Omega Citylifts Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03285803 (England and Wales)

OMEGA CITYLIFTS SERVICES LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Fuller

SECRETARY:

N A Fuller

REGISTERED OFFICE:

Weltech Centre,

Ridgeway

Welwyn Garden City

Hertfordshire

AL7 2AA

REGISTERED NUMBER:

03285803 (England and Wales)

ACCOUNTANTS:

Pomroy Associates Ltd

Chartered Accountants

Weltech Centre,

Ridgeway

Welwyn Garden City

Hertfordshire

AL7 2AA

FIXED ASSETS

Intangible assets

4

26,000

34,000

Tangible assets

5

65,938

70,260

91,938

104,260

CURRENT ASSETS

Debtors

6

274,269

235,162

Cash at bank and in hand

213,078

99,620

487,347

334,782

CREDITORS

Amounts falling due within one year

7

405,269

331,060

NET CURRENT ASSETS

82,078

3,722

TOTAL ASSETS LESS CURRENT LIABILITIES

174,016

107,982

CREDITORS

Amounts falling due after more than one year

8

(47,508

)

(32,869

)

PROVISIONS FOR LIABILITIES

(12,100

)

(12,500

)

NET ASSETS

114,408

62,613

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

114,406

62,611

SHAREHOLDERS' FUNDS

114,408

62,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 5 September 2017 and were signed by:

M Fuller - Director

1.	STATUTORY INFORMATION

Omega Citylifts Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Transition to Financial Reporting Standard 102

These financial statements are the first annual financial statements of the company prepared in

accordance with Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" (FRS102). The first date at which

this was applied was 1 January 2015. There is no effect on the accounting policies and the opening

equity and profit for the prior year.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied,

excluding value added tax.

Turnover from the sale of goods is recognised at the point of sale. Turnover from the sale of services

is recognised on completion of the service or for annual lift maintenance contracts, turnover is

recognised over the period of the agreement.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on cost

Motor vehicles

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any recognised

impairment loss.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful

economic lives and residual values of the assets. The useful economic lives and residual values are

reassessed annually. They are amended when necessary to reflect current estimates, future

investments and the physical condition of the assets.

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 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Stocks and contracts in progress

Stocks and contracts in progress are valued at the lower of cost, inclusive of appropriate overheads

and estimated net realisable value. Profit on contracts in progress over the year end is recognised by

reference to the percentage of completion on the contract, provided that the outcome of the contract

can be assessed with reasonable certainty. Advance payments received from customers are shown

in creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2015 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

40,000

AMORTISATION

At 1 January 2016

6,000

Charge for year

8,000

At 31 December 2016

14,000

NET BOOK VALUE

At 31 December 2016

26,000

At 31 December 2015

34,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2016

9,709

87,270

96,979

Additions

-

29,109

29,109

Disposals

(661

)

(17,809

)

(18,470

)

At 31 December 2016

9,048

98,570

107,618

DEPRECIATION

At 1 January 2016

1,047

25,672

26,719

Charge for year

1,357

28,517

29,874

Eliminated on disposal

(50

)

(14,863

)

(14,913

)

At 31 December 2016

2,354

39,326

41,680

NET BOOK VALUE

At 31 December 2016

6,694

59,244

65,938

At 31 December 2015

8,662

61,598

70,260

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2016

81,467

Additions

29,109

Disposals

(14,109

)

At 31 December 2016

96,467

DEPRECIATION

At 1 January 2016

19,869

Charge for year

28,517

Eliminated on disposal

(11,163

)

At 31 December 2016

37,223

NET BOOK VALUE

At 31 December 2016

59,244

At 31 December 2015

61,598

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

170,520

157,076

Other debtors

103,749

78,086

274,269

235,162

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts

37,595

28,941

Trade creditors

73,959

39,779

Taxation and social security

56,044

34,841

Other creditors

237,671

227,499

405,269

331,060

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

24,583

32,869

Other creditors

22,925

-

47,508

32,869

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary shares

£1

2

2

10.	OTHER FINANCIAL COMMITMENTS

At 31 December 2016, the company had total commitments under non-cancellable operating leases

over the remaining life of those leases of £81,250 (2015 - £106,250).

11.	RELATED PARTY DISCLOSURES

During the year a loan was made to Omega Citylifts Installations Limited, a company controlled by

the director. At the year end the balance of the loan was £26,500 and it is intended that it will be fully

repaid during the current year.