to tax charge in respect of previous periods (13,269 ) -
Total tax (credit)/charge (4,405 ) 13,279

8. DIVIDENDS
2022 2021
£    £   
Ordinary shares of 1 each
Final 300,000 595,155

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2022 22,343
Disposals (22,343 )
At 31 December 2022 -
DEPRECIATION
At 1 January 2022 22,343
Eliminated on disposal (22,343 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022 426,952
Transfer (Group reorganization (426,952 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 426,952

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Expandi Network SL (formally known as On Channel S.L)
Registered office: Spain
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves - 141,533
Profit for the year - 25,009

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

10. FIXED ASSET INVESTMENTS - continued

On Channel SARL
Registered office: France
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves - (190,419 )
Profit for the year - 27,835

On Channel GmbH
Registered office: Germany
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves - 760,699
Profit for the year - 9,179

On Channel Srl
Registered office: Italy
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00

The company has been merged with Expandi Agency Srl, an immediate subsidiary of Expandi Agency Limited, a company within the same group.

On Channel SARLAU
Registered office: Morocco
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00

This company is dormant and has never traded.

On Channel B.V
Registered office: Netherlands
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves - (73,094 )
Loss for the year - (89,483 )

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

10. FIXED ASSET INVESTMENTS - continued

Expandi Network DMCC (formerly known as On Channel JLT)
Registered office: Dubai
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves - 384,635
Profit for the year - 31,985

OC Marketing (PTY) Limited
Registered office: South Africa
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 100.00

Company has been dissolved in the current year.

Sell Action SARL
Registered office: France
Nature of business: Marketing services
%
Class of shares: holding
Ordinary 50.00

Company has been dissolved in the current year.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 35,663
Amounts owed by group undertakings 4,051,674 1,588,174
VAT - 2,315
Prepayments and accrued income - 1,461
4,051,674 1,627,613

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors - 6,151
Amounts owed to group undertakings - 2,556
Tax - 13,269
Other creditors - 18,175
Other loan - 1,966
Accruals and deferred income - 17,506
- 59,623

ON CHANNEL LIMITED (REGISTERED NUMBER: 06968913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary 1 100 100

14. RESERVES
Retained
earnings
£   

At 1 January 2022 4,247,216
Profit for the year 104,358
Dividends (300,000 )
At 31 December 2022 4,051,574

15. ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is Expandi Limited.

Expandi Limited prepares group financial statements and copies can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

16. CONTINGENT LIABILITIES

HSBC Bank plc has a fixed and floating charge over all assets of the company.

17. POST BALANCE SHEET EVENTS

Following the transfer of the company trade to Expandi Agency Limited, the directors intend to liquidate the company.