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Registered number: 01530478









ONSITE SUPPORT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ONSITE SUPPORT LIMITED
 
 
COMPANY INFORMATION


Directors
D Lynes Esq 
Mrs L M Lynes 
R H Lynes Esq 
W Lynes Esq 




Registered number
01530478



Registered office
Onsite Support Building
Stephenson Way

Three Bridges

Crawley

West Sussex

RH10 1TN




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
HSBC Bank Plc
9, The Boulevard

Crawley

West Sussex

RH10 1UT





 
ONSITE SUPPORT LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 27


 
ONSITE SUPPORT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2023.

Business review
 
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.

Page 1

 
ONSITE SUPPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
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.

Price Risk
 
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. 

Inflationary Risk
 
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. 

Currency Risk

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.

Page 2

 
ONSITE SUPPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Credit Risk

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.

Financial key performance indicators

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.



R H Lynes Esq
Director

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

D Lynes Esq 
Mrs L M Lynes 
R H Lynes Esq 
W Lynes Esq 

Charitable contributions

Charitable donations in the year amounted to £90,414 (2022: £109,660).

Page 4

 
ONSITE SUPPORT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 July 2024 and signed on its behalf.
 





R H Lynes Esq
Director

Page 5

 
ONSITE SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 6

 
ONSITE SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ONSITE SUPPORT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONSITE SUPPORT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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. 
 
Page 8

 
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.


Use of our 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 2006Our 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA
 

5 August 2024
Page 9

 
ONSITE SUPPORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
18,517,179
18,232,975

Cost of sales
  
(11,060,172)
(11,553,903)

Gross profit
  
7,457,007
6,679,072

Distribution costs
  
(3,554,341)
(3,073,562)

Administrative expenses
  
(2,789,261)
(2,945,482)

Exceptional administrative expenses
 12 
(263,826)
-

Other operating income
 4 
34,922
28,423

Operating profit
  
884,501
688,451

Interest receivable and similar income
 8 
29
-

Interest payable and similar expenses
 9 
(26,093)
(6,967)

Profit before tax
  
858,437
681,484

Tax on profit
 10 
(200,052)
(106,347)

Profit for the financial year
  
658,385
575,137

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
ONSITE SUPPORT LIMITED
REGISTERED NUMBER: 01530478

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
325,372
494,891

Tangible assets
 14 
634,283
421,025

  
959,655
915,916

Current assets
  

Stocks
 15 
1,565,133
1,702,973

Debtors: amounts falling due within one year
 16 
4,367,347
4,216,102

Cash at bank and in hand
 17 
18,106
9,390

  
5,950,586
5,928,465

Creditors: amounts falling due within one year
 18 
(3,369,552)
(3,575,109)

Net current assets
  
 
 
2,581,034
 
 
2,353,356

Total assets less current liabilities
  
3,540,689
3,269,272

Creditors: amounts falling due after more than one year
 19 
(63,123)
(42,314)

Provisions for liabilities
  

Deferred tax
 21 
(223,560)
(224,632)

Net assets
  
3,254,006
3,002,326


Capital and reserves
  

Called up share capital 
 22 
1,350
1,350

Share premium account
  
249,750
249,750

Profit and loss account
  
3,002,906
2,751,226

  
3,254,006
3,002,326


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 




D Lynes Esq
W Lynes Esq
Director
Director


Date: 29 July 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
ONSITE SUPPORT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,350
249,750
2,751,226
3,002,326



Profit for the year
-
-
658,385
658,385

Dividends: Equity capital
-
-
(406,705)
(406,705)


At 31 December 2023
1,350
249,750
3,002,906
3,254,006



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1,350
249,750
2,478,091
2,729,191



Profit for the year
-
-
575,137
575,137

Dividends: Equity capital
-
-
(302,002)
(302,002)


At 31 December 2022
1,350
249,750
2,751,226
3,002,326


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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..

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 13

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Page 15

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Development costs
-
5
years straight line

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.


Long-term leasehold property
-
2% Straight line
Plant and machinery
-
3-5 years Reducing balance
Motor vehicles
-
1-5 years Reducing balance
Fixtures and fittings
-
33% Reducing balance
Office equipment
-
2 - 3 years Reducing balance

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.

Page 16

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
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).


4.


Other operating income

2023
2022
£
£

Other operating income
26,015
26,654

Sundry income
8,907
1,769

34,922
28,423



5.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
14,375
14,375
The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 18

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,070,363
3,027,006

Social security costs
359,186
334,726

Cost of defined contribution scheme
48,628
42,443

3,478,177
3,404,175


The average monthly number of employees, including the directors, during the year was 85 (2022 - 87).


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
115,033
84,603

Company contributions to defined contribution pension schemes
1,113
917

116,146
85,520



8.


Interest receivable

2023
2022
£
£


Other interest receivable
29
-

29
-


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
14,005
-

Finance leases and hire purchase contracts
12,088
6,967

26,093
6,967

Page 19

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
199,561
153,945

Adjustments in respect of previous periods
1,563
(74,769)


Total current tax
201,124
79,176

Deferred tax


Origination and reversal of timing differences
(1,072)
27,171


Tax on profit
200,052
106,347

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
858,437
681,484


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
201,904
129,482

Effects of:


Non-tax deductible amortisation of goodwill and impairment
39,872
34,805

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,495
818

Capital allowances for year in excess of depreciation
(46,710)
(11,160)

R&D tax credit
1,563
(74,769)

Deferred tax movement
(1,072)
27,171

Total tax charge for the year
200,052
106,347


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Dividends

2023
2022
£
£


Dividends voted
406,705
302,002

406,705
302,002


12.


Exceptional items

2023
2022
£
£


Redundancy costs
263,826
-

263,826
-


13.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 January 2023
764,348
623,750
1,388,098



At 31 December 2023

764,348
623,750
1,388,098



Amortisation


At 1 January 2023
276,290
616,917
893,207


Charge for the year on owned assets
162,686
6,833
169,519



At 31 December 2023

438,976
623,750
1,062,726



Net book value



At 31 December 2023
325,372
-
325,372



At 31 December 2022
488,058
6,833
494,891



Page 21

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
143,092
906,600
468,653
626,678
254,111


Additions
-
10,799
236,600
15,352
231,369


Disposals
-
-
(112,229)
-
-



At 31 December 2023

143,092
917,399
593,024
642,030
485,480



Depreciation


At 1 January 2023
138,082
863,299
201,637
551,267
223,824


Charge for the year on owned assets
1,939
22,422
115,061
29,088
53,916


Disposals
-
-
(53,793)
-
-



At 31 December 2023

140,021
885,721
262,905
580,355
277,740



Net book value



At 31 December 2023
3,071
31,678
330,119
61,675
207,740



At 31 December 2022
5,010
43,301
267,016
75,411
30,287
Page 22

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
2,399,134


Additions
494,120


Disposals
(112,229)



At 31 December 2023

2,781,025



Depreciation


At 1 January 2023
1,978,109


Charge for the year on owned assets
222,426


Disposals
(53,793)



At 31 December 2023

2,146,742



Net book value



At 31 December 2023
634,283



At 31 December 2022
421,025

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2023
2022
£
£


Plant and machinery
10,925
22,525

Motor vehicles
187,968
137,692

198,893
160,217

Page 23

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,565,133
1,702,973

1,565,133
1,702,973



16.


Debtors

2023
2022
£
£


Trade debtors
3,126,222
3,186,965

Amounts owed by group undertakings
933,165
730,469

Other debtors
104,425
130,787

Prepayments and accrued income
203,535
167,881

4,367,347
4,216,102



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
18,106
9,390

Less: bank overdrafts
(716,431)
(898,155)

(698,325)
(888,765)


Page 24

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
716,431
898,155

Trade creditors
1,181,837
1,550,147

Corporation tax
199,561
153,945

Other taxation and social security
393,054
350,785

Obligations under finance lease and hire purchase contracts
66,966
75,014

Other creditors
152,844
77,416

Accruals and deferred income
658,859
469,647

3,369,552
3,575,109



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
63,123
42,314

63,123
42,314


Hire purchase liabilities amounting to £130,089 (2022: £117,327) are secured over the assets to which they relate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase contents fall due as follows:

2023
2022
£
£


Within one year
30,346
75,013

Between 1-5 years
99,743
42,314

130,089
117,327

Page 25

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
(224,632)
(197,461)


Charged to profit or loss
1,072
(27,171)



At end of year
(223,560)
(224,632)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(223,560)
(224,632)

(223,560)
(224,632)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,250 (2022 - 1,250) Ordinary shares shares of £1.00 each
1,250
1,250
20 (2022 - 20) Ordinary A shares shares of £1.00 each
20
20
40 (2022 - 40) Ordinary B shares shares of £1.00 each
40
40
20 (2022 - 20) Ordinary C shares shares of £1.00 each
20
20
20 (2022 - 20) Ordinary D shares shares of £1.00 each
20
20

1,350

1,350



23.


Contingent liabilities

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.

Page 26

 
ONSITE SUPPORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Pension commitments

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.


25.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
11,470
56,748

Later than 1 year and not later than 5 years
15,773
27,243

27,243
83,991


26.


Ultimate parent

OSSL Global Limited is regarded as the company's ultimate parent. There is no single ultimate controlling party.

 
Page 27