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Registration number: 06395222

Plus One (South West) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Plus One (South West) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Plus One (South West) Limited

(Registration number: 06395222)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,366,954

1,399,039

Current assets

 

Debtors

6

149,884

162,215

Cash at bank and in hand

 

235,788

158,317

 

385,672

320,532

Creditors: Amounts falling due within one year

7

(224,944)

(227,101)

Net current assets

 

160,728

93,431

Total assets less current liabilities

 

1,527,682

1,492,470

Creditors: Amounts falling due after more than one year

7

(710,490)

(740,817)

Provisions for liabilities

(32,442)

(5,928)

Net assets

 

784,750

745,725

Capital and reserves

 

Called up share capital

1

1

Retained earnings

784,749

745,724

Shareholders' funds

 

784,750

745,725

 

Plus One (South West) Limited

(Registration number: 06395222)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

L El-Gilany
Director

   
     
 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
C/o Milsted Langdon LLP
Winchester House
Deane Gate Avenue
Taunton
TA1 2UH

The principal place of business is:
The Manor Rooms
The Cleve
Mantle Street
Wellington
Somerset
TA21 8SN
England

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for fees charged in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received. Grants related to the purchase of assets are treated as deferred income and allocated to the income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is 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 assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Nil

Buildings

2% and 5% straight line

Furniture, fittings and equipment

Straight line over 3 years

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 41 (2023 - 40).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Amortisation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,484,974

106,182

28,478

1,619,634

Additions

-

25,682

-

25,682

Disposals

-

(19,548)

-

(19,548)

At 31 March 2024

1,484,974

112,316

28,478

1,625,768

Depreciation

At 1 April 2023

115,776

85,545

19,274

220,595

Charge for the year

29,651

23,211

2,301

55,163

Eliminated on disposal

-

(16,944)

-

(16,944)

At 31 March 2024

145,427

91,812

21,575

258,814

Carrying amount

At 31 March 2024

1,339,547

20,504

6,903

1,366,954

At 31 March 2023

1,369,198

20,637

9,204

1,399,039

Included within the net book value of land and buildings above is £1,339,547 (2023 - £1,369,198) in respect of freehold land and buildings.
 

Tangible fixed assets with a carrying amount of £1,315,470 (2023 - £1,344,559) have been pledged as security for bank borrowings.

6

Debtors

2024
£

2023
£

Trade debtors

133,289

119,269

Other debtors

13,246

38,246

Prepayments

3,349

4,700

149,884

162,215

 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors

Due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

36,370

36,844

Trade creditors

 

3,960

1,698

Social security and other taxes

 

38,768

57,128

Other creditors

 

7,120

5,727

Accruals and deferred income

 

138,726

125,704

 

224,944

227,101

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

710,490

740,817

Creditors: amounts falling due after more than one year

Creditors include bank loans repayable by instalments of £535,215 (2023 - £581,602) due after more than five years.

The bank loan is secured by way of a fixed charge over the property held by the company.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

710,490

740,817

Current loans and borrowings

2024
£

2023
£

Bank borrowings

36,370

36,844

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,700 (2023 - £10,000).

 

Plus One (South West) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

38,246

38,246

Repaid

(25,000)

(25,000)

At end of period

13,246

13,246

2023

Other related parties
£

Total
£

At start of period

68,246

68,246

Repaid

(30,000)

(30,000)

At end of period

38,246

38,246

Terms of loans to related parties

The loan to other related parties is to a company under common control and is interest free and repayable on demand.