OMCRG Limited - Period Ending 2019-12-31

Registration number: 04637508

OMCRG Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

OMCRG Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

OMCRG Limited

(Registration number: 04637508)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	118,999	139,936
Current assets
Debtors	4	13,893	5,751
Cash at bank and in hand		8,270	25,414
		22,163	31,165
Creditors: Amounts falling due within one year	5	(7,342)	(39,248)
Net current assets/(liabilities)		14,821	(8,083)
Total assets less current liabilities		133,820	131,853
Provisions for liabilities		(12,213)	(12,213)
Net assets		121,607	119,640
Capital and reserves
Called up share capital	6	2	2
Profit and loss account		121,605	119,638
Total equity		121,607	119,640

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

OMCRG Limited

(Registration number: 04637508)
Balance Sheet as at 31 December 2019

For the financial year ending 31 December 2019 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 March 2020
 

.........................................

Dr Andre Stern
Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

OMCRG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
OxAM House
6 George Street
Oxford
OX1 2BW
England

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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

The company is dependent on the continued support of its creditors. On the basis that this support will continue for the foreseeable future the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probably that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

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 cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

OMCRG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

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
Leasehold property	Straight line over the life of the lease
Leasehold improvements	10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 4

OMCRG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	554,725	56,480	611,205
At 31 December 2019	554,725	56,480	611,205
Depreciation
At 1 January 2019	414,789	56,480	471,269
Charge for the year	20,937	-	20,937
At 31 December 2019	435,726	56,480	492,206
Carrying amount
At 31 December 2019	118,999	-	118,999
At 31 December 2018	139,936	-	139,936

Included within the net book value of land and buildings above is £71,363 (2018 - £73,504) in respect of long leasehold land and buildings and £47,636 (2018 - £66,432) in respect of short leasehold land and buildings.
 

4

Debtors

	2019 £	2018 £
Trade debtors	-	4,775
Prepayments	2,512	976
Other debtors	11,381	-
	13,893	5,751

Page 5

OMCRG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Trade creditors		510	498
Taxation and social security		-	3,000
Corporation tax		5,032	10,076
Other creditors		1,800	25,674
		7,342	39,248

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	2	2	2	2

Page 6

OMCRG Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

7	Related party transactions

Summary of transactions with other related parties

The Oxford Asset Management Company Limited
(Dr A Stern is a director and shareholder in both companies)
 Research, premises, internet and equipment costs of £20,651 (2018: £50,576) were recharged by OMCRG Limited to The Oxford Asset Management Company Limited. OMCRG Limited also charged rental fees of £35,000 (2018: £60,000) to The Oxford Asset Management Company Limited.The Oxford Asset Management Company Limited re-charged expenses, £3,732, to OMCRG Limited.

The Oxford Asset Management Company Limited made interest free loans, repayable on demand, to OMCRG Limited. At the year end £nil (2018: £23,874) was outstanding. OMCRG Limited was owed £11,381 (2018: £4,775) by The Oxford Asset Management Company Limited.
 

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