Omega Property Services (UK) Limited Filleted accounts for Companies House (small and micro)

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 2018

Omega Property Services (UK) Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	64,000	80,000
Tangible assets	6	15,374	19,216
Investments	7	4,000	4,000
		--------	----------
		83,374	103,216

Current assets

Debtors	8	6,303	26,650
Cash at bank and in hand		17,410	11,133
		--------	--------
		23,713	37,783

Creditors: amounts falling due within one year	9	62,546		65,157
		--------		--------
Net current liabilities			38,833	27,374
			--------	----------
Total assets less current liabilities			44,541	75,842
			--------	--------
Net assets			44,541	75,842
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	44,441	75,742
	--------	--------
Shareholders funds	44,541	75,842
	--------	--------

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 comprehensive income has not been delivered.

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.

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 2018

These financial statements were approved by the board of directors and authorised for issue on 23 October 2018 , 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 2018

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 Section 1A of FRS 102, '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.

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 (2017: 16 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	160,000
	----------
Amortisation
At 1 April 2017	80,000
Charge for the year	16,000
	----------
At 31 March 2018	96,000
	----------
Carrying amount
At 31 March 2018	64,000
	----------
At 31 March 2017	80,000
	----------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2017	11,732	21,093	9,276	42,101
Additions	–	–	473	473
	--------	--------	-------	--------
At 31 March 2018	11,732	21,093	9,749	42,574
	--------	--------	-------	--------
Depreciation
At 1 April 2017	5,662	11,410	5,813	22,885
Charge for the year	911	2,420	984	4,315
	--------	--------	-------	--------
At 31 March 2018	6,573	13,830	6,797	27,200
	--------	--------	-------	--------
Carrying amount
At 31 March 2018	5,159	7,263	2,952	15,374
	--------	--------	-------	--------
At 31 March 2017	6,070	9,683	3,463	19,216
	--------	--------	-------	--------

7. Investments

	Other investments other than loans
	£
Cost
At 1 April 2017 and 31 March 2018	4,000
	-------
Impairment
At 1 April 2017 and 31 March 2018	–
	-------

Carrying amount
At 31 March 2018	4,000
	-------
At 31 March 2017	4,000
	-------

8. Debtors

	2018	2017
	£	£
Trade debtors	6,153	20,443
Other debtors	150	6,207
	-------	--------
	6,303	26,650
	-------	--------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	6,545	4,124
Social security and other taxes	18,997	17,128
Other creditors	37,004	43,905
	--------	--------
	62,546	65,157
	--------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 1 year and not later than 5 years	2,569	4,621
	-------	-------

11. Related party transactions

At the balance sheet date Mr I Hunter was owed £34,588 (2017 : £42,084).