Company Registration No. 08242076 (England and Wales)
ONLINE INTEGRATED SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ONLINE INTEGRATED SOLUTIONS LIMITED
COMPANY INFORMATION
Director
Mr A C Coker
Company number
08242076
Registered office
56-57 Fleet Street
London
EC4Y 1JU
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
ONLINE INTEGRATED SOLUTIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ONLINE INTEGRATED SOLUTIONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ONLINE INTEGRATED SOLUTIONS LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 8 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Online Integrated Solutions Limited for the year ended 31 October 2023 set out on pages 3 to 10 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Online Integrated Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Online Integrated Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Online Integrated Solutions Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Online Integrated Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Online Integrated Solutions Limited. You consider that Online Integrated Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Online Integrated Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
26 July 2024
ONLINE INTEGRATED SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,988
68,567
Current assets
Debtors
4
1,263,662
1,094,320
Cash at bank and in hand
35,343
132,443
1,299,005
1,226,763
Creditors: amounts falling due within one year
6
(364,560)
(415,763)
Net current assets
934,445
811,000
Total assets less current liabilities
970,433
879,567
Creditors: amounts falling due after more than one year
7
(19,269)
(29,042)
Net assets
951,164
850,525
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
9
851,164
750,525
Total equity
951,164
850,525
The director of the company has taken advantage under section 444 of the Companies Act 2006 not to deliver a copy of the director's report and the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ONLINE INTEGRATED SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Mr A C Coker
Director
Company Registration No. 08242076
ONLINE INTEGRATED SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Online Integrated Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 56-57 Fleet Street, London, EC4Y 1JU.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and in accordance with Companies Act 2006. The principal accounting policies adopted are set out below.
1.2
Going concern
Over the last year, revenue for the company has significantly increased due to the boom in travel market after the covid 19 pandemic. The management uses various internal and external references in order to capitalise the opportunity. On this basis, the management expects business volume to continue to grow gradually in 2024.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The company acts as a visa facilitation centre. Revenue originates from the rendering of services and represents the aggregate amount of revenue receivable for services supplied in the ordinary course of business. Revenue is measured at the fair value of the consideration received or receivable and is stated net of discounts and value added tax.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line basis
ONLINE INTEGRATED SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and sundry debtors and trade and sundry creditors.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and sundry debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and sundry creditors and bank loan 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.6
Taxation
The tax expense represents the sum of the tax currently repayable and movement in 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.
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.
ONLINE INTEGRATED SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
14
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
1,701,733
Additions
10,836
Disposals
(272,612)
At 31 October 2023
1,439,957
Depreciation and impairment
At 1 November 2022
1,633,166
Depreciation charged in the year
43,415
Eliminated in respect of disposals
(272,612)
At 31 October 2023
1,403,969
Carrying amount
At 31 October 2023
35,988
At 31 October 2022
68,567
ONLINE INTEGRATED SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,084
5,575
Other debtors
1,239,373
1,072,713
1,245,457
1,078,288
Deferred tax asset (note 5)
18,205
16,032
1,263,662
1,094,320
5
Deferred taxation
The following is the major deferred tax assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Decelerated capital allowances
18,205
16,032
2023
Movements in the year:
£
Asset at 1 November 2022
(16,032)
Credit to profit or loss
(2,173)
Asset at 31 October 2023
(18,205)
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
59,325
39,094
Corporation tax
30,895
13,280
Other taxation and social security
24,721
92,382
Other creditors
238,971
260,359
364,560
415,763
ONLINE INTEGRATED SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,269
29,042
Bounce back loan of £29,917 (2022 : £39,690) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
9
Reserves
The only movements in reserves for the year ended 31 October 2023 is profit for the year and 31 October 2022 were profit for the year.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
150,000
150,000
11
Related party transactions
The brand Online Integrated Solutions (OIS) has global presence and as at the balance sheet date, amounts due from such related companies in which Mr M Ahmadu is also a shareholder was £1,233,676 (2022 : £1,067,896).
As at the balance sheet date, amount due to the shareholder Mr M Ahmadu is £101,422 (2022 : £110,077).
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