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Registration number: 12462923

1ovmany Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

1ovmany Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

1ovmany Limited

Company Information

Directors

M Horwath

T Kapucu

Registered office

641-659 Salisbury House
London Wall
London
EC2M 5QQ

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

1ovmany Limited

(Registration number: 12462923)
Balance Sheet as at 28 February 2023

Note

2023

As restated
2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

63,502

 

11,575

Current assets

   

 

Debtors

5

753,560

 

526,303

 

Cash at bank and in hand

 

1,115,043

 

129,512

 

 

1,868,603

 

655,815

 

Creditors: Amounts falling due within one year

6

(1,396,655)

 

(299,871)

 

Net current assets

   

471,948

 

355,944

Total assets less current liabilities

   

535,450

 

367,519

Creditors: Amounts falling due after more than one year

6

 

(55,673)

 

-

Provisions for liabilities

 

(12,052)

 

-

Net assets

   

467,725

 

367,519

Capital and reserves

   

 

Called up share capital

100

 

100

 

Capital redemption reserve

50

 

50

 

Retained earnings

467,575

 

367,369

 

Shareholders' funds

   

467,725

 

367,519

For the financial year ending 28 February 2023 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. 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 Board on 28 November 2023 and signed on its behalf by:
 

 

1ovmany Limited

(Registration number: 12462923)
Balance Sheet as at 28 February 2023

.........................................
M Horwath
Director

 

1ovmany Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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:
641-659 Salisbury House
London Wall
London
EC2M 5QQ
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 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.

The presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £.

Going concern

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

Prior period errors

The prior period balances have been restated to reflect a more appropriate classification of debtors and creditors and to account for a company buy back of shares in the year ended 28th February 2022.

These prior period restatements are purely presentational and the only impact on the net assets of the company is to create a capital redemption reserve of £50 and to reduce the profit and loss reserves by £50 in the prior year.

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.

 

1ovmany Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

33.33% straight line

Office equipment

33.33% straight line

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. 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.

 

1ovmany Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

 

1ovmany Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 7).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

358

11,832

12,190

Additions

11,424

56,373

67,797

Disposals

-

(408)

(408)

At 28 February 2023

11,782

67,797

79,579

Depreciation

At 1 March 2022

30

585

615

Charge for the year

2,023

13,507

15,530

Eliminated on disposal

-

(68)

(68)

At 28 February 2023

2,053

14,024

16,077

Carrying amount

At 28 February 2023

9,729

53,773

63,502

At 28 February 2022

328

11,247

11,575

5

Debtors

2023
£

As restated
2022
£

Trade debtors

103,200

510,027

Other debtors

591,094

16,276

Prepayments

28,066

-

Accrued income

31,200

-

753,560

526,303

 

1ovmany Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Creditors

Note

2023
£

As restated
2022
£

Due within one year

 

Loans and borrowings

7

14,374

-

Trade creditors

 

66,579

9,359

Taxation and social security

 

375,233

255,339

Accruals and deferred income

 

854,503

-

Other creditors

 

85,966

35,173

 

1,396,655

299,871

Note

2023
£

As restated
2022
£

Due after one year

 

Loans and borrowings

7

55,673

-

7

Loans and borrowings

2023
£

As restated
2022
£

Non-current loans and borrowings

Bank borrowings

55,673

-

2023
£

As restated
2022
£

Current loans and borrowings

Bank borrowings

14,374

-

8

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Loans to directors (Interest charged at 2% and repayable on demand)

-

537,292

(724)

536,568