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Registration number: 05032776

One Cost Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

One Cost Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

One Cost Ltd

Company Information

Director

Mr P Corner

Registered office

1 Emerald Drive
Croft
Warrington
WA3 7AD

Accountants

HML Davies Limited
Chartered Certified Accountants
9 Riverside
Waters Meeting Road
Bolton
BL1 8TU

 

One Cost Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

1,174,747

912,667

Cost of sales

 

(89,001)

(49,783)

Gross profit

 

1,085,746

862,884

Administrative expenses

 

(996,069)

(576,212)

Other operating income

 

-

17,546

Operating profit

 

89,677

304,218

Other interest receivable and similar income

 

-

11

Profit before tax

89,677

304,229

Tax on profit

 

(16,906)

(57,803)

Profit for the financial year

 

72,771

246,426

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

One Cost Ltd

(Registration number: 05032776)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

145,980

165,036

Cash at bank and in hand

 

529,918

469,381

 

675,898

634,417

Creditors: Amounts falling due within one year

6

(98,070)

(129,360)

Net assets

 

577,828

505,057

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

577,728

504,957

Shareholders' funds

 

577,828

505,057

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. 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 director on 24 October 2023
 

.........................................
Mr P Corner
Director

   
     
 

One Cost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
1 Emerald Drive
Croft
Warrington
WA3 7AD

These financial statements were authorised for issue by the director on 24 October 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

One Cost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Office equipment

20% 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

One Cost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 4).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

29,303

29,303

At 31 March 2023

29,303

29,303

Depreciation

At 1 April 2022

29,303

29,303

At 31 March 2023

29,303

29,303

Carrying amount

At 31 March 2023

-

-

5

Debtors

Current

2023
£

2022
£

Trade debtors

126,952

152,997

Other debtors

19,028

12,039

 

145,980

165,036

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

81,011

68,044

Taxation and social security

-

2,805

Other creditors

17,059

58,511

98,070

129,360

 

One Cost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100