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Company No: 02143296 (England and Wales)

ONE STOP SUPPLIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ONE STOP SUPPLIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ONE STOP SUPPLIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
ONE STOP SUPPLIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 168
Investments 4 400,000 400,000
400,000 400,168
Current assets
Debtors 5 398,792 392,392
Cash at bank and in hand 9,642 0
408,434 392,392
Creditors: amounts falling due within one year 6 ( 376,827) ( 423,576)
Net current assets/(liabilities) 31,607 (31,184)
Total assets less current liabilities 431,607 368,984
Creditors: amounts falling due after more than one year 7 ( 23,934) ( 24,167)
Net assets 407,673 344,817
Capital and reserves
Called-up share capital 8 10,102 10,102
Other reserves 400,000 400,000
Profit and loss account ( 2,429 ) ( 65,285 )
Total shareholders' funds 407,673 344,817

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 financial statements of One Stop Supplies Limited (registered number: 02143296) were approved and authorised for issue by the Board of Directors on 18 September 2024. They were signed on its behalf by:

K N James
Director
ONE STOP SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ONE STOP SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

One Stop Supplies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 Lanchester Road, Highgate, London, N6 4SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £407,673. The Company is supported through loans from an LLP of which this company is a member. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the LLP will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line
Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 2,376 2,376
At 31 December 2023 2,376 2,376
Accumulated depreciation
At 01 January 2023 2,208 2,208
Charge for the financial year 168 168
At 31 December 2023 2,376 2,376
Net book value
At 31 December 2023 0 0
At 31 December 2022 168 168

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 400,000 400,000
At 31 December 2023 400,000 400,000
Carrying value at 31 December 2023 400,000 400,000
Carrying value at 31 December 2022 400,000 400,000

Fixed asset investments represents the directors' valuation of the investment by the company in United Managed Office Services LLP. The historical cost of the fixed asset investments is nil (2022: nil).

5. Debtors

2023 2022
£ £
Trade debtors 762 1,026
Corporation tax 107,381 107,381
Other debtors 290,649 283,985
398,792 392,392

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 4,419 24,611
Trade creditors 0 2,861
Taxation and social security 43,784 50,523
Other creditors 328,624 345,581
376,827 423,576

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,934 24,167

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
88,897 Ordinary A shares of £ 0.10 each 8,890 8,890
12,123 Ordinary B shares of £ 0.10 each 1,212 1,212
10,102 10,102

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The company has a commitment to make Employer's pension contributions on behalf of the directors at the time of the liquidation or termination of their employments. It will make an Employer's pension contribution equal to the amounts arising under the original obligation.

10. Related party transactions

At the balance sheet date, the company has made loans to the directors totalling £289,363 (2022: £283,533). The loans bear interest at 2.25% per annum and are repayable on demand.