Company registration number 02257022 (England and Wales)
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
429,100
558,123
Current assets
Stocks
36,353
8,296
Debtors
4
1,135,951
1,271,462
Cash at bank and in hand
333,035
123,993
1,505,339
1,403,751
Creditors: amounts falling due within one year
5
(637,504)
(660,233)
Net current assets
867,835
743,518
Total assets less current liabilities
1,296,935
1,301,641
Creditors: amounts falling due after more than one year
6
(37,497)
(87,497)
Provisions for liabilities
(107,275)
(105,098)
Net assets
1,152,163
1,109,046
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
1,151,163
1,108,046
Total equity
1,152,163
1,109,046
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
B Gorrell
Director
Company Registration No. 02257022
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
One Two Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Centurion Court, Leyland, Preston, PR25 3UQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
The turnover shown in the profit and loss account represents the value of work done during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
25% reducing balance and 5% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks and work in progress
Work in progress is stated at the lower of cost and net realisable value, where cost consists of outside purchases and internal labour costs, and net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2023 - 35).
2024
2023
Number
Number
Total
36
35
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
1,918,309
27,990
1,946,299
Additions
13,112
13,112
Disposals
(7,399)
(7,399)
At 30 June 2024
1,924,022
27,990
1,952,012
Depreciation and impairment
At 1 July 2023
1,369,705
18,471
1,388,176
Depreciation charged in the year
136,067
2,380
138,447
Eliminated in respect of disposals
(3,711)
(3,711)
At 30 June 2024
1,502,061
20,851
1,522,912
Carrying amount
At 30 June 2024
421,961
7,139
429,100
At 30 June 2023
548,604
9,519
558,123
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,013,449
1,123,484
Amounts owed by group undertakings
88,004
116,879
Prepayments and accrued income
34,498
31,099
1,135,951
1,271,462
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
216,022
230,878
Corporation tax
50,933
Other taxation and social security
122,011
129,197
Other creditors
72,753
62,717
Accruals and deferred income
125,785
187,441
637,504
660,233
Bank loans are secured over the assets of the company by way of a debenture.
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Included within Other creditors are delegate fees collected on behalf of third parties of £72,753 (2023: £62,717).
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
37,497
87,497
Bank loans are secured over the assets of the company by way of a debenture.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
107,275
105,098
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
510
510
510
510
Ordinary B shares of £1 each
490
490
490
490
1,000
1,000
1,000
1,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 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.
Senior Statutory Auditor:
James King
Statutory Auditor:
Pierce C A Limited
Date of audit report:
30 January 2025
ONE TWO AGENCY LIMITED
(FORMERLY GLASGOWS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
10
Operating lease commitments
Lessee
At the reporting end date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total future commitment
343,750
96,250
The company's total outstanding commitment above represents the total rents payable under the terms of the company's property lease with its landlord at £82,500 per annum. As a break option is available at each review date, the total commitment represents the amounts due to this point.