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COMPANY REGISTRATION NUMBER: 07625519
OMHS Contracts Limited
Filleted Unaudited Financial Statements
30 June 2023
OMHS Contracts Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
OMHS Contracts Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
95,879
95,290
Current assets
Stocks
25,224
7,807
Debtors
6
59,176
43,548
Cash at bank and in hand
97,928
118,734
---------
---------
182,328
170,089
Creditors: amounts falling due within one year
7
( 100,419)
( 114,901)
---------
---------
Net current assets
81,909
55,188
---------
---------
Total assets less current liabilities
177,788
150,478
Creditors: amounts falling due after more than one year
8
( 49,745)
( 43,402)
Provisions
Taxation including deferred tax
( 16,775)
( 16,252)
---------
---------
Net assets
111,268
90,824
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
111,068
90,624
---------
--------
Shareholders funds
111,268
90,824
---------
--------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 .
OMHS Contracts Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr S R Barten
Mr R Gandon
Director
Director
Mr D Reade
Director
Company registration number: 07625519
OMHS Contracts Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Landscape Design Centre, Dargate, Faversham, Kent, ME13 9HB.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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:
Plant and Machinery
-
33% straight line
Motor Vehicles
-
30% reducing balance
Equipment
-
33% straight line
Tools and Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Tangible assets
Plant and Machinery
Motor Vehicles
Equipment
Tools and Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
88,644
82,950
3,823
20,953
196,370
Additions
6,099
22,480
1,000
255
29,834
Disposals
( 2,034)
( 2,034)
--------
---------
-------
--------
---------
At 30 June 2023
94,743
103,396
4,823
21,208
224,170
--------
---------
-------
--------
---------
Depreciation
At 1 July 2022
46,504
41,579
3,654
9,343
101,080
Charge for the year
12,377
9,431
319
6,203
28,330
Disposals
( 1,119)
( 1,119)
--------
---------
-------
--------
---------
At 30 June 2023
58,881
49,891
3,973
15,546
128,291
--------
---------
-------
--------
---------
Carrying amount
At 30 June 2023
35,862
53,505
850
5,662
95,879
--------
---------
-------
--------
---------
At 30 June 2022
42,140
41,371
169
11,610
95,290
--------
---------
-------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and Machinery
Motor Vehicles
Total
£
£
£
At 30 June 2023
7,820
24,256
32,076
-------
--------
--------
At 30 June 2022
21,167
9,295
30,462
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
40,657
42,747
Other debtors
18,519
801
--------
--------
59,176
43,548
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,842
10,000
Trade creditors
15,104
16,273
Corporation tax
16,575
7,201
Social security and other taxes
32,034
27,157
Other creditors
30,864
54,270
---------
---------
100,419
114,901
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,562
35,032
Other creditors
15,183
8,370
--------
--------
49,745
43,402
--------
--------
9. Directors' advances, credits and guarantees
At the year end, the directors owed the company £nil (2022: £nil).
10. Related party transactions
At the year end, the company owed £2,586.70 to a company related by common control (2022: £2,586.70) At the year end, the company was owed £8,718.60 by a company related by common control (2022: The company owed £6,315.70)