Registered number
04815297
One2Create Limited
Filleted Accounts
31 December 2023
One2Create Limited
Registered number: 04815297
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 39,813 50,638
Current assets
Stocks 8,477 10,182
Debtors 4 28,366 20,114
Cash at bank and in hand 91,236 82,142
128,079 112,438
Creditors: amounts falling due within one year 5 (136,760) (122,907)
Net current liabilities (8,681) (10,469)
Total assets less current liabilities 31,132 40,169
Creditors: amounts falling due after more than one year 6 (31,003) (36,213)
Net assets 129 3,956
Capital and reserves
Called up share capital 100 100
Profit and loss account 29 3,856
Shareholders' funds 129 3,956
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D A Harris
Director
Approved by the board on 16 September 2024
One2Create Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 33% straight line
Leasehold Property over the lease term
Fixtures, fittings, tools and equipment 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 7,749 189,472 197,221
Additions - 2,288 2,288
At 31 December 2023 7,749 191,760 199,509
Depreciation
At 1 January 2023 7,726 138,857 146,583
Charge for the year 8 13,105 13,113
At 31 December 2023 7,734 151,962 159,696
Net book value
At 31 December 2023 15 39,798 39,813
At 31 December 2022 23 50,615 50,638
4 Debtors 2023 2022
£ £
Trade debtors 28,263 15,768
Other debtors 103 4,346
28,366 20,114
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,211 6,211
Trade creditors 21,473 23,844
Taxation and social security costs 45,618 38,815
Other creditors 63,458 54,037
136,760 122,907
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,003 36,213
7 Other information
One2Create Limited is a private company limited by shares and incorporated in England. Its registered office is:
River Bank House
65A Bishopstoke Road
Eastleigh
Hampshire
SO50 6BF
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