OBM ONELAB CIC

Company Registration Number:
11420550 (England and Wales)

Unaudited statutory accounts for the year ended 31 August 2024

Period of accounts

Start date: 1 September 2023

End date: 31 August 2024

OBM ONELAB CIC

Contents of the Financial Statements

for the Period Ended 31 August 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

OBM ONELAB CIC

Directors' report period ended 31 August 2024

The directors present their report with the financial statements of the company for the period ended 31 August 2024

Principal activities of the company

The principal activity of the company during the year was the provision of specialist art, design, digital media and entrepreneurship education to young people with special educational needs and disabilities. The company also operated as an approved work-based learning centre, authorised to deliver qualifications accredited by both Pearson Edexcel BTEC and University of the Arts London Awarding Body.



Directors

The directors shown below have held office during the whole of the period from
1 September 2023 to 31 August 2024

Elsa Ellies
Miles Dunphy


The director shown below has held office during the period of
20 December 2023 to 31 August 2024

Iris Heskiahu Ben-David


The director shown below has held office during the period of
20 November 2023 to 14 June 2024

Stephen Howard Rockman


Secretary Miles Dunphy

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 May 2025

And signed on behalf of the board by:
Name: Elsa Ellies
Status: Director

OBM ONELAB CIC

Profit And Loss Account

for the Period Ended 31 August 2024

2024 2023


£

£
Turnover: 728,403 394,582
Cost of sales: ( 418,299 ) ( 197,235 )
Gross profit(or loss): 310,104 197,347
Distribution costs: 0 0
Administrative expenses: ( 195,757 ) ( 121,711 )
Other operating income: 532 1,223
Operating profit(or loss): 114,879 76,859
Interest receivable and similar income: 2,282 516
Interest payable and similar charges: ( 849 ) ( 788 )
Profit(or loss) before tax: 116,312 76,587
Tax: ( 21,794 ) ( 9,473 )
Profit(or loss) for the financial year: 94,518 67,114

OBM ONELAB CIC

Balance sheet

As at 31 August 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 63,379 33,878
Total fixed assets: 63,379 33,878
Current assets
Debtors: 4 45,689 36,597
Cash at bank and in hand: 122,298 47,976
Total current assets: 167,987 84,573
Creditors: amounts falling due within one year: 5 ( 63,242 ) ( 42,052 )
Net current assets (liabilities): 104,745 42,521
Total assets less current liabilities: 168,124 76,399
Creditors: amounts falling due after more than one year: 6 ( 3,945 ) ( 6,738 )
Total net assets (liabilities): 164,179 69,661
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 164,079 69,561
Total Shareholders' funds: 164,179 69,661

The notes form part of these financial statements

OBM ONELAB CIC

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 19 May 2025
and signed on behalf of the board by:

Name: Elsa Ellies
Status: Director

The notes form part of these financial statements

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised at the fair value of the consideration received or receivable for 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. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Plant & Machinery - 6 Years Fixtures & Fittings - 25% straight line Computer Equipment - 3 Years

    Other accounting policies

    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 statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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. Basic financial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. 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 trade and other payables, bank loans, initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of businessfrom 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Foreign Currencies Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. Taxation Income tax expense represents the sum of the tax currently payable. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Pensions The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme. Cost of sales The cost of sales is recognised as an expense in the income statement when the goods or services are delivered to the learners. Costs are measured at the amount incurred, which includes teaching staff salaries, educational materials, and facility expenses.

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 5 2

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 September 2023 43,104 8,804 18,280 70,188
Additions 26,241 2,132 18,199 46,572
Disposals
Revaluations
Transfers
At 31 August 2024 69,345 10,936 36,479 116,760
Depreciation
At 1 September 2023 21,569 3,853 10,888 36,310
Charge for year 7,600 2,514 6,957 17,071
On disposals
Other adjustments
At 31 August 2024 29,169 6,367 17,845 53,381
Net book value
At 31 August 2024 40,176 4,569 18,634 63,379
At 31 August 2023 21,535 4,951 7,392 33,878

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

4. Debtors

2024 2023
£ £
Trade debtors 13,373
Other debtors 45,689 23,224
Total 45,689 36,597

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 11,450 9,686
Trade creditors 16,238 13,327
Taxation and social security 29,974 16,423
Other creditors 5,580 2,616
Total 63,242 42,052

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 3,945 6,738
Total 3,945 6,738

OBM ONELAB CIC

Notes to the Financial Statements

for the Period Ended 31 August 2024

7. Financial Commitments

Other Commitments At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which is £135,622 in 2024 (2023: £45,535).

COMMUNITY INTEREST ANNUAL REPORT

OBM ONELAB CIC

Company Number: 11420550 (England and Wales)

Year Ending: 31 August 2024

Company activities and impact

ONELAB is a Department for Education registered Post-16 SPI. ONELAB offers an experiential learning journey to young people (ages 16-25) with special educational needs and disabilities (SEND) within art, design, digital media and entrepreneurship. ONELAB is partnered with the University of the Arts London to offer qualifications from Level 1 to Level 4. ONELAB is a Pearson approved work-based learning centre in the London Borough of Tower Hamlets; London’s borough identified as having the highest rate of child poverty in the U.K. ONELAB tackles the root causes of youth poverty caused by systemic inequality. Specifically, ONELAB is focused on mobilising disabled young people out of poverty by dissolving the disability employment gap. Having a learning disability is one of the strongest predictors of poverty in the U.K. Research shows that of those living in poverty in 2016, 48% are disabled or live in a household with a disabled person. Almost half of the U.K. living in poverty is thus associated with a disability. For many creatively gifted SEND learners, especially those living in deprived areas (such as Tower Hamlets), opportunities to pursue a creative career are highly restricted. In general, creative education fails to develop meaningful opportunities within the creative sector for individuals with special needs – a sector in which networks, facilities and additional expertise contribute so heavily to entry. ONELAB dissolves these barriers to entry and provides opportunities to SEND learners to develop the skills and knowledge base necessary to secure paid and sustainable employment and/or self-employment within the creative sector, post full-time education. Vision: Empowering young people with special needs to thrive in life by unlocking their hidden potentials, fostering a world where every individual, regardless of their unique abilities, is provided the opportunities, support and encouragement needed to flourish and contribute meaningfully to society. Our commitment is embodied in ONELAB, an innovative organisation offering an experiential learning journey designed to nurture and unleash the full spectrum of capabilities within SEND young people. ONELAB strives to create an inclusive and supportive environment that recognises and celebrates the diverse talents of every individual, empowering them to not only navigate life with confidence but to actively shape a brighter, more inclusive future for themselves and the communities they thrive within. Mission: ONELAB is closing the disability employment gap and offering long-term solutions to tackle poverty and unemployment amongst young people at greatest risk of becoming NEET and those furthest from the labour market through two critical steps: 1. Raising the attainment levels amongst the lowest achieving thereby increasing life chances; and 2. Offering clear and tangible pathways to employment and/or self-employment. ONELAB is forging new pathways into adulthood for young people with SEND. ONELAB offers creative industry training that is practical, preparing learners to take a piece of the “creative economy pie”. In this way, ONELAB bridges the gap between the academic study of art, design, digital media and entrepreneurship and its manifestation in the real-world.

Consultation with stakeholders

Stakeholders of ONELAB are: 1. young people (16-25 years old) with special educational needs and disabilities (SEND) with active education, health and care plans (EHCPs) 2. parents/guardians of young people with special educational needs and disabilities 3. local authorities 4. heath care professionals, as required 5. community learning disabilities services ONELAB works closely with all stakeholders throughout the year to ensure young people with SEND receive the education and training required, as identified in their respective EHCPs, to achieve their longer-term career and personal life goals (transitions to adulthood). Annual Reviews take place with all stakeholders to review each young person’s progress and achievements and set new targets as required to ensure successful transitions to adulthood occur post full-time education. Progress and targets are closely monitored throughout the academic year and reported to stakeholders during the Annual Review process. Communication with stakeholders remain continuous throughout the year to ensure actions taken are timely and effective.

Directors' remuneration

The aggregate amount of emoluments paid to the directors totalled £180,000. The compensation for the director’s loss of office totalled £624.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
18 May 2025

And signed on behalf of the board by:
Name: Elsa Ellies
Status: Director