2022-12-012023-11-302023-11-30false03664883Onega Limited2024-08-2861100iso4217:GBPxbrli:pure036648832022-12-01036648832023-11-30036648832022-12-012023-11-30036648832021-12-01036648832022-11-30036648832021-12-012022-11-3003664883bus:SmallEntities2022-12-012023-11-3003664883bus:AuditExempt-NoAccountantsReport2022-12-012023-11-3003664883bus:FullAccounts2022-12-012023-11-3003664883bus:PrivateLimitedCompanyLtd2022-12-012023-11-3003664883core:WithinOneYear2023-11-3003664883core:AfterOneYear2023-11-3003664883core:WithinOneYear2022-11-3003664883core:AfterOneYear2022-11-3003664883core:ShareCapital2023-11-3003664883core:SharePremium2023-11-3003664883core:RevaluationReserve2023-11-3003664883core:OtherReservesSubtotal2023-11-3003664883core:RetainedEarningsAccumulatedLosses2023-11-3003664883core:ShareCapital2022-11-3003664883core:SharePremium2022-11-3003664883core:RevaluationReserve2022-11-3003664883core:OtherReservesSubtotal2022-11-3003664883core:RetainedEarningsAccumulatedLosses2022-11-3003664883core:LandBuildings2023-11-3003664883core:PlantMachinery2023-11-3003664883core:Vehicles2023-11-3003664883core:FurnitureFittings2023-11-3003664883core:OfficeEquipment2023-11-3003664883core:NetGoodwill2023-11-3003664883core:IntangibleAssetsOtherThanGoodwill2023-11-3003664883core:ListedExchangeTraded2023-11-3003664883core:UnlistedNon-exchangeTraded2023-11-3003664883core:LandBuildings2022-11-3003664883core:PlantMachinery2022-11-3003664883core:Vehicles2022-11-3003664883core:FurnitureFittings2022-11-3003664883core:OfficeEquipment2022-11-3003664883core:NetGoodwill2022-11-3003664883core:IntangibleAssetsOtherThanGoodwill2022-11-3003664883core:ListedExchangeTraded2022-11-3003664883core:UnlistedNon-exchangeTraded2022-11-3003664883core:LandBuildings2022-12-012023-11-3003664883core:PlantMachinery2022-12-012023-11-3003664883core:Vehicles2022-12-012023-11-3003664883core:FurnitureFittings2022-12-012023-11-3003664883core:OfficeEquipment2022-12-012023-11-3003664883core:NetGoodwill2022-12-012023-11-3003664883core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3003664883core:ListedExchangeTraded2022-12-012023-11-3003664883core:UnlistedNon-exchangeTraded2022-12-012023-11-3003664883core:MoreThanFiveYears2022-12-012023-11-3003664883core:Non-currentFinancialInstruments2023-11-3003664883core:Non-currentFinancialInstruments2022-11-3003664883dpl:CostSales2022-12-012023-11-3003664883dpl:DistributionCosts2022-12-012023-11-3003664883core:LandBuildings2022-12-012023-11-3003664883core:PlantMachinery2022-12-012023-11-3003664883core:Vehicles2022-12-012023-11-3003664883core:FurnitureFittings2022-12-012023-11-3003664883core:OfficeEquipment2022-12-012023-11-3003664883dpl:AdministrativeExpenses2022-12-012023-11-3003664883core:NetGoodwill2022-12-012023-11-3003664883core:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3003664883dpl:GroupUndertakings2022-12-012023-11-3003664883dpl:ParticipatingInterests2022-12-012023-11-3003664883dpl:GroupUndertakingscore:ListedExchangeTraded2022-12-012023-11-3003664883core:ListedExchangeTraded2022-12-012023-11-3003664883dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-12-012023-11-3003664883core:UnlistedNon-exchangeTraded2022-12-012023-11-3003664883dpl:CostSales2021-12-012022-11-3003664883dpl:DistributionCosts2021-12-012022-11-3003664883core:LandBuildings2021-12-012022-11-3003664883core:PlantMachinery2021-12-012022-11-3003664883core:Vehicles2021-12-012022-11-3003664883core:FurnitureFittings2021-12-012022-11-3003664883core:OfficeEquipment2021-12-012022-11-3003664883dpl:AdministrativeExpenses2021-12-012022-11-3003664883core:NetGoodwill2021-12-012022-11-3003664883core:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003664883dpl:GroupUndertakings2021-12-012022-11-3003664883dpl:ParticipatingInterests2021-12-012022-11-3003664883dpl:GroupUndertakingscore:ListedExchangeTraded2021-12-012022-11-3003664883core:ListedExchangeTraded2021-12-012022-11-3003664883dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-12-012022-11-3003664883core:UnlistedNon-exchangeTraded2021-12-012022-11-3003664883core:NetGoodwill2023-11-3003664883core:IntangibleAssetsOtherThanGoodwill2023-11-3003664883core:LandBuildings2023-11-3003664883core:PlantMachinery2023-11-3003664883core:Vehicles2023-11-3003664883core:FurnitureFittings2023-11-3003664883core:OfficeEquipment2023-11-3003664883core:AfterOneYear2023-11-3003664883core:WithinOneYear2023-11-3003664883core:ListedExchangeTraded2023-11-3003664883core:UnlistedNon-exchangeTraded2023-11-3003664883core:ShareCapital2023-11-3003664883core:SharePremium2023-11-3003664883core:RevaluationReserve2023-11-3003664883core:OtherReservesSubtotal2023-11-3003664883core:RetainedEarningsAccumulatedLosses2023-11-3003664883core:NetGoodwill2022-11-3003664883core:IntangibleAssetsOtherThanGoodwill2022-11-3003664883core:LandBuildings2022-11-3003664883core:PlantMachinery2022-11-3003664883core:Vehicles2022-11-3003664883core:FurnitureFittings2022-11-3003664883core:OfficeEquipment2022-11-3003664883core:AfterOneYear2022-11-3003664883core:WithinOneYear2022-11-3003664883core:Liste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Onega Limited

Registered Number
03664883
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Onega Limited
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

B C Fitzgerald-O'Connor

Company Secretary

N Fitzgerald-O'Connor

Registered Address

Studio V
48 Trinity Buoy Wharf
London
E14 0FN

Registered Number

03664883 (England and Wales)
Onega Limited
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets428,57236,262
28,57236,262
Current assets
Stocks540,00040,000
Debtors6295,044253,909
Cash at bank and on hand371,253350,593
706,297644,502
Creditors amounts falling due within one year7(318,758)(240,804)
Net current assets (liabilities)387,539403,698
Total assets less current liabilities416,111439,960
Provisions for liabilities8(5,152)(7,082)
Net assets410,959432,878
Capital and reserves
Called up share capital100100
Profit and loss account410,859432,778
Shareholders' funds410,959432,878
The financial statements were approved and authorised for issue by the Director on 28 August 2024, and are signed on its behalf by:
B C Fitzgerald-O'Connor
Director
Registered Company No. 03664883
Onega Limited
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
Onega Ltd is a private company, limited by shares, incorporated in England and Wales, registration number 03664883. The registered office is Studio V, 48 Trinity Buoy Wharf, London, E14 0FN.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Judgements and key sources of estimation uncertainty
Adjustments are made for slow moving and obsolete stock. The adjustment requires management's best estimate of stock that they believe they will be unable to or will experience difficulty in selling. In addition to this, management have to consider the value at which they believe the old stock can be sold for.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
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. Nonmonetary 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within administrative expenses'.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-5
Fixtures and fittings-3
Vehicles25-
Office Equipment-3
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
2.Average number of employees

20232022
Average number of employees during the year1211
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 December 2216,14559,36722,756356,399454,667
Additions---8,2218,221
Disposals---(1,297)(1,297)
At 30 November 2316,14559,36722,756363,323461,591
Depreciation and impairment
At 01 December 2215,70139,58522,756340,363418,405
Charge for year544,693-10,27815,025
On disposals---(411)(411)
At 30 November 2315,75544,27822,756350,230433,019
Net book value
At 30 November 2339015,089-13,09328,572
At 30 November 2244419,782-16,03636,262
5.Stocks

2023

2022

££
Other stocks40,00040,000
Total40,00040,000
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables281,126203,953
Other debtors1,2501,447
Prepayments and accrued income12,66848,509
Total295,044253,909
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables126,05566,376
Taxation and social security96,78268,745
Other creditors84,073100,258
Accrued liabilities and deferred income11,8485,425
Total318,758240,804
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2023

2022

££
Net deferred tax liability (asset)5,1527,082
Total5,1527,082
9.Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £42,852 (2022 - £31,786). Contributions totalling £4,310 (2022 - £3,744 were payable to the fund at the balance sheet date and are included in creditors.
10.Operating lease commitments
At 30 November 2023, the company had future minimum lease payments due under non-cancellable operating leases over the remaining life of those leases of £111,653 (2022 – £110,727). Not later than 1 year: £34,326 (2022: £34,070) and later than 1 year and not later than 5 years £77,327 (2022: 76,657). Adjustments have been made recognised in the current year to correct prior year lease workings.
11.Share capital
100 (2022 - 100) Ordinary allotted, called up and fully paid shares shares of £1.00 each.