One on One Adult Centre Limited - Period Ending 2018-01-31

One on One Adult Centre Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2018

Registration number: 03818160

One on One Adult Centre Limited

Contents

Director's Report	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

One on One Adult Centre Limited

Director's Report

Year Ended 31 January 2018

The director presents his report and the financial statements for the year ended 31 January 2018.

Director of the company

The director who held office during the year was as follows:

T M Hemming

Principal activity

The principal activity of the company is that of a property investment company.

Small companies provision statement

This report has 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.

Approved by the director on 25 October 2018 and signed on its behalf by:

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

Page 1

One on One Adult Centre Limited

Balance Sheet

31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	536,400
Investment property	5	2,620,932	-
		2,620,932	536,400
Current assets
Debtors	6	91,975	120,532
Cash at bank and in hand		82	-
		92,057	120,532
Creditors: Amounts falling due within one year	7	(363,005)	(677,742)
Net current liabilities		(270,948)	(557,210)
Total assets less current liabilities		2,349,984	(20,810)
Creditors: Amounts falling due after more than one year	7	(2,393,300)	-
Net liabilities		(43,316)	(20,810)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(43,416)	(20,910)
Total equity		(43,316)	(20,810)

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

One on One Adult Centre Limited

Balance Sheet

31 January 2018

For the financial year ending 31 January 2018 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 25 October 2018
 

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

Company Registration Number: 03818160

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2018

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 25 October 2018.

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 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.

Page 4

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The directors consider that the land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.


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:

Asset class	Depreciation method and rate
Land and Buildings	Nil

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.

Page 5

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2018

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 (2017 - 1).

Page 6

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2018

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 February 2017	536,400	536,400
Transfers	(536,400)	(536,400)
At 31 January 2018	-	-
Depreciation
Carrying amount
At 31 January 2018	-	-
At 31 January 2017	536,400	536,400

5	Investment properties

	2018 £
Additions	2,084,532
Transfers to and from property, plant and equipment	536,400
At 31 January	2,620,932

The investment property class of fixed asset is valued is valued at market value by the director.

There has been no valuation of investment property by an independent valuer.

6

Debtors

	Note	31 January 2018  £	31 January 2017  £
Trade debtors		37,000	-
Amounts due from related parties		2,356	-
Other debtors		52,619	120,532
		91,975	120,532

Page 7

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	31 January 2018  £	31 January 2017  £
Due within one year
Loans and borrowings	8	77,581	-
Trade creditors		23,186	641,400
Amounts due to related parties		-	44
Social security and other taxes		4,805	-
Other creditors		256,058	34,448
Accrued expenses		1,375	1,850
		363,005	677,742
Due after one year
Loans and borrowings	8	2,393,300	-

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	8	2,393,300	-

Page 8

One on One Adult Centre Limited

Notes to the Financial Statements

Year Ended 31 January 2018

8	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	1,893,852	-
Other borrowings	499,448	-
	2,393,300	-

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	77,581	-

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.

9	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
100 Ordinary shares of £1 each	100	100	100	100

Page 9