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Registered number: 13763763
Onscore Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Oxwich Accountancy Limited
ICAEW member firm number C006246679
Contents
Page
Company Information 1
Accountants' Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Director Mr Richard Canavan
Company Number 13763763
Registered Office 8 Lilley Mead
Redhill
Surrey
RH1 2NY
Accountants Oxwich Accountancy Limited
ICAEW member firm number C006246679
113 Canalside
Redhill
Surrey
RH1 2FH
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Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Onscore Limited for the year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Onscore Limited for the year ended 30 November 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Onscore Limited , as a body, in accordance with the terms of our engagement letter dated 24 November 2021. Our work has been undertaken solely to prepare for your approval the accounts of Onscore Limited and state those matters that we have agreed to state to the director of Onscore Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Onscore Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Onscore Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Onscore Limited . You consider that Onscore Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Onscore Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Dr. Ceri Williams
21/02/2025
Oxwich Accountancy Limited
ICAEW member firm number C006246679
113 Canalside
Redhill
Surrey
RH1 2FH
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Page 3
Balance Sheet
Registered number: 13763763
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 26,372 30,938
26,372 30,938
CURRENT ASSETS
Debtors 5 2,821 2,169
Cash at bank and in hand 3,656 8,897
6,477 11,066
Creditors: Amounts Falling Due Within One Year 6 (169,476 ) (112,679 )
NET CURRENT ASSETS (LIABILITIES) (162,999 ) (101,613 )
TOTAL ASSETS LESS CURRENT LIABILITIES (136,627 ) (70,675 )
NET LIABILITIES (136,627 ) (70,675 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (136,628 ) (70,676 )
SHAREHOLDERS' FUNDS (136,627) (70,675)
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Canavan
Director
21/02/2025
The notes on pages 5 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Onscore Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13763763 . The registered office is 8 Lilley Mead, Redhill, Surrey, RH1 2NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Although the company continues to be loss making, it receives financial support from its parent company by way of intercompany loans. Losses represent costs the company is incurring while building a portfolio of instructional online video products in the field of production music composition. The directors remain confident that the parent entity can continue to fund the company in this ongoing work until the company is profitable and cash generative. 
As such, the directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from providing access to instructional videos in the field of production music composition.
Customers pay a one-off fee for lifetime access to the video content they have purchased. As the costs of providing ongoing access are minimal, turnover is recognised upfront at the point of sale.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 years
Computer Equipment 2 years
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Recognition of video production costs
The company continues to invest in the production of video material in the field of music production that it intends to take to market via a software subscription service. The costs incurred in building this video library are expensed through the P&L in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 December 2023 43,637 5,395 49,032
Additions 1,575 9,410 10,985
As at 30 November 2024 45,212 14,805 60,017
Depreciation
As at 1 December 2023 15,634 2,460 18,094
Provided during the period 11,134 4,417 15,551
As at 30 November 2024 26,768 6,877 33,645
Net Book Value
As at 30 November 2024 18,444 7,928 26,372
As at 1 December 2023 28,003 2,935 30,938
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 615 576
Other debtors 71 71
VAT 2,135 1,470
Director's loan account - 52
2,821 2,169
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (299 ) 41
Accruals and deferred income 632 -
Amounts owed to group undertakings - 112,638
Amounts owed to parent undertaking 169,143 -
169,476 112,679
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Richard Canavan 52 - 52 - -
The above loan is unsecured, interest free and repayable on demand.
9. Related Party Transactions
During a previous accounting period the company purchased studio equipment totalling £14,699 + VAT from its parent company Richard Canavan Ltd. These items had been purchased by Richard Canavan Ltd. for use by its subsidiary Onscore Limited while Onscore Limited was being brought to operational readiness. 
The items were transferred at their original cost, which was deemed to also be their current market value at the date of transfer as the equipment was unused and had been purchased a short period prior to the transfer.
The transfer was funded by an intercompany loan from Richard Canavan Ltd. In addition to these purchases, Richard Canavan Ltd has provided various loans to fund working capital in Onscore Limited so that it can film and produce new instructional video content.
Total amounts payable to Richard Canavan Ltd at the balance sheet date were £169,143 (prior year £112,638). These loans are interest free and repayable on demand. However the parent company does not anticipate needing to recall these loans until the company is net cashflow positive.
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Richard Canavan Ltd . Richard Canavan Ltd was incorporated in England and Wales.
11. Profit Sharing Arrangements
The company produces online training materials with the input of third party experts (typically well known composers in the field of production music) who feature in the training videos. 
These third party composers are not paid upfront for their contributions. However, the company enters into a profit sharing arrangement where the composer receives the following shares of revenue attributable to training materials they have helped produce:
  • 0% of revenue until revenue exceeds production costs.
  • 50% of ongoing revenues thereafter.
The company expenses production costs upfront in the year in which they are incurred, because the company has only recently started taking products to market and it is threfore uncertain that production costs will be fully recoverable. 
No liability is recognised for future payments to composers under these profit sharing arrangements because it is not possible to reliably estimate whether or how much will be payable.
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