OMNITEAM_LIMITED - Accounts

OMNITEAM LIMITED

CONTENTS

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 3

OMNITEAM LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2014

- 1 -

2014

2013

Notes

£

Fixed assets

Tangible assets

2

1,113

-

Current assets

Stocks

16,327

16,328

Debtors

74,103

42,004

Cash at bank and in hand

73,796

24,707

164,226

83,039

Creditors: amounts falling due within one year

(141,232)

(50,011)

Net current assets

22,994

33,028

Total assets less current liabilities

24,107

33,028

Capital and reserves

Called up share capital

3

2

Profit and loss account

24,105

33,026

Shareholders' funds

24,107

33,028

For the financial year ended 31 July 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

-

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 8 January 2015

E C Walker

Director

Company Registration No. 07715264

OMNITEAM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

- 2 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable from sales of motor vehicles.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33% straight line

1.5

Stock

Stock is valued at the lower of cost and net realisable value. Stock consists of motor vehicles.

2

Fixed assets

Tangible assets

£

Cost

At 1 August 2013

-

Additions

1,541

At 31 July 2014

1,541

Depreciation

At 1 August 2013

-

Charge for the year

428

At 31 July 2014

428

Net book value

At 31 July 2014

1,113

3

Share capital

2014

2013

£

Allotted, called up and fully paid

2 Ordinary shares of £1 each

2

OMNITEAM LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

4

Related party relationships and transactions

The company is under the control of P W Walker and E C Walker.

Included in other creditors at the balance sheet date is an amount of £69,856 (2013: £Nil) due to CMW Securities Limited upon which interest amounting to £1,698 (2013 : £1,450) was charged during the year.

During the year the company received a commission of £4,085 (2013: £13,000) from CMW Securities Limited

During the year the company paid £328 (2013: £2,896) for services to and received a commission of £6,819 (2013: £Nil) from Adaptainer Limited.

CMW Securities Limited and Adaptainer Limited are both connected to C M Walker, the mother of P W Walker and E C Walker.

Included in other debtors at the balance sheet date is an amount of £25,358 (2013: £Nil) due from C M Walker. No interest is receivable on this balance.