Nicola O'Mara Interior Design Limited - Period Ending 2019-08-31

Nicola O'Mara Interior Design Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2019

Registration number: 02213467

Nicola O'Mara Interior Design Limited

Contents

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

Nicola O'Mara Interior Design Limited

Balance Sheet

31 August 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	2,647	2,741
Current assets
Debtors	5	26,690	24,153
Cash at bank and in hand		8,424	9,927
		35,114	34,080
Creditors: Amounts falling due within one year	6	(36,015)	(29,742)
Net current (liabilities)/assets		(901)	4,338
Net assets		1,746	7,079
Capital and reserves
Called up share capital		2	2
Profit and loss account		1,744	7,077
Total equity		1,746	7,079

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

Page 1

Nicola O'Mara Interior Design Limited

Balance Sheet

31 August 2019

For the financial year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 21 May 2020 and signed on its behalf by:
 

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

J R Merriman

Director

Company Registration Number: 02213467

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

Page 2

Nicola O'Mara Interior Design Limited

Notes to the Financial Statements

Year Ended 31 August 2019

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:
Swallows
Pityme
Wadebridge
Cornwall
PL27 6PQ

These financial statements were authorised for issue by the Board on 21 May 2020.

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 financial statements have been prepared on a going concern basis despite the balance sheet showing net current liabilities as the directors are continuing to support the company.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

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Nicola O'Mara Interior Design Limited

Notes to the Financial Statements

Year Ended 31 August 2019

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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
Furniture and Fittings	25% Reducing Balance
Office Equipment	25% Reducing Balance

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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Nicola O'Mara Interior Design Limited

Notes to the Financial Statements

Year Ended 31 August 2019

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 directors) during the year, was 2 (2018 - 2).

Page 5

Nicola O'Mara Interior Design Limited

Notes to the Financial Statements

Year Ended 31 August 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 September 2018	21,088	21,088
Additions	2,075	2,075
Disposals	(19,064)	(19,064)
At 31 August 2019	4,099	4,099
Depreciation
At 1 September 2018	18,347	18,347
Charge for the year	883	883
Eliminated on disposal	(17,778)	(17,778)
At 31 August 2019	1,452	1,452
Carrying amount
At 31 August 2019	2,647	2,647
At 31 August 2018	2,741	2,741

5

Debtors

	2019 £	2018 £
Trade debtors	20,864	918
Other debtors	5,826	23,235
	26,690	24,153

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Nicola O'Mara Interior Design Limited

Notes to the Financial Statements

Year Ended 31 August 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018  £
Due within one year
Loans and borrowings	7	1,729	1,095
Trade creditors		6,997	1,657
Corporation tax		16,935	20,111
Social security and other taxes		3,829	5,079
Other creditors		4,875	-
Accrued expenses		1,650	1,800
		36,015	29,742

7	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year

	2019 £	2018 £
Current loans and borrowings
Finance lease liabilities	1,729	1,095

8	Related party transactions

Advances to directors

2019	At 1 September 2018 £	Advances to £	Repayments by £	At 31 August 2019 £
N J O'Mara	(12,284)	(25,814)	40,536	2,438
J R Merriman	(818)	(23,197)	26,453	2,438

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