Company No:
Contents
DIRECTORS | Mr M J Clemow (Appointed 30 September 2024) |
Mrs A C Clemow (Appointed 30 September 2024) | |
Mr A Martin (Resigned 31 March 2024) | |
Mr C A Proctor (Resigned 29 August 2024) | |
Mr M W Tincknell (Appointed 23 July 2024) |
SECRETARY | Mrs K R Blake |
REGISTERED OFFICE | 1 Tiger Moth Road |
Skypark | |
Exeter | |
EX5 2FW | |
United Kingdom |
COMPANY NUMBER | 07387807 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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3,543,409 | 3,850,983 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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473,576 | 494,607 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 50,508 | 4,816 | ||
Total assets less current liabilities | 3,593,917 | 3,855,799 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Accruals and deferred income | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Capital redemption reserve |
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Capital contribution reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Oneserve Limited (registered number:
Mr M W Tincknell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Oneserve Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is 1 Tiger Moth Road, Skypark, Exeter, EX5 2FW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Development costs |
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Website costs |
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Other intangible assets |
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Office equipment |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
In the application of the groups' accounting policies management are required to make estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are in respect of the carrying value of intangible assets.
Intangible fixed asset software costs are carried at cost, less accumulated amortisation and any subsequent accumulated impairment loss. This requires an estimation in the amortisation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred.
The carrying amount is £3,571,690 (2023 - £3,807,563).
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Website costs | Other intangible assets | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||
At 31 March 2024 |
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At 31 March 2023 |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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Disposals | (
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Corporation tax |
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2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
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Trade creditors |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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The hire purchase liabilities are secured upon the assets to which the liabilities relate.
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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741 | 741 | ||
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2,896 | 2,896 |
Other financial commitments
The total amount of financial commitments not included in the balance sheet is £389,012 (2023 - £500,158).