Company registration number 14255889 (England and Wales)
Onslows Access Solutions Limited
Unaudited financial statements
For the year ended 31 January 2024
Onslows Access Solutions Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Onslows Access Solutions Limited
Statement of financial position
As at 31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
2
507,500
420,000
Current assets
Debtors
3
16,600
100
Creditors: amounts falling due within one year
4
(420,000)
(420,000)
Net current liabilities
(403,400)
(419,900)
Net assets
104,100
100
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
104,000
Total equity
104,100
100
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
Mr R Onslow
Director
Company registration number 14255889 (England and Wales)
Onslows Access Solutions Limited
Notes to the financial statements
For the year ended 31 January 2024
- 2 -
1
Accounting policies
Company information
Onslows Access Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Broadoak Road, Bower Manor, Bridgwater, Somerset, TA6 4NR.
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. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Onslows Access Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
507,500
420,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
420,000
Additions
87,500
At 31 January 2024
507,500
Carrying amount
At 31 January 2024
507,500
At 31 January 2023
420,000
Onslows Access Solutions Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
16,500
Other debtors
100
100
16,600
100
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
420,000
Other creditors
420,000
420,000
420,000