The One Group Limited Company accounts

COMPANY REGISTRATION NUMBER: 05060925

THE ONE GROUP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

THE ONE GROUP LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Income statement	11

Statement of financial position	12

Statement of changes in equity	13

Statement of cash flows	14

Notes to the financial statements	15

THE ONE GROUP LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	C Wallis
	T Drane
	D Drane
	R Barnes (Resigned 5 July 2024)
	R Smith
	M Kent (Appointed 8 July 2024)

Company secretary	R Smith

Registered office	5 Axon Business Park
	Commerce Road
	Lynchwood
	Peterborough
	Cambs
	PE2 6LR

Auditor	Streets Audit LLP
	Chartered Accountants & statutory auditor
	Enterprise House
	38 Tyndall Court
	Commerce Road
	Lynch Wood
	Peterborough
	Cambridgeshire
	PE2 6LR

Bankers	National Westminster Bank Plc
	PO Box No15
	Cathedral Square
	Peterborough
	Cambridgeshire
	PE1 1HW

THE ONE GROUP LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

Introduction

The One Group Limited is the leading independent specialist recruitment in its market providing clients with a range of recruitment services in the Accountancy & Finance, Information Technology, Technical, HR, Marketing and Commercial Office. Operating from three locations in Cambridge, Peterborough and Northampton we supply permanent and temporary staffing solutions to a wide range of corporate and SME’s throughout the region. Results of the company in 2024 show turnover in the period decreased by 17.9% to £9m (2023 - £11m) while a pre-tax loss of £29k (2023 - £611k profit) was reported. Our other preferred metric of performance are EBITDA and Net Assets. EBITDA for the year was £50k (2023 - £689k) and net assets were £288k (2023 - £515k). The directors expect improved results during 2025 and beyond. Principal risks and uncertainties The company's principal financial instruments comprise cash, bank borrowings and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks. The main risks arising from the company's financial risks are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities. Interest rate risk The company's exposure to market risk for the changes in interest rates relates primarily to its bank borrowings. The company seeks to manage this risk by keeping bank borrowings to a minimum.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

T Drane

Director

Registered office:

5 Axon Business Park

Commerce Road

Lynchwood

Peterborough

Cambs

PE2 6LR

THE ONE GROUP LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

C Wallis
T Drane
D Drane
R Smith
M Kent	(Appointed 8 July 2024)
R Barnes	(Resigned 5 July 2024)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

With difficult trading conditions expected due to general wider economic conditions and it's effect on the labour market, the business will look to operate as efficiently as possible and be pro-active with caring for current clients as well as aiming to develop relationships with new clients.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

T Drane

Director

Registered office:

5 Axon Business Park

Commerce Road

Lynchwood

Peterborough

Cambs

PE2 6LR

THE ONE GROUP LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ONE GROUP LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The One Group Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Heather McConnell

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered Accountants & statutory auditor

Enterprise House

38 Tyndall Court

Commerce Road

Lynch Wood

Peterborough

Cambridgeshire

PE2 6LR

30 September 2025

THE ONE GROUP LIMITED

INCOME STATEMENT

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
Turnover	4	9,047,158	11,022,675

Cost of sales	4,094,749	5,264,858
	------------	-------------
Gross profit	4,952,409	5,757,817

Administrative expenses		5,029,936	5,195,680
Other operating income	5	28,819	28,357
		------------	------------
Operating (loss)/profit	6	( 48,708)	590,494

Other interest receivable and similar income	10	68,957	94,741
Interest payable and similar expenses	11	48,948	73,817
		------------	------------
(Loss)/profit before taxation		( 28,699)	611,418

Tax on (loss)/profit	12	51,127	130,673
		--------	---------
(Loss)/profit for the financial year		( 79,826)	480,745
		--------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

THE ONE GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	14	74,276	200,216
Investments	15	108	108
		--------	---------
		74,384	200,324

Current assets

Debtors	16	1,445,807	1,413,623
Cash at bank and in hand		266,612	3,188,255
		------------	------------
		1,712,419	4,601,878

Creditors: amounts falling due within one year	17	1,387,993		3,833,544
		------------		------------
Net current assets			324,426	768,334
			---------	---------
Total assets less current liabilities			398,810	968,658

Creditors: amounts falling due after more than one year	18		110,782	420,008

Provisions

Taxation including deferred tax	19	–	33,603
		---------	---------
Net assets		288,028	515,047
		---------	---------

Capital and reserves

Called up share capital	22	25	45
Share premium account	23	41,194	41,194
Profit and loss account	23	246,809	473,808
		---------	---------
Shareholders funds		288,028	515,047
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

T Drane

Director

Company registration number: 05060925

THE ONE GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2024

		Called up share capital	Share premium account	Profit and loss account	Total
		£	£	£	£
At 1 January 2023		51	41,188	245,062	286,301

Profit for the year				480,745	480,745
		----	--------	---------	---------
Total comprehensive income for the year		–	–	480,745	480,745

Dividends paid and payable	13	–	–	( 251,999)	( 251,999)
Redemption of shares		( 6)	6	–	–
		----	--------	---------	---------
Total investments by and distributions to owners		( 6)	6	( 251,999)	( 251,999)

At 31 December 2023		45	41,194	473,808	515,047

Loss for the year				( 79,826)	( 79,826)
		----	--------	---------	---------
Total comprehensive income for the year		–	–	( 79,826)	( 79,826)

Dividends paid and payable	13	–	–	( 147,173)	( 147,173)
Redemption of shares		( 20)	–	–	( 20)
		----	----	---------	---------
Total investments by and distributions to owners		( 20)	–	( 147,173)	( 147,193)

		----	--------	---------	---------
At 31 December 2024		25	41,194	246,809	288,028
		----	--------	---------	---------

THE ONE GROUP LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£

Cash flows from operating activities

(Loss)/profit for the financial year	( 79,826)	480,745

Adjustments for:
Depreciation of tangible assets	54,832	94,236
Other interest receivable and similar income	( 68,957)	( 94,741)
Interest payable and similar expenses	48,948	73,817
Loss on disposal of tangible assets	43,970	3,526
Tax on (loss)/profit	51,127	130,673
Accrued income	( 31,122)	( 92,945)

Changes in:
Trade and other debtors	( 28,837)	170,732
Trade and other creditors	( 2,422,762)	2,158,417
	------------	------------
Cash generated from operations	( 2,432,627)	2,924,460

Interest paid	( 48,948)	( 73,817)
Interest received	68,957	94,741
Tax paid	( 88,077)	( 154,326)
	------------	------------
Net cash (used in)/from operating activities	( 2,500,695)	2,791,058
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 95,696)	( 77,814)
Proceeds from sale of tangible assets	122,834	69,589
	------------	------------
Net cash from/(used in) investing activities	27,138	( 8,225)
	------------	------------

Cash flows from financing activities

Purchase of own shares	( 20)	–
Proceeds from borrowings	( 300,893)	( 322,381)
Payments of finance lease liabilities	–	( 19,050)
Dividends paid	( 147,173)	( 251,999)
	------------	------------
Net cash used in financing activities	( 448,086)	( 593,430)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 2,921,643)	2,189,403
Cash and cash equivalents at beginning of year	3,188,255	998,852
	------------	------------
Cash and cash equivalents at end of year	266,612	3,188,255
	------------	------------

THE ONE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Axon Business Park, Commerce Road, Lynchwood, Peterborough, Cambs, PE2 6LR.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have prepared the financial statements on a going concern basis. At the balance sheet date there are net assets however the business has made a loss in the year. The directors have no reason to suggest they company cannot continue to trade and meet liabilities as they fall due for payment. For these reasons the financial statements have been prepared on a going concern basis.

Consolidation

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.

Judgements and key sources of estimation uncertainty

The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: 1) Depreciation - the annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	20-25% Straight line
Motor Vehicles	-	25% reducing balance
Equipment	-	15-20% Straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Rendering of services	9,047,158	11,022,675
	------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2024	2023
	£	£
Rental income	28,819	28,357
	--------	--------

6. Operating (loss)/profit

Operating profit or loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible assets	54,832	94,236
Loss on disposal of tangible assets	43,970	3,526
	--------	--------

7. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	12,000	10,000
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Number of permanent staff	59	63
Number of temporary staff	76	105
	----	----
	135	168
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	6,815,951	8,198,950
Social security costs	595,338	652,441
Other pension costs	186,200	186,259
	------------	------------
	7,597,489	9,037,650
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	108,128	198,962
Company contributions to defined contribution pension plans	12,690	5,000
	---------	---------
	120,818	203,962
	---------	---------

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	3,658	71,962
Interest on cash and cash equivalents	65,299	22,779
	--------	--------
	68,957	94,741
	--------	--------

11. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	48,948	68,724
Other interest payable and similar charges	–	5,093
	--------	--------
	48,948	73,817
	--------	--------

12. Tax on (loss)/profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	59,739	154,326
Adjustments in respect of prior periods	28,338	–
	--------	---------
Total current tax	88,077	154,326
	--------	---------

Deferred tax:

Origination and reversal of timing differences	( 36,950)	( 23,653)
	--------	---------
Tax on (loss)/profit	51,127	130,673
	--------	---------

Reconciliation of tax expense

The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
(Loss)/profit on ordinary activities before taxation	( 28,699)	611,418
	--------	---------
(Loss)/profit on ordinary activities by rate of tax	( 7,175)	143,683
Adjustment to tax charge in respect of prior periods	28,338	–
Effect of expenses not deductible for tax purposes	36,047	7,280
Effect of capital allowances and depreciation	( 5,926)	( 20,290)
Effect of different UK tax rates on some earnings	(157)	–
	--------	---------
Tax on (loss)/profit	51,127	130,673
	--------	---------

13. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Equity dividends on ordinary shares	147,173	251,999
	---------	---------

14. Tangible assets

	Land and buildings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	153,991	134,092	368,504	656,587
Additions	–	90,000	5,696	95,696
Disposals	–	( 224,092)	–	( 224,092)
	---------	---------	---------	---------
At 31 December 2024	153,991	–	374,200	528,191
	---------	---------	---------	---------
Depreciation
At 1 January 2024	104,341	57,288	294,742	456,371
Charge for the year	15,399	–	39,433	54,832
Disposals	–	( 57,288)	–	( 57,288)
	---------	---------	---------	---------
At 31 December 2024	119,740	–	334,175	453,915
	---------	---------	---------	---------
Carrying amount
At 31 December 2024	34,251	–	40,025	74,276
	---------	---------	---------	---------
At 31 December 2023	49,650	76,804	73,762	200,216
	---------	---------	---------	---------

15. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	108	51,755	51,863
	----	--------	--------
Impairment
At 1 January 2024 and 31 December 2024	–	51,755	51,755
	----	--------	--------

Carrying amount
At 31 December 2024	108	–	108
	----	--------	--------
At 31 December 2023	108	–	108
	----	--------	--------

The company is a member of Lithium Productions LLP. The directors have valued the investment at £nil at the balance sheet date (2021 - £nil) based on the net assets of the partnership.

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Seneca Search Limited	Ordinary	80
The One Group (Technical) Limited	Ordinary	100

Both Seneca Search Limited and The One Group (Technical) Limited are dormant companies.

16. Debtors

	2024	2023
	£	£
Trade debtors	999,063	1,074,721
Deferred tax asset	3,347	–
Prepayments and accrued income	132,743	139,690
Directors loan account	100,318	–
Other debtors	210,336	199,212
	------------	------------
	1,445,807	1,413,623
	------------	------------

Trade debtors are subject to an invoice financing arrangement. Details of security are provided in the creditors note.

17. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	309,226	300,893
Trade creditors	29,768	57,311
Accruals and deferred income	152,507	183,629
Social security and other taxes	429,355	693,449
Other creditors	467,137	2,598,262
	------------	------------
	1,387,993	3,833,544
	------------	------------

Bank loans and overdrafts are secured on the assets within the company.

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

	2024	2023
	£	£
Bank loans and overdrafts	110,782	420,008
	---------	---------

Bank loans and overdrafts are secured on the assets within the company.

19. Provisions

	Deferred tax (note 20)
	£
At 1 January 2024	33,603
Charge against provision	( 33,603)
	--------
At 31 December 2024	–
	--------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in debtors (note 16)	3,347	–
Included in provisions (note 19)	–	( 33,603)
	-------	--------
	3,347	( 33,603)
	-------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	( 3,347)	33,603
	-------	--------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 147,638 (2023: £ 138,549 ).

22. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.00001 each	594,150	6	1,148,050	11
B Ordinary shares of £ 0.0001 each	190,000	19	380,000	38
Founder shares of £ 0.02 each	1	–	2	–
	---------	----	------------	----
	784,151	25	1,528,052	50
	---------	----	------------	----

The holders of Ordinary shares and Ordinary shares are entitled to one vote per share at meetings of the company. All Ordinary shares rank equally with regard to the company's residual assets.

23. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

24. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	3,188,255	(2,921,643)	266,612
Debt due within one year	(300,893)	(8,333)	(309,226)
Debt due after one year	(420,008)	309,226	(110,782)
	------------	------------	---------
	2,467,354	( 2,620,750)	( 153,396)
	------------	------------	---------

THE ONE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2024

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	244,966	170,760
Later than 1 year and not later than 5 years	369,624	462,837
	---------	---------
	614,590	633,597
	---------	---------

26. Directors' advances, credits and guarantees

At the beginning of the year the directors owed the company £nil, During the year the directors withdrew funds totalling £98,600 and repaid £nil. At the end of the year the directors owed £100,318 to the company. Interest of £1,718 has been charged and the loan is repayable on demand.

27. Related party transactions

Total remuneration for key management personnel is as per note 9 to the financial statements. During the year the company purchased services totalling £196,361 from a company under common control (2023 - £524,823), included within trade creditors at the year end is £1,800 in respect of this (2023 - £nil).