ONCO V Ltd - Filleted accounts

Registered number

SC646345

ONCO V Ltd

Filleted Accounts

31 December 2024

ONCO V Ltd
Registered number:		SC646345
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		81,777			79,791

Current assets
Stocks		34,036			34,036
Debtors	4	72,986			92,808
Cash at bank and in hand		104,936			190,264
		211,958			317,108

Creditors: amounts falling due within one year	5	(156,948)			(188,250)

Net current assets			55,010			128,858

Total assets less current liabilities			136,787			208,649

Creditors: amounts falling due after more than one year	6		(78,344)			(84,205)

Provisions for liabilities			(20,444)			(19,948)


Net assets			37,999			104,496

Capital and reserves
Called up share capital			100			100
Profit and loss account			37,899			104,396

Shareholders' funds			37,999			104,496

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Colin McKay
Director
Approved by the board on 19 September 2025

ONCO V Ltd
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Motor vehicles	25% reducing balance
	Plant and machinery	25% reducing balance
	Fixtures, fittings, tools and equipment	25% reducing balance

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2024		2023
Number					Number

	Average number of persons employed by the company			3		3


3	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 January 2024	20,432		125,166		145,598
	Additions	2,010		27,235		29,245
	At 31 December 2024	22,442		152,401		174,843

	Depreciation
	At 1 January 2024	11,047		54,760		65,807
	Charge for the year	2,849		24,410		27,259
	At 31 December 2024	13,896		79,170		93,066

	Net book value
	At 31 December 2024	8,546		73,231		81,777
	At 31 December 2023	9,385		70,406		79,791


4	Debtors			2024		2023
£					£

	Trade debtors			61,381		89,493
	Amounts owed by group undertakings and undertakings in which the company has a participating interest			11,605		-
	Other debtors			-		3,315
				72,986		92,808


5	Creditors: amounts falling due within one year			2024		2023
£					£

	Bank loans and overdrafts			10,000		10,000
	Obligations under finance lease and hire purchase contracts			26,135		20,919
	Taxation and social security costs			62,534		87,116
	Other creditors			58,279		70,215
				156,948		188,250


6	Creditors: amounts falling due after one year			2024		2023
£					£

	Bank loans			9,068		18,333
	Obligations under finance lease and hire purchase contracts			69,276		65,872
				78,344		84,205


7	Other information

	ONCO V Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	Clyde Offices 2nd Floor
	48 West George Street
	Glasgow
	Scotland
	G2 1BP