One on One Adult Centre Limited - Period Ending 2020-01-31

One on One Adult Centre Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

One on One Adult Centre Limited

Balance Sheet

31 January 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	2,832,750	2,832,750
Current assets
Debtors	5	306,005	162,632
Cash at bank and in hand		149	78,812
		306,154	241,444
Creditors: Amounts falling due within one year	6	(1,059,250)	(925,273)
Net current liabilities		(753,096)	(683,829)
Total assets less current liabilities		2,079,654	2,148,921
Creditors: Amounts falling due after more than one year	6	(1,709,015)	(1,818,279)
Provisions for liabilities		(52,347)	(52,347)
Net assets		318,292	278,295
Capital and reserves
Called up share capital	8	100	100
Non distributable reserves		-	239,471
Profit and loss account		318,192	38,724
Total equity		318,292	278,295

One on One Adult Centre Limited

Balance Sheet

31 January 2020

For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 January 2021
 

......................................... T M Hemming Director

Company Registration Number: 03818160

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2020

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:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Forest Gate
Spring Lane
Ringwood
Hampshire
BH24 3FH

These financial statements were authorised for issue by the director on 29 January 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

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.

Going concern

Despite the fact that the balance sheet shows the company has net current liabilities, the financial statements have been prepared on a going concern basis due to the ongoing financial support of the director.

Revenue recognition

Revenue represents amounts chargeable, net of value added tax, in respect of rental of investment properties.

- Rental income from investment property is recognised on a straight line basis over the life of the lease.

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2020

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by the directors. Periodically the directors instruct external valuers to use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset to fair value the investment property. Changes in fair value are recognised in profit or loss.

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2020

4	Investment properties

	2020 £
At 1 February	2,832,750

The investment property was revalued on 9 November 2018 by Agnes Sawyer of Nettleship Sawyer.
The basis of the valuation was open market basis.

5

Debtors

	2020  £	2019  £
Trade debtors	292,373	149,000
Other debtors	13,632	13,632
	306,005	162,632

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020  £	2019  £
Due within one year
Loans and borrowings	7	104,602	77,319
Trade creditors		4,721	-
Social security and other taxes		5,320	4,900
Other creditors		934,954	834,451
Accrued expenses		2,930	1,250
Corporation tax		6,723	7,353
		1,059,250	925,273
Due after one year
Loans and borrowings	7	1,709,015	1,818,279

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	1,709,015	1,818,279

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2020

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	1,709,015	1,818,279

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	104,602	77,319

The bank loan is secured by a debenture and a guarantee for £2,000,000 from Tim Hemming and ABS Wholesale Limited as well as a first legal charge over properties held by the director T Hemming and One on One Adult Centre Limited.

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
100 Ordinary shares of £1 each	100	100	100	100