Registration number:
O'Three Limited
Chartered Accountants
Registration number:
O'Three Limited
Chartered Accountants
O'Three Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
O'Three Limited
Company Information
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Directors |
M J Darler S W D Webb |
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Company secretary |
S W D Webb |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
O'Three Limitedfor the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of O'Three Limited for the year ended 31 December 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of O'Three Limited, as a body, in accordance with the terms of our engagement letter dated 14 June 2019. Our work has been undertaken solely to prepare for your approval the accounts of O'Three Limited and state those matters that we have agreed to state to the Board of Directors of O'Three Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O'Three Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that O'Three Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of O'Three Limited. You consider that O'Three Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of O'Three Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
O'Three Limited
(Registration number: 03895600)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
120 |
120 |
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Retained earnings |
437,913 |
464,425 |
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Shareholders' funds |
438,033 |
464,545 |
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:
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• |
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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 for issue by the
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O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
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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.
Government grants
Revenue grants are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, shall be recognised in income in the period in which it becomes receivable.
The company accessed a government backed "Coronavirus Business Interruption Loan" in 2020. The loan is 80% guaranteed by the government. The government made a Business Interruption Payment (BIP) to the lender to cover the first 12 months of interest payments. The BIP is recognised in the profit and loss account as grant income on a systematic basis.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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:
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Asset class |
Depreciation method and rate |
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Fixtures, fittings and equipment |
15% Reducing balance |
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Leasehold improvments |
5% Straight line |
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and accumulated impairment losses.
Computer software acquired or developed purely to enable a piece of hardware to function as intended is recognised on the balance sheet as a component of the cost of the tangible fixed asset. Computer software acquired or developed for other purposes is recognised on the balance sheet as an intangible fixed asset.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost over their expected useful life.
Computer software is amortised over five years or the licence term, whichever is most appropriate, on a straight line basis.
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.
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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Intangible assets |
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Trademarks, patents and licenses |
Computer software |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
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At 31 December 2023 |
- |
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Tangible assets |
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Leasehold property improvements |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
- |
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Charge for the year |
- |
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At 31 December 2024 |
- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Finished goods and goods for resale |
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Debtors |
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £49,900 (2023 - £49,900).
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £37,425 (2023 - £87,325).
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Other borrowings |
- |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
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100 |
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100 |
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10 |
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10 |
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
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M J Darler |
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Director's Loan Account - interest charged at HMRC official rate on overdrawn balances. No set repayment terms. |
( |
( |
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( |
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S W D Webb |
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Director's Loan Account - interest charged at HMRC official rate on overdrawn balances. No set repayment terms. |
( |
( |
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( |
O'Three Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024
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2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
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M J Darler |
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Director's Loan Account - interest charged at HMRC official rate on overdrawn balances. No set repayment terms. |
( |
( |
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( |
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S W D Webb |
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Director's Loan Account - interest charged at HMRC official rate on overdrawn balances. No set repayment terms. |
( |
( |
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( |