One's Space Ltd NI683963 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the buying and selling of real estate. Digita Accounts Production Advanced 6.30.9574.0 true true NI683963 2022-12-01 2023-11-30 NI683963 2023-11-30 NI683963 bus:Director1 1 2023-11-30 NI683963 core:CurrentFinancialInstruments 2023-11-30 NI683963 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 NI683963 core:Non-currentFinancialInstruments 2023-11-30 NI683963 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 NI683963 core:MoreThanFiveYears 1 2023-11-30 NI683963 bus:SmallEntities 2022-12-01 2023-11-30 NI683963 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI683963 bus:FilletedAccounts 2022-12-01 2023-11-30 NI683963 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI683963 bus:RegisteredOffice 2022-12-01 2023-11-30 NI683963 bus:Director1 2022-12-01 2023-11-30 NI683963 bus:Director1 1 2022-12-01 2023-11-30 NI683963 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 NI683963 core:OtherRelatedParties 2022-12-01 2023-11-30 NI683963 countries:NorthernIreland 2022-12-01 2023-11-30 NI683963 bus:Director1 1 2022-11-30 NI683963 2021-11-22 2022-11-30 NI683963 2022-11-30 NI683963 core:CurrentFinancialInstruments 2022-11-30 NI683963 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 NI683963 core:Non-currentFinancialInstruments 2022-11-30 NI683963 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 NI683963 core:MoreThanFiveYears 1 2022-11-30 iso4217:GBP xbrli:pure

Registration number: NI683963

One's Space Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

One's Space Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

One's Space Ltd

(Registration number: NI683963)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

658,303

599,830

Cash at bank and in hand

 

32,952

12,644

 

691,255

612,474

Creditors: Amounts falling due within one year

5

(348,967)

(300,511)

Total assets less current liabilities

 

342,288

311,963

Creditors: Amounts falling due after more than one year

5

(337,881)

(319,963)

Net assets/(liabilities)

 

4,407

(8,000)

Capital and reserves

 

Called up share capital

6

12

12

Retained earnings

4,395

(8,012)

Shareholders' funds/(deficit)

 

4,407

(8,000)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

.........................................
Robin Graham
Director

 

One's Space Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The Company Registration Number is: NI683963

The address of its registered office is:
37 Malone Road
Belfast
Antrim
BT9 6RX
Northern Ireland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is £ Sterling.

The level of rounding is to the nearest £ Sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

One's Space Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

One's Space Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Work in progress

658,303

599,830

 

One's Space Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

17,443

Taxation and social security

 

1,031

-

Accruals and deferred income

 

2,520

1,200

Other creditors

 

345,416

281,868

 

348,967

300,511

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

337,881

319,963

2023
£

2022
£

Due after more than five years

After more than five years by instalments

337,881

242,143

-

-

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Allotted, Called up and fully paid of £1 each. of £1 each

12

12

12

12

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

337,881

319,963

Current loans and borrowings

 

One's Space Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Bank borrowings

-

17,443

The loan is secured over the property.

8

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

At 30 November 2023
£

Robin Graham

(35,988)

(35,988)

The above loan is unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

Included within other creditors is amounts due to related parties with common directors totalling £309,427 (2022 : £245,880).