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Registration number: 14320484

One Hope Project Music Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

One Hope Project Music Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

One Hope Project Music Limited

Company Information

Directors

J Wells

T M Kinsella

P Baker

Registered office

C/o Wortham Jaques Ltd
130A High Street
Crediton
Devon
EX17 3LQ

Accountants

Wortham Jaques Limited 130a High Street,
Crediton,
Devon
EX17 3LQ

 

One Hope Project Music Limited

(Registration number: 14320484)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

837

-

Current assets

 

Stocks

5

2,491

2,523

Debtors

6

-

3,403

Cash at bank and in hand

 

2,001

1

 

4,492

5,927

Creditors: Amounts falling due within one year

7

(660)

(660)

Net current assets

 

3,832

5,267

Total assets less current liabilities

 

4,669

5,267

Creditors: Amounts falling due after more than one year

7

(5,134)

-

Net (liabilities)/assets

 

(465)

5,267

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(466)

5,266

Shareholders' (deficit)/funds

 

(465)

5,267

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
J Wells
Director

 

One Hope Project Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Wortham Jaques Ltd
130A High Street
Crediton
Devon
EX17 3LQ
United Kingdom

These financial statements were authorised for issue by the Board on 27 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

One Hope Project Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

One Hope Project Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

One Hope Project Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

930

930

At 31 August 2024

930

930

Depreciation

Charge for the year

93

93

At 31 August 2024

93

93

Carrying amount

At 31 August 2024

837

837

5

Stocks

2024
£

2023
£

Other inventories

2,491

2,523

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

-

3,403

   

-

3,403

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

660

660

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,134

-

 

One Hope Project Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

5,134

-

9

Dividends

2024

2023

£

£

Final dividend of £5,266.00 (2023 - £Nil) per ordinary share

5,266

-

 

 

10

Parent and ultimate parent undertaking

OHP Trust owns 100% of the ordinary shares issued in One Hope Project Music Limited.

During the year OHP Trust made a loan to One Hope Project Music Limited which is repayable on demand and bearing interest.


 The company's immediate parent is OHP Trust, incorporated in England and Wales.

  These financial statements are available upon request from C/o Wortham Jaques Ltd, 130a High Street, Crediton, Devon, EX17 3LQ