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REGISTERED NUMBER: 07850394 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2020 TO 28 FEBRUARY 2022

FOR

OMEGA CHEMIST LIMITED

OMEGA CHEMIST LIMITED (REGISTERED NUMBER: 07850394)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2020 TO 28 FEBRUARY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OMEGA CHEMIST LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 SEPTEMBER 2020 TO 28 FEBRUARY 2022







DIRECTORS: Dr. K G Mehta
Mrs A G Mehta
N K J Lakhani





SECRETARY: Mrs A G Mehta





REGISTERED OFFICE: 29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA





REGISTERED NUMBER: 07850394 (England and Wales)





ACCOUNTANTS: Lemans
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

OMEGA CHEMIST LIMITED (REGISTERED NUMBER: 07850394)

BALANCE SHEET
28 FEBRUARY 2022

28.2.22 31.8.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 140,000 160,325
Tangible assets 5 1 79
140,001 160,404

CURRENT ASSETS
Stocks 47,000 46,613
Debtors 6 193,236 71,534
Cash at bank and in hand 78,051 24,326
318,287 142,473
CREDITORS
Amounts falling due within one year 7 116,627 91,241
NET CURRENT ASSETS 201,660 51,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,661

211,636

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 341,561 211,536
SHAREHOLDERS' FUNDS 341,661 211,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2022 and were signed on its behalf by:



Dr. K G Mehta - Director


OMEGA CHEMIST LIMITED (REGISTERED NUMBER: 07850394)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2020 TO 28 FEBRUARY 2022

1. STATUTORY INFORMATION

Omega Chemist Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

OMEGA CHEMIST LIMITED (REGISTERED NUMBER: 07850394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2020 TO 28 FEBRUARY 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price.

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2020 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2020
and 28 February 2022 291,500
AMORTISATION
At 1 September 2020 131,175
Amortisation for period 20,325
At 28 February 2022 151,500
NET BOOK VALUE
At 28 February 2022 140,000
At 31 August 2020 160,325

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2020
and 28 February 2022 551
DEPRECIATION
At 1 September 2020 472
Charge for period 78
At 28 February 2022 550
NET BOOK VALUE
At 28 February 2022 1
At 31 August 2020 79

OMEGA CHEMIST LIMITED (REGISTERED NUMBER: 07850394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2020 TO 28 FEBRUARY 2022

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 31.8.20
£    £   
Debtors 97,237 56,919
Directors' current accounts 74,057 6,835
VAT 21,942 7,780
193,236 71,534

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 31.8.20
£    £   
Trade creditors 72,042 42,095
Corporation tax 32,000 29,633
Social security and other taxes 1,326 1,087
Other creditors - 15,000
Accrued expenses 11,259 3,426
116,627 91,241

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 28.2.22 31.8.20
value: £    £   
100 Ordinary £1 100 100