Company registration number 11008106 (England and Wales)
ONIT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ONIT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ONIT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ONIT LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ONIT Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of ONIT Limited, as a body, in accordance with the terms of our engagement letter dated 28 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of ONIT Limited and state those matters that we have agreed to state to the board of directors of ONIT Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ONIT Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that ONIT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ONIT Limited. You consider that ONIT Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ONIT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
30 August 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ONIT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,774
22,735
Investment property
4
725,000
726,753
Investments
5
361,334
260,495
1,139,108
1,009,983
Current assets
Debtors
6
1,271,216
1,257,539
Cash at bank and in hand
230,462
408,128
1,501,678
1,665,667
Creditors: amounts falling due within one year
7
(7,694)
(2,985)
Net current assets
1,493,984
1,662,682
Total assets less current liabilities
2,633,092
2,672,665
Provisions for liabilities
(14,287)
(4,300)
Net assets
2,618,805
2,668,365
Capital and reserves
Called up share capital
8
2,500,002
2,500,000
Profit and loss reserves
118,803
168,365
Total equity
2,618,805
2,668,365

The director of the company has 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 director acknowledges her 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.

ONIT LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
Mrs T L Wall
Director
Company registration number 11008106 (England and Wales)
ONIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

ONIT Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty and that she can continue to adopt the going concern basis in preparing the annual report and financial statementstrue.

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for management services.

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.

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
10% per annum on a diminishing balance basis
Computers
25% per annum on a straight line basis
Motor vehicles
25% per annum on a diminishing balance basis

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

ONIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Fixed asset investments also includes listed investments. Listed investments are stated at market value. A provision for impairment is recognised where the market value or valuation is less than original cost.

1.7
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.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
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.

1.10
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.

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.

 

 

 

 

ONIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
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.

1.12
Leases

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 employed by the company during the year was 1 (2022 - 0).

3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
25,313
2,345
-
0
27,658
Additions
1,440
1,373
37,038
39,851
At 31 December 2023
26,753
3,718
37,038
67,509
Depreciation and impairment
At 1 January 2023
4,812
111
-
0
4,923
Depreciation charged in the year
2,146
721
6,945
9,812
At 31 December 2023
6,958
832
6,945
14,735
Carrying amount
At 31 December 2023
19,795
2,886
30,093
52,774
At 31 December 2022
20,501
2,234
-
0
22,735
4
Investment property
2023
£
Fair value
At 1 January 2023
726,753
Revaluations
(1,753)
At 31 December 2023
725,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the company director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

ONIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
361,334
260,495

The other investments above represent listed investments which have been included at their fair market value at the year end date by reference to the market value of shares.

 

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
260,495
Additions
100,000
Valuation changes
839
At 31 December 2023
361,334
Carrying amount
At 31 December 2023
361,334
At 31 December 2022
260,495
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,213,443
1,236,180
Prepayments and accrued income
57,773
21,359
1,271,216
1,257,539
7
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
5,489
885
Other creditors
2,205
2,100
7,694
2,985
ONIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2,500,000
2,500,000
2,500,000
2,500,000
Ordinary B shares of £1 each
2
-
2
-
2,500,002
2,500,000
2,500,002
2,500,000

On 18 December 2023, the company issued 2 Ordinary B £1 shares at nominal value.

 

On the same date, the company also redesignated their Ordinary shares to Ordinary A shares.

9
Directors' transactions

As at the 31 December 2023, the director owed the company £15,198 (2022 - £37,935).

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