2022-06-012023-05-312023-05-31false10794536ORNAMI IMPORTS 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ORNAMI IMPORTS LIMITED

Registered Number
10794536
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

ORNAMI IMPORTS LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

Mr. Soroush Naji

Registered Address

Unit 4 Bristol Way
Stoke Gardens
Slough
SL1 3TD

Registered Number

10794536 (England and Wales)
ORNAMI IMPORTS LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets52,3742,374
Tangible assets6430,410430,607
432,784432,981
Current assets
Stocks753,057113,954
Debtors827,71819,744
Cash at bank and on hand43,07872,221
123,853205,919
Creditors amounts falling due within one year9(550,868)(573,966)
Net current assets (liabilities)(427,015)(368,047)
Total assets less current liabilities5,76964,934
Creditors amounts falling due after one year10(56,548)(39,679)
Net assets(50,779)25,255
Capital and reserves
Called up share capital100100
Profit and loss account(50,879)25,155
Shareholders' funds(50,779)25,255
The financial statements were approved and authorised for issue by the Director on 5 February 2024, and are signed on its behalf by:
Mr. Soroush Naji
Director
Registered Company No. 10794536
ORNAMI IMPORTS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
Ornami Imports 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.Principal activities
The principal activity of the company in the year under review was that of an online retailer selling on various online platforms including their own website.
3.Accounting policies
Turnover policy
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.
Intangible assets policy
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. Patents and licences are being amortised evenly over their estimated useful life of nil years.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
Taxation for the year 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 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 policy
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.
4.Employee information

20232022
Average number of employees during the year66
5.Intangible assets

Other

Total

££
Cost or valuation
At 01 June 222,3742,374
At 31 May 232,3742,374
Net book value
At 31 May 232,3742,374
At 31 May 222,3742,374
6.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 June 22427,0404,007431,047
Additions-787787
At 31 May 23427,0404,794431,834
Depreciation and impairment
At 01 June 22-440440
Charge for year-984984
At 31 May 23-1,4241,424
Net book value
At 31 May 23427,0403,370430,410
At 31 May 22427,0403,567430,607
7.Stocks

2023

2022

££
Finished goods53,057113,954
Total53,057113,954
8.Debtors

2023

2022

££
Trade debtors / trade receivables26,61117,714
Other debtors391,200
Prepayments and accrued income1,068830
Total27,71819,744
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables2,7592,778
Bank borrowings and overdrafts521,133546,611
Taxation and social security26,30924,577
Other creditors667-
Total550,868573,966
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts56,54839,679
Total56,54839,679