Omega Interiors Limited - Period Ending 2017-10-31

Omega Interiors Limited - Period Ending 2017-10-31


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Registration number: 04557700

Omega Interiors Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 October 2017

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

 

Omega Interiors Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 5

 

Omega Interiors Limited

Company Information

Director

DM Burns

Company secretary

JA Burns

Registered office

5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR

 

Omega Interiors Limited

(Registration number: 04557700)
Abridged Balance Sheet as at 31 October 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

3

25,607

26,364

Current assets

 

Debtors

449

400

Cash at bank and in hand

 

476

275

 

925

675

Creditors: Amounts falling due within one year

(19,296)

(17,232)

Net current liabilities

 

(18,371)

(16,557)

Net assets

 

7,236

9,807

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

7,136

9,707

Total equity

 

7,236

9,807

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 27 July 2018
 

.........................................
DM Burns
Director

   
 

Omega Interiors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
5 Ducketts Wharf
South Street
Bishops Stortford
Hertfordshire
CM23 3AR
England

These financial statements were authorised for issue by the director on 27 July 2018.

2

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Omega Interiors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2017

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:

Asset class

Depreciation method and rate

Equipment

25% on the reducing balance basis

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.

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 and subsequently measured at amortised cost using the effective interest method.

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.

 

Omega Interiors Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2017

3

Tangible assets

Total
£

Cost or valuation

At 1 November 2016

47,259

At 31 October 2017

47,259

Depreciation

At 1 November 2016

20,896

Charge for the year

756

At 31 October 2017

21,652

Carrying amount

At 31 October 2017

25,607

At 31 October 2016

26,364