Omicways Limited - Accounts to registrar (filleted) - small 18.2
Omicways Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Omicways Limited |
Omicways Limited (Registered number: 00897115) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Omicways Limited |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Burn View |
Bude |
Cornwall |
EX23 8BX |
Omicways Limited (Registered number: 00897115) |
Abridged Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Investments |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Omicways Limited (Registered number: 00897115) |
Abridged Balance Sheet - continued |
31 December 2021 |
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 |
Omicways Limited (Registered number: 00897115) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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 |
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. 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. |
Omicways Limited (Registered number: 00897115) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Investments |
Investments are included at fair value. Any aggregate gains or losses arising from changes in fair value are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the investments are sold. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Omicways Limited (Registered number: 00897115) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
Additions |
Revaluations | 465,964 |
Reclassification/transfer | 182,000 |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2021 | 3,200,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 2,747,738 | 2,498,702 |
The investment properties were valued on an open market basis on 31st December 2021 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. |
Omicways Limited (Registered number: 00897115) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
6. | RESERVES |
Other |
reserves |
£ |
At 1 January 2021 |
and 31 December 2021 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The amount advanced was interest free and was repayable on demand. |