Company registration number SC486249 (Scotland)
ONE PLAICE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ONE PLAICE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
ONE PLAICE LTD
BALANCE SHEET
AS AT 30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
100
100
Current assets
Debtors
4
1,356,350
1,356,350
Cash at bank and in hand
666
647
1,357,016
1,356,997
Creditors: amounts falling due within one year
5
(1,401,864)
(1,397,044)
Net current liabilities
(44,848)
(40,047)
Net liabilities
(44,748)
(39,947)
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(54,748)
(49,947)
Total equity
(44,748)
(39,947)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
G NICOL
Mr G Nicol
Director
Company Registration No. SC486249
ONE PLAICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
One Plaice Ltd is a private company limited by shares incorporated in Scotland. The registered office is 14 Carden Place, Aberdeen, AB10 1UR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
At true30 December 2023 the company has net liabilities of £44,748. Included within these liabilities are amounts due to the directors of £1,173,954. The financial statements are prepared on a going concern basis, which assumes that the company will continue to meet its liabilities as they fall due. The directors have confirmed they shall not seek repayment of amounts due to the detriment of other creditors. Furthermore the directors have confirmed they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
ONE PLAICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,356,350
1,356,350
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,401,864
1,397,044
6
Related party transactions
Transactions with related parties
During the year, the company made advances to the directors of £0. Credits were received of £4,320 which resulted in amounts due from the company at the year end of £1,173,954 (2022 - £1,169,634). The loan is unsecured and interest free with no fixed repayment terms in place.