Registration number:
Onyx Project Services Ltd
for the Period from 1 March 2022 to 31 December 2022
Onyx Project Services Ltd
(Registration number: 04424195)
Balance Sheet as at 31 December 2022
Note |
2022 |
2022 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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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
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Onyx Project Services Ltd
Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed during the period (including directors) was
Onyx Project Services Ltd
Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 31 December 2022 |
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Amortisation |
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At 1 March 2022 |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 28 February 2022 |
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Tangible assets |
Plant and machinery |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
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- |
- |
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At 31 December 2022 |
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Depreciation |
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At 1 March 2022 |
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Charge for the period |
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- |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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- |
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At 28 February 2022 |
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- |
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Stocks |
2022 |
2022 |
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Work in progress |
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Onyx Project Services Ltd
Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022
Debtors |
2022 |
2022 |
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Trade debtors |
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Amounts owed by related parties |
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- |
Other debtors |
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- |
Prepayments |
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Gross amount due from customers for contract work |
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Deferred tax assets |
- |
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Creditors |
2022 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
- |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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 £
Onyx Project Services Ltd
Notes to the Financial Statements for the Period from 1 March 2022 to 31 December 2022
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.