O.M.T. LTD
Director: Y. H. Finkelstein
Registered Office: 37 Broadhurst Gardens
London NW6 3QT
Registered No: 08857972
Financial statements
For the year ended 31 December 2022
page
Statement of financial position 1
Notes to the Financial Statements 2-4
O.M.T. LTD
Statement of financial position for the year ended 31 December 2022
Notes 31.12.2022 31.12.2021
£ £ £
Fixed asset investment 4 2,120,015 2,010,000
Current assets
Debtors 5 6,000 0
Cash at bank 1,318,786 1,251,249
1,324,786 1,251,249
Creditors: amounts falling
due within one year 6 (205,249) (213,319)
Net current assets 3,239,552 3,047,930
Net assets £ 3,239,552 £ 3,047,930
Capital and reserve
Called up share capital 7 1 1
Profit and loss account 3,239,551 3,047,929
Shareholder's fund £ 3,239,552 £ 3,047,930
For the year ending 31 December 2022 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities.
The notes on pages 2 to 4 form an integral part of these financial statements.
The financial statements on pages 1 to 4 were approved by the Board of Directors and were signed on its behalf by:
________________
Y. H. Finkelstein
Director
Company number: 08857972 5 October 2023
O.M.T. LTD
Notes to the Financial Statements - 31 December 2022
COMPANY INFORMATION
1. Company Information
O.M.T. Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 37 Broadhurst Gardens, London, NW6 3QT.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Turnover
Turnover represents net invoiced services, excluding VAT.
2.3 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.4 Fixed assets investment
The amount represents investment in financial assets that includes quoted securities, which are measured at fair value. Changes in the fair value are recognised in profit and loss. Fair value is estimated by using market value for the quoted security at balance sheet date.
O.M.T. LTD
Notes to the Financial Statements - 31 December 2022
2. Accounting Policies
2.5 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
2.6 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.7 Creditors
Basic financial liabilities including trade and other payable, bank loans, loans from group companies are measured at transaction price.
Long term loan advanced by group companies is measured at present value, discounted at a market rate of interest.
2.8 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
3. Directors' remunerations.
31.12.2022 31.12.2021
No of employees 0 0
The number of paid directors during the year was 1 (2021 - 1).
4. Fixed Asset Investments
Financial Asset
31.12.2022 31.12.2021
£ £
At 1 January 2022 2,010,000 1,968,102
Changes during the year 110,015 41,898
At 31 December 2022 2,120,015 2,010,000
O.M.T. LTD
Notes to the Financial Statements - 31 December 2022
5. Debtors
31.12.2022 31.12.2021
£ £
Trade debtors 6,000 0
6,000 0
6. Creditors: Amounts falling due
within one year 31.12.2022 31.12.2021
£ £
Trade Creditors 4,510 916
Director's account 25,791 273
VAT 42,846 16,253
Other Tax and National Insurance 1,679 350
Corporation tax 119,913 192,667
Accruals 10,510 2,860
205,249 213,319
7. Share Capital 31.12.2022 31.12.2021
£ £
Allotted, called up and fully paid:
1 ordinary share of £1 each 1 1
8. Related party transactions
Control:
The company is wholly controlled by the director Mr. Y. Finkelstein.
Transaction:
There were no transactions between the company and related parties during the year (2021-NIL).
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