Company Registration No. 08956760 (England and Wales)
OLM Diagnostics Limited
Filleted accounts
for the year ended 31 March 2020
OLM Diagnostics Limited
Filleted accounts
Contents
OLM Diagnostics Limited
Company Information
for the year ended 31 March 2020
Directors
G McGonnell
G Johnson
Company Number
08956760 (England and Wales)
Registered Office
Spencer House
Market Lane
Swalwell
Newcastle Upon Tyne
NE16 3DS
Accountants
Tony Turner Accountants
Spencer House
Market Lane, Swalwell
Newcastle upon Tyne
NE16 3DS
OLM Diagnostics Limited
Statement of financial position
as at 31 March 2020
Tangible assets
14,784
16,346
Cash at bank and in hand
36,546
6,635
Creditors: amounts falling due within one year
(265,301)
(136,320)
Net current liabilities
(128,695)
(23,235)
Net liabilities
(113,911)
(6,889)
Called up share capital
10
1
Profit and loss account
(113,921)
(6,890)
Shareholders' funds
(113,911)
(6,889)
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2020 and were signed on its behalf by
G McGonnell
Director
Company Registration No. 08956760
OLM Diagnostics Limited
Notes to the Accounts
for the year ended 31 March 2020
OLM Diagnostics Limited is a private company, limited by shares, registered in England and Wales, registration number 08956760. The registered office is Spencer House, Market Lane, Swalwell, Newcastle Upon Tyne, NE16 3DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The company's day to day working capital requirements are met by the directors. There is no indication that such funding will be withdrawn in the forseeable future. The directors anticipate that sufficient future profits will be generated in order to return this company to a solvent state. The accounts have therefore been prepared on a going concern basis. Should this basis become inappropriate adjustments would be made to write down assets to their recoverable amounts.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives to their residual values:
Plant & machinery
10% reducing balance
Fixtures & fittings
15% straight line
Computer equipment
33% straight line
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
OLM Diagnostics Limited
Notes to the Accounts
for the year ended 31 March 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2019
13,862
3,338
-
17,200
At 31 March 2020
13,862
3,338
323
17,523
At 1 April 2019
556
298
-
854
Charge for the year
1,331
501
53
1,885
At 31 March 2020
1,887
799
53
2,739
At 31 March 2020
11,975
2,539
270
14,784
At 31 March 2019
13,306
3,040
-
16,346
Trade debtors
18,136
4,800
Amounts due from group undertakings etc.
85
3,674
Deferred tax asset
52,586
27,762
Accrued income and prepayments
5,007
5,214
OLM Diagnostics Limited
Notes to the Accounts
for the year ended 31 March 2020
7
Creditors: amounts falling due within one year
2020
2019
Trade creditors
23,594
19,528
Amounts owed to group undertakings and other participating interests
41,839
-
Taxes and social security
8,759
3,998
Other creditors
170,236
51,648
Loans from directors
18,973
59,246
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
1
Shares issued during the period:
9 Ordinary shares of £1 each
9
9
Transactions with related parties
At the year end the company was owed £85 (2019: £3,674) from McGonnell Thompson Holdings Limited, the parent company. During the year an inter-company debt of £177 was written off and included in administrative expenses.
At the year end the company owed £41,839 (2019: £0) to OLM Innovations Limited, a group company.
The company is wholly owned by McGonnell Thompson Holdings Limited, a company registered in England and Wales.
11
Average number of employees
During the year the average number of employees was 2 (2019: 2).
