Omicways Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00897115 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Omicways Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D B Marks

J A V Marks

Mrs P J Marks

Mrs G M I Marks

N J Marks

Mrs B A Cole

P H Marks

SECRETARY:

J A V Marks

REGISTERED OFFICE:

Bude Stratton Business Park

Bude

Cornwall

EX23 8LY

REGISTERED NUMBER:

00897115 (England and Wales)

ACCOUNTANTS:

Metherell Gard Ltd

Chartered Accountants

Burn View

Bude

Cornwall

EX23 8BX

FIXED ASSETS

Tangible assets

4

1,621,974

1,594,990

Investment property

5

2,485,000

2,135,000

4,106,974

3,729,990

CURRENT ASSETS

Stocks

1,196,767

1,348,169

Debtors

417,177

741,027

Cash at bank and in hand

2,642,197

2,223,189

4,256,141

4,312,385

CREDITORS

Amounts falling due within one year

393,436

330,437

NET CURRENT ASSETS

3,862,705

3,981,948

TOTAL ASSETS LESS CURRENT LIABILITIES

7,969,679

7,711,938

PROVISIONS FOR LIABILITIES

72,300

59,000

NET ASSETS

7,897,379

7,652,938

CAPITAL AND RESERVES

Called up share capital

23,677

23,677

Share premium

1,425,331

1,425,331

Revaluation reserve

6

1,385

1,385

Retained earnings

6,446,986

6,202,545

SHAREHOLDERS' FUNDS

7,897,379

7,652,938

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2020 and were signed on its behalf by:

J A V Marks - Director

1.	STATUTORY INFORMATION

Omicways 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 (£).

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. The policy adopted for the recognition of turnover is as follows:

Sale of goods

Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of

ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs

can be reliably measured.

Rental income

Rental income arising from operating leases on investment property is accounted for on a straight line basis over

the lease term.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property

-Nil

Plant and machinery etc

-10% on cost to 25% on reducing balance, and 15 years on cost

The policy of the directors is to maintain the freehold buildings to a good standard of repair and so in their

opinion, no depreciation is required, as the expected residual value of the buildings at the end of their useful life

is above the carrying value in the accounts.

Investment property

Investment property is included at fair value. Any aggregate gains or losses arising from changes in fair value is

recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when

the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

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

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange

ruling at the date of transaction.

Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange

ruling at the balance sheet date.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees

are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed

as they become payable.

Financial instruments

Basic financial instruments are recognised initially at transaction price excluding transaction costs and

subsequently at amortised cost. These include cash at bank, trade and other debtors and trade and other

creditors. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes

recognised in the income statement.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the income statement in other

administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2018 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2019

2,145,007

Additions

87,342

Disposals

(16,269

)

At 31 December 2019

2,216,080

DEPRECIATION

At 1 January 2019

550,017

Charge for year

55,210

Eliminated on disposal

(11,121

)

At 31 December 2019

594,106

NET BOOK VALUE

At 31 December 2019

1,621,974

At 31 December 2018

1,594,990

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

2,135,000

Additions

335,440

Revaluations

14,560

At 31 December 2019

2,485,000

NET BOOK VALUE

At 31 December 2019

2,485,000

At 31 December 2018

2,135,000

Fair value at 31 December 2019 is represented by:

£

Valuation in 2019

2,485,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

2,498,702

2,163,262

The investment properties were valued on an open market basis on 31st December 2019 by the directors. The

directors have given consideration to market values of similar properties where possible. The valuation is based

on the assumption that the properties would be available with vacant possession.

6.

RESERVES

Revaluation

reserve

£

At 1 January 2019

and 31 December 2019

1,385

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

£

£

D B Marks and Mrs G M I Marks

Balance outstanding at start of year

2,154

57,329

Amounts advanced

44,514

2,154

Amounts repaid

(2,154

)

(57,329

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

44,514

2,154

The amount advanced was interest free and was repayable on demand.

8.	POST BALANCE SHEET EVENTS

As with the majority of businesses Coronavirus will have an impact on the results of the company for 2020. The

overall impact is not expected to have any significant effect on the total of shareholders funds.