Company registration number 01355036 (England and Wales)
ONSTREAM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2022
ONSTREAM LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ONSTREAM LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2022
29 December 2022
- 1 -
2022
2021
Notes
Current assets
Debtors
3
607,136
368,128
Cash at bank and in hand
6,031
6,031
613,167
374,159
Creditors: amounts falling due within one year
4
(371,780)
(113,811)
Net current assets
241,387
260,348
Capital and reserves
Called up share capital
292,078
292,078
Profit and loss reserves
(50,691)
(31,730)
Total equity
241,387
260,348

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2024 and are signed on its behalf by:
Mr A F Maari
Director
Company registration number 01355036 (England and Wales)
ONSTREAM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Balance at 30 December 2020
292,078
(58,197)
233,881
Year ended 29 December 2021:
Profit and total comprehensive income
-
26,467
26,467
Balance at 29 December 2021
292,078
(31,730)
260,348
Year ended 29 December 2022:
Loss and total comprehensive income
-
(18,961)
(18,961)
Balance at 29 December 2022
292,078
(50,691)
241,387
ONSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Onstream Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, England, SL9 7QE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

In the opinion of the directors, the ultimate parent undertaking is Energy Group International Overseas N.V. a company registered in Curacao and the immediate parent undertaking is Onstream Group Holding B.V, a company registered in the Netherlands.

 

The principal place of business of Onstream Group Holding BV is Vlietweg 17C, 2266KA, Leidschendam, The Netherlands.

1.2
Going concern

During previous years the management of the Onstream Group has implemented several measures to mitigate the impact of the decline in the oil and gas sector and thus protect the long term value of the Onstream Group. Measures included deferring capital investments, restructuring the company’s workforce, the re-assessment of the company’s business lines and its global footprint. Onstream Ltd. is currently in discussion to acquire a company working in partnership with national energy suppliers, meter installation companies, as well as social housing contractors, councils and independent business across the UK.

 

These measures, coupled with the financial support of the Parent Company shareholder and ultimate beneficial owners, have enabled the Group to continue to face the ongoing economic challenges.

 

The directors are aware that the delay of overall Group audited consolidated financial statements and audit report for the immediate parent may cause a material uncertainty over going concern as there is no overall audited assessment of the assets and liabilities of the parent company, Onstream Group Holding B.V.

 

Onstream Limited’s revenue is, however, solely driven by recharging group entities on a cost plus basis and thus should revenue cease, the cost base will cease at the same time. The balance sheet as at 31 December 2022 is mainly made up of amounts due to intercompany balances, with any third party liabilities being settled post year end. The company continues to pay its liabilities as they fall due.

 

The directors believe that the explanation and mitigation strategies mentioned above provide the basis for the company to continue in operational existence for the foreseeable future, using its existing assets to continue to meet its financial obligations. The directors therefore continue to adopt the going concern principles when preparing the financial statements but draw your attention to the paragraph above.

1.3
Turnover

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

 

The company sells the services of its employees to fellow group companies. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract can be estimated reliably.

ONSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Retirement benefits

The company operates a defined contribution pension scheme. Contributions are payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.6
Foreign exchange

Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
7
9
ONSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2022
- 5 -
3
Debtors
2022
2021
Amounts falling due within one year:
Amounts owed by group undertakings
529,735
364,954
Other debtors
77,401
3,174
607,136
368,128
4
Creditors: amounts falling due within one year
2022
2021
Trade creditors
14,615
21,155
Amounts owed to group undertakings
302,713
-
0
Corporation tax
-
0
761
Other creditors
54,452
91,895
371,780
113,811
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

In the section of the audit report 'Conclusions relating to going concern', attention was drawn to note 1.2 in the financial statements, which indicates that the overall Group consolidated financial statements and audit report for the immediate parent are yet to be signed off for 2019 which has impacted the filing for the years 2020, 2021 and 2022. This has resulted in no overall assessment of the assets and liabilities of the parent company, Onstream Group Holding B.V, who provides support to Onstream Limited. As stated in note 1.2, these events indicate that an uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

 

The directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting is based on the fact that Onstream Limited’s revenue is driven by recharging group entities on a cost-plus basis and thus should revenue cease, the cost base will cease at the same time. The balance sheet as at 29 December 2022 is mainly made up of amounts due to or from fellow group companies, with any third party liabilities being settled post year end. The group has committed to settling amounts due to the company before calling for amounts owed by the company to fellow group companies to be paid, The company continues to pay its liabilities, through group entities as they fall due.

 

The audit opinion was not modified in respect of this matter. In auditing the financial statements, it was concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Senior Statutory Auditor:
Jonathan Hemmings FCA
Statutory Auditor:
Nunn Hayward LLP
ONSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2022
- 6 -
6
Parent company

In the opinion of the directors, the ultimate parent undertaking is Energy Group International Overseas N.V. a company registered in Curacao and the immediate parent undertaking is Onstream Group Holding B.V, a company registered in the Netherlands.

 

The principal place of business of Onstream Group Holding BV is Waldorpstraat 5, 2521 CA Den Haag, The Netherlands.

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