Registered number
09045796
Omicrom Accountants Limited
Filleted Accounts
31 March 2022
Omicrom Accountants Limited
Registered number: 09045796
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 206 412
Current assets
Debtors 5 98,000 -
Cash at bank and in hand 199,479 249,419
297,479 249,419
Creditors: amounts falling due within one year 6 (53,307) (44,421)
Net current assets 244,172 204,998
Net assets 244,378 205,410
Capital and reserves
Called up share capital 1 1
Profit and loss account 244,377 205,409
Shareholder's funds 244,378 205,410
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Shah
Director
Approved by the board on 12 August 2022
Omicrom Accountants Limited
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 120,000
At 31 March 2022 120,000
Amortisation
At 1 April 2021 120,000
At 31 March 2022 120,000
Net book value
At 31 March 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Equipment
£
Cost
At 1 April 2021 824
At 31 March 2022 824
Depreciation
At 1 April 2021 412
Charge for the year 206
At 31 March 2022 618
Net book value
At 31 March 2022 206
At 31 March 2021 412
5 Debtors 2022 2021
£ £
Other debtors 98,000 -
This represents a loan to a company. Interest is charged at Bank of England base rate plus 3.5% pa
6 Creditors: amounts falling due within one year 2022 2021
£ £
Corporation tax 12,469 14,979
Other taxes and social security costs 22,918 18,973
Other creditors 17,920 10,469
53,307 44,421
7 Controlling party
The company is controlled by the director and the shareholder.
8 Other information
Omicrom Accountants Limited is a private company limited by shares and incorporated in England. Its registered office is:
64 Belmont Lane
Stanmore
Middlesex
HA7 2PZ
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