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Registered number: 07986647
ON LINE SUPPORT PERSONNEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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ON LINE SUPPORT PERSONNEL LIMITED
REGISTERED NUMBER: 07986647
BALANCE SHEET
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 August 2022.
The notes on pages 2 to 8 form part of these financial statements.
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
On Line Support Personnel Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 07986647). Its registered office is On Line House, Pelham Road, Immingham, NorthEast Lincolnshire, DN40 1AB. The principal activity of the Company throughout the year continued to be that of a management company for the group.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The Company's functional and presentational currency is pounds sterling.
The following principal accounting policies have been applied:
The Company had net current liabilities at 31 March 2022 of £2,260,451 (2021: £2,381,680). This movement is in relation to the timing of intercompany transfers.
In March 2020, the Covid-19 global pandemic resulted in the Group’s workforce having to adapt and be flexible in their working practices and the Group has taken all necessary steps to keep its partners safe. Work has continued and the Group has continued to deliver to its clients throughout the lockdown measures although on a reduced scale. The impact of these changes to the global economic climate were seen by the Group into the year ended 31st March 2022.
The Group has taken advantage of UK government initiatives to support its liquidity having entered the Coronavirus Job Retention Scheme as well as deferring VAT payments until the start of 2022. These measures enabled the Group to protect its liquidity within the pandemic period.
The Group has also carried out extensive efficiency and overhead savings exercises, the actions from this leading to a leaner and more reactive approach for 2022/2023. The Group financing has maintained a positive level supported by its historic prudent approach to cash management throughout the year. The group’s liquidity has allowed the Group to weather the storm whilst the UK economy is recovering and is expected to improve in the 2022/2023 year.
Having taken account of the above, the directors have prepared detailed financial projections and forecasts, which provides a reasonable expectation that the Company has adequate resources to enable it to continue in existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
The depreciation rates used are:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
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Current and deferred taxation
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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 balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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.
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The average monthly number of employees, including the directors, during the year was as follows:
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Changes in provisions leading to a decrease in the tax charge
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No deferred tax asset has been recognised in respect of tax losses totalling £218,344 carried forward at 31 March 2022 as these are not considered to meet the appropriate recognition criteria.
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,061 (2021: £44,010). Contributions totalling £2,236 (2021: £532) were payable to the fund at the balance sheet date and are included in creditors.
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ON LINE SUPPORT PERSONNEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
9.Other financial commitments
Amounts not provided for in the balance sheet
The Company is subject to a fixed and floating charge over all assets of the Company, providing a cross guarantee against an overdraft held in another group company. The value of the potential liability is subject to variation depending on the amount of overdraft being utilised.
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Related party transactions
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The Company has taken advantage of the exemption available in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is party to the transaction is wholly owned by the Group.
In respect of other companies within the Group that are not wholly owned, the Company made sales of £8,984 (2021: £8,030) and purchases of £48,701 (2021: £53,059). At the year end the Company owed £134,200 (2021: £6,575) to this entity.
In addition, at the year end there are balances owed to directors totalling £117,703 (2021: balances owed by directors totalling £97,015). Interest is charged on these directors' loans and they have no fixed terms for repayment.
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The ultimate parent is On Line Group Limited, incorporated in England and Wales.
On Line Group Limited is the Company's controlling related party by virtue of its 100% interest in the Company.
These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ and are the largest and smallest group of undertakings for which group accounts have been drawn up.
The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.
The audit report was signed on 3 August 2022 by Andrew Irvine (Senior statutory auditor) on behalf of Shorts.
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