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Registration number: 10281992

The One Atelier Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The One Atelier Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

The One Atelier Limited

(Registration number: 10281992)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

312,117

-

Tangible assets

6

168,900

115,977

Investments

7

147,479

147,479

 

628,496

263,456

Current assets

 

Debtors

8

3,008,833

2,980,495

Cash at bank and in hand

 

760,075

462,809

 

3,768,908

3,443,304

Creditors: Amounts falling due within one year

9

(3,191,717)

(2,305,758)

Net current assets

 

577,191

1,137,546

Total assets less current liabilities

 

1,205,687

1,401,002

Creditors: Amounts falling due after more than one year

9

(1,068,394)

(1,277,084)

Net assets

 

137,293

123,918

Capital and reserves

 

Called up share capital

1,000,000

1,000,000

Revaluation reserve

19,893

26,745

Retained earnings

(882,600)

(902,827)

Shareholders' funds

 

137,293

123,918

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge 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.

Approved and authorised by the Board on 28 June 2024 and signed on its behalf by:
 

.........................................
M Galli
Director

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
17 Grosvenor Street
Mayfair
London
W1K 4QG

These financial statements were authorised for issue by the Board on 28 June 2024.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

2-5 years straight line

Plant and Machinery

5 years straight line

Fixtures and Fittings

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

2-5 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade 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.

Trade 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

48,265

41,737

Amortisation expense

34,680

254

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

1,523

1,523

Additions acquired separately

346,797

346,797

At 31 December 2023

348,320

348,320

Amortisation

At 1 January 2023

1,523

1,523

Amortisation charge

34,680

34,680

At 31 December 2023

36,203

36,203

Carrying amount

At 31 December 2023

312,117

312,117

6

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

193,385

313,742

507,127

Additions

90,630

8,106

98,736

Foreign exchange movements

-

232

232

At 31 December 2023

284,015

322,080

606,095

Depreciation

At 1 January 2023

89,238

301,912

391,150

Charge for the year

44,142

4,123

48,265

Foreign exchange movements

(2,220)

-

(2,220)

At 31 December 2023

131,160

306,035

437,195

Carrying amount

At 31 December 2023

152,855

16,045

168,900

At 31 December 2022

104,147

11,830

115,977

Included within the net book value of land and buildings above is £152,856 (2022 - £104,147) in respect of long leasehold land and buildings.
 

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Investments

2023
£

2022
£

Investments in subsidiaries

147,479

147,479

Subsidiaries

£

Cost or valuation

At 1 January 2023

147,479

Provision

Carrying amount

At 31 December 2023

147,479

At 31 December 2022

147,479

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,949,834

1,956,491

Amounts owed by related parties

10

1,009,745

1,003,918

Prepayments

 

-

10,625

Other debtors

 

49,254

9,461

   

3,008,833

2,980,495

 

The One Atelier Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

159,854

159,854

Trade creditors

 

494,668

471,313

Taxation and social security

 

167,437

169,326

Accruals and deferred income

 

2,268,029

1,466,670

Other creditors

 

101,729

38,595

 

3,191,717

2,305,758

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,068,394

1,277,084

10

Related party transactions

At the end of the year there is a sum of £1,009,745 (2022: £1,003.918) due from the subsidiary undertakings. This amount is non interest bearing and is repayable on demand.