Company Registration No. 08956760 (England and Wales)
OLM Diagnostics Limited
Filleted accounts
for the year ended 31 March 2018
OLM Diagnostics Limited
Filleted accounts
Contents
OLM Diagnostics Limited
Company Information
for the year ended 31 March 2018
Directors
G McGonnell
R F Thompson
Company Number
08956760 (England and Wales)
Registered Office
Spencer House
Market Lane
Swalwell
Newcastle Upon Tyne
NE16 3DS
Accountants
Tony Turner Accountants
Spencer House
Market Lane
Swalwell
Tyne and Wear
NE16 3DS
OLM Diagnostics Limited
Statement of financial position
as at 31 March 2018
Cash at bank and in hand
346
-
Creditors: amounts falling due within one year
(13,007)
(9,681)
Called up share capital
1
1
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 23 July 2018.
R F Thompson
Director
Company Registration No. 08956760
OLM Diagnostics Limited
Notes to the Accounts
for the year ended 31 March 2018
OLM Diagnostics Limited is a private company, limited by shares, registered in England and Wales, registration number 08956760. The registered office is Spencer House, Market Lane, Swalwell, Newcastle Upon Tyne, NE16 3DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The company's day to day working capital requirements are met by the parent company, McGonnell Thompson Holdings Limited, and the directors. There is no indication that such funding will be withdrawn in the forseeable future. The directors anticipate that eventually sufficient future profits will be generated in order to return this company to a solvent state. The accounts have therefore been prepared on a going concern basis. Should this basis become inappropriate adjustments would be made to write down assets to their recoverable amounts.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Amounts due from group undertakings etc.
12,662
9,682
OLM Diagnostics Limited
Notes to the Accounts
for the year ended 31 March 2018
5
Creditors: amounts falling due within one year
2018
2017
Amounts owed to group undertakings and other participating interests
6,607
6,603
Taxes and social security
6,164
3,078
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
7
Transactions with related parties
At the year end the company owed £6,607 (2017: £6,603) to McGonnell Thompson Holdings Limited, the parent company.
At the year end the company was owed £12,662 (2017: £9,682) from OLM Innovations Limited, the group company.
The company is wholly owned by McGonnell Thompson Holdings Limited, a company registered in England and Wales, which is under the joint control of Mr G McGonnell and Mr R F Thompson who are both directors of the company.
9
Average number of employees
During the year the average number of employees was 2 (2017: 1).
