IRIS Accounts Production v24.3.0.553 06569704 director 1.3.23 29.2.24 29.2.24 Medium entities bed manufacturing. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh065697042023-02-28065697042024-02-29065697042023-03-012024-02-29065697042022-02-28065697042022-03-012023-02-28065697042023-02-2806569704ns14:PoundSterling2023-03-012024-02-2906569704ns10:Director12023-03-012024-02-2906569704ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2906569704ns10:MediumEntities2023-03-012024-02-2906569704ns10:Audited2023-03-012024-02-2906569704ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2906569704ns10:Medium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2906569704ns10:FullAccounts2023-03-012024-02-2906569704ns10:OrdinaryShareClass12023-03-012024-02-2906569704ns10:CompanySecretary12023-03-012024-02-2906569704ns10:RegisteredOffice2023-03-012024-02-2906569704ns5:CurrentFinancialInstruments2024-02-2906569704ns5:CurrentFinancialInstruments2023-02-2806569704ns5:Non-currentFinancialInstruments2024-02-2906569704ns5:Non-currentFinancialInstruments2023-02-2806569704ns5:ShareCapital2024-02-2906569704ns5:ShareCapital2023-02-2806569704ns5:FurtherSpecificReserve1ComponentTotalEquity2024-02-2906569704ns5:FurtherSpecificReserve1ComponentTotalEquity2023-02-2806569704ns5:RetainedEarningsAccumulatedLosses2024-02-2906569704ns5:RetainedEarningsAccumulatedLosses2023-02-2806569704ns5:ShareCapital2022-02-2806569704ns5:RetainedEarningsAccumulatedLosses2022-02-2806569704ns5:FurtherSpecificReserve1ComponentTotalEquity2022-02-2806569704ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2806569704ns5:FurtherSpecificReserve1ComponentTotalEquity2022-03-012023-02-2806569704ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2906569704ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-012024-02-290656970412023-03-012024-02-290656970412022-03-012023-02-2806569704ns5:OwnedAssets2023-03-012024-02-2906569704ns5:OwnedAssets2022-03-012023-02-2806569704ns5:PlantMachinery2023-02-2806569704ns5:PlantMachinery2023-03-012024-02-2906569704ns5:PlantMachinery2024-02-2906569704ns5:PlantMachinery2023-02-2806569704ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2906569704ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2806569704ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: 06569704















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ONE HOLDING NORTH LIMITED

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


ONE HOLDING NORTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Jahangir Khan





SECRETARY: Sabina Khan





REGISTERED OFFICE: Grange Enterprise Park Grange Road
Batley
West Yorkshire
WF17 6PB





REGISTERED NUMBER: 06569704





AUDITORS: Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The director presents his strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
Principal activities of the company remain the manufacture of Mattresses & Divan Bases complimented with Imported Furniture. This year the company is focusing more on its Imported Furniture in addition to the range of products already available. Turnover this year was £10m. This was a mix of imported and UK manufactured products.

PRINCIPAL RISKS AND UNCERTAINTIES
This year the company still faced some challenges but not as much as previous years apart from the turnover lower than previous year levels as the spike in turnover then was due to pre covid conditions.

FUTURE PROSPECTS
Management is focusing on keeping costs down for the future.

The following costs have come down, reduction of warehouse space by circa 30,000 sq ft resulting in savings on Rent & Business Rates.

Shipping Charges are 30% cheaper so will help in future at keeping costs down on imported goods.

There has been a reduction in employee numbers by 35% which will mean lower wage costs for the following year.

Review mechanisms are in place within all key areas of the business and the company will continue to proactively adjust pricing with customers as well as looking at negotiating price reductions from its supplier base.

The company still focused in the use of recycled materials in all of our manufacturing processes improving efficiency and also helping the environment.

Product innovation and design still a paramount objective for the future.

Stable Supply chains and shipping prices during 2024/2025 will help in maintaining steady performance of the company.

This report was approved by the board on 29th November 2024 and signed on its behalf.

Mr J. Khan
Director

ON BEHALF OF THE BOARD:





Jahangir Khan - Director


29 November 2024

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 29 FEBRUARY 2024

The director presents his report with the financial statements of the company for the year ended 29 February 2024.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTOR
Jahangir Khan held office during the whole of the period from 1 March 2023 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Jahangir Khan - Director


29 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONE HOLDING NORTH LIMITED

Opinion
We have audited the financial statements of One Holding North Limited (the 'company') for the year ended 29 February 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONE HOLDING NORTH LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONE HOLDING NORTH LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively has the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and form our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the companies act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


To address the risk of fraud through management bias and overide of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed wether judgements and assumptions made in determining the accounting estimates set out in note 1 and where indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONE HOLDING NORTH LIMITED


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Richard Hall FCA (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

29 November 2024

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 10,178,086 12,113,173

Cost of sales 8,260,870 10,358,261
GROSS PROFIT 1,917,216 1,754,912

Distribution costs 67,186 68,318
Administrative expenses 1,823,279 1,671,829
1,890,465 1,740,147
OPERATING PROFIT and
PROFIT BEFORE TAXATION 26,751 14,765

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR 26,751 14,765

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 26,751 14,765


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

26,751

14,765

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 228,630 188,204

CURRENT ASSETS
Stocks 7 1,821,166 2,456,591
Debtors 8 350,385 473,122
Cash at bank and in hand 180,822 637,483
2,352,373 3,567,196
CREDITORS
Amounts falling due within one year 9 1,791,459 2,764,709
NET CURRENT ASSETS 560,914 802,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

789,544

990,691

CREDITORS
Amounts falling due after more than
one year

10

232,164

460,062
NET ASSETS 557,380 530,629

CAPITAL AND RESERVES
Called up share capital 11 200 200
Other reserves 74,000 74,000
Profit and loss account 483,180 456,429
SHAREHOLDERS' FUNDS 557,380 530,629

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





Jahangir Khan - Director


ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up Profit
share and loss Other Total
capital account reserves equity
£    £    £    £   
Balance at 1 March 2022 200 441,664 74,000 515,864

Changes in equity
Total comprehensive income - 14,765 - 14,765
Balance at 28 February 2023 200 456,429 74,000 530,629

Changes in equity
Total comprehensive income - 26,751 - 26,751
Balance at 29 February 2024 200 483,180 74,000 557,380

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (547,837 ) 158,303
Finance costs paid (104,859 ) -
Tax paid - (47,607 )
Net cash from operating activities (652,696 ) 110,696

Cash flows from investing activities
Purchase of tangible fixed assets (103,583 ) (171,390 )
Sale of tangible fixed assets 8,395 -
Net cash from investing activities (95,188 ) (171,390 )

Cash flows from financing activities
Amount introduced by directors 1,223 -
Group Loans 290,000 -
Net cash from financing activities 291,223 -

Decrease in cash and cash equivalents (456,661 ) (60,694 )
Cash and cash equivalents at
beginning of year

2

637,483

698,177

Cash and cash equivalents at end of
year

2

180,822

637,483

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Operating profit 26,751 14,765
Depreciation charges 57,157 47,051
Profit on disposal of fixed assets (2,395 ) -
81,513 61,816
Decrease/(increase) in stocks 635,425 (1,010,942 )
Decrease/(increase) in trade and other debtors 122,737 (193,679 )
(Decrease)/increase in trade and other creditors (1,387,512 ) 1,301,108
Cash generated from operations (547,837 ) 158,303

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 180,822 637,483
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 637,483 698,177


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 637,483 (456,661 ) 180,822
637,483 (456,661 ) 180,822
Total 637,483 (456,661 ) 180,822

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

One Holding North Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 20% reducing balance

STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,726,799 1,681,047
Social security costs 130,905 172,855
Other pension costs 69,168 47,437
1,926,872 1,901,339

The average number of employees during the year was as follows:
2024 2023

88 83

2024 2023
£    £   
Director's remuneration 57,598 60,011

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 57,157 47,051
Profit on disposal of fixed assets (2,395 ) -
Foreign exchange differences - 117,614

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 29 February 2024 nor for the year ended 28 February 2023.

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 26,751 14,765
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2023 - 19%)

5,083

2,805

Effects of:
Expenses not deductible for tax purposes 11,389 8,940
Income not taxable for tax purposes (455 ) -
Capital allowances in excess of depreciation (22,004 ) (41,076 )
Utilisation of tax losses 5,987 29,331
Total tax charge - -

Trade losses of £185,880 (2023: £154,371) are available to carry forward against future trading profits.

6. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 March 2023 525,174
Additions 103,583
Disposals (7,500 )
At 29 February 2024 621,257
DEPRECIATION
At 1 March 2023 336,970
Charge for year 57,157
Eliminated on disposal (1,500 )
At 29 February 2024 392,627
NET BOOK VALUE
At 29 February 2024 228,630
At 28 February 2023 188,204

ONE HOLDING NORTH LIMITED (REGISTERED NUMBER: 06569704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. STOCKS
2024 2023
£    £   
Raw materials 700,272 471,989
Finished goods 1,120,894 1,984,602
1,821,166 2,456,591

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 314,201 471,325
Prepayments 36,184 1,797
350,385 473,122

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 837,321 1,761,982
Amounts owed to group undertakings 290,000 -
Social security and other taxes 5,336 6,755
VAT 252,974 552,451
Other creditors 22,632 4,180
RBS - Invoice finance 116,957 221,816
Directors' loan accounts 216,248 215,025
Accruals and deferred income 49,991 2,500
1,791,459 2,764,709

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 232,164 460,062

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200