Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
COMPANY INFORMATION
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ONSITE SUPPORT LIMITED
CONTENTS
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ONSITE SUPPORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2023.
The company delivered another solid sales performance recording a 1.6% year on year revenue growth. Management implemented a number of margin improvement strategies during the year to mitigate the effect of supply side pricing volatility whilst increasing the value of our service offering to our customers. The strength of our service offering in the construction industry has seen a number of new key accounts onboarded during 2023 with further key accounts secured in late 2023 for onboarding early 2024.
As a carbon neutral company (from 2021), our focus on sustainability initiatives continued to accelerate during 2023. Our Building Better Strategy ESG Strategy provides the roadmap for our commitments to the environment and sustainability in the construction industry, ensuring our company is Net Zero by 2035. Building Better defines how we will build a truly sustainable business with continued growth achieved through becoming a role model and enabler for environmental and ethical best practice. The year saw us continue to develop Onsite Support’s industry leading PLUS data programme and increased its reach to more of our customers wishing to monitor, report and achieve our collective efficiency and sustainability goals. This innovative, value adding lean tool not only provides our customers with accurate, real time efficiency and sustainability data but also delivers significant cost savings in their procurement and administration functions. An organisation wide review led to a number of redundancies resulting in an exceptional, one-off charge to operating profit. This review has increased efficiency and productivity within the business whilst maintaining the high service levels our customers have come to expect from OnSite Support. The company looks forward to the ongoing EBITDA benefit provided by these organisational changes. During the year we invested significantly in signage production equipment and successfully launched our range of stock and bespoke signage products. This has enabled the company to broaden its product offering to existing customers as well as establishing itself as a broader player in the signage market. The signage production equipment compliments our existing production capacity in bespoke garment embroidery and transfer printing. As we look toward 2024, the company remains alert to new product initiatives that provide valuable adjacencies to our core offerings.
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ONSITE SUPPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The key business risks and uncertainties are considered to relate to competition from established competitors, the state of the UK and global economies particularly relating to commodity pricing and reliability of supply chains. These risks are continually monitored by management.
The company operates in a competitive market where pressures continually exist to drive down the price of goods. The company continues work with its suppliers to obtain competitive pricing whilst closely managing overhead costs. In addition, the company utilises data analytics to provide our customers with information to efficiently and sustainably source our products resulting in better environmental outcomes and lower carriage costs.
Although inflation volatility began to ease by the end of 2023, global conditions including the conflict in Ukraine and energy prices continued to present inflationary headwinds which impacted margins, particularly where cost increases could not be immediately passed onto our customers. Margin improvement remained a focus. The company has undertaken a number of initiatives with both our supply chain and customers.
In order to compete and to minimise the company’s price risk, purchases from abroad remain sizeable. This has meant that the company remains open to a level of currency risk specifically in relation to the US Dollar and Euro. Where we consider our foreign currency exposure to be material, hedging strategies are put in place to cover both long-term and short-term currency requirements. Any negative currency translations are taken to the profit and loss account immediately if incurred.
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ONSITE SUPPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness tests. The company further mitigates the industry inherent credit risk by continuing to purchase credit insurance from a leading provider.
KPI targets are set annually and discussed monthly during the financial review process. These include, but are not restricted to, creditor days, debtor days, debtors overdue by 60/90 days, inventory days, GP% Margin, revenue growth and On Time in Full (OTIF) delivery.
This report was approved by the board on 29 July 2024 and signed on its behalf.
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ONSITE SUPPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £658,385 (2022 - £575,137).
Dividends voted during the year amounted to £406,705 (2022: £302,002).
The directors who served during the year were:
Charitable donations in the year amounted to £90,414 (2022: £109,660).
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ONSITE SUPPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the company since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ONSITE SUPPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED
We have audited the financial statements of Onsite Support Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 twelve 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.
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ONSITE SUPPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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ONSITE SUPPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•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 discussion with directors and other management, and from our commercial knowledge and experience of the sector that the company operates in; • 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, ISO accreditations and the company’s membership with constructionline; • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit 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 obtaining an understanding of how fraud might occur by: • Making enquires of management and the board as to where they consider there was susceptibility to fraud along with 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 • Our review of financial statements and testing the disclosures against supporting documentation.
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ONSITE SUPPORT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls we: • Performed analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspected and tested journal entries to identify unusual or unexpected transactions; • Assessed whether judgement and assumptions made in determining significant accounting estimates, including stock provisions and the useful economic life of tangible fixed assets, were indicative of management bias; and • Investigated the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' report 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.
for and on behalf of
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
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ONSITE SUPPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
REGISTERED NUMBER: 01530478
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
The notes on pages 13 to 27 form part of these financial statements.
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ONSITE SUPPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of OSSL Global Limited as at 31 December 2023 and these financial statements may be obtained from Companies House..
Functional and presentation currency
Transactions and balances
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
No significant judgements have had to be made by management in preparing these financial statements. b) Key accounting estimates and assumptions The company has made key assumptions regarding the useful economic life of tangible and intangible fixed assets and this is further described in note 2.13 and 2.14 of the accounting policies. The directors also apply a consistent stock provision policy based on the category of stock and historical movements on similar stock items. Each stock line is provided at between 0% and 100%. The total provision at the year end amounts to £62,269 (2022: £157,991).
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges.
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Tangible fixed assets (continued)
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
A guarantee exists in favour of the groups' bankers to cover borrowings of certain group companies. At 31 December 2023 the total potential exposure under this guarantee was £nil (2022: £10,304). The directors consider the possibility of the company having to settle any liability under the terms of the guarantee to be remote, and no provision is required. This figure is the gross figure and does not take into account the underlying assets of the respective group companies.
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ONSITE SUPPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company operates two defined contribution pension schemes. The assets of the schemes are held seperately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £48,628 (2022: £42,443). At the year end £17,198 (2022: £11,296) was payable to the funds and is included in creditors.
OSSL Global Limited is regarded as the company's ultimate parent. There is no single ultimate controlling party.
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