One54 Holdings Ltd Company Accounts

ONE54 HOLDINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09781639

One54 Holdings Ltd

Unaudited Financial Statements

31 March 2017

One54 Holdings Ltd

Financial Statements

Period from 1 February 2017 to 31 March 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

One54 Holdings Ltd

Statement of Financial Position

31 March 2017

	31 Mar 17	31 Jan 17
Note	£	£

Fixed assets

Intangible assets	7	90,683	73,217

Current assets

Debtors	8	31,424	28,769
Cash at bank and in hand		41,565	44,722
		--------	--------
		72,989	73,491

Creditors: amounts falling due within one year	9	29,726	5,450
		--------	--------
Net current assets		43,263	68,041
		---------	---------
Total assets less current liabilities		133,946	141,258
		---------	---------
Net assets		133,946	141,258
		---------	---------

Capital and reserves

Called up share capital	11	1,294	1,294
Share premium account	12	239,759	239,759
Profit and loss account	12	( 107,107)	( 99,795)
		---------	---------
Members funds		133,946	141,258
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

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

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

One54 Holdings Ltd

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 20 June 2017 , and are signed on behalf of the board by:

Mr H Bacon

Director

Company registration number: 09781639

One54 Holdings Ltd

Statement of Changes in Equity

Period from 1 February 2017 to 31 March 2017

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 17 September 2015	–	–	–	–

Loss for the period			( 99,795)	( 99,795)
	----	----	--------	--------
Total comprehensive income for the period	–	–	( 99,795)	( 99,795)

Issue of shares	1,294	239,759	–	241,053
	-------	---------	--------	---------
Total investments by and distributions to owners	1,294	239,759	–	241,053

At 31 January 2017	1,294	239,759	( 99,795)	141,258

Loss for the period			( 7,312)	( 7,312)
	-------	---------	--------	---------
Total comprehensive income for the period	–	–	( 7,312)	( 7,312)

	-------	---------	---------	---------
At 31 March 2017	1,294	239,759	( 107,107)	133,946
	-------	---------	---------	---------

One54 Holdings Ltd

Notes to the Financial Statements

Period from 1 February 2017 to 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7th Floor, Minster House, 42 Mincing Lane, London, EC3R 7AE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The directors believe that due to straightforward nature of the business, there are no material estimates and assumptions that have affected the company's results and financial situations.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to Nil (2017: Nil).

5. Other interest receivable and similar income

	Period from	Period from
	1 Feb 17 to	17 Sep 15 to
	31 Mar 17	31 Jan 17
	£	£
Interest on cash and cash equivalents	–	1
	----	----

6. Tax on loss

Major components of tax income

	Period from	Period from
	1 Feb 17 to	17 Sep 15 to
	31 Mar 17	31 Jan 17
	£	£

Deferred tax:

Origination and reversal of timing differences	( 1,828)	( 24,480)
	-------	--------
Tax on loss	( 1,828)	( 24,480)
	-------	--------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the period is the same as (2017: higher than) the standard rate of corporation tax in the UK of 20 % (2017: 20 %).

	Period from	Period from
	1 Feb 17 to	17 Sep 15 to
	31 Mar 17	31 Jan 17
	£	£
Loss on ordinary activities before taxation	( 9,140)	( 124,275)
	-------	---------
Loss on ordinary activities by rate of tax	( 1,828)	( 24,855)
Effect of expenses not deductible for tax purposes	–	375
	-------	---------
Tax on loss	( 1,828)	( 24,480)
	-------	---------

7. Intangible assets

	Patents, trademarks and licences
	£
Cost
At 1 February 2017	73,217
Additions from internal developments	17,466
	--------
At 31 March 2017	90,683
	--------
Amortisation
At 1 Feb 2017 and 31 Mar 2017	–
	--------
Carrying amount
At 31 March 2017	90,683
	--------
At 31 January 2017	73,217
	--------

8. Debtors

	31 Mar 17	31 Jan 17
	£	£
Trade debtors	171	–
Other debtors	31,253	28,769
	--------	--------
	31,424	28,769
	--------	--------

9. Creditors: amounts falling due within one year

	31 Mar 17	31 Jan 17
	£	£
Trade creditors	22,276	–
Other creditors	7,450	5,450
	--------	-------
	29,726	5,450
	--------	-------

10. Deferred tax

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

	31 Mar 17	31 Jan 17
	£	£
Included in debtors (note 8)	26,308	24,480
	--------	--------

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

	31 Mar 17	31 Jan 17
	£	£
Unused tax losses	( 26,308)	( 24,480)
	--------	--------

11. Called up share capital

Issued, called up and fully paid

	31 Mar 17		31 Jan 17
	No.	£	No.	£
Ordinary shares of £ 0.001 each	1,294,000	1,294	1,294,000	1,294
	------------	-------	------------	-------

12. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.