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
One Limited
Statement of financial position
as at 31 December 2023
Tangible assets
17,712
19,042
Cash at bank and in hand
43
143
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)
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
One Limited
Notes to the Accounts
for the period from 1 April 2023 to 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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
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.
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.
One Limited
Notes to the Accounts
for the period from 1 April 2023 to 31 December 2023
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.
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 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 (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.
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
At 31 December 2023
44,186
4,124
48,310
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
At 31 December 2023
15,786
1,926
17,712
At 31 March 2023
16,342
2,700
19,042
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
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
Deferred income
47,551
112,095
7
Creditors: amounts falling due after more than one year
31/12/2023
31/03/2023
Other creditors
22,742
40,022
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
One Limited
Notes to the Accounts
for the period from 1 April 2023 to 31 December 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free loan, repayable on demand
2,220
-
2,220
-
11
Average number of employees
During the period the average number of employees was 11 (31/03/2023: 11).