2023-02-212024-02-292024-02-29false14680576Number One The Square 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Number One The Square Ltd

Registered Number
14680576
(England and Wales)

Unaudited Financial Statements for the Period ended
29 February 2024

Number One The Square Ltd
Company Information
for the period from 21 February 2023 to 29 February 2024

Directors

Bonner, Nichola Andrea
Bonner, Robert John

Registered Address

1 The Square
Liphook
GU30 7AB

Registered Number

14680576 (England and Wales)
Number One The Square Ltd
Balance Sheet as at
29 February 2024

Notes

2024

£

£

Fixed assets
Intangible assets368,000
Tangible assets41,516
69,516
Current assets
Stocks53,956
Debtors4,242
Cash at bank and on hand11,573
19,771
Creditors amounts falling due within one year6(84,366)
Net current assets (liabilities)(64,595)
Total assets less current liabilities4,921
Provisions for liabilities7(288)
Net assets4,633
Capital and reserves
Called up share capital2
Profit and loss account4,631
Shareholders' funds4,633
The financial statements were approved and authorised for issue by the Board of Directors on 14 September 2024, and are signed on its behalf by:
Bonner, Nichola Andrea
Director
Registered Company No. 14680576
Number One The Square Ltd
Notes to the Financial Statements
for the period ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

2024
Average number of employees during the year9
3.Intangible assets

Goodwill

Total

££
Cost or valuation
Additions68,00068,000
At 29 February 2468,00068,000
Net book value
At 29 February 2468,00068,000
At 20 February 23--
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
Additions1,7751,775
At 29 February 241,7751,775
Depreciation and impairment
Charge for year259259
At 29 February 24259259
Net book value
At 29 February 241,5161,516
At 20 February 23--
5.Stocks

2024

£
Finished goods3,956
Total3,956
6.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables2,613
Taxation and social security5,344
Other creditors74,887
Accrued liabilities and deferred income1,522
Total84,366
7.Provisions for liabilities

2024

£
Net deferred tax liability (asset)288
Total288