Onyx Project Services Ltd 04424195 false 2022-03-01 2022-12-31 2022-12-31 The principal activity of the company is project management services Digita Accounts Production Advanced 6.30.9574.0 true true 04424195 2022-03-01 2022-12-31 04424195 2022-12-31 04424195 bus:OrdinaryShareClass1 2022-12-31 04424195 core:CapitalRedemptionReserve 2022-12-31 04424195 core:RetainedEarningsAccumulatedLosses 2022-12-31 04424195 core:ShareCapital 2022-12-31 04424195 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04424195 core:OtherResidualIntangibleAssets 2022-12-31 04424195 core:FurnitureFittingsToolsEquipment 2022-12-31 04424195 core:MotorVehicles 2022-12-31 04424195 core:OtherPropertyPlantEquipment 2022-12-31 04424195 bus:SmallEntities 2022-03-01 2022-12-31 04424195 bus:Audited 2022-03-01 2022-12-31 04424195 bus:FullAccounts 2022-03-01 2022-12-31 04424195 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2022-12-31 04424195 bus:RegisteredOffice 2022-03-01 2022-12-31 04424195 bus:Director1 2022-03-01 2022-12-31 04424195 bus:OrdinaryShareClass1 2022-03-01 2022-12-31 04424195 bus:PrivateLimitedCompanyLtd 2022-03-01 2022-12-31 04424195 core:OtherResidualIntangibleAssets 2022-03-01 2022-12-31 04424195 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2022-12-31 04424195 core:FurnitureFittings 2022-03-01 2022-12-31 04424195 core:FurnitureFittingsToolsEquipment 2022-03-01 2022-12-31 04424195 core:MotorCars 2022-03-01 2022-12-31 04424195 core:MotorVehicles 2022-03-01 2022-12-31 04424195 core:OtherPropertyPlantEquipment 2022-03-01 2022-12-31 04424195 1 2022-03-01 2022-12-31 04424195 countries:AllCountries 2022-03-01 2022-12-31 04424195 2022-02-28 04424195 core:OtherResidualIntangibleAssets 2022-02-28 04424195 core:FurnitureFittingsToolsEquipment 2022-02-28 04424195 core:MotorVehicles 2022-02-28 04424195 core:OtherPropertyPlantEquipment 2022-02-28 04424195 2021-03-01 2022-02-28 04424195 2022-02-28 04424195 bus:OrdinaryShareClass1 2022-02-28 04424195 core:CapitalRedemptionReserve 2022-02-28 04424195 core:RetainedEarningsAccumulatedLosses 2022-02-28 04424195 core:ShareCapital 2022-02-28 04424195 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 04424195 core:OtherResidualIntangibleAssets 2022-02-28 04424195 core:FurnitureFittingsToolsEquipment 2022-02-28 04424195 core:MotorVehicles 2022-02-28 04424195 core:OtherPropertyPlantEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04424195

Onyx Project Services Ltd

Annual Report and Financial Statements

for the Period from 1 March 2022 to 31 December 2022

 

Onyx Project Services Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Onyx Project Services Ltd

(Registration number: 04424195)
Balance Sheet as at 31 December 2022

Note

2022

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

608

 

2,815

Tangible assets

5

 

6,656

 

6,044

   

7,264

 

8,859

Current assets

   

 

Stocks

6

4,688

 

6,061

 

Debtors

7

399,641

 

499,701

 

Cash at bank and in hand

 

1,595,662

 

1,873,021

 

 

1,999,991

 

2,378,783

 

Creditors: Amounts falling due within one year

8

(339,968)

 

(662,210)

 

Net current assets

   

1,660,023

 

1,716,573

Total assets less current liabilities

   

1,667,287

 

1,725,432

Provisions for liabilities

 

300

 

-

Net assets

   

1,667,587

 

1,725,432

Capital and reserves

   

 

Called up share capital

9

100

 

100

 

Capital redemption reserve

50

 

50

 

Profit and loss account

1,667,437

 

1,725,282

 

Total equity

   

1,667,587

 

1,725,432

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.

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 31 January 2024 and signed on its behalf by:
 

.........................................
K Blunt
Director

 

Onyx Project Services Ltd

Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022

1

General information

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

The address of its registered office is:
27 Villiers Street
Sunderland
SR1 1EJ

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 January 2024 was Mark Wilcock FCA, who signed for and on behalf of Watson Buckle Limited.

Revenue recognition

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

Contract revenue recognition

In the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

Government grants

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

 

Onyx Project Services Ltd

Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line basis

Furniture, fittings and equipment

33% straight line basis

Motor vehicles

25% straight line basis

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

25% straight line basis

Work in progress

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred.

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.

 

Onyx Project Services Ltd

Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022

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.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, 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 for a similar asset. 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. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed during the period (including directors) was 13 (2022 - 16).

 

Onyx Project Services Ltd

Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2022

10,593

10,593

At 31 December 2022

10,593

10,593

Amortisation

At 1 March 2022

7,778

7,778

Amortisation charge

2,207

2,207

At 31 December 2022

9,985

9,985

Carrying amount

At 31 December 2022

608

608

At 28 February 2022

2,815

2,815

5

Tangible assets

Plant and machinery
 £

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

22,715

1,050

21,500

45,265

Additions

3,293

-

-

3,293

At 31 December 2022

26,008

1,050

21,500

48,558

Depreciation

At 1 March 2022

17,634

87

21,500

39,221

Charge for the period

2,389

292

-

2,681

At 31 December 2022

20,023

379

21,500

41,902

Carrying amount

At 31 December 2022

5,985

671

-

6,656

At 28 February 2022

5,081

963

-

6,044

6

Stocks

2022
£

2022
£

Work in progress

4,688

6,061

 

Onyx Project Services Ltd

Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022

7

Debtors

2022
£

2022
£

Trade debtors

333,962

467,199

Amounts owed by related parties

15,000

-

Other debtors

1,333

-

Prepayments

7,721

6,888

Gross amount due from customers for contract work

41,625

25,314

Deferred tax assets

-

300

399,641

499,701

8

Creditors

2022
£

2022
£

Due within one year

Trade creditors

96,503

90,142

Amounts due to related parties

7,137

42,150

Taxation and social security

97,587

193,371

Accruals and deferred income

138,741

327,401

Other creditors

-

9,146

339,968

662,210

9

Share capital

Allotted, called up and fully paid shares

 

2022

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,200 (2022 - £11,200). This financial commitment is in respect of an operating lease.

 

Onyx Project Services Ltd

Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022

11

Parent and ultimate parent undertaking

At the year end, the company's immediate parent was H. B. Projects Limited, and ultimate parent was H. B. Projects Group Limited incorporated in England & Wales. The registered address of both is Merrydale House, Roydsdale Way, Euroway Industrial Estate, Bradford, BD4 6SE. The most senior parent entity producing publicly available financial statements is H. B. Projects Group Limited. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

On the 15 December 2023, the immediate and ultimate parent entity was changed to Omnia Group Holdings Limited.