Company registration number SC410162 (Scotland)
ONESTOP ACCESS (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ONESTOP ACCESS (SCOTLAND) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ONESTOP ACCESS (SCOTLAND) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R H Jenkins
Mr P J Martin
Miss K A Healy
(Appointed 26 October 2023)
Company number
SC410162
Registered office
25 Birkmyre Road
Glasgow
Scotland
G51 3JH
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
Business address
Greenside Depot
Biggar Road
Newarthill
Motherwell
Scotland
ML1 5SS
ONESTOP ACCESS (SCOTLAND) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,086,146
13,443,036
Current assets
Stocks
12,500
10,500
Debtors
4
2,206,618
2,255,206
Cash at bank and in hand
33,403
69,255
2,252,521
2,334,961
Creditors: amounts falling due within one year
5
(4,360,591)
(4,433,589)
Net current liabilities
(2,108,070)
(2,098,628)
Total assets less current liabilities
12,978,076
11,344,408
Creditors: amounts falling due after more than one year
6
(6,439,177)
(5,288,884)
Provisions for liabilities
7
(2,214,967)
(1,741,609)
Net assets
4,323,932
4,313,915
Capital and reserves
Called up share capital
9
300
300
Profit and loss reserves
4,323,632
4,313,615
Total equity
4,323,932
4,313,915

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 31 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.

ONESTOP ACCESS (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2024 and are signed on its behalf by:
Mr R H Jenkins
Mr P J Martin
Director
Director
Company Registration No. SC410162
ONESTOP ACCESS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Onestop Access (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 25 Birkmyre Road, Glasgow, Scotland, G51 3JH. The company's registration number is SC410162.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents the value of all goods and services provided during the year, at selling price exclusive of Value Added Tax. Turnover is recognised at the point at which the goods or services are provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5% on cost
Plant and equipment
Over 7 years to residual value
Fixtures and fittings
20% to 25% on cost
Equipment
20% on cost
Motor vehicles
20% to 33.3% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition. Stock consists of material costs.

ONESTOP ACCESS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ONESTOP ACCESS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
41
37
ONESTOP ACCESS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
134,967
19,674,115
73,526
64,848
1,043,201
20,990,657
Additions
64,387
3,165,335
2,853
14,138
586,517
3,833,230
Disposals
-
0
(887,610)
-
0
-
0
(329,585)
(1,217,195)
At 31 December 2023
199,354
21,951,840
76,379
78,986
1,300,133
23,606,692
Depreciation and impairment
At 1 January 2023
3,905
6,934,314
37,398
35,490
536,514
7,547,621
Depreciation charged in the year
7,821
1,592,497
14,311
9,072
249,629
1,873,330
Eliminated in respect of disposals
-
0
(667,757)
-
0
-
0
(232,648)
(900,405)
At 31 December 2023
11,726
7,859,054
51,709
44,562
553,495
8,520,546
Carrying amount
At 31 December 2023
187,628
14,092,786
24,670
34,424
746,638
15,086,146
At 31 December 2022
131,062
12,739,801
36,128
29,358
506,687
13,443,036
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,147,833
2,188,015
Other debtors
58,785
67,191
2,206,618
2,255,206
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
639,424
912,956
Trade creditors
706,703
863,100
Taxation and social security
145,257
244,418
Other creditors
2,869,207
2,413,115
4,360,591
4,433,589
ONESTOP ACCESS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 8 -

Included within bank loans and overdrafts is an amount totalling £639,424 (2022 - £912,956) relating to an invoice discounting facility which is secured by a floating charge over the assets of the company.

Other creditors includes £2,623,324 (2022 - £2,293,565) of finance on asset purchases. These liabilities are secured over the individual assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
6,439,177
5,288,884

Other creditors includes £6,428,975 (2022 - £5,278,682) of finance on asset purchases. These liabilities are secured over the individual assets to which they relate.

7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
2,214,967
1,741,609
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
2,214,967
1,741,609
2023
Movements in the year:
£
Liability at 1 January 2023
1,741,609
Charge to profit or loss
473,358
Liability at 31 December 2023
2,214,967

 

ONESTOP ACCESS (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
270 Ordinary of £1
270
270
15 A of £1
15
15
15 B of £1
15
15
300
300
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
89,143
114,437
11
Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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