Registration number: NI038100

OSG Cloud Ltd

(Registration number: NI038100)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	557,093	557,093
Current assets
Debtors	5	136,976	65,296
Cash at bank and in hand		18,748	71,150
		155,724	136,446
Creditors: Amounts falling due within one year	6	(965,029)	(954,682)
Net current liabilities		(809,305)	(818,236)
Net liabilities		(252,212)	(261,143)
Capital and reserves
Called up share capital		3,433	3,433
Other reserves		15	15
Retained earnings		(255,660)	(264,591)
Shareholders' deficit		(252,212)	(261,143)

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.

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

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

OSG Cloud 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.

Going concern

Although the company's liabilities exceeds its assets the directors consider it appropriate to prepare the financial statements on a going concern basis. The company is a wholly owned subsidiary of Outsource Group Holdings Ltd. It is financed by loans by made by Outsource Solutions (NI) Ltd, another member of the Group. Both companies are controlled by the same owners who have undertaken not to demand repayment of this intercompany loan in the near future. The directors expect that the Company to trade profitably in the incoming year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

OSG Cloud Ltd

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

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.

Deferred development expenditure

Where the directors are satisfied as to the technical, commercial and financial viability of development projects, the related identifiable development expenditure is capitalised as an intangible asset. The capitalised cost comprises all directly attributable project costs. Amortisation will be charged to reflect the pattern in which the directors expect to consume the asset’s future economic benefits. Amortisation commences on the date the intangible reaches commercial viability. Where doubts subsequently arise over project viability, provision is made for impairment of the capitalised costs.

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.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

OSG Cloud Ltd

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

4	Intangible assets

Deferred development expenditure

	Total £
Cost
At 1 January 2024	557,093
At 31 December 2024	557,093
Carrying amount
At 31 December 2024	557,093
At 31 December 2023	557,093

5

Debtors

Current	2024 £	2023 £
Trade debtors	115,721	61,946
Other debtors	21,255	3,350
	136,976	65,296

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	15,980	31,383
Taxation and social security	-	2,647
Accruals and deferred income	24,332	64,470
Other creditors	924,717	856,182
	965,029	954,682

7	Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Outsource Group Holding Ltd, a company incorporated in Northern Ireland.

The ultimate controlling party is Mr Terrance Moore.