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Company No: 02143296 (England and Wales)

ONE STOP SUPPLIES LIMITED

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

ONE STOP SUPPLIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ONE STOP SUPPLIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
ONE STOP SUPPLIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 46,460 0
Investments 4 400,000 400,000
446,460 400,000
Current assets
Debtors 5 355,826 398,792
Cash at bank and in hand 3,407 9,642
359,233 408,434
Creditors: amounts falling due within one year 6 ( 293,865) ( 376,827)
Net current assets 65,368 31,607
Total assets less current liabilities 511,828 431,607
Creditors: amounts falling due after more than one year 7 ( 52,001) ( 23,934)
Provision for liabilities ( 8,149) 0
Net assets 451,678 407,673
Capital and reserves
Called-up share capital 8 10,102 10,102
Other reserves 400,000 400,000
Profit and loss account 41,576 ( 2,429 )
Total shareholders' funds 451,678 407,673

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:

The financial statements of One Stop Supplies Limited (registered number: 02143296) were approved and authorised for issue by the Board of Directors on 16 May 2025. They were signed on its behalf by:

Kevin Nicholas James
Director
ONE STOP SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ONE STOP SUPPLIES 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

One Stop Supplies 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 11 Lanchester Road, Highgate, London, N6 4SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £451,678. The Company is supported through loans from an LLP of which this company is a member. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the LLP will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Vehicles 5 years straight line
Office equipment 3 - 5 years straight line
Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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 2 2

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2024 0 2,376 2,376
Additions 58,075 0 58,075
Disposals 0 ( 2,376) ( 2,376)
At 31 December 2024 58,075 0 58,075
Accumulated depreciation
At 01 January 2024 0 2,376 2,376
Charge for the financial year 11,615 0 11,615
Disposals 0 ( 2,376) ( 2,376)
At 31 December 2024 11,615 0 11,615
Net book value
At 31 December 2024 46,460 0 46,460
At 31 December 2023 0 0 0

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 400,000 400,000
At 31 December 2024 400,000 400,000
Carrying value at 31 December 2024 400,000 400,000
Carrying value at 31 December 2023 400,000 400,000

Fixed asset investments represents the directors' valuation of the investment by the company in United Managed Office Services LLP. The historical cost of the fixed asset investments is nil (2023: nil).

5. Debtors

2024 2023
£ £
Trade debtors 70 762
Amounts owed by directors 248,251 289,363
VAT recoverable 84 438
Corporation tax 107,381 107,381
Other debtors 40 848
355,826 398,792

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,960 4,419
Other loans 196,290 326,290
Accruals 1,299 1,100
Taxation and social security 77,205 43,784
Obligations under finance leases and hire purchase contracts 9,162 0
Other creditors 4,949 1,234
293,865 376,827

Hire purchase liabilities are secured over the asset to which they relate.

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

2024 2023
£ £
Bank loans 18,974 23,934
Obligations under finance leases and hire purchase contracts 33,027 0
52,001 23,934

Hire purchase liabilities are secured over the asset to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
88,897 Ordinary A shares of £ 0.10 each 8,890 8,890
6,062 Ordinary B shares of £ 0.10 each (2023: 12,123 shares of £ 0.10 each) 606 1,212
6,061 Ordinary C shares of £ 0.10 each (2023: nil shares) 606 0
10,102 10,102

9. Financial commitments

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.

The company has a commitment to make Employer's pension contributions on behalf of the directors at the time of the liquidation or termination of their employments. It will make an Employer's pension contribution equal to the amounts arising under the original obligation.

10. Related party transactions

At the balance sheet date, the company has made loans to the directors totalling £248,251 (2023: £289,363). The loans bear interest at 2.25% per annum and are repayable on demand.