| ONE POINT COMMUNICATIONS LTD |
| Chairmans' Report |
|
|
| I am pleased to announce another successful year for the company reporting further growth and profitability in 2014. |
| This year’s strategic aim was to evolve the company more away from a commission based structure into a wholesale business, and I also pleased to confirm that the company has achieved this, with only 20% of turnover coming in from the traditional commission based business. This is hoped to be reduced further in the next two years, which will allow the business to bill all services provided, thereby adding value for customer ownership. |
| As a company, we have continued to grow and achieved all budgeted targets for the financial year, reporting an increase in revenue of 16% on the previous year. Due to the diversity of product offered in the business over the past few years, the company has also increased our gross profit by 49% against previous years, which in turn has resulted in an increase of 58% in EBITDA despite overhead costs having risen by 43%. This achievement has put the business on a very secure financial footing, and allows the company to invest in others areas of business in order to keep ahead of competition and increase service provision to our customer base. |
| With the above increase in these figures and in the customer base, the company has also increased staff numbers and also upgraded the service management structure, thereby increasing the overall administration cost. The company has not only deployed a stronger management structure to look after day to day operational running of the business, but also to ensure that the company has the skills for further future growth. |
| This has furthermore allowed the directors to concentrate on the longer term strategic targets of the company’s five year plan. The company has introduced a graduate and apprentice scheme in 2014, which is already seeing substantial benefits in this very dynamic industry by allow the company to have a clear development and training plan. The company has also started a major overhaul of our internal IT systems and procedures, which will instigate a more efficient service for both staff and the end user. The company has already seen the benefit of this strategy, after being awarded ISO 9000 accreditation. The company has also seen our customer numbers’ depletion remain at under 3%, which is well below the industry average. The company will continue to invest in systems through 2015. |
| The future for One Point looks very bright as our customer base grows and supplier relationships become more cemented. The company is able to look to the future with positivity with demand for our product provision on the increase, and with more suppliers looking to the company to sell their products I can only see a continuing bright future. |
| The company continues to receive M&A offers from the industry, which serves to reconfirm that the value invested in the business is both sound and for the longer term. |
|
| Ben McElligott |
| Chairman & Chief Executive Officer |
|
| ONE POINT COMMUNICATIONS LTD |
| Registered number: |
04128817 |
| Abbreviated Balance Sheet |
| as at 31 December 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
362,516 |
|
|
8,019 |
|
| Current assets |
| Stocks |
|
|
10,559 |
|
|
10,559 |
| Debtors |
|
|
1,264,675 |
|
|
620,900 |
| Cash at bank and in hand |
|
|
1,577,728 |
|
|
1,976,341 |
|
|
|
2,852,962 |
|
|
2,607,800 |
|
| Creditors: amounts falling due within one year |
|
|
(1,051,961) |
|
|
(991,036) |
|
| Net current assets |
|
|
|
1,801,001 |
|
|
1,616,764 |
|
| Net assets |
|
|
|
2,163,517 |
|
|
1,624,783 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
3 |
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
2,163,515 |
|
|
1,624,781 |
|
| Shareholders' funds |
|
|
|
2,163,517 |
|
|
1,624,783 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| B McElligott |
| Director |
| Approved by the board on 9 September 2015 |
|
| ONE POINT COMMUNICATIONS LTD |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
25% Reducing Balance |
|
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2014 |
50,865 |
|
Additions |
366,523 |
|
At 31 December 2014 |
417,388 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2014 |
42,846 |
|
Charge for the year |
12,026 |
|
At 31 December 2014 |
54,872 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2014 |
362,516 |
|
At 31 December 2013 |
8,019 |
|
|
|
|
|
|
|
|
| 3 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
- |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
