OMCRG Limited - Period Ending 2016-12-31
OMCRG Limited - Period Ending 2016-12-31
Registration number:
OMCRG Limited
for the Year Ended 31 December 2016
Chartered Accountants
30 St Giles'
Oxford
OX1 3LE
OMCRG Limited
Contents
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Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
OMCRG Limited
Company Information
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Director |
Dr Andre Stern |
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Registered office |
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Bankers |
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Accountants |
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Page 1 |
OMCRG Limited
(Registration number: 04637508)
Balance Sheet as at 31 December 2016
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Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Dr Andre Stern
Director
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Page 2 |
OMCRG Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
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Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2016 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2015 |
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Page 3 |
OMCRG Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
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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.
Going concern
The company is dependent on the continued support of its creditors. On the basis that this support will continue for the forseeable future the financial statements have been prepared on a going concern basis.
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:
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Asset class |
Depreciation method and rate |
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Leasehold property |
Straight line over the life of the lease |
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Leasehold improvements |
10% Straight line |
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.
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Page 4 |
OMCRG Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
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.
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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- |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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- |
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At 31 December 2015 |
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Included within the net book value of land and buildings above is £77,785 (2015 - £79,926) in respect of long leasehold land and buildings and £111,572 (2015 - £137,377) in respect of short leasehold land and buildings.
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Page 5 |
OMCRG Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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Debtors |
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2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 6 |
OMCRG Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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Creditors |
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Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
10,667 |
7,525 |
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Other creditors |
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Related party transactions |
Key management personnel
The key management of the company is the director Dr Andre Stern. There were no transactions with Dr Andre Stern that require to be disclosed.
Summary of transactions with other related parties
(Dr A Stern is a director and shareholder in both companies)
The Oxford Asset Management Company Limited made interest free loans, repayable on demand , to OMCRG Limited. At the year end £110,000 (2015: £140,000) was outstanding. OMCRG Limited was owed £19,477 (2015: £9,166) by The Oxford Asset Management Company Limited. At the balance sheet date the amount due to The Oxford Asset Management Company was £91,308 (2015: £130,834)
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Transition to FRS 102 |
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Page 7 |