REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
On-Set Location Services Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
On-Set Location Services Limited |
On-Set Location Services Limited (Registered number: 02631070) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
On-Set Location Services Limited |
Company Information |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
On-Set Location Services Limited (Registered number: 02631070) |
Strategic Report |
for the Year Ended 31 July 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
REVIEW OF BUSINESS |
As shown in the company's profit and loss account, there has been a 0.15% decrease in turnover over the prior year which has resulted in a gross profit of £6,489,972 (2023 - £6,422,261) and a profit on ordinary activities before tax of £4,095,174 (2023 - £4,897,354). |
Despite a challenging trading environment during parts of 2023 due to the global writers and actors strikes, On-Set Location Services Ltd has continued to invest in and strengthen its operations, preparing for the anticipated recovery of the industry. |
In line with the company's ongoing commitment to providing the highest quality equipment to the Film and HETV industries, On-Set has continued to grow its fleet. This year saw the addition of a substantial number of new units, including further trailers tailored specifically to the demands of modern productions. Continued investment in new Euro VI standard vehicles reinforces the company's dedication to sustainability and maintaining a modern, efficient, and environmentally responsible fleet. |
Further advancing its sustainability efforts, On-Set has also expanded the deployment of hybrid generators across productions, incorporating larger capacity battery systems. This shift has enabled productions to operate more sustainably by increasing generator-off runtimes, reducing fuel consumption, and significantly lowering carbon emissions. Working closely alongside productions and their appointed sustainability consultants, On-Set provides detailed data and reporting, enabling productions to monitor performance in real time, implement data-driven adjustments, and achieve their sustainability goals. This data also allows On-Set to make informed decisions regarding the optimal battery systems to deploy for each production, offer valuable insights to future clients, and continually refine and progress its own sustainability practices allowing On-Set to continue to lead in providing innovative, low-carbon solutions to the industry. |
This sustained investment in facilities, equipment, staff, and fleet ensures that On-Set remains well-positioned to meet the growing demands of production companies, supporting multiple large-scale projects simultaneously and maintaining its status as a market leader within the sector. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Price risk, margin management |
We monitor our industry very closely and maintain close relationships with our customers, suppliers and manufacturers. |
Our pricing is facilitated by operating a fixed price book for all services, hire and staff. This model helps to maintain our revenue stream. |
Costs are closely monitored and managed on a continuing basis by the directors and we mitigate against supply chain risk through continual pricing reviews and maintaining supply chain relationships. |
Credit risk |
Due to the nature of the industry, it is difficult to credit check companies as each company is created for a specific project. However, our customers in the film and TV industry usually have funding in place for the project ahead of filming dates, in addition services are invoiced weekly and if payment terms are not maintained then the services would be withdrawn leaving a minimal risk of significant bad debts. |
Liquidity and cashflow risk |
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company is financed by large cash reserves which are more than adequate to ensure that the company meets its operational requirements, in addition the company has short term borrowing which matches the needs of the business. |
Foreign exchange risk |
The functional currency is GB sterling, the directors believe that the main risk is from fluctuations In the US dollar and the Euro. The directors manage this by closely monitoring the exchange rates and the potential risk exposure. |
ON BEHALF OF THE BOARD: |
On-Set Location Services Limited (Registered number: 02631070) |
Report of the Directors |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of location facilities for television and film work. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 July 2024 will be £ |
FUTURE DEVELOPMENTS |
Further advancing its sustainability efforts, On-Set has also expanded it's deployment of hybrid generators across multiple productions, incorporating larger capacity battery systems and continued to invest in new Euro VI standard vehicles reinforcing the company's dedication to sustainability and maintaining a modern, compliant and environmentally responsible fleet. |
As a business On-Set Location Services Ltd continues to be committed in encouraging equality, diversity, and inclusion among its workforce, whilst eliminating unlawful discrimination. The aim is for our workforce to be truly representative of all sections of society and our customers, and for each employee to feel respected and able to give their best. The company - in providing goods and/or services and/or facilities - is also committed against unlawful discrimination of customers or the public. |
On-Set continues to supply its services to numerous TV and Film production companies with the following to name but a few: Carnival Film and television, NBC Universal, Sky, Apple, Netflix, Disney, Amazon Studios, HBO max, Amblin Entertainment, Warner Bros, Sister Pictures, Marvel, Miramax, Studio Canal, Fresco Films, DNA films, Neal Street Productions, Moonage Productions, and far too many more to list. |
Looking forward, On-Set is significantly expanding its operational capabilities with the construction of a new purpose-built office facility and the expansion of the existing build workshop. This investment will effectively double the size of the fabrication and engineering capacity on-site, allowing the company to increase production output and further enhance the quality and innovation of its specialist vehicle and trailer builds. On-Set also continues to be at the forefront of sustainability innovation, with years of valuable data driven insights and new emerging technologies poised to further reduce productions environmental impact |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
On-Set Location Services Limited (Registered number: 02631070) |
Report of the Directors |
for the Year Ended 31 July 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, GREGORY WILDMAN, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
On-Set Location Services Limited |
Opinion |
We have audited the financial statements of On-Set Location Services Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
On-Set Location Services Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks within which the company operates focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations in this context were the Companies Act 2006 and UK tax legislation. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statements. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates. |
Our audit procedures to respond to these risks, performed by the engagement team, included: |
-enquiries of management, and the Directors about their own identification and assessment of the risks of the irregularities, reviewing accounting estimates for biases and reviewing regulatory correspondence; |
- Performing audit work over the risk of management override of controls. including test of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
- Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations; |
- We have confirmed the income recognition basis is appropriate, tested a sample of income transactions to confirm completeness, tested a sample of journals to confirm they were appropriate and reviewed areas of judgment for indicators of management bias to address these risks. |
- We obtained a full asset register and tested a sample of assets for existence by establishing the asset's location and substantiating current usage by reference to hire contracts, and taking photographic evidence. The valuation of self-build asset additions were tested by reviewing the overall spend in comparison to managements breakdown of costs. |
Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
On-Set Location Services Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
The Granary |
Crowhill Farm |
Ravensden Road |
Wilden |
Bedfordshire |
MK44 2QS |
On-Set Location Services Limited (Registered number: 02631070) |
Statement of Comprehensive |
Income |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
3,903,168 | 4,773,589 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
4,095,174 | 4,914,831 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
On-Set Location Services Limited (Registered number: 02631070) |
Statement of Financial Position |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
On-Set Location Services Limited (Registered number: 02631070) |
Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
On-Set Location Services Limited (Registered number: 02631070) |
Statement of Cash Flows |
for the Year Ended 31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Interest element of hire purchase or finance lease rental payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Associated business transactions | (9,250 | ) | (47,773 | ) |
Capital repayments in year | ( |
) |
Amount withdrawn by directors | 172,634 | (273,922 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year | 2 | 3,977,969 |
Cash and cash equivalents at end of year | 2 | 8,045,638 | 5,824,716 |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 July 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | - | 17,477 |
Finance income | (104,935 | ) | (39,554 | ) |
5,484,883 | 6,010,472 |
Increase in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 8,045,638 | 5,824,716 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 5,824,716 | 3,977,969 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,824,716 | 2,220,922 | 8,045,638 |
5,824,716 | 8,045,638 |
Total | 5,824,716 | 2,220,922 | 8,045,638 |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
On-Set Location Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned form the sale of goods and from the rendering of services. |
The company operates within two main geographical markets; the United Kingdom and Europe. |
Revenue recognition |
Revenue from contracts for the provision of location facilities for television and film works is recognised by reference to the stage of completion of the contract. |
Tangible fixed assets |
Property, plant and equipment are stated at cost less accumulated depreciation. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Buildings freehold - 4% p.a straight line |
Hire fleet lorries - 10% p.a. reducing balance |
Other hire fleet - 10% p.a. reducing balance |
Plant and machinery - 10% p.a reducing balance |
Computer equipment - 15% p.a reducing balance |
Motor vehicles - 10% p.a on reducing balance |
Fixtures and fittings - 33% p.a on cost & 15% p.a reducing balance |
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Net realisable value is based on the estimated selling price less any further costs expected to be incurred to completion and disposal. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Transactions in currencies other than pounds sterling are initially recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominate in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operated a defined contribution pension scheme for the benefits of its employees. The pension cost charged for the period represents contributions payable by the company to the scheme and amounts to £58,758 (2023 - £57,008). |
At the balance sheet date the company had unpaid pension liabilities of £16,393 (2023 - £14,206). |
Judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date, that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. |
Management applies judgement in estimating the value of fleet improvements. This judgement is based on an allocation of costs related to bringing the fleet into use. The estimates have been assessed for reasonableness. |
The company has made no other significant estimates or judgements in the preparation of the financial statements. |
Impairment of non financial assets |
Where there are indicators of impairment of individual assets the company performs impairment testing based on fair value less costs to sell. The fair value less costs to sell calculation is based on observable market prices less incremental costs for disposing of the asset. If the fair value less costs to sell is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss. |
An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet compromise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from the impairment are recognised in the income statement in other operating expenses. |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.7.24 | 31.7.23 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Admin | 8 | 9 |
Drivers | 29 | 32 |
Workshop | 20 | 15 |
31.7.24 | 31.7.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Foreign exchange differences |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | AUDITORS' REMUNERATION |
31.7.24 | 31.7.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
50,405 |
37,135 |
Auditors' remuneration for non audit work |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
£ | £ |
Corporation tax interest |
Hire purchase |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.24 | 31.7.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Effect of change in corporation tax rate | (711,427 | ) | - |
Total tax charge | 334,700 | 1,149,187 |
Corporation tax for the year ended 31st July 2024 was calculated using a marginal tax rate of 25% (2023 - 21.005%). The UK corporation tax set at the main rate of 25% from 1 April 2023, previously the standard rate was 19%. |
9. | DIVIDENDS |
31.7.24 | 31.7.23 |
£ | £ |
Interim |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
10. | TANGIBLE FIXED ASSETS |
Hire | Other |
Freehold | fleet | hire | Plant and |
property | lorries | fleet | machinery |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
11. | STOCKS |
31.7.24 | 31.7.23 |
£ | £ |
Stock of trailers for sale |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Accrued income |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 648,906 | 174,834 |
Other creditors |
Directors' current accounts | 172,634 | - |
Deferred income |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Within one year |
Between one and five years |
Minimum lease payments under non-cancellable operating leases totals £15,000 (2023 - £10,843). |
15. | PROVISIONS FOR LIABILITIES |
31.7.24 | 31.7.23 |
£ | £ |
Deferred tax | 4,374,472 | 4,598,335 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Accelerated capital allowances | (223,863 | ) |
Balance at 31 July 2024 |
The net reversal of expected deferred tax liabilities expected to occur in the next 12 months is £417,358 (2023 - £392,552). |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
On-Set Location Services Limited (Registered number: 02631070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
16. | CALLED UP SHARE CAPITAL - continued |
Ordinary shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll each member shall have one vote per share held. Each share ranks equally for any dividend declared. Each share ranks equally for any distribution made on a winding up. The shares are not redeemable. |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |
Called up share capital - represents the nominal value of shares that have been issued, |
Retained earnings - includes all current and prior period retained profits and losses. |
18. | RELATED PARTY DISCLOSURES |
The amount outstanding at the year-end due to Mr NS Howard and Mrs C Howard was £172,634 (2023 - £Nill). |
During the year, Mr NS Howard invoiced the company £193,850 for sale of classic cars. This balance forms part of the closing trade creditors balance at the year end and has been paid after the year end. |
The amount outstanding at the year-end due from On-Set Location Services SL, a company registered in Spain, of which Mr N Howard and Mrs C Howard are directors and shareholders, was £1 (2023 - £227,872). |
The amount outstanding at the year end from The Belle, a partnership of which Mr N Howard and Mrs C Howard are equal partners, was £339,301 (2023 - £102,180). |
19. | KEY MANAGEMENT PERSONNEL |
All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total salary in respect of these individuals is £936,945 (2023 - £187,900), total remuneration in respect of these individuals is £962,383 (2023 - £205,488). |