Company registration number 04913650 (England and Wales)
Onestopcomputers (Stoke) Ltd
Unaudited financial statements
For the year ended 31 January 2024
Onestopcomputers (Stoke) Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Onestopcomputers (Stoke) Ltd
Statement of financial position
As at 31 January 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
34,176
25,589
Current assets
Stocks
40,324
48,395
Debtors
5
75,198
53,582
Cash at bank and in hand
81,478
43,834
197,000
145,811
Creditors: amounts falling due within one year
6
(86,639)
(68,800)
Net current assets
110,361
77,011
Total assets less current liabilities
144,537
102,600
Creditors: amounts falling due after more than one year
7
(57,376)
(56,657)
Provisions for liabilities
(7,900)
(6,400)
Net assets
79,261
39,543
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
79,161
39,443
Total equity
79,261
39,543
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
Onestopcomputers (Stoke) Ltd
Statement of financial position (continued)
As at 31 January 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr J Price
Director
Company registration number 04913650 (England and Wales)
Onestopcomputers (Stoke) Ltd
Notes to the financial statements
For the year ended 31 January 2024
- 3 -
1
Accounting policies
Company information
Onestopcomputers (Stoke) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 173-175 London Road, Stoke on Trent, Staffordshire, ST4 5RW.
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
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
1.4
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.
Onestopcomputers (Stoke) Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 4 -
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:
Fixtures and fittings
25% on cost
Computers
33% reducing balance
Motor vehicles
33% reducing balance
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 profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Financial instruments
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial assets that are measured at cost and amortised cost are 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 profit or loss.
1.8
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 income statement 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.
Onestopcomputers (Stoke) Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
4
Onestopcomputers (Stoke) Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
15,000
Amortisation and impairment
At 1 February 2023 and 31 January 2024
15,000
Carrying amount
At 31 January 2024
At 31 January 2023
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
12,219
32,265
44,484
Additions
2,502
1,166
14,408
18,076
Disposals
(3,270)
(3,270)
At 31 January 2024
11,451
1,166
46,673
59,290
Depreciation and impairment
At 1 February 2023
8,523
10,372
18,895
Depreciation charged in the year
1,192
223
7,298
8,713
Eliminated in respect of disposals
(2,494)
(2,494)
At 31 January 2024
7,221
223
17,670
25,114
Carrying amount
At 31 January 2024
4,230
943
29,003
34,176
At 31 January 2023
3,696
21,893
25,589
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
55,518
50,994
Other debtors
19,680
2,588
75,198
53,582
Onestopcomputers (Stoke) Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,555
5,557
Trade creditors
83
334
Taxation and social security
53,508
21,792
Other creditors
27,493
41,117
86,639
68,800
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,626
35,181
Other creditors
27,750
21,476
57,376
56,657
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,849
12,960
8
Security
Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.
Included in other creditors are net obligations due under hire purchase contracts of £37,155 (£27,429 - 2023).
9
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:
2024
2023
£
£
13,580
19,400
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Onestopcomputers (Stoke) Ltd
Notes to the financial statements (continued)
For the year ended 31 January 2024
10
Directors' transactions
(Continued)
- 8 -
Directors Loan Account
2.25
-
19,657
23
19,680
-
19,657
23
19,680