Omega Citylifts Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03285803 (England and Wales)

OMEGA CITYLIFTS SERVICES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Fuller

SECRETARY:

N A Fuller

REGISTERED OFFICE:

Weltech Centre

Ridgeway

Welwyn Garden City

Hertfordshire

AL7 2AA

REGISTERED NUMBER:

03285803 (England and Wales)

ACCOUNTANTS:

Pomroy Associates Ltd

Chartered Accountants

Weltech Centre

Ridgeway

Welwyn Garden City

Hertfordshire

AL7 2AA

FIXED ASSETS

Intangible assets

4

10,000

18,000

Tangible assets

5

86,967

52,247

96,967

70,247

CURRENT ASSETS

Stocks

2,601

13,896

Debtors

6

550,215

340,294

Cash at bank and in hand

145,430

148,613

698,246

502,803

CREDITORS

Amounts falling due within one year

7

493,120

408,119

NET CURRENT ASSETS

205,126

94,684

TOTAL ASSETS LESS CURRENT LIABILITIES

302,093

164,931

CREDITORS

Amounts falling due after more than one year

8

(57,764

)

-

PROVISIONS FOR LIABILITIES

(16,100

)

(9,800

)

NET ASSETS

228,229

155,131

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

228,227

155,129

SHAREHOLDERS' FUNDS

228,229

155,131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 13 June 2019 and were signed by:

M Fuller - Director

1.	STATUTORY INFORMATION

Omega Citylifts Services Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied,

excluding value added tax.

Turnover from the sale of goods is recognised at the point of sale. Turnover from the sale of services

is recognised on completion of the service or for annual lift maintenance contracts, turnover is

recognised over the period of the agreement.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Motor vehicles

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any recognised

impairment loss.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful

economic lives and residual values of the assets. The useful economic lives and residual values are

reassessed annually. They are amended when necessary to reflect current estimates, future

investments and the physical condition of the assets.

Stocks and contracts in progress

Stocks and contracts in progress are valued at the lower of cost, inclusive of appropriate overheads

and estimated net realisable value. Profit on contracts in progress over the year end is recognised by

reference to the percentage of completion on the contract, provided that the outcome of the contract

can be assessed with reasonable certainty. Advance payments received from customers are shown

in creditors.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

40,000

AMORTISATION

At 1 January 2018

22,000

Charge for year

8,000

At 31 December 2018

30,000

NET BOOK VALUE

At 31 December 2018

10,000

At 31 December 2017

18,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2018

20,945

106,907

127,852

Additions

-

77,913

77,913

Disposals

-

(67,359

)

(67,359

)

At 31 December 2018

20,945

117,461

138,406

DEPRECIATION

At 1 January 2018

4,486

71,119

75,605

Charge for year

3,142

40,051

43,193

Eliminated on disposal

-

(67,359

)

(67,359

)

At 31 December 2018

7,628

43,811

51,439

NET BOOK VALUE

At 31 December 2018

13,317

73,650

86,967

At 31 December 2017

16,459

35,788

52,247

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

281,494

150,598

Other debtors

268,721

189,696

550,215

340,294

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

30,385

30,926

Trade creditors

112,659

79,185

Taxation and social security

79,947

78,340

Other creditors

270,129

219,668

493,120

408,119

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

30,681

-

Other creditors

27,083

-

57,764

-

9.	OTHER FINANCIAL COMMITMENTS

At 31 December 2018, the company had total commitments under non-cancellable operating leases

over the remaining life of those leases of £31,250 (2017 - £56,250).

10.	RELATED PARTY DISCLOSURES

During the year a further loan was made to Omega Citylifts Installations Limited, a company

controlled by the director. At the year end the balance of the loan was £174,000 (2017 - £102,000)

and it is intended that it will be fully repaid during the current year.