Onefifty Digital Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 09845992 (England and Wales)
OneFifty Digital Limited
Onefifty Digital Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Onefifty Digital Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,412
24,101
Investments
4
100
100
37,512
24,201
Current assets
Debtors
5
1,778,460
1,507,882
Cash at bank and in hand
189,487
552,655
1,967,947
2,060,537
Creditors: amounts falling due within one year
6
(1,699,674)
(1,677,813)
Net current assets
268,273
382,724
Total assets less current liabilities
305,785
406,925
Provisions for liabilities
(9,388)
(1,778)
Net assets
296,397
405,147
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
296,297
405,047
Total equity
296,397
405,147
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 31 March 2023 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.
Onefifty Digital Limited
Balance Sheet (Continued)
As at 31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
K Buckett
Director
Company Registration No. 09845992
OneFifty Digital Limited
Onefifty Digital Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
OneFifty Digital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Garden Floor, 43 Portland Place, London, United Kingdom, W1B 1QH.
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 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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
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.
1.3
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:
Computers
33% straight line
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
OneFifty Digital Limited
Onefifty Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash at bank and in hand
Cash and cash equivalents 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.
1.6
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
OneFifty Digital Limited
Onefifty Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2022 - 18)
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
41,755
Additions
32,137
Disposals
(6,194)
At 31 March 2023
67,698
Depreciation and impairment
At 1 April 2022
17,654
Depreciation charged in the year
18,826
Eliminated in respect of disposals
(6,194)
At 31 March 2023
30,286
Carrying amount
At 31 March 2023
37,412
At 31 March 2022
24,101
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
OneFifty Digital Limited
Onefifty Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,258,334
1,213,152
Amounts owed by group undertakings
50,000
50,000
Other debtors
64,171
59,098
Prepayments and accrued income
405,955
185,632
1,778,460
1,507,882
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
411,739
259,708
Amounts owed to group undertakings
469,900
219,900
Corporation tax
81,769
67,799
Other taxation and social security
87,293
122,471
Other creditors
2,006
2,006
Accruals and deferred income
646,967
1,005,929
1,699,674
1,677,813
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
50
50
100
50
B Ordinary Shares of £1 each
50
50
-
50
100
100
100
100
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,444,752
823,350
OneFifty Digital Limited
Onefifty Digital Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
9
Related party transactions
Transactions with related parties
As permitted by FRS 102 Section 33 "related party disclosures", the financial statements do not disclose transactions with other members of a wholly owned group.
At the year end, the company owed £206,689 to Hope&Glory PR Limited, a connected company by virtue of shared ownership. There were sales of £13,224 and purchases of £17,342 with Hope&Glory PR Limited in the year.
10
Parent company
There is no ultimate controlling party.