Silverfin false false 31/12/2024 01/01/2024 31/12/2024 K Diamond 10/12/1998 J Horner 25/03/2024 24/03/1999 H Jowitt 21/12/2021 P Rendell 01/01/2013 J H Tootal 21/12/2021 06 March 2025 The principal activity of the Company is that of a modeling agency. 03678510 2024-12-31 03678510 bus:Director1 2024-12-31 03678510 bus:Director2 2024-12-31 03678510 bus:Director3 2024-12-31 03678510 bus:Director4 2024-12-31 03678510 bus:Director5 2024-12-31 03678510 2023-12-31 03678510 core:CurrentFinancialInstruments 2024-12-31 03678510 core:CurrentFinancialInstruments 2023-12-31 03678510 core:Non-currentFinancialInstruments 2024-12-31 03678510 core:Non-currentFinancialInstruments 2023-12-31 03678510 core:ShareCapital 2024-12-31 03678510 core:ShareCapital 2023-12-31 03678510 core:SharePremium 2024-12-31 03678510 core:SharePremium 2023-12-31 03678510 core:RetainedEarningsAccumulatedLosses 2024-12-31 03678510 core:RetainedEarningsAccumulatedLosses 2023-12-31 03678510 core:LandBuildings 2023-12-31 03678510 core:OtherPropertyPlantEquipment 2023-12-31 03678510 core:LandBuildings 2024-12-31 03678510 core:OtherPropertyPlantEquipment 2024-12-31 03678510 core:CostValuation 2023-12-31 03678510 core:CostValuation 2024-12-31 03678510 2022-12-31 03678510 bus:OrdinaryShareClass1 2024-12-31 03678510 bus:OrdinaryShareClass2 2024-12-31 03678510 core:WithinOneYear 2024-12-31 03678510 core:WithinOneYear 2023-12-31 03678510 core:BetweenOneFiveYears 2024-12-31 03678510 core:BetweenOneFiveYears 2023-12-31 03678510 core:MoreThanFiveYears 2024-12-31 03678510 core:MoreThanFiveYears 2023-12-31 03678510 2024-01-01 2024-12-31 03678510 bus:FilletedAccounts 2024-01-01 2024-12-31 03678510 bus:SmallEntities 2024-01-01 2024-12-31 03678510 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 03678510 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03678510 bus:Director1 2024-01-01 2024-12-31 03678510 bus:Director2 2024-01-01 2024-12-31 03678510 bus:Director3 2024-01-01 2024-12-31 03678510 bus:Director4 2024-01-01 2024-12-31 03678510 bus:Director5 2024-01-01 2024-12-31 03678510 core:OtherPropertyPlantEquipment core:BottomRangeValue 2024-01-01 2024-12-31 03678510 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-01-01 2024-12-31 03678510 2023-01-01 2023-12-31 03678510 core:LandBuildings 2024-01-01 2024-12-31 03678510 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 03678510 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 03678510 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 03678510 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 03678510 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03678510 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 03678510 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 03678510 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03678510 (England and Wales)

MODELS ONE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MODELS ONE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MODELS ONE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
MODELS ONE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 66,104 64,932
Investments 4 1 1
66,105 64,933
Current assets
Debtors 5 1,348,301 1,021,571
Cash at bank and in hand 321,662 538,897
1,669,963 1,560,468
Creditors: amounts falling due within one year 6 ( 729,893) ( 749,837)
Net current assets 940,070 810,631
Total assets less current liabilities 1,006,175 875,564
Creditors: amounts falling due after more than one year 7 ( 265,837) ( 176,601)
Provision for liabilities 8 ( 12,074) ( 11,642)
Net assets 728,264 687,321
Capital and reserves
Called-up share capital 9 28,325 28,325
Share premium account 254,925 254,925
Profit and loss account 445,014 404,071
Total shareholder's funds 728,264 687,321

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Models One Limited (registered number: 03678510) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Rendell
Director

06 March 2025

MODELS ONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MODELS ONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Models One Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 12 Macklin Street, Covent Garden, London, WC2B 5SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 10 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 28 28

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 28,483 147,963 176,446
Additions 0 23,511 23,511
Disposals 0 ( 56,275) ( 56,275)
At 31 December 2024 28,483 115,199 143,682
Accumulated depreciation
At 01 January 2024 22,895 88,619 111,514
Charge for the financial year 2,849 19,490 22,339
Disposals 0 ( 56,275) ( 56,275)
At 31 December 2024 25,744 51,834 77,578
Net book value
At 31 December 2024 2,739 63,365 66,104
At 31 December 2023 5,588 59,344 64,932

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 1
At 31 December 2024 1
Carrying value at 31 December 2024 1
Carrying value at 31 December 2023 1

5. Debtors

2024 2023
£ £
Trade debtors 459,168 441,605
Amounts owed by group undertakings 646,862 348,015
Amounts owed by directors 8,581 0
Prepayments and accrued income 233,130 231,201
Other debtors 560 750
1,348,301 1,021,571

Amounts owed by group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 63,503 104,147
Trade creditors 52,555 38,187
Accruals 15,514 8,446
Taxation and social security 230,407 224,101
Other creditors 367,914 374,956
729,893 749,837

Included within Bank loans is an amount £Nil (2023: £68,948) secured by a debenture comprising fixed and floating charges over all the assets and undertakings of Models One Limited. The immediate and ultimate parent companies have a given cross guarantees on this loan.

Also included within Bank loans is a balance £63,503 (2023: £35,199) of which two of the directors have given personal guarantees.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 265,837 176,601

Also included within Bank loans is a balance £265,837 (2023: £176,601) of which two of the directors have given personal guarantees.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,642) ( 10,669)
Charged to the Statement of Income and Retained Earnings ( 432) ( 973)
At the end of financial year ( 12,074) ( 11,642)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150,000 Ordinary shares of £ 0.10 each 15,000 15,000
133,250 Ordinary A shares of £ 0.10 each 13,325 13,325
28,325 28,325

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 197,760 197,760
between one and five years 791,040 791,040
after five years 197,760 395,520
1,186,560 1,384,320

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 6,398 6,136

11. Related party transactions

The company is a wholly owned subsidiary of Models 1 New Co Limited and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly owned members of the group.

Included within debtors is an amount of £8,581 (2023: £Nil) owed to the company by a director.

Included within debtors is an amount of £409,570 (2023: £293,456) owed to the company by Models 1 Top Co Ltd.

12. Ultimate controlling party

Parent Company:

Models 1 New Co Limited

The company's immediate parent undertaking is Models 1 New Co Limited, a company registered in England and Wales.

The ultimate controlling parties are the shareholders of the ultimate parent undertaking, Models 1 Top Co Limited.