Company Registration No. 06074095 (England and Wales)
ONEE  GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
ONEE  GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ONEE  GROUP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,920
63,175
Investments
4
201
201
44,121
63,376
Current assets
Debtors
5
4,581,209
2,067,493
Cash at bank and in hand
265,533
370,225
4,846,742
2,437,718
Creditors: amounts falling due within one year
6
(5,256,893)
(2,714,321)
Net current liabilities
(410,151)
(276,603)
Total assets less current liabilities
(366,030)
(213,227)
Creditors: amounts falling due after more than one year
7
(560,000)
-
Net liabilities
(926,030)
(213,227)
Capital and reserves
Called up share capital
8
1,000,030
1,000,030
Share premium account
119,970
119,970
Profit and loss reserves
(2,046,030)
(1,333,227)
Total equity
(926,030)
(213,227)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ONEE  GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 June 2018 and are signed on its behalf by:
D Slattery
Director
Company Registration No. 06074095
ONEE  GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information

OneE Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3a Springfield House, Springfield Court, Summerfield Road, Bolton, BL3 2NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% reducing balance
ONEE  GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 balance sheet 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 debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ONEE  GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).

ONEE  GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016
171,475
Additions
2,377
At 30 June 2017
173,852
Depreciation and impairment
At 1 July 2016
108,300
Depreciation charged in the year
21,632
At 30 June 2017
129,932
Carrying amount
At 30 June 2017
43,920
At 30 June 2016
63,175
4
Fixed asset investments
2017
2016
£
£
Investments
201
201

 

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2016 & 30 June 2017
201
Carrying amount
At 30 June 2017
201
At 30 June 2016
201
ONEE  GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 7 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
441,207
223,095
Amounts owed by group undertakings
671,657
-
Other debtors
3,468,345
1,844,398
4,581,209
2,067,493
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
53,049
88,323
Amounts due to group undertakings
4,890,317
2,117,759
Other taxation and social security
79,919
82,139
Other creditors
233,608
426,100
5,256,893
2,714,321
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
560,000
-
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000,000 A Ordinary share of £1 each
1,000,000
1,000,000
10 B Ordinary shares of £1 each
10
10
10 C Ordinary shares of £1 each
10
10
10 D Ordinary shares of £1 each
10
10
1,000,030
1,000,030

The A Ordinary shares entitle holders to receive notice of and to attend and vote at all general meetings of the company. The B, C and D Ordinary shares do not carry voting rights.

 

On a share sale, the sales proceeds shall be distributed by first paying the holders of the A ordinary shares a sum up to £3,450,000. Thereafter the balance (if any) of the sales proceeds shall be split among the B, C and D Ordinary shares as if they ranked pari passu.

ONEE  GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 8 -
9
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
  D Slattery - Directors loan
-
27,206
-
(2,448)
24,758
  B Timol - Directors loan
-
672
354
-
1,026
27,878
354
(2,448)
25,784
2017-06-302016-07-01falseCCH SoftwareCCH Accounts Production 2018.200No description of principal activity25 June 2018L DanielsD SlatteryB TimolT Bashir060740952016-07-012017-06-30060740952017-06-30060740952016-06-3006074095core:OtherPropertyPlantEquipment2017-06-3006074095core:OtherPropertyPlantEquipment2016-06-3006074095core:CurrentFinancialInstruments2017-06-3006074095core:CurrentFinancialInstruments2016-06-3006074095core:Non-currentFinancialInstruments2017-06-3006074095core:ShareCapital2017-06-3006074095core:ShareCapital2016-06-3006074095core:SharePremium2017-06-3006074095core:SharePremium2016-06-3006074095core:RetainedEarningsAccumulatedLosses2017-06-3006074095core:RetainedEarningsAccumulatedLosses2016-06-3006074095core:ShareCapitalOrdinaryShares2017-06-3006074095core:ShareCapitalOrdinaryShares2016-06-3006074095bus:Director22016-07-012017-06-3006074095core:FurnitureFittings2016-07-012017-06-3006074095core:OtherPropertyPlantEquipment2016-06-3006074095core:OtherPropertyPlantEquipment2016-07-012017-06-3006074095bus:OrdinaryShareClass12016-07-012017-06-3006074095bus:OrdinaryShareClass22016-07-012017-06-3006074095bus:OrdinaryShareClass32016-07-012017-06-3006074095bus:OrdinaryShareClass12017-06-3006074095bus:OrdinaryShareClass22017-06-3006074095bus:OrdinaryShareClass32017-06-3006074095bus:OrdinaryShareClass42017-06-3006074095bus:OrdinaryShareClass42016-07-012017-06-3006074095bus:PrivateLimitedCompanyLtd2016-07-012017-06-3006074095bus:FRS1022016-07-012017-06-3006074095bus:AuditExemptWithAccountantsReport2016-07-012017-06-3006074095bus:SmallCompaniesRegimeForAccounts2016-07-012017-06-3006074095bus:Director12016-07-012017-06-3006074095bus:Director32016-07-012017-06-3006074095bus:CompanySecretary12016-07-012017-06-3006074095bus:FullAccounts2016-07-012017-06-30xbrli:purexbrli:sharesiso4217:GBP

Options

Monitor

  • Receive an alert email on changes to financial status
  • Early indications of liquidity problems
  • Warns when company reporting is overdue
  • Free service, no spam emails
Monitor Now

Please Help Us!

Was this document useful to you? Please Like our page. The more Likes we get, the more documents we can supply you free. Thanks.