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Company No: 08226420 (England and Wales)

# ONCILLA LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ONCILLA LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ONCILLA LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
ONCILLA LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 1,811 |  | 4,845
|  | 1,811 |  | 4,845
Current assets |  |  |  |
Debtors | 5 | 174,279 |  | 15,217
Cash at bank and in hand | 6 | 3,488,864 |  | 4,099,929
|  | 3,663,143 |  | 4,115,146
Creditors: amounts falling due within one year | 7 | ( 57,983) |  | ( 331,583)
Net current assets |  | 3,605,160 |  | 3,783,563
Total assets less current liabilities |  | 3,606,971 |  | 3,788,408
Provision for liabilities | 8 | ( 453) |  | ( 1,212)
Net assets |  | 3,606,518 |  | 3,787,196
Capital and reserves |  |  |  |
Called-up share capital | 9 | 200 |  | 200
Profit and loss account |  | 3,606,318 |  | 3,786,996
Total shareholders' funds |  | 3,606,518 |  | 3,787,196

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Oncilla Limited (registered number: 08226420) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Pantling Director |

20 June 2025

ONCILLA LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ONCILLA LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

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.

##### General information and basis of accounting

Oncilla 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 is 960 Capability Green, Luton, LU1 3PE, 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 £.

##### Foreign currency

Foreign currency transactions are translated into the functional currency using average monthly exchange rates.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

##### Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises profits and losses derived from trading in foreign exchange markets.
Turnover from trading is recognised on settlement dates and earned on a mark-to-market basis.

##### Interest income

Interest income is recognised in profit or loss using the effective interest method.

##### Employee benefits

Defined contribution schemes
The company contributes to the private pension plans of Directors. Contributions are recognised when payment is made.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs | 3 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. | 3 years straight line

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.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

##### Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets
Basic financial assets, including other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and debenture loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 2 |  | 3

#### 3. Intangible assets

| Development costs |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2024 | 105,625 |  | 105,625
At 31 December 2024 | 105,625 |  | 105,625
Accumulated amortisation |  |  |
At 01 January 2024 | 105,625 |  | 105,625
At 31 December 2024 | 105,625 |  | 105,625
Net book value |  |  |
At 31 December 2024 | 0 |  | 0
At 31 December 2023 | 0 |  | 0

#### 4. Tangible assets

| Plant and machinery etc. |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2024 | 97,313 |  | 97,313
Additions | 98 |  | 98
At 31 December 2024 | 97,411 |  | 97,411
Accumulated depreciation |  |  |
At 01 January 2024 | 92,468 |  | 92,468
Charge for the financial year | 3,132 |  | 3,132
At 31 December 2024 | 95,600 |  | 95,600
Net book value |  |  |
At 31 December 2024 | 1,811 |  | 1,811
At 31 December 2023 | 4,845 |  | 4,845

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Corporation tax | 152,914 |  | 0
Other debtors | 21,365 |  | 15,217
| 174,279 |  | 15,217

#### 6. Cash and cash equivalents

| 2024 |  | 2023
| £ |  | £
Cash at bank and in hand | 3,488,864 |  | 4,099,929

Included within cash and cash equivalents are amounts held with the clearers through whom the company trades of £3,400,032 (2023: £4,022,453).

#### 7. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Accruals | 44,497 |  | 51,465
Taxation and social security | 13,486 |  | 25,826
Other creditors | 0 |  | 254,292
| 57,983 |  | 331,583

The debenture loans were included under other creditors in the previous period and were secured by a fixed and floating charge over the assets of the business. The debenture loans were redeemed in full during the year ended 31 December 2024.

#### 8. Deferred tax

| 2024 |  | 2023
| £ |  | £
At the beginning of financial year | ( 1,212) |  | ( 2,827)
Credited to the Statement of Income and Retained Earnings | 759 |  | 1,615
At the end of financial year | ( 453) |  | ( 1,212)

#### 9. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
200 Ordinary shares of £ 1.00 each | 200 |  | 200

#### 10. Financial commitments

Commitments

The company had no operating lease commitments for either period.

Pensions

During the year, the company made pension contributions to the private pensions of a director totalling £19,500 (2023: £Nil).

#### 11. Contingencies

Contingent liabilities

The company had a permanent establishment (“PE”) in Norway with effect from 1 August 2024 and the existence of this means that there are Norwegian taxes payable on profits deemed to have arisen in this country. In the opinion of the directors, it is currently not possible to determine the amount that will be payable as a result of having this PE in the country and accordingly, no provision for Norwegian corporation tax has been included in these financial statements.