Registration number: NI037743

Outsource Solutions (NI) Ltd

(Registration number: NI037743)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	268,171	414,439
Tangible assets	5	19,060	28,940
		287,231	443,379
Current assets
Stocks	6	320,782	217,837
Debtors	7	3,254,109	3,049,361
Investments	8	160,000	160,000
Cash at bank and in hand		560,517	100,095
		4,295,408	3,527,293
Creditors: Amounts falling due within one year	9	(1,771,282)	(1,346,113)
Net current assets		2,524,126	2,181,180
Total assets less current liabilities		2,811,357	2,624,559
Creditors: Amounts falling due after more than one year	9	(549,345)	(544,652)
Net assets		2,262,012	2,079,907
Capital and reserves
Called up share capital	10	2	2
Retained earnings		2,262,010	2,079,905
Shareholders' funds		2,262,012	2,079,907

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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Outsource Solutions (NI) Ltd

(Registration number: NI037743)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 28 February 2025 and signed on its behalf by:
 

......................................... Mr Terrance Moore Director

Outsource Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 3 Plasketts Close, Antrim, Co Antrim, BT41 4LY.

These financial statements were authorised for issue by the Board on 28 February 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

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 taxable income.

Outsource Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% reducing balance

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Other intangible assets	33.33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Outsource Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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 impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Outsource Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 39).

Outsource Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	438,817	438,817
At 31 December 2024	438,817	438,817
Amortisation
At 1 January 2024	24,378	24,378
Amortisation charge	146,268	146,268
At 31 December 2024	170,646	170,646
Carrying amount
At 31 December 2024	268,171	268,171
At 31 December 2023	414,439	414,439

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	289,851	10,544	300,395
At 31 December 2024	289,851	10,544	300,395
Depreciation
At 1 January 2024	261,620	9,835	271,455
Charge for the year	9,171	709	9,880
At 31 December 2024	270,791	10,544	281,335
Carrying amount
At 31 December 2024	19,060	-	19,060
At 31 December 2023	28,231	709	28,940

Outsource Solutions (NI) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

	2024 £	2023 £
Stock and work in progress	320,782	217,837

7

Debtors

Current	2024 £	2023 £
Trade debtors	758,549	804,043
Prepayments	5,181	5,991
Other debtors	2,490,379	2,239,327
	3,254,109	3,049,361

8	Current asset investments

	2024 £	2023 £
Other investments	160,000	160,000

9

Creditors

	2024 £	2023 £
Due within one year
Leasing and borrowings	220,339	199,308
Trade creditors	352,031	496,456
Taxation and social security	313,399	252,589
Other creditors	885,513	397,760
	1,771,282	1,346,113
Due after one year
Leasing and borrowings	549,345	544,652