Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-015falseNo description of principal activity3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11700458 2023-01-01 2023-12-31 11700458 2022-01-01 2022-12-31 11700458 2023-12-31 11700458 2022-12-31 11700458 c:Director1 2023-01-01 2023-12-31 11700458 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 11700458 d:Buildings d:ShortLeaseholdAssets 2023-12-31 11700458 d:Buildings d:ShortLeaseholdAssets 2022-12-31 11700458 d:FurnitureFittings 2023-01-01 2023-12-31 11700458 d:FurnitureFittings 2023-12-31 11700458 d:FurnitureFittings 2022-12-31 11700458 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11700458 d:OfficeEquipment 2023-01-01 2023-12-31 11700458 d:OfficeEquipment 2023-12-31 11700458 d:OfficeEquipment 2022-12-31 11700458 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11700458 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11700458 d:CurrentFinancialInstruments 2023-12-31 11700458 d:CurrentFinancialInstruments 2022-12-31 11700458 d:Non-currentFinancialInstruments 2023-12-31 11700458 d:Non-currentFinancialInstruments 2022-12-31 11700458 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11700458 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11700458 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11700458 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11700458 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 11700458 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 11700458 d:ShareCapital 2023-12-31 11700458 d:ShareCapital 2022-12-31 11700458 d:RetainedEarningsAccumulatedLosses 2023-12-31 11700458 d:RetainedEarningsAccumulatedLosses 2022-12-31 11700458 c:FRS102 2023-01-01 2023-12-31 11700458 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11700458 c:FullAccounts 2023-01-01 2023-12-31 11700458 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11700458 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11700458









THE ONLY AGENCY LIMITED







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE ONLY AGENCY LIMITED
REGISTERED NUMBER: 11700458

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,956
8,365

  
4,956
8,365

Current assets
  

Debtors: amounts falling due within one year
 5 
604,200
607,768

Cash at bank and in hand
 6 
190,486
190,379

  
794,686
798,147

Creditors: amounts falling due within one year
 7 
(1,217,320)
(858,937)

Net current liabilities
  
 
 
(422,634)
 
 
(60,790)

Total assets less current liabilities
  
(417,678)
(52,425)

Creditors: amounts falling due after more than one year
 8 
(7,891)
(12,579)

  

Net liabilities
  
(425,569)
(65,004)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(425,669)
(65,104)

  
(425,569)
(65,004)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.
Page 1

 
THE ONLY AGENCY LIMITED
REGISTERED NUMBER: 11700458
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023





Mr K Belden
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Only Agency Limited is a private company limited by share capital, incorporated in England and Wales under registered number 11700458. The address of the registered office is 16 - 19 Eastcastle Street, Fitzrovia, London, United Kingdom, W1W 8DY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold improvements
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 3).

Page 5

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
12,039
8,841
5,663
26,543


Additions
-
-
2,192
2,192



At 31 December 2023

12,039
8,841
7,855
28,735



Depreciation


At 1 January 2023
9,630
6,414
2,134
18,178


Charge for the year on owned assets
2,409
1,767
1,425
5,601



At 31 December 2023

12,039
8,181
3,559
23,779



Net book value



At 31 December 2023
-
660
4,296
4,956



At 31 December 2022
2,409
2,427
3,529
8,365

Page 6

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
566,551
562,642

Amounts owed by group undertakings
1,838
-

Other debtors
18,880
21,040

Prepayments and accrued income
16,931
24,086

604,200
607,768



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
190,486
190,379

190,486
190,379



7.


Creditors: Amounts falling due within one year

2023
Restated 2022
£
£

Bank loans (note 11)
5,000
5,000

Trade creditors
641,678
471,706

Amounts owed to group undertakings
(100)
359

Corporation tax
206,332
73,081

Other taxation and social security
287,028
288,072

Other creditors
32,801
244

Accruals and deferred income
44,581
20,475

1,217,320
858,937


Page 7

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (note 11)
7,891
12,579

7,891
12,579



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,000
5,000


5,000
5,000


Amounts falling due 2-5 years

Bank loans
7,891
12,579


7,891
12,579


12,891
17,579


This loan facility is supported by the Bounce Back Loan Scheme, managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.  
The loan bears interest at the rate of 2.5% per annum. Interest payable on the facility for 12 months from the initial drawdown date was paid by the Secretary of State for Business, Energy & Industrial Strategy through a business interruption payment made available to the Bank through the Bounce Back Loan Scheme and not by the company.

Page 8

 
THE ONLY AGENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Prior year adjustment

A prior year adjustment has been made to the comparative figures, in respect of a material error, where the company had omitted to provide for VAT on certain UK sales. The effects are as follows:
At 1 January 2022
Other taxation and social security increase £49,365
Profit and loss reserves decrease £49,365
At 31 December 2022
Other taxation and social security increase £68,218
Turnover decrease £54,135
Administration expenses increase £14,083
Corporation tax creditor decrease £10,286
Tax on profit decrease £10,286


11.


Pension commitments

The company contributes to a defined contribution pension scheme on behalf of its staff. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge for the year was £7,284 (2022: £3,408). There are no amounts outstanding at the year end. The annual commitment in respect of this scheme is £8,440 (2022: £4,155).


12.


Related party transactions

During the year ordinary dividends totalling £855,000 (2022: £370,000) were paid to the parent undertaking.
Included in debtors at the balance sheet date is an amount of £1,838 (2022: £459 creditor) due from the parent undertaking. The amount is in respect of net cash received by the parent undertaking on behalf of this company. The amount is unsecured, interest free and repayable on demand.
Included in debtors at the balance sheet date is an amount of £Nil (2022: £2,160) due from the director.  The amount is in respect of expenses borne on behalf of the director. This amount is unsecured, interest free and repayable on demand.

 
Page 9