On365 Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

On365 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02521369 . The registered office is Unit 10, Weldon Road, Loughborough, Leicestershire, LE11 5RN.

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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

Through invoice discounting, the company is continuing to meet its debts as they fall due. Shortly following the year end, the company's retained earnings and net assets were positive. Going concern basis therefore remains appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services & Long term contracts revenue recognition

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Income Recognition

Revenue from maitenance contracts & warranties is recognised on a straight line basis over the life of the contract. Any associated costs of either maintenance or warranty commitments are written off to the profit & loss account as they are incurred with the exception of purchased maintenance & warranty contracts which are written off in line with the revenue arising from the corresponding contract with the customer.

2.4. 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:

Leasehold	25% per annum straight-line
Motor Vehicles	25% per annum straight-line
Fixtures & Fittings	10% to 33% per annum straight-line
Computer Equipment	33 1/3% per annum straight-line

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On365 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. 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 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.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Taxation expense represents the sum of the tax currently payable and deferred tax.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered a net liability may crystallise.

2.9. 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.

2.10. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

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On365 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 24 (2023: 24)

4. Tangible Assets

	Land & Property
	Leasehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	135,581	283,799	288,025	707,405

As at 31 December 2024	135,581	283,799	288,025	707,405

Depreciation
As at 1 January 2024	135,581	281,263	286,794	703,638
Provided during the period	-	493	1,231	1,724

As at 31 December 2024	135,581	281,756	288,025	705,362

Net Book Value
As at 31 December 2024	-	2,043	-	2,043

As at 1 January 2024	-	2,536	1,231	3,767

5. Investments

	Listed
	£
Cost
As at 1 January 2024	1,459

As at 31 December 2024	1,459

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	1,459

As at 1 January 2024	1,459

6. Stocks

	2024	2023
	£	£
Stock	505,823	340,113

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On365 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	412,438	638,356
Prepayments and accrued income	51,335	45,124
Other debtors	3,000	3,000

	466,773	686,480

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	322,808	452,518
Other taxes and social security	33,541	43,800
VAT	15,489	51,739
Other creditors	24,509	33,179
Invoice Discounting Advances	239,521	44,768

	635,868	626,004

9. Secured Creditors

The obligations under hire purchase contracts are secured on the relevant assets

The bank overdraft is secured by a debenture and personal guarantees from the directors.

Invoice Discounting Advances are secured on the trade debtors.

	2024		2023
	£		£
Other Creditors	239,521		44,768

10. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary A shares of £ 1.000 each	100	100
600 Ordinary B shares of £ 1.000 each	600	600

	700	700

The 'B' Ordinary Shares are non-voting and redeemable at the discretion of the company at par.

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On365 Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	47,022	46,465
Later than one year and not later than five years	92,622	118,047

	139,644	164,512

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,043		3,767
Investments	5		1,459		1,459

			3,502		5,226
CURRENT ASSETS
Stocks	6	505,823		340,113
Debtors	7	466,773		686,480
Cash at bank and in hand		5,949		2,468

		978,545		1,029,061
Creditors: Amounts Falling Due Within One Year	8	(635,868 )		(626,004 )

NET CURRENT ASSETS (LIABILITIES)			342,677		403,057

TOTAL ASSETS LESS CURRENT LIABILITIES			346,179		408,283

PROVISIONS FOR LIABILITIES
Provisions For Charges			(274,396 )		(407,108 )

NET ASSETS			71,783		1,175

CAPITAL AND RESERVES
Called up share capital	10		700		700
Profit and Loss Account			71,083		475

SHAREHOLDERS' FUNDS			71,783		1,175