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REGISTERED NUMBER: 06456848 (England and Wales)

















OMEGA SUPPLIES UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






OMEGA SUPPLIES UK LIMITED (REGISTERED NUMBER: 06456848)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


OMEGA SUPPLIES UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr R Arnold
Mrs L Arnold





SECRETARY: Mrs L Arnold





REGISTERED OFFICE: 38 High Street
Sutton-On-Sea
Mablethorpe
LN12 2HB





REGISTERED NUMBER: 06456848 (England and Wales)





ACCOUNTANTS: Socius Accountants Limited
Excel House
Millbrook Lane
Wragby
Lincolnshire
LN8 5AB

OMEGA SUPPLIES UK LIMITED (REGISTERED NUMBER: 06456848)

ABRIDGED BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,307 13,675
Property, plant and equipment 5 34,658 42,354
46,965 56,029

CURRENT ASSETS
Inventories 49,502 47,146
Debtors 1,102,402 1,111,887
Cash at bank 16,080 7,406
1,167,984 1,166,439
CREDITORS
Amounts falling due within one year 244,960 325,604
NET CURRENT ASSETS 923,024 840,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

969,989

896,864

PROVISIONS FOR LIABILITIES 5,902 2,309
NET ASSETS 964,087 894,555

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 963,587 894,055
964,087 894,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2024 and were signed on its behalf by:



Mr R Arnold - Director


OMEGA SUPPLIES UK LIMITED (REGISTERED NUMBER: 06456848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Omega Supplies Uk 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.

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 as modified by the revaluation of certain assets.

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

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Website is being amortised evenly over its estimated useful life of ten years.

Patents and licences are now fully amortised.

A revaluation of patents and licences was conducted on 30th November 2013 on a market value basis.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

OMEGA SUPPLIES UK LIMITED (REGISTERED NUMBER: 06456848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 June 2022
and 31 May 2023 88,675
AMORTISATION
At 1 June 2022 75,000
Amortisation for year 1,368
At 31 May 2023 76,368
NET BOOK VALUE

At 31 May 2023 12,307
At 31 May 2022 13,675

Cost or valuation at 31 May 2023 is represented by:

Totals
£   
Valuation in 2013 50,534
Cost 38,141
88,675

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 June 2022
and 31 May 2023 91,783
DEPRECIATION
At 1 June 2022 49,429
Charge for year 7,696
At 31 May 2023 57,125
NET BOOK VALUE
At 31 May 2023 34,658
At 31 May 2022 42,354

OMEGA SUPPLIES UK LIMITED (REGISTERED NUMBER: 06456848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr R Arnold
Balance outstanding at start of year 414,697 376,485
Amounts advanced 74,609 129,362
Amounts repaid (56,808 ) (91,150 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 432,498 414,697

All advances made to directors are unsecured, repayable on demand and with no interest charged.