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REGISTERED NUMBER: 10389581 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Onestream Limited

Onestream Limited (Registered number: 10389581)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Onestream Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A M Brown
D M Ridge





REGISTERED OFFICE: Unit 15, Fulcrum 2
Solent Way
Whiteley
Hampshire
PO15 7FN





REGISTERED NUMBER: 10389581 (England and Wales)





AUDITORS: JWR Audit Limited
Statutory Auditor
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

Onestream Limited (Registered number: 10389581)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,732,717 2,940,276
Tangible assets 5 68,941 133,632
2,801,658 3,073,908

CURRENT ASSETS
Stocks 21,334 34,975
Debtors 6 1,560,331 1,322,038
Cash at bank 1,922,952 2,102,383
3,504,617 3,459,396
CREDITORS
Amounts falling due within one year 7 7,087,054 11,245,427
NET CURRENT LIABILITIES (3,582,437 ) (7,786,031 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(780,779

)

(4,712,123

)

CREDITORS
Amounts falling due after more than one
year

8

5,414,167

482,500
NET LIABILITIES (6,194,946 ) (5,194,623 )

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings (6,194,947 ) (5,194,624 )
SHAREHOLDERS' FUNDS (6,194,946 ) (5,194,623 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





A M Brown - Director


Onestream Limited (Registered number: 10389581)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Onestream Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Accounts are rounded to the nearest pound.

These accounts represent the company as an individual entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of estimates and assumptions that affect reported
amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. These estimates and assumptions are based on management's best knowledge of the amount, events or actions. Actual results may differ from those amounts.

Management do not consider there to be any significant judgements or estimates used in the preparation of these financial statements.

Turnover
Turnover comprises amounts due in respect of fixed line and converged telephony solutions.

Revenue received in arrears is recognised in accrued income in order to recognise income in the period in which it relates.

Revenue received in advance is recognised in income in advance in order to recognise income in the period in which it relates.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 33% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Onestream Limited (Registered number: 10389581)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company meets its day to day working capital requirements through group funding and Ridown Capital Limited, the immediate parent company, who also provide ongoing support for the company. Further to support from the group, the directors also support the company through funding. The directors consider that it is appropriate to prepare the financial statements on a going concern basis as they expect the company to be able to continue to trade within the facilities made available.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2022 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 2,941,314 688,595 3,629,909
Additions - 200,031 200,031
At 31 December 2023 2,941,314 888,626 3,829,940
AMORTISATION
At 1 January 2023 579,994 109,639 689,633
Charge for year 294,131 113,459 407,590
At 31 December 2023 874,125 223,098 1,097,223
NET BOOK VALUE
At 31 December 2023 2,067,189 665,528 2,732,717
At 31 December 2022 2,361,320 578,956 2,940,276

Onestream Limited (Registered number: 10389581)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Office and Computer
equipment fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 - 120,231 63,087 183,318
Additions 2,057 - 23,020 25,077
Reclassification/transfer 70,470 (73,105 ) 2,287 (348 )
At 31 December 2023 72,527 47,126 88,394 208,047
DEPRECIATION
At 1 January 2023 - 23,140 26,546 49,686
Charge for year 43,303 11,434 34,816 89,553
Reclassification/transfer 19,389 (20,363 ) 841 (133 )
At 31 December 2023 62,692 14,211 62,203 139,106
NET BOOK VALUE
At 31 December 2023 9,835 32,915 26,191 68,941
At 31 December 2022 - 97,091 36,541 133,632

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,273,703 1,100,054
Provision for bad debt (663,087 ) (474,777 )
Prepayments 219,253 215,656
Deferred costs 730,462 481,105
1,560,331 1,322,038

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 458,333 499,999
Trade creditors 2,422,309 2,009,224
Amounts owed to group undertakings - 225,000
Social security and other taxes 36,197 40,909
VAT 1,024,209 574,817
Other creditors 479,460 21,235
Income in advance 1,169,960 1,211,040
Pensions - 38
Net wages (1,200 ) -
Clawback accrual 1,143,192 840,024
Directors' loan accounts - 5,639,128
Accrued expenses 344,594 174,013
7,087,054 11,245,427

Onestream Limited (Registered number: 10389581)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,000 20,000
Bank loans - 2-5 years 4,167 4,167
Other loans - 1-2 years - 458,333
Amounts owed to group undertakings 5,400,000 -
5,414,167 482,500

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other loans 458,333 958,332

Since 21st October 2022, Vodafone Ltd holds a floating charge over all the property or undertaking of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

K S Wood (Senior Statutory Auditor)
for and on behalf of JWR Audit Limited

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the directors £5,400,000 (2022: £5,639,128).

13. RELATED PARTY DISCLOSURES

Onestream Limited are tenants of a related party, James Hay Pension Trustees Limited, a company which is part of the Directors pension scheme, who charge rent at a market rate of £85,000 per annum. There were no outstanding balances at the year end.

Onestream Limited receives services from Ridown Group Limited, a related party by common ownership. The nature of these services relate to shared business expenditure, such as HR. The total value of these services during the year was £337,663. At the balance sheet date £23,084 was outstanding and this was settled within the payment terms.

Onestream Limited (Registered number: 10389581)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. ULTIMATE CONTROLLING PARTY

The company is controlled by A M Brown and D M Ridge by virtue of their equal shareholdings in Ridown Capital Limited.

Ridown Capital Limited is the only parent company of the group. Copies of the consolidated accounts for Ridown Capital Limited can be found on Companies House, under company number 06521296 or at the registered office which is recorded at Companies House.