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Company registration number: 11757175
Ouma Group Limited
Unaudited filleted financial statements
28 February 2023
Ouma Group Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Ouma Group Limited
Directors and other information
Director Ross Jones
Company number 11757175
Registered office 24 Clos Celyn
Llansamlet
Swansea
SA7 9WA
Accountants Morgan Hemp & Co
103-104
Walter Road
Swansea
SA1 5QF
Ouma Group Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 4 2,728 9,006
Cash at bank and in hand 1,430 6,985
_______ _______
4,158 15,991
Creditors: amounts falling due
within one year 5 ( 11,594) ( 11,594)
_______ _______
Net current (liabilities)/assets ( 7,436) 4,397
_______ _______
Total assets less current liabilities ( 7,436) 4,397
Creditors: amounts falling due
after more than one year 6 ( 5,584) ( 14,846)
_______ _______
Net liabilities ( 13,020) ( 10,449)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 13,021) ( 10,450)
_______ _______
Shareholder deficit ( 13,020) ( 10,449)
_______ _______
For the year ending 28 February 2023 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 October 2023 , and are signed on behalf of the board by:
Ross Jones
Director
Company registration number: 11757175
Ouma Group Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Wales. The address of the registered office is 24 Clos Celyn, Llansamlet, Swansea, SA7 9WA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023 2022
£ £
Other debtors 2,728 9,006
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 11,234 11,234
Other creditors 360 360
_______ _______
11,594 11,594
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 5,584 14,846
_______ _______
7. Related party transactions
Included within debtors are amounts owed from the director totalling £2,140. A balance of £588 is also owed from Ouma Limited, a company under common control. Both loans are interest free and repayable on demand.