5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 31,800 15,900 6,360 22,260 9,540 15,900 432 280 152 432 152 xbrli:pure xbrli:shares iso4217:GBP 10587860 2023-06-01 2024-05-31 10587860 2024-05-31 10587860 2023-05-31 10587860 2022-06-01 2023-05-31 10587860 2023-05-31 10587860 2022-05-31 10587860 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10587860 bus:Director1 2023-06-01 2024-05-31 10587860 core:WithinOneYear 2024-05-31 10587860 core:WithinOneYear 2023-05-31 10587860 core:ShareCapital 2024-05-31 10587860 core:ShareCapital 2023-05-31 10587860 core:RetainedEarningsAccumulatedLosses 2024-05-31 10587860 core:RetainedEarningsAccumulatedLosses 2023-05-31 10587860 bus:SmallEntities 2023-06-01 2024-05-31 10587860 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10587860 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10587860 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10587860 bus:FullAccounts 2023-06-01 2024-05-31 10587860 bus:OrdinaryShareClass1 2024-05-31 10587860 bus:OrdinaryShareClass1 2023-05-31 10587860 core:LicencesFranchises 2023-06-01 2024-05-31 10587860 core:ComputerEquipment 2023-06-01 2024-05-31 10587860 core:LicencesFranchises 2024-05-31 10587860 core:LicencesFranchises 2023-05-31 10587860 core:ComputerEquipment 2024-05-31 10587860 core:ComputerEquipment 2023-05-31
COMPANY REGISTRATION NUMBER: 10587860
One Guarantee Limited
Unaudited financial statements
31 May 2024
One Guarantee Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
9,540
15,900
Tangible assets
6
152
------
-------
9,540
16,052
Current assets
Debtors
7
19,082
365,438
Cash at bank and in hand
51,010
40,990
-------
---------
70,092
406,428
Creditors: Amounts falling due within one year
8
( 67,248)
( 436,342)
-------
---------
Net current assets/(liabilities)
2,844
( 29,914)
-------
-------
Total assets less current liabilities
12,384
( 13,862)
Accruals and deferred income
( 1,800)
( 4,141)
-------
-------
Net assets/(liabilities)
10,584
( 18,003)
-------
-------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
10,484
( 18,103)
-------
-------
Shareholders funds/(deficit)
10,584
( 18,003)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
One Guarantee Limited
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr R E Plaster
Director
Company registration number: 10587860
One Guarantee Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Bridge Court, Fishergate, Norwich, NR3 1UE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for structural warranties for commercial and residential property. Revenue from the sale of structural warranties is recognised when the significant risks and rewards of ownership of the the policies have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trade membership
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 5 (2023: 6 ).
5. Intangible assets
Trade membership
£
Cost
At 1 June 2023 and 31 May 2024
31,800
-------
Amortisation
At 1 June 2023
15,900
Charge for the year
6,360
-------
At 31 May 2024
22,260
-------
Carrying amount
At 31 May 2024
9,540
-------
At 31 May 2023
15,900
-------
6. Tangible assets
Equipment
£
Cost
At 1 June 2023 and 31 May 2024
432
----
Depreciation
At 1 June 2023
280
Charge for the year
152
----
At 31 May 2024
432
----
Carrying amount
At 31 May 2024
----
At 31 May 2023
152
----
7. Debtors
2024
2023
£
£
Trade debtors
9,920
356,276
Other debtors
9,162
9,162
-------
---------
19,082
365,438
-------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
7,248
288,128
Social security and other taxes
409
Amounts owed to related undertakings
60,000
147,648
Other creditors
157
-------
---------
67,248
436,342
-------
---------
9. Called up share capital
Issued and called up
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Shares issued and partly paid
2024
2023
No.
£
No.
£
Ordinary shares - £– paid of £ 1 each
100
100
----
----
----
----