Registered number
03844574
OSF DIGITAL UK LTD
Filleted Accounts
31 December 2023
OSF DIGITAL UK LTD
Registered number: 03844574
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 76,121 43,864
Current assets
Debtors 5 6,891,990 1,805,097
Cash at bank and in hand 2,311,571 956,435
9,203,561 2,761,532
Creditors: amounts falling due within one year 6 (5,410,216) (5,354,200)
Net current assets/(liabilities) 3,793,345 (2,592,668)
Total assets less current liabilities 3,869,466 (2,548,804)
Creditors: amounts falling due after more than one year 7 (2,719,910) (129,167)
Provisions for liabilities (5,601) (5,601)
Net assets/(liabilities) 1,143,955 (2,683,572)
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,143,755 (2,683,772)
Shareholders' funds 1,143,955 (2,683,572)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Szatvanyi
Director
Approved by the board on 23 September 2024
OSF DIGITAL UK LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The financial statements have been prepared on a going concern basis. The company has made a significant profit during the year and had net assets of £1,143,955 at the year end. The director has prepared budget projections for the foreseeable future, considering uncertain trading environment. In addition, the company is reliant on its parent company as well as other companies within the group for funds to support its working capital. The parent company has pledged continued support for the company for at least 12 months from the date of the approval of these financial statements and in particular will not seek repayment of the amounts currently made available.

This should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payments. As with any company placing reliance on other related parties for financial support, that there are no certainty that this support will continue although at the date of approval of these financial statements, there is no reason to believe that they will not do so.

On this basis, the director believes that it remains appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover includes revenue earned from the provision of information technology consultancy services net of value added taxes and trade discounts.

Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Equipment 33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Indra Raj Giri ACA, FCCA
Firm: Makesworth Audit Services Ltd
Date of audit report: 23 September 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 60 33
4 Tangible fixed assets
Plant and machinery etc Furniture and fixtures Total
£ £ £
Cost
At 1 January 2023 87,974 - 87,974
Additions 76,086 292 76,378
Disposals (39,861) - (39,861)
At 31 December 2023 124,199 292 124,491
Depreciation
At 1 January 2023 44,110 - 44,110
Charge for the year 35,062 93 35,155
On disposals (30,895) - (30,895)
At 31 December 2023 48,277 93 48,370
Net book value
At 31 December 2023 75,922 199 76,121
At 31 December 2022 43,864 - 43,864
5 Debtors 2023 2022
£ £
Trade debtors 1,954,815 1,321,021
Amounts owed by group undertakings 4,472,012 357,142
Prepayments and accrued income 442,073 80,953
Other debtors 23,090 45,981
6,891,990 1,805,097
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 116,667 50,000
Trade creditors 406,833 80,965
Amounts owed to group undertakings 3,120,916 4,551,780
Taxation and social security costs 660,363 347,432
Accruals and deferred income 1,105,437 324,023
5,410,216 5,354,200
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 151,389 129,167
Amounts owed to group undertakings 2,568,521 -
2,719,910 129,167
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 151,389 129,167
The bank loans are secured against the company's assets by way of fixed and floating charges.
9 Related party transactions
During the year, the company made sales to group comapnies amounting to £10,460,642 (2022 : £3,294,252).

During the year, the company made purchases from group companies amounting to £7,754,201 (2022 : £8,128,887).

The tranasctions were conducted under normal commercial terms.

Included within creditors due within one year is an amount of £3,120,916 (2022: £4,551,780) owed to its group companies.

Included within creditors due over one year is an amount of £2,568,521 (2022: £nil) owed to its group companies.

Included within debtors is an amount of £4,472,012 (2022 : £357,142) from its group companies.
10 Controlling party
The immediate parent undertaking and the controlling party of the company is OSF Global Services Inc. incorporated in Canada, whose registered office is at 5600 Boulevard des Galeries, Bur 530, Quebec, Canada, G2K 2H. The smallest and largest group for which accounts are prepared and of which the company is a member of OSF Global Services Inc. incorporated in Canada. Copies of the consolidated group accounts can be obtained from its registered office.
11 Other information
OSF DIGITAL UK LTD is a private company limited by shares and incorporated in England. Its registered office is:
First Floor
28-30 Worship Street
London
EC2A 2AH
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