Omega Commercial Finance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03871003 (England and Wales)

Omega Commercial Finance Limited

Unaudited Financial Statements

for the Year Ended 31 December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K A Jones

D A Jones

SECRETARY:

K A Jones

REGISTERED OFFICE:

First Floor

1 Arlington Court

Whittle Way

Stevenage

Hertfordshire

SG1 2FS

REGISTERED NUMBER:

03871003 (England and Wales)

ACCOUNTANTS:

Baker Watkin Accounting Ltd

Chartered Accountants

Middlesex House

Rutherford Close

Stevenage

Hertfordshire

SG1 2EF

CURRENT ASSETS

Debtors

4

1,183

1,183

CREDITORS

Amounts falling due within one year

5

(49

)

-

NET CURRENT ASSETS

1,134

1,183

TOTAL ASSETS LESS CURRENT LIABILITIES

1,134

1,183

CAPITAL AND RESERVES

Called up share capital

5,002

5,002

Retained earnings

(3,868

)

(3,819

)

1,134

1,183

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 29 September 2021 and were signed on its behalf by:

K A Jones - Director

D A Jones - Director

1.	STATUTORY INFORMATION

Omega Commercial Finance 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.

2.	ACCOUNTING POLICIES

ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention.

The company was dormant throughout the current year and previous period.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

GOING CONCERN

The financial statements for the year ended 31 December 2020 have been prepared using the going concern basis of accounting as the values of the various assets and liabilities at the balance sheet date would not be different under any alternative basis of accounting.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section

12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CLASSIFICATION OF FINANCIAL LIABILITIES

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.

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

1,183

1,183

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Directors' current accounts

49

-

6.	CALLED UP SHARE CAPITAL

2020

2019

£

£

Ordinary share capital

Issued and fully paid

2 Ordinary of £1 each

2

2

30,000 Ordinary A of 10p each

3,000

3,000

15,000 Ordinary B of 10p each

1,500

1,500

1,667 Ordinary C of 10p each

167

167

3,333 Ordinary D of 10p each

333

333

Total

5,002

5,002