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COMPANY REGISTRATION NUMBER: 08901710
One Pound Lane Ltd
Filleted Unaudited Financial Statements
31 May 2023
One Pound Lane Ltd
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
One Pound Lane Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
505,296
585,299
Investments
6
2
2
---------
---------
505,298
585,301
Current assets
Debtors
7
195,520
107,236
Cash at bank and in hand
679
7,764
---------
---------
196,199
115,000
Creditors: amounts falling due within one year
8
825,080
728,460
---------
---------
Net current liabilities
628,881
613,460
---------
---------
Total assets less current liabilities
( 123,583)
( 28,159)
Creditors: amounts falling due after more than one year
9
145,399
165,683
---------
---------
Net liabilities
( 268,982)
( 193,842)
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
( 268,986)
( 193,846)
---------
---------
Shareholders deficit
( 268,982)
( 193,842)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
One Pound Lane Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr S T Allen
Director
Company registration number: 08901710
One Pound Lane Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the impact of the ongoing difficult trading conditions, specifically the cost of living crisis and increasing costs associated to the business. The company has secured support from suppliers and is clearing liabilities in accordance with agreements. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
15 years straight line
Fixtures and fittings
-
15 years straight line / 25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
383,022
489,306
356,155
1,228,483
Additions
551
417
968
---------
---------
---------
------------
At 31 May 2023
383,022
489,857
356,572
1,229,451
---------
---------
---------
------------
Depreciation
At 1 June 2022
160,355
219,667
263,162
643,184
Charge for the year
25,535
32,084
23,352
80,971
---------
---------
---------
------------
At 31 May 2023
185,890
251,751
286,514
724,155
---------
---------
---------
------------
Carrying amount
At 31 May 2023
197,132
238,106
70,058
505,296
---------
---------
---------
------------
At 31 May 2022
222,667
269,639
92,993
585,299
---------
---------
---------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2022 and 31 May 2023
2
----
Impairment
At 1 June 2022 and 31 May 2023
----
Carrying amount
At 31 May 2023
2
----
At 31 May 2022
2
----
The company owns 100% of the issued share capital of One Pound Lane Canterbury Ltd, a company registered in England and Wales. The registered office of the subsidiary is the same as this company.
7. Debtors
2023
2022
£
£
Other debtors
195,520
107,236
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,019
9,573
Trade creditors
20,741
46,482
Amounts owed to group undertakings and undertakings in which the company has a participating interest
495,304
458,675
Social security and other taxes
187,491
153,955
Other creditors
105,525
59,775
---------
---------
825,080
728,460
---------
---------
The bank loan is secured by a fixed and floating charge over all the property and undertakings of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
145,399
165,683
---------
---------
The bank loan is secured by a fixed and floating charge over all the property and undertakings of the company.
10. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
55,000
55,000
Later than 1 year and not later than 5 years
220,000
220,000
Later than 5 years
82,500
137,500
---------
---------
357,500
412,500
---------
---------
11. Directors' advances, credits and guarantees
During the year a director received advances of £36,877, interest was charged of £2,238 at 2.25%. At the year end the director owed the company £118,869 (2022: £79,754). During the year a director received advances of £48,016, interest was charged of £1,173 at 2.25%. At the year end the director owed the company £75,944 (2022: £26,775).
12. Related party transactions
At the year end, the company owed relatives of the directors £101,176 (2022: £114,176). At the year end, the company owed £5,082 to a company related by common control (2022: £5,082). At the year end, the company owed £495,304 to a subsidiary (2022: £458,675).