Omid Omar Ltd - Period Ending 2016-10-31

Registration number: 08718597

Omid Omar Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2016

Accounts Direct Limited
37TH Floor One Canada Square
Canary Wharf
London
E14 5AA

Omid Omar Ltd

Contents

Company Information	1
Director's Report	2
Statement of Director's Responsibilities	3
Accountants' Report	4
Profit and Loss Account	5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9 to 11

Omid Omar Ltd

Company Information

Director

Mr Habib Rahman Farahmand

Registered office

C/o Adl 37TH Floor One Canada Square Canary Wharf London London E14 5AA

Accountants

Accounts Direct Limited 37TH Floor One Canada Square Canary Wharf London E14 5AA

Page 1

Omid Omar Ltd

Director's Report for the Year Ended 31 October 2016

The director presents his report and the financial statements for the year ended 31 October 2016.

Director of the company

The director who held office during the year was as follows:

Mr Habib Rahman Farahmand

Principal activity

The principal activity of the company is Management consultancy activities other than financial management

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 28 March 2017 and signed on its behalf by:

.........................................
Mr Habib Rahman Farahmand
Director

Page 2

Omid Omar Ltd

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Omid Omar Ltd
for the Year Ended 31 October 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Omid Omar Ltd for the year ended 31 October 2016 as set out on pages 5 to 11 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Omid Omar Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Omid Omar Ltd. You consider that Omid Omar Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Omid Omar 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 accounts.

......................................

Accounts Direct Limited
37TH Floor One Canada Square
Canary Wharf
London
E14 5AA

Date:.............................

Page 4

Omid Omar Ltd

Profit and Loss Account for the Year Ended 31 October 2016

	Note	Total 31 October 2016 £	Total 31 October 2015 £
Turnover		49,315	45,897
Cost of sales		-	(1,071)
Gross profit		49,315	44,826
Administrative expenses		(30,836)	(21,037)
Operating profit		18,479	23,789
Profit before tax	3	18,479	23,789
Taxation		(3,696)	(4,972)
Profit for the financial year		14,783	18,817

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 9 to 11 form an integral part of these financial statements.

Page 5

Omid Omar Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2016

	Note	2016 £	2015 £
Profit for the year		14,783	18,817
Total comprehensive income for the year		14,783	18,817

The notes on pages 9 to 11 form an integral part of these financial statements.

Page 6

Omid Omar Ltd

(Registration number: 08718597)
Balance Sheet as at 31 October 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	600	-
Current assets
Cash at bank and in hand		6,830	18,843
Creditors: Amounts falling due within one year	5	(7,309)	(18,842)
Net current (liabilities)/assets		(479)	1
Total assets less current liabilities		121	1
Provisions for liabilities		(120)	-
Net assets		1	1
Capital and reserves
Called up share capital		1	1
Total equity		1	1

For the financial year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 March 2017
 

.........................................

Mr Habib Rahman Farahmand

Director

The notes on pages 9 to 11 form an integral part of these financial statements.

Page 7

Omid Omar Ltd

Statement of Changes in Equity for the Year Ended 31 October 2016

	Share capital £	Profit and loss account £	Total £
At 1 November 2015	1	-	1
Profit for the year	-	14,783	14,783
Total comprehensive income	-	14,783	14,783
Dividends	-	(14,783)	(14,783)
At 31 October 2016	1	-	1

	Share capital £	Profit and loss account £	Total £
At 1 November 2014	1	-	1
Profit for the year	-	18,817	18,817
Total comprehensive income	-	18,817	18,817
Dividends	-	(18,817)	(18,817)
At 31 October 2015	1	-	1

The notes on pages 9 to 11 form an integral part of these financial statements.

Page 8

Omid Omar Ltd

Notes to the Financial Statements for the Year Ended 31 October 2016

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
C/o Adl 37TH Floor
One Canada Square
Canary Wharf
London
London
E14 5AA

These financial statements were authorised for issue by the director on 28 March 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 9

Omid Omar Ltd

Notes to the Financial Statements for the Year Ended 31 October 2016

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
	50% on Straight Line Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Profit before tax

Arrived at after charging/(crediting)

Page 10

Omid Omar Ltd

Notes to the Financial Statements for the Year Ended 31 October 2016

	2016 £	2015 £
Depreciation expense	600	1,071

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
Additions	1,200	1,200
At 31 October 2016	1,200	1,200
Depreciation
Charge for the year	600	600
At 31 October 2016	600	600
Carrying amount
At 31 October 2016	600	600

5

Creditors

	Note	2016 £	2015 £
Due within one year
Other creditors		7,309	18,842

Page 11

Omid Omar Ltd

Detailed Profit and Loss Account for the Year Ended 31 October 2016

2016 £

2015 £

Turnover
Sale of goods, UK	49,315	45,897

Employee benefits expense
Wages and salaries	7,000	5,000
Directors remuneration	8,050	8,011
Staff training	1,000	-
	16,050	13,011

Depreciation and amortisation expense
Depreciation of plant and machinery	-	1,071
Depreciation of plant and machinery (owned)	600	-
	600	1,071

Other expenses
Rent and rates	5,400	-
Insurance	-	150
Office expenses	1,130	1,440
Parking charges	100	-
Travel and subsistence	6,020	4,900
Accountancy fees	936	936
Legal and professional fees	600	600
	14,186	8,026

This page does not form part of the statutory financial statements.

Page 12