0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,219,000 60,000 2,159,000 2,159,000 2,219,000 xbrli:pure xbrli:shares iso4217:GBP 03840062 2023-01-01 2023-12-31 03840062 2023-12-31 03840062 2022-12-31 03840062 2022-01-01 2022-12-31 03840062 2022-12-31 03840062 2021-12-31 03840062 bus:Director1 2023-01-01 2023-12-31 03840062 core:WithinOneYear 2023-12-31 03840062 core:WithinOneYear 2022-12-31 03840062 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 03840062 core:ShareCapital 2023-12-31 03840062 core:ShareCapital 2022-12-31 03840062 core:RevaluationReserve 2023-12-31 03840062 core:RevaluationReserve 2022-12-31 03840062 core:RetainedEarningsAccumulatedLosses 2023-12-31 03840062 core:RetainedEarningsAccumulatedLosses 2022-12-31 03840062 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 03840062 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 03840062 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 03840062 bus:SmallEntities 2023-01-01 2023-12-31 03840062 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03840062 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03840062 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03840062 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 03840062
Onlybetter Limited
Filleted Unaudited Financial Statements
31 December 2023
Onlybetter Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 5
Onlybetter Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,159,000
2,219,000
Current assets
Debtors
5
331,245
1,832
Cash at bank and in hand
81,522
215,516
---------
---------
412,767
217,348
Creditors: amounts falling due within one year
6
1,230,169
1,221,856
------------
------------
Net current liabilities
817,402
1,004,508
------------
------------
Total assets less current liabilities
1,341,598
1,214,492
Provisions
Taxation including deferred tax
56,800
60,500
------------
------------
Net assets
1,284,798
1,153,992
------------
------------
Capital and reserves
Called up share capital
2
2
Fair value reserve
424,384
456,184
Profit and loss account
860,412
697,806
------------
------------
Shareholders funds
1,284,798
1,153,992
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit & loss account has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Onlybetter Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Dr R A Garson
Director
Company registration number: 03840062
Onlybetter Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registered number 03840062 . The address of the registered office is Manor rise, 2a Mobberley Road, Knutsford, Cheshire, WA16 8EF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year. Rental income from operating leases is recognised on a straight line basis over the term of the lease.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment properties are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Tangible assets
Investment properties
£
Cost
At 1 January 2023
2,219,000
Disposals
( 60,000)
------------
At 31 December 2023
2,159,000
------------
Depreciation
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
2,159,000
------------
At 31 December 2022
2,219,000
------------
The investment properties are held for use in operating leases. The investment properties were valued by Dr R A Garson , a company director at the balance sheet date. No depreciation is provided in respect of these properties. On a historical cost basis they would have been included at a historic cost of £1,677,816 (2022 - £1,702,316).
5. Debtors
2023
2022
£
£
Trade debtors
1,460
1,832
Other debtors
329,785
---------
-------
331,245
1,832
---------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
549
549
Corporation tax
44,983
13,500
Other creditors
1,184,637
1,207,807
------------
------------
1,230,169
1,221,856
------------
------------
7. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2022: nil).