1 false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 6985440 2022-09-01 2023-08-31 6985440 2023-08-31 6985440 2021-09-01 2022-08-31 6985440 2022-08-31 6985440 bus:Director1 2022-09-01 2023-08-31 6985440 core:WithinOneYear 2023-08-31 6985440 core:WithinOneYear 2022-08-31 6985440 core:ShareCapital 2023-08-31 6985440 core:ShareCapital 2022-08-31 6985440 core:RetainedEarningsAccumulatedLosses 2023-08-31 6985440 core:RetainedEarningsAccumulatedLosses 2022-08-31 6985440 bus:SmallEntities 2022-09-01 2023-08-31 6985440 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 6985440 bus:FullAccounts 2022-09-01 2023-08-31 6985440 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 6985440 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31
COMPANY REGISTRATION NUMBER: 6985440
ONE RING LIMITED
Filleted Unaudited Financial Statements
31 August 2023
ONE RING LIMITED
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Current assets
Stocks
31,125
31,125
Cash at bank and in hand
2,907
130
--------
--------
34,032
31,255
Creditors: amounts falling due within one year
5
89,690
87,885
--------
--------
Net current liabilities
55,658
56,630
--------
--------
Total assets less current liabilities
( 55,658)
( 56,630)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 55,758)
( 56,730)
--------
--------
Shareholders deficit
( 55,658)
( 56,630)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Mr K Jivabhai
Director
Company registration number: 6985440
ONE RING LIMITED
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 136 ST. ALBANS ROAD, Watford, WD24 4FT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,092
3,996
Trade creditors
376
376
Other creditors
85,222
83,513
--------
--------
89,690
87,885
--------
--------
6. Financial instruments
The are no financial instruments disclosures required.
7. Director's advances, credits and guarantees
There are no material transactions with the director requiring disclosure.
8. Related party transactions
The company was under the control of Mr K Jivabhai throughout the current and previous period. Mr K Jivabhai is the managing director and majority shareholder.