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Registered number: 10389581
Onestream Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Strategic Report 1—2
Directors' Report 3
Independent Auditor's Report 4—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—17
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Principal Activity
The company's principal activity continues to be that of providing fixed line and broadband services.
Review of the Business
Long Term Decisions
Onestream Ltd Directors take a long-term view in all their decision making, either collectively or individually aiming to always uphold the highest standard of conduct. Similarly, our Board acknowledges that the business can only grow and prosper over the long-term if it understands and respects the view and needs of the company’s shareholders, customers, employees, suppliers, and other stakeholders to whom we are accountable, as well as the environment we operate within.
Through working collaboratively with management and listening to feedback from the company’s many stakeholders, the board believes that Onestream Ltd is well position to success in the long term.
Culture and Values
Onestream culture is characterised by clear responsibility, mutual respect, and trust. Lawful conduct is integral to business activities and an important condition for maintaining a reputation for high standards securing long term success.
The company is focused on people, with both customers and employees being at the heard of its business. The company embraces diversity, flexibility, sustainability, and continuous improvement throughout the organisation.
The Directors recognise that they have a significant role in ensuring that the desired culture is reflected in the values, attitudes, and behaviours demonstrated throughout the Company.
Delegation of Authority
Typically, in companies such as Onestream, the Directors fulfil their duties partly through a governance framework that delegate day to day decision making to the employees of the company. The Board recognises that such delegation needs to be part of a robust governance structure, which covers our values, how we engage with our stake holders, a how the Board assures itself that the governance structure and systems of controls to be robust.
Consideration
Engagement
Workforce/Employees
Our colleagues are the primary reason for the ongoing success of our business.
The company’s long-term success is predicated on the commitment of our workforce.

To maintain our competitive advantage and meet the growing demands of the environment we operate, we need a workforce which adaptive and whose skill base constantly evolves.

We engage with our workforce to ensure we are fostering an environment that employees are happy to work-in and that best supports their well-being and have dedicated team to drive this.
Customers
Customers are at the core of what we do, customer satisfaction creates brand loyalty.
Staying focused on customer needs allows us to adapt our strategies to ensure, we keep up to date in constantly changing environment and industry.

Collaborating with our customers we monitor our service through regular reviews and management information.
Suppliers
Our suppliers are fundamental to the quality of our products, ensuring that as a business we meet the high standards of conduct that we set ourselves
Onestream Ltd regularly engage with our UK suppliers. Collaborating closely with them to ensure the best-in-class collaboration and desired outcome for both all is achieved.
Regulators/Government
We are initiative-taking with our engagement with regulators and government bodies to ensure we abiding to guidelines an aim for best-in-class.
We engage through regular communications with relevant company representatives. We adhere to the OFCOM code of practice which exists to represent our customer interests.
Community/Environment
Onestream Ltd have supported schemes to allow employees the time and resource to help in their local community, for example a charity bike ride.
...CONTINUED
Page 1
Page 2
Review of the Business - continued
Review of the Business
The company’s principal activity during the year continued to be that of the supply of broadband and mobile services to the UK residential market.
The key financial and other performance indicators during the year were as follows:
2024
2023
£
£
Turnover
21,969,231
16,894,955
Cost of Sales
17,773,102
14,120,587
Gross Profit
4,196,129
2,774,368
Operating Profit/(Loss)
76,094
(994,127)
Revenue and cost of sales has increased by 30% and 26% reflecting the growth of the customer base.
The company recorded a pre-tax profit £68,564 (2023: loss £1,000,323) in the year.  The net liabilities of the company total £6,126,293 (2023: £6,194,946).
Principal Risks and Uncertainties
Principal Risks and Uncertainties
Credit Risk
1) General economic activity – Onestream operates in the business-to-consumer market  and where the cost of living has impacted our customer base, this might be perceived as a potential risk to the operations of the company.  Onestream manages this risk by ensuring the customers do not exceed with services which they are not able to afford.
2) Regulatory changes and price risk – the introduction of the regulatory change to One Touch Switch.  Onestream has devised and implemented strategies and policies to address and minimise the impact of any commercial pressures or compliance requirements.
3) Change in technology – the speed of technological advancement and customer expectations in telecommunications is closely monitored by the Directors.  One of Onestream’s strengths, through its independence, is its ability to adapt to change and willingness to offer a variety of products to the UK residential market.  Furthermore, changes in technology frequently present an opportunity to evolve and develop propositions, creating cross sell opportunities with the customer base.
4) Liquidity and cashflow risk – Onestream has an obligation to recogniser incentives when a contract is signed but receives the associated revenue on a spread basis over the life of the contract.  Onestream regularly reviews cashflow projections to ensure cashflow management.
5) Credit Risk – Onestream policies are aimed at minimising such losses stemming credit risk by services only granted to customers with a satisfactory credit rating.  Onestream has invested in credit control processes this year to reduce credit risk.
On behalf of the board
Mr Aaron Brown
Director
21 May 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr Aaron Brown
Mr Darren Ridge
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, JWR Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Aaron Brown
Director
21 May 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Onestream Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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.
Page 4
Page 5
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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.
Auditor's 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 an auditor's report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
- Evaluation of controls designed to prevent and detect irregularities; and
- Assessing journals entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that we are required to state to them in an auditor's report 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.
Kate Wood (Senior Statutory Auditor)
for and on behalf of JWR Audit Limited , Statutory Auditor
27 May 2025
JWR Audit Limited
24 Picton House Hussar Court, Westside View
Waterlooville
PO7 7SQ
Page 5
Page 6
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 21,969,231 16,894,955
Cost of sales (17,773,102 ) (14,120,587 )
GROSS PROFIT 4,196,129 2,774,368
Administrative expenses (4,277,150 ) (3,975,616 )
Other operating income 157,115 207,121
OPERATING PROFIT/(LOSS) 4 76,094 (994,127 )
Interest payable and similar charges 8 (7,440 ) (6,196 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 68,654 (1,000,323 )
The notes on pages 11 to 17 form part of these financial statements.
Page 6
Page 7
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 68,654 (1,000,323 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 68,654 (1,000,323 )
Page 7
Page 8
Balance Sheet
Registered number: 10389581
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 10 2,349,722 2,732,717
Tangible Assets 11 10,640 68,941
2,360,362 2,801,658
CURRENT ASSETS
Stocks 12 8,689 21,334
Debtors 13 2,105,600 1,561,531
Cash at bank and in hand 1,905,737 1,922,952
4,020,026 3,505,817
Creditors: Amounts Falling Due Within One Year 14 (8,502,513 ) (7,088,254 )
NET CURRENT ASSETS (LIABILITIES) (4,482,487 ) (3,582,437 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,122,125 ) (780,779 )
Creditors: Amounts Falling Due After More Than One Year 15 (4,004,167 ) (5,414,167 )
NET LIABILITIES (6,126,292 ) (6,194,946 )
CAPITAL AND RESERVES
Called up share capital 17 1 1
Profit and Loss Account (6,126,293 ) (6,194,947 )
SHAREHOLDERS' FUNDS (6,126,292) (6,194,946)
On behalf of the board
Mr Aaron Brown
Director
21 May 2025
The notes on pages 11 to 17 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2023 1 (5,194,624 ) (5,194,623)
Loss for the year and total comprehensive income - (1,000,323 ) (1,000,323)
As at 31 December 2023 and 1 January 2024 1 (6,194,947 ) (6,194,946)
Profit for the year and total comprehensive income - 68,654 68,654
As at 31 December 2024 1 (6,126,293 ) (6,126,292)
Page 9
Page 10
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 463,136 800,652
Interest paid (7,440 ) (6,196 )
Reclassification of assets - 348
Net cash generated from operating activities 455,696 794,804
Cash flows from investing activities
Purchase of intangible assets - (200,031 )
Purchase of tangible assets (4,578 ) (25,078 )
Net cash used in investing activities (4,578 ) (225,109 )
Cash flows from financing activities
Repayment of bank borrowings (10,000 ) (10,000 )
Repayment of other loans (458,333) (499,999)
Amount withdrawn by directors - (239,127)
Net cash used in financing activities (468,333 ) (749,126 )
Decrease in cash and cash equivalents (17,215 ) (179,431 )
Cash and cash equivalents at beginning of year 2 1,922,952 2,102,383
Cash and cash equivalents at end of year 2 1,905,737 1,922,952
Page 10
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Notes to the Statement of Cash Flows
1. Reconciliation of profit/(loss) for the financial year to cash generated from operations
2024 2023
£ £
Profit/(loss) for the financial year 68,654 (1,000,323 )
Adjustments for:
Interest expense 7,440 6,196
Amortisation of intangible assets 382,995 407,590
Depreciation of tangible assets 62,879 89,420
Movements in working capital:
Decrease in stocks 12,645 13,641
Increase in trade and other debtors (546,469 ) (237,093 )
Increase in trade and other creditors 474,992 1,521,221
Net cash generated from operations 463,136 800,652
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,905,737 1,922,952
3. Analysis of changes in net funds
As at 1 January 2024 Cash flows As at 31 December 2024
£ £ £
Cash at bank and in hand 1,922,952 (17,215) 1,905,737
Debts falling due within one year (468,333 ) 458,333 (10,000 )
Debts falling due after more than one year (14,167) 10,000 (4,167)
1,440,452 451,118 1,891,570
Page 11
Page 12
Notes to the Financial Statements
1. General Information
Onestream Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10389581 . The registered office is Unit 15, Fulcrum 2, Solent Way, Whiteley, Hampshire, PO15 7FN.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The presentation currency of the financial statements is the Pound Sterling (£).
Accounts are rounded to the nearest pound.
The accounts represent the company as an individual entity.
2.2. Significant judgements and estimations
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.
2.3. Turnover
Turnover comprises amounts due in respect of fixed line and converged telephone 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
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.
2.6. 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:
Office Equipment
33% on cost
Fixtures and Fittings
15% on cost
Computer Equipment
33% on cost
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Page 12
Page 13
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. 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. Other Operating Income
2024 2023
£ £
Other operating income 157,115 207,121
157,115 207,121
4. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
2024 2023
£ £
Bad debts 186,534 305,974
Depreciation of tangible fixed assets 62,879 89,420
Amortisation of intangible fixed assets 382,995 407,590
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 7,500 7,500
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,543,543 1,897,130
Social security costs 153,000 181,433
Other pension costs 32,454 35,517
1,728,997 2,114,080
7. Average Number of Employees
Average number of employees, including directors, during the year was: 43 (2023: 61)
43 61
8. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 7,440 6,196
9. Tax on Profit
The tax (credit)/charge on the profit/(loss) for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 25.0% - -
The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit/(loss) and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 68,654 (1,000,323)
Tax on profit at 25% (UK standard rate) 17,164 (250,081 )
Goodwill/depreciation not allowed for tax 111,469 50,720
Expenses not deductible for tax purposes 300 4,414
Tax losses utilised (127,398 ) -
Capital allowances (1,535 ) (6,922 )
Tax losses unutilised carried forward - 201,869
Total tax charge for the period - -
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10. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 January 2024 2,941,314 888,626 3,829,940
As at 31 December 2024 2,941,314 888,626 3,829,940
Amortisation
As at 1 January 2024 874,125 223,098 1,097,223
Provided during the period 294,132 88,863 382,995
As at 31 December 2024 1,168,257 311,961 1,480,218
Net Book Value
As at 31 December 2024 1,773,057 576,665 2,349,722
As at 1 January 2024 2,067,189 665,528 2,732,717
11. Tangible Assets
Office Equipment Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 72,527 47,126 88,394 208,047
Additions - - 4,578 4,578
As at 31 December 2024 72,527 47,126 92,972 212,625
Depreciation
As at 1 January 2024 62,692 14,211 62,203 139,106
Provided during the period 9,835 32,915 20,129 62,879
As at 31 December 2024 72,527 47,126 82,332 201,985
Net Book Value
As at 31 December 2024 - - 10,640 10,640
As at 1 January 2024 9,835 32,915 26,191 68,941
12. Stocks
2024 2023
£ £
Stock 8,689 21,334
13. Debtors
2024 2023
£ £
Due within one year
Trade debtors 498,161 610,616
Other debtors 1,607,439 950,915
2,105,600 1,561,531
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14. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,982,644 2,422,309
Bank loans and overdrafts 10,000 10,000
Other loans - 458,333
Other creditors 2,942,125 1,649,420
Taxation and social security 844,975 1,060,406
Accruals and deferred income 1,722,769 1,487,786
8,502,513 7,088,254
15. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,167 14,167
Other creditors 4,000,000 5,400,000
4,004,167 5,414,167
Of the creditors the following amounts are secured.
Since 21st October 2022, Vodafone Ltd held a floating charge over all the property or undertaking of the company. The charge is now satisfied in full; last payment was made on the 1st November 2024.
2024 2023
£ £
Other loans - 458,333
Other Creditors - 458,333
16. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
Other loans - 458,333
10,000 468,333
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 4,167 14,167
17. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
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18. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £32,454 (2023: £35,517).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
19. Directors Advances, Credits and Guarantees
At the year end the company owed the directors £5,400,000 (2023: £5,400,000).
20. 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.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Other related party transactions totalled £810,490 in the year. The aggregate balance outstanding at the year end to be paid to the related parties is £103,956, the amounts owing are not secured and no guarantees have been given in respect of these balances. There have been no provisions against these related party transactions in the year.
Ridown Capital Limited, whose registered office is the same as Onestream Limited, is the ultimate parent company and draws up consolidated group financial statements of which Onestream Limited is a member.
21. Controlling Parties
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.
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