Omnifix Solutions Ltd - Accounts to registrar (filleted) - small 18.2
Omnifix Solutions Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 3 January 2020 to 31 December 2020 |
for |
Omnifix Solutions Ltd |
Omnifix Solutions Ltd (Registered number: SC650539) |
Contents of the Financial Statements |
for the Period 3 January 2020 to 31 December 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
Omnifix Solutions Ltd |
Company Information |
for the Period 3 January 2020 to 31 December 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
29 Brandon Street |
Hamilton |
ML3 6DA |
Omnifix Solutions Ltd (Registered number: SC650539) |
Balance Sheet |
31 December 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
Omnifix Solutions Ltd (Registered number: SC650539) |
Balance Sheet - continued |
31 December 2020 |
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 |
Omnifix Solutions Ltd (Registered number: SC650539) |
Notes to the Financial Statements |
for the Period 3 January 2020 to 31 December 2020 |
1. | STATUTORY INFORMATION |
Omnifix Solutions Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is derived from the sale of solutions and ancillary products by the company. |
Turnover is measured at the fair value of sale of solutions and ancillary products, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss. |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred. |
Government grants |
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate. |
Omnifix Solutions Ltd (Registered number: SC650539) |
Notes to the Financial Statements - continued |
for the Period 3 January 2020 to 31 December 2020 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation for the period 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 period 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Omnifix Solutions Ltd (Registered number: SC650539) |
Notes to the Financial Statements - continued |
for the Period 3 January 2020 to 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 31 December 2020 |
DEPRECIATION |
Charge for period |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 4,409 |
Omnifix Solutions Ltd (Registered number: SC650539) |
Notes to the Financial Statements - continued |
for the Period 3 January 2020 to 31 December 2020 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
The bank loan is supported by a 100% guarantee from the UK Government. |
10. | RELATED PARTY DISCLOSURES |
The company operates a loan account with the director, S Gorman. |
During the year, the director advanced loans totalling £109 to the company. At the year end, the balance due to the director was £109. This loan is unsecured, interest free and has no fixed repayment terms. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Omnifix Solutions Ltd |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Omnifix Solutions Ltd for the period ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the Board of Directors of Omnifix Solutions Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Omnifix Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Omnifix Solutions Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Omnifix Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Omnifix Solutions Ltd. You consider that Omnifix Solutions Ltd is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Omnifix Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
29 Brandon Street |
Hamilton |
ML3 6DA |