OM HOLIDAYS LTD
OM HOLIDAYS LTD
Company No:
OM HOLIDAYS LTD
Unaudited Financial Statements
For the financial period from 31 December 2021 to 31 December 2022
Pages for filing with the registrar
For the financial period from 31 December 2021 to 31 December 2022
Pages for filing with the registrar
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 31.12.2022 | 30.12.2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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4,263,351 | 4,260,387 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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3,102,356 | 2,967,135 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 589,586 | 409,371 | ||
Total assets less current liabilities | 4,852,937 | 4,669,758 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
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The member has not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476; -
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of OM Holidays Ltd (registered number:
Mr M J Coombe
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
General information and basis of accounting
OM Holidays Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Reporting period length
Reporting period length
Turnover
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Intangible assets
Goodwill |
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Goodwill
Tangible fixed assets
Land and buildings | not depreciated |
Plant and machinery |
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Vehicles |
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Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2. Employees
Period from 31.12.2021 to 31.12.2022 |
Period from 01.01.2021 to 30.12.2021 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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3. Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 31 December 2021 |
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At 31 December 2022 |
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Accumulated amortisation | |||
At 31 December 2021 |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 30 December 2021 |
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4. Tangible assets
Land and buildings | Plant and machinery | Vehicles | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 31 December 2021 |
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Additions |
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Disposals |
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At 31 December 2022 |
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Accumulated depreciation | |||||||||
At 31 December 2021 |
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Charge for the financial period |
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Disposals |
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At 31 December 2022 |
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Net book value | |||||||||
At 31 December 2022 |
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At 30 December 2021 |
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5. Stocks
31.12.2022 | 30.12.2021 | ||
£ | £ | ||
Stocks |
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6. Debtors
31.12.2022 | 30.12.2021 | ||
£ | £ | ||
Trade debtors |
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Short term loans to Group companies |
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Other debtors |
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7. Creditors: amounts falling due within one year
31.12.2022 | 30.12.2021 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. Creditors: amounts falling due after more than one year
31.12.2022 | 30.12.2021 | ||
£ | £ | ||
Bank loans |
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