Omega Property Services (UK) Limited Company Accounts

Omega Property Services (UK) Limited Company Accounts

OMEGA PROPERTY SERVICES (UK) LTD - Company Information

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Company Registration Number: 07969219
Omega Property Services (UK) Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2017
Omega Property Services (UK) Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Omega Property Services (UK) Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Omega Property Services (UK) Limited
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Omega Property Services (UK) Limited for the year ended 31 March 2017, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed on the Institute's website at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Omega Property Services (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Omega Property Services (UK) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Omega Property Services (UK) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Omega Property Services (UK) Limited 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 loss of Omega Property Services (UK) Limited. You consider that Omega Property Services (UK) Limited 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 financial statements of Omega Property Services (UK) Limited. 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.
Jamesons Chartered Accountants
92 Station Road Clacton on Sea Essex CO15 1SG
17 July 2017
Omega Property Services (UK) Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
5
80,000
96,000
Tangible assets
6
19,216
22,638
Investments
7
4,000
4,000
----------
----------
103,216
122,638
Current assets
Debtors
8
26,650
43,848
Cash at bank and in hand
11,133
52,747
--------
--------
37,783
96,595
Creditors: amounts falling due within one year
9
65,157
102,539
--------
----------
Net current liabilities
27,374
5,944
----------
----------
Total assets less current liabilities
75,842
116,694
Provisions
Taxation including deferred tax
–
( 355)
--------
----------
Net assets
75,842
117,049
--------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
75,742
116,949
--------
----------
Members funds
75,842
117,049
--------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Omega Property Services (UK) Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 17 July 2017 , and are signed on behalf of the board by:
Mr I Hunter
Director
Company registration number: 07969219
Omega Property Services (UK) Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Station Road, Clacton on Sea, Essex, CO15 1SD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis in accordance with the accounting policies set out below.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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 accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and law.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
4. Employee numbers
The average number of people employed by the company during the year, including the directors, was 16 (2016: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
160,000
----------
Amortisation
At 1 April 2016
64,000
Charge for the year
16,000
----------
At 31 March 2017
80,000
----------
Carrying amount
At 31 March 2017
80,000
----------
At 31 March 2016
96,000
----------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2016
11,537
26,046
8,496
46,079
Additions
195
4,995
780
5,970
Disposals
–
( 9,948)
–
( 9,948)
--------
--------
-------
--------
At 31 March 2017
11,732
21,093
9,276
42,101
--------
--------
-------
--------
Depreciation
At 1 April 2016
4,591
14,191
4,659
23,441
Charge for the year
1,071
3,228
1,154
5,453
Disposals
–
( 6,009)
–
( 6,009)
--------
--------
-------
--------
At 31 March 2017
5,662
11,410
5,813
22,885
--------
--------
-------
--------
Carrying amount
At 31 March 2017
6,070
9,683
3,463
19,216
--------
--------
-------
--------
At 31 March 2016
6,946
11,855
3,837
22,638
--------
--------
-------
--------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2016 and 31 March 2017
4,000
-------
Impairment
At 1 April 2016 and 31 March 2017
–
-------
Carrying amount
At 31 March 2017
4,000
-------
8. Debtors
2017
2016
£
£
Trade debtors
20,443
43,045
Other debtors
6,207
803
--------
--------
26,650
43,848
--------
--------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
4,124
3,557
Social security and other taxes
17,128
37,833
Other creditors
43,905
61,149
--------
----------
65,157
102,539
--------
----------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017
2016
£
£
Later than 1 year and not later than 5 years
4,621
–
-------
----
11. Related party transactions
At the balance sheet date Mr I Hunter was owed £42,084 (2016 : £58,809).
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.