Omega Analytic Systems Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10463217 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 December 2019

for

Omega Analytic Systems Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

64,575

25,444

CURRENT ASSETS

Stocks

3,148

-

Debtors

5

25,396

6,338

Cash at bank and in hand

3,080

6,577

31,624

12,915

CREDITORS

Amounts falling due within one year

6

162,880

71,728

NET CURRENT LIABILITIES

(131,256

)

(58,813

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(66,681

)

(33,369

)

CAPITAL AND RESERVES

Called up share capital

7

129

Retained earnings

(66,810

)

(33,498

)

SHAREHOLDERS' FUNDS

(66,681

)

(33,369

)

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.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2020
and were signed on its behalf by:

Mrs S Ward - Director

1.	STATUTORY INFORMATION

Omega Analytic Systems Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

10463217

Registered office:

Arncliffe House

Bolling Lane

Bradford

West Yorkshire

BD4 7BT

2.	ACCOUNTING POLICIES

Going concern

These financial statements show that as at the balance sheet date the company had net liabilities.

However, the directors believe that it is appropriate to prepare the accounts on a going concern basis

due to the ongoing support of its major creditor.

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 UK and Republic of Ireland" and the Companies Act

2006 as applicable to companies subject to the small companies regime. The disclosure requirements

of section 1A of FRS 102 have been applied other than where additional disclosure is required to give

a true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover

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

and value added tax.

Turnover from the supply of services represents the value of services provided under contracts to the

extent that there is a right to consideration and is recorded at the fair value of the consideration

received or receivable.

Intangible assets - research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except

where the directors are satisfied as to the technical, commercial and financial viability of individual

projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and

amortised over the period during which the company is expected to benefit. The period is between 5

and 10 years. Provision is made for any impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent

to the net realisable value. Cost includes materials, direct labour and an attributable proportion of

manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in,

first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered)

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

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

the balance sheet date where transactions or events that result in an obligation to pay more tax in the

future or a right to pay less tax in the future have occurred at the balance sheet date. Timing

differences are differences between the company's taxable profits and its results as stated in the

financial statements that arise from the inclusion of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis

of all available evidence, it can be regarded as more likely than not that there will be suitable taxable

profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction

costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a

financing transaction, the financial asset or financial liability is measured at the present value of the

future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - other debtors, cash

and bank balances, trade creditors and other creditors.

Other debtors, cash and bank balances, trade creditors and other creditors are measured at the

amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be

paid or received.

Impairment of assets

Assets, are assessed for indicators of impairment at each balance sheet date. If there is objective

evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets

An asset is impaired when there is objective evidence that, as a result of one or more events that

occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The

recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the

asset's carrying amount and the best estimate of the amount that would be received for the asset if it

were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively

to an event occurring after the impairment was recognised, the prior impairment loss is tested to

determine reversal. An impairment loss is reversed on an individual impaired financial asset to the

extent that the revised recoverable value does not lead to a revised carrying amount higher than the

carrying value had impairment not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2019

25,444

Additions

39,131

At 31 December 2019

64,575

NET BOOK VALUE

At 31 December 2019

64,575

At 31 December 2018

25,444

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Other debtors

25,396

6,338

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Trade creditors

5,476

100

Taxation and social security

2,850

3,178

Other creditors

154,554

68,450

162,880

71,728

7.	CALLED UP SHARE CAPITAL

2019

2018

£

Allotted and issued

129

Of the 1,291 shares allotted and issued, 291 of these are unpaid.

8.	POST BALANCE SHEET EVENTS

The Coronavirus (Covid-19) pandemic, which began as an outbreak in China in January 2020, very

quickly spread across to Europe and the rest of the world and is affecting all businesses for an

indeterminate period.

At the date of approval of the financial statements it has not been possible to quantify or ascertain with

any certainty the financial impact of Covid-19. As it is a non-adjusting event occurring after the year

end, no adjustments have been made to any figures in the financial statements as a result of the

pandemic.

Omega Analytic Systems Limited - Accounts to registrar (filleted) - small 18.2

Omega Analytic Systems Limited - Accounts to registrar (filleted) - small 18.2