Registered number
08595311
One Plus One TV Ltd
Filleted Accounts
31 July 2024
One Plus One TV Ltd
Registered number: 08595311
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 29,312 38,484
Current assets
Debtors 5 38,963 26,822
Cash at bank and in hand 9,657 15,362
48,620 42,184
Creditors: amounts falling due within one year 6 (54,110) (41,557)
Net current (liabilities)/assets (5,490) 627
Total assets less current liabilities 23,822 39,111
Creditors: amounts falling due after more than one year 7 (6,417) (27,661)
Net assets 17,405 11,450
Capital and reserves
Called up share capital 200 200
Profit and loss account 17,205 11,250
Shareholders' funds 17,405 11,450
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.
Mrs J Leach
Director
Approved by the board on 17 October 2024
One Plus One TV Ltd
Notes to the Accounts
for the year ended 31 July 2024
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:
Plant and machinery 25% reducing balance
Motor vehicle 20% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 20,000
At 31 July 2024 20,000
Amortisation
At 1 August 2023 20,000
At 31 July 2024 20,000
Net book value
At 31 July 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 43,553 48,490 92,043
Additions 601 24,499 25,100
Disposals - (48,490) (48,490)
At 31 July 2024 44,154 24,499 68,653
Depreciation
At 1 August 2023 36,103 17,456 53,559
Charge for the year 2,013 4,846 6,859
On disposals - (21,077) (21,077)
At 31 July 2024 38,116 1,225 39,341
Net book value
At 31 July 2024 6,038 23,274 29,312
At 31 July 2023 7,450 31,034 38,484
5 Debtors 2024 2023
£ £
Trade debtors 38,265 26,153
Other debtors 698 669
38,963 26,822
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,000 7,000
Obligations under finance lease and hire purchase contracts - 4,528
Directors current account 13,453 3,480
Taxation and social security costs 25,936 26,549
Other creditors 7,721 -
54,110 41,557
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,417 8,584
Obligations under finance lease and hire purchase contracts - 13,417
Trade creditors - 5,660
6,417 27,661
8 Other information
One Plus One TV Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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