Company No:
Contents
| Note | 31.12.2024 | |
| £ | ||
| Fixed assets | ||
| Tangible assets | 4 |
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| 1,105 | ||
| Current assets | ||
| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 163,525 | ||
| Creditors: amounts falling due within one year | 7 | (
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| Net current liabilities | (113,222) | |
| Total assets less current liabilities | (112,117) | |
| Net liabilities | (
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| Capital and reserves | ||
| Called-up share capital | 9 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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The financial statements of Onsagers UK Ltd (registered number:
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Morten Hatlem
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Onsagers UK Ltd (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 Future Business Centre Cambridge Campus, Kings Hedges Road, Cambridge, CB4 2HY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The directors acknowledge the support from the parent company for turnover, financing and administrative services. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.
Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Computer equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
| Period from 28.08.2023 to 31.12.2024 |
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| Number | |
| Monthly average number of persons employed by the Company during the period, including directors |
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| Computer equipment | Total | ||
| £ | £ | ||
| Cost | |||
| At 28 August 2023 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 28 August 2023 |
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| Charge for the financial period |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 1,105 | 1,105 |
| 31.12.2024 | |
| £ | |
| Prepayments |
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| Deferred tax asset |
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| VAT recoverable |
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| 31.12.2024 | |
| £ | |
| Cash at bank and in hand |
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| 31.12.2024 | |
| £ | |
| Trade creditors |
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| Amounts owed to Parent undertakings |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 31.12.2024 | |
| £ | |
| At the beginning of financial period |
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| Credited to the Profit and Loss Account |
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| At the end of financial period |
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| 31.12.2024 | |
| £ | |
| Allotted, called-up and fully-paid | |
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Other related party transactions
| 31.12.2024 | |
| £ | |
| Acapo Onsagers AS, balance owed to the parent company | 237,468 |
Amounts owed to/from related parties bear interest of NIBOR 6 month + 2.5%, and are repayable on demand. The amount owed included interest of £15,535.26.
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.
The audit report was signed by Alastair Stewart BA (Hons) CA on behalf of Gillespie & Anderson.
Parent Company:
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| Munkedamsveien 35, 0250 Oslo, Norway |