Registered number
SC688731
ONE REPAIR 24 LTD
22 Preston Street
Glasgow
Filleted Accounts
for the year ended 29 February 2024
Yousaf & Co Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: O059/TG
ONE REPAIR 24 LTD
Registered number: SC688731
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,524 2,805
Current assets
Debtors 4 8,981 10,552
Cash at bank and in hand 9,605 4,800
18,586 15,352
Creditors: amounts falling due within one year 5 (1,655) (2,651)
Net current assets 16,931 12,701
Total assets less current liabilities 19,455 15,506
Creditors: amounts falling due after more than one year 6 (11,675) (7,723)
Net assets 7,780 7,783
Capital and reserves
Called up share capital 1 1
Profit and loss account 7,779 7,782
Shareholders' funds 7,780 7,783
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.
Mr Zubair Inwar
Director
Approved by the board on 16 July 2024
ONE REPAIR 24 LTD
Notes to the Accounts
for the year ended 29 February 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 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:
Office equipment 10% 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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office Equipment
£
Cost
At 1 March 2023 3,358
At 29 February 2024 3,358
Depreciation
At 1 March 2023 553
Charge for the year 281
At 29 February 2024 834
Net book value
At 29 February 2024 2,524
At 28 February 2023 2,805
4 Debtors 2024 2023
£ £
Trade debtors 8,981 10,552
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 1,655 2,651
6 Creditors: amounts falling due after one year 2024 2023
£ £
Directors loan account 11,675 7,723
ONE REPAIR 24 LTD SC688731 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 Mr Zubair Inwar No description of principal activity SC688731 2022-03-01 2023-02-28 SC688731 core:WithinOneYear 2023-02-28 SC688731 core:AfterOneYear 2023-02-28 SC688731 core:ShareCapital 2023-02-28 SC688731 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC688731 2023-03-01 2024-02-29 SC688731 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC688731 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC688731 bus:Director40 2023-03-01 2024-02-29 SC688731 1 2023-03-01 2024-02-29 SC688731 2 2023-03-01 2024-02-29 SC688731 core:PlantMachinery 2023-03-01 2024-02-29 SC688731 bus:FRS102 2023-03-01 2024-02-29 SC688731 bus:FilletedAccounts 2023-03-01 2024-02-29 SC688731 2024-02-29 SC688731 core:WithinOneYear 2024-02-29 SC688731 core:AfterOneYear 2024-02-29 SC688731 core:ShareCapital 2024-02-29 SC688731 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC688731 core:PlantMachinery 2024-02-29 SC688731 2023-02-28 SC688731 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure