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Company Registration No. 03913461 (England and Wales)
One Limited Unaudited accounts for the period from 1 April 2023 to 31 December 2023
One Limited Unaudited accounts Contents
Page
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One Limited Statement of financial position as at 31 December 2023
31/12/2023 
31/03/2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
17,712 
19,042 
Current assets
Debtors
139,925 
164,297 
Cash at bank and in hand
43 
143 
139,968 
164,440 
Creditors: amounts falling due within one year
(182,175)
(241,730)
Net current liabilities
(42,207)
(77,290)
Total assets less current liabilities
(24,495)
(58,248)
Creditors: amounts falling due after more than one year
(37,742)
(62,522)
Provisions for liabilities
Deferred tax
(2,722)
(2,722)
Net liabilities
(64,959)
(123,492)
Capital and reserves
Called up share capital
50,666 
666 
Capital redemption reserve
333 
333 
Profit and loss account
(115,958)
(124,491)
Shareholders' funds
(64,959)
(123,492)
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2024 and were signed on its behalf by
J Proctor Director Company Registration No. 03913461
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One Limited Notes to the Accounts for the period from 1 April 2023 to 31 December 2023
1
Statutory information
One Limited is a private company, limited by shares, registered in England and Wales, registration number 03913461. The registered office is THE OLD SLAUGHTERHOUSE, 3-5 MIDDLE WAY SUMMERTOWN, OXFORD, OXFORDSHIRE, OX2 7LH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. The profit and loss account has not been delivered to the Registrar of Companies.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Land and buildings includes amounts spent on leasehold improvements less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15 - 25% Straight Line
Fixtures & fittings
25% Straight Line
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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One Limited Notes to the Accounts for the period from 1 April 2023 to 31 December 2023
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Government grants received in response to the Covid-19 crisis are credited to the profit and loss account in the period in which the company became entitled to receive them.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going concern
The company had net liabilities of £64,959 (Mar 2023: £123,492) as at the balance sheet date. The director has reviewed budgets and cash flow forecasts covering a period of more than 12 months from the date of approval of the financial statements and has concluded that, with support from the shareholder as required, the company expects to be able to continue to meet its liabilities as they fall due. Accordingly the director has continued to prepare the financial statements on the going concern basis.
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
39,731 
4,124 
43,855 
Additions
4,455 
- 
4,455 
At 31 December 2023
44,186 
4,124 
48,310 
Depreciation
At 1 April 2023
23,389 
1,424 
24,813 
Charge for the period
5,011 
774 
5,785 
At 31 December 2023
28,400 
2,198 
30,598 
Net book value
At 31 December 2023
15,786 
1,926 
17,712 
At 31 March 2023
16,342 
2,700 
19,042 
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One Limited Notes to the Accounts for the period from 1 April 2023 to 31 December 2023
5
Debtors
31/12/2023 
31/03/2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
88,487 
108,874 
Accrued income and prepayments
39,868 
41,636 
Other debtors
11,570 
13,787 
139,925 
164,297 
6
Creditors: amounts falling due within one year
31/12/2023 
31/03/2023 
£ 
£ 
Bank loans and overdrafts
44,861 
30,010 
Trade creditors
1,607 
2,760 
Taxes and social security
50,427 
57,690 
Other creditors
24,544 
23,143 
Accruals
13,185 
16,032 
Deferred income
47,551 
112,095 
182,175 
241,730 
7
Creditors: amounts falling due after more than one year
31/12/2023 
31/03/2023 
£ 
£ 
Bank loans
15,000 
22,500 
Other creditors
22,742 
40,022 
37,742 
62,522 
8
Share capital
31/12/2023 
31/03/2023 
£ 
£ 
Allotted, called up and fully paid:
50,666 Ordinary shares of £1 each
50,666 
666 
Shares issued during the period:
50,000 Ordinary shares of £1 each
50,000 
9
Operating lease commitments
31/12/2023 
31/03/2023 
£ 
£ 
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
7,500 
30,000 
- 6 -
One Limited Notes to the Accounts for the period from 1 April 2023 to 31 December 2023
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
J Proctor
Interest free loan, repayable on demand
2,220 
- 
2,220 
- 
2,220 
- 
2,220 
- 
11
Average number of employees
During the period the average number of employees was 11 (31/03/2023: 11).
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