Onion Limited 03488036 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Property investment Digita Accounts Production Advanced 6.30.9574.0 true true 03488036 2023-04-01 2024-03-31 03488036 2024-03-31 03488036 core:RetainedEarningsAccumulatedLosses 2024-03-31 03488036 core:ShareCapital 2024-03-31 03488036 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03488036 core:Non-currentFinancialInstruments 2024-03-31 03488036 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03488036 core:FurnitureFittings 2024-03-31 03488036 bus:SmallEntities 2023-04-01 2024-03-31 03488036 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03488036 bus:FilletedAccounts 2023-04-01 2024-03-31 03488036 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03488036 bus:RegisteredOffice 2023-04-01 2024-03-31 03488036 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 03488036 bus:Director2 2023-04-01 2024-03-31 03488036 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03488036 core:FurnitureFittings 2023-04-01 2024-03-31 03488036 countries:EnglandWales 2023-04-01 2024-03-31 03488036 2023-03-31 03488036 core:FurnitureFittings 2023-03-31 03488036 2022-04-01 2023-03-31 03488036 2023-03-31 03488036 core:RetainedEarningsAccumulatedLosses 2023-03-31 03488036 core:ShareCapital 2023-03-31 03488036 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03488036 core:Non-currentFinancialInstruments 2023-03-31 03488036 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03488036 core:FurnitureFittings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 03488036

Onion Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Onion Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Onion Limited

Company Information

Directors

Mrs S Boughton

Mr ATF Boughton

Company secretary

Mrs S Boughton

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Onion Limited

(Registration number: 03488036)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

96

583

Investment property

5

353,921

353,921

 

354,017

354,504

Current assets

 

Cash at bank and in hand

 

1,895

5,130

Creditors: Amounts falling due within one year

6

(121,091)

(126,312)

Net current liabilities

 

(119,196)

(121,182)

Total assets less current liabilities

 

234,821

233,322

Creditors: Amounts falling due after more than one year

6

(242,515)

(242,515)

Net liabilities

 

(7,694)

(9,193)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(7,696)

(9,195)

Shareholders' deficit

 

(7,694)

(9,193)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2024 and signed on its behalf by:
 

 

Onion Limited

(Registration number: 03488036)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr ATF Boughton
Director

   
     
 

Onion Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

Onion Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Fixtures and fittings

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Onion Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Onion Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

1,458

1,458

At 31 March 2024

1,458

1,458

Depreciation

At 1 April 2023

875

875

Charge for the year

487

487

At 31 March 2024

1,362

1,362

Carrying amount

At 31 March 2024

96

96

At 31 March 2023

583

583

5

Investment properties

2024
£

At 1 April

353,921

At 31 March

353,921

There has been no valuation of investment property by an independent valuer.

 

Onion Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

400

400

Amounts owed to related parties

120,061

125,311

Accruals and deferred income

 

630

600

Other creditors

 

-

1

 

121,091

126,312

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

242,515

242,515

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

242,515

242,515

Current loans and borrowings

2024
£

2023
£

Directors current account

400

400