Omnia Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 05015153 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

OMNIA LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

G Easson

SECRETARY:

B J Hasell

REGISTERED OFFICE:

223 Citadel Road

The Hoe

Plymouth

Devon

PL1 2NG

REGISTERED NUMBER:

05015153 (England and Wales)

ACCOUNTANTS:

Parkhurst Hill and Thomas Westcott

Plym House

3 Longbridge Road

Marsh Mills

Plymouth

Devon

PL6 8LT

FIXED ASSETS

Tangible assets

3

9,215

-

Investment property

4

415,000

-

424,215

-

CURRENT ASSETS

Stocks

-

217,531

Debtors

5

2,294

13,649

Cash at bank

1,052

5

3,346

231,185

CREDITORS

Amounts falling due within one year

6

323,022

273,525

NET CURRENT LIABILITIES

(319,676

)

(42,340

)

TOTAL ASSETS LESS CURRENT LIABILITIES

104,539

(42,340

)

PROVISIONS FOR LIABILITIES

8

25,488

-

NET ASSETS/(LIABILITIES)

79,051

(42,340

)

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

9

118,225

-

Retained earnings

(39,176

)

(42,342

)

SHAREHOLDERS' FUNDS

79,051

(42,340

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 8 March 2017 and were signed by:

G Easson - Director

1.	STATUTORY INFORMATION

Omnia 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on

a number of factors, such as their product life cycles and maintenance programmes. Residual value assessments

consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Trade debtors are reviewed for impairment loss on an annual basis and provision is made for any balances where

there is uncertainty against the recoverability of the balance. This methodology is applied on a customer by

customer basis.

Stocks are reviewed for impairment on a regular basis and provision is made for any stocks where there is

uncertainty over the ability to sell the items. This methodology is applied on a stock line basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost is determined on a first

in first out basis. Net realisable value represents estimated selling price less costs to complete and sell.

Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, and loans from banks and other third

parties.

Debt instruments (other than those receivable or payable within one year), including loans and other accounts

receivable and payable, are initially measured at present value of the future cash flows and subsequently at

amortised cost using the effective interest method. Debt instruments that are payable or receivable within one

year, typically trade payables or receivables are measured, initially and subsequently at the undiscounted amount

of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an

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.

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 that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Going concern

Despite the company having net current liabilities the director is of the opinion the company is a going concern

having considered the availability of reserves, current market conditions and the future plans for the company.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 February 2016

2,156

Additions

11,518

Disposals

(2,156

)

At 31 January 2017

11,518

DEPRECIATION

At 1 February 2016

2,156

Charge for year

2,303

Eliminated on disposal

(2,156

)

At 31 January 2017

2,303

NET BOOK VALUE

At 31 January 2017

9,215

At 31 January 2016

-

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

296,775

Revaluations

118,225

At 31 January 2017

415,000

NET BOOK VALUE

At 31 January 2017

415,000

Cost or valuation at 31 January 2017 is represented by:

£

Valuation in 2017

415,000

If the property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

296,775

-

The investment property was valued on an open market value basis on 31 March 2017 by Lang Town and Country Estate Agents Ltd

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

2,294

13,649

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Payments on account

-

16,752

Other creditors

323,022

256,773

323,022

273,525

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

225,000

181,798

The loan from Peninsula Finance is secured by a charge over the property known as 79 North Road East,

Plymouth registered at Companies House on the 25th February 2015.

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

1,843

-

Other timing differences

23,645

-

25,488

-

Deferred

tax

£

Provided during year

25,488

Balance at 31 January 2017

25,488

9.

RESERVES

Revaluation

reserve

£

Capital reserve

118,225

At 31 January 2017

118,225

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 were paid to the director .

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Easson.

12.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1

February 2015. The transition has had no financial impact on the statement of financial position or the income

statement.