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Registration number: 08011240

Oneweigh Online Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Linear Accountants Ltd
4 Thorpe Court
Thorpe Waterville
Kettering
Northamptonshire
NN14 3ED

 

Oneweigh Online Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Oneweigh Online Limited

Company Information

Directors

Mr M Smith

Mrs C Smith

Registered office

24 Queensberry Road
Kettering
Northamptonshire
NN15 7HL

Accountants

Linear Accountants Ltd
4 Thorpe Court
Thorpe Waterville
Kettering
Northamptonshire
NN14 3ED

 

Oneweigh Online Limited

(Registration number: 08011240)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

220

294

Current assets

 

Stocks

6

7,000

7,000

Debtors

7

26,189

32,968

Cash at bank and in hand

 

54,781

39,754

 

87,970

79,722

Creditors: Amounts falling due within one year

8

(83,801)

(79,861)

Net current assets/(liabilities)

 

4,169

(139)

Net assets

 

4,389

155

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,289

55

Total equity

 

4,389

155

For the financial year ending 31 March 2018 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2018 and signed on its behalf by:
 

.........................................

Mr M Smith

Director

 

Oneweigh Online Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
24 Queensberry Road
Kettering
Northamptonshire
NN15 7HL
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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 sales/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 tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Oneweigh Online Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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

Plant and machinery etc

25% on reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Oneweigh Online Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2017 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2018
£

2017
£

Depreciation expense

74

98

 

Oneweigh Online Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

1,098

1,098

At 31 March 2018

1,098

1,098

Depreciation

At 1 April 2017

804

804

Charge for the year

74

74

At 31 March 2018

878

878

Carrying amount

At 31 March 2018

220

220

At 31 March 2017

294

294

6

Stocks

2018
£

2017
£

Other inventories

7,000

7,000

7

Debtors

2018
£

2017
£

Trade debtors

26,189

32,968

Total current trade and other debtors

26,189

32,968

8

Creditors

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

64,305

55,779

Taxation and social security

 

11,459

10,248

Other creditors

 

8,037

13,834

 

83,801

79,861