OMiles Consultancy Ltd 13935513 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of software consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true false 13935513 2023-03-01 2024-02-29 13935513 2024-02-29 13935513 bus:Director1 1 2024-02-29 13935513 core:CurrentFinancialInstruments 2024-02-29 13935513 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13935513 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 13935513 core:FurnitureFittingsToolsEquipment 2024-02-29 13935513 bus:SmallEntities 2023-03-01 2024-02-29 13935513 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13935513 bus:FullAccounts 2023-03-01 2024-02-29 13935513 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13935513 bus:RegisteredOffice 2023-03-01 2024-02-29 13935513 bus:Director1 2023-03-01 2024-02-29 13935513 bus:Director1 1 2023-03-01 2024-02-29 13935513 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13935513 core:ComputerSoftware 2023-03-01 2024-02-29 13935513 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 13935513 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 13935513 core:OfficeEquipment 2023-03-01 2024-02-29 13935513 1 2023-03-01 2024-02-29 13935513 countries:EnglandWales 2023-03-01 2024-02-29 13935513 2023-02-28 13935513 bus:Director1 1 2023-02-28 13935513 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 13935513 core:FurnitureFittingsToolsEquipment 2023-02-28 13935513 2022-02-22 2023-02-28 13935513 2023-02-28 13935513 bus:Director1 1 2023-02-28 13935513 core:CurrentFinancialInstruments 2023-02-28 13935513 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13935513 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 13935513 core:FurnitureFittingsToolsEquipment 2023-02-28 13935513 bus:Director1 1 2022-02-22 2023-02-28 13935513 bus:Director1 1 2022-02-21 iso4217:GBP xbrli:pure

Registration number: 13935513

OMiles Consultancy Ltd

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

OMiles Consultancy Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

OMiles Consultancy Ltd

Company Information

Director

Mr Oliver Miles

Registered office

Rectory Cottage
Hexton Road
Lilley
LU2 8LU

 

OMiles Consultancy Ltd

(Registration number: 13935513)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

583

697

Tangible assets

5

7,251

1,968

 

7,834

2,665

Current assets

 

Debtors

6

504

241

Cash at bank and in hand

 

35,312

12,509

 

35,816

12,750

Creditors: Amounts falling due within one year

7

(19,973)

(12,151)

Net current assets

 

15,843

599

Total assets less current liabilities

 

23,677

3,264

Provisions for liabilities

(1,489)

(320)

Net assets

 

22,188

2,944

Capital and reserves

 

Called up share capital

1

1

Retained earnings

22,187

2,943

Shareholders' funds

 

22,188

2,944

 

OMiles Consultancy Ltd

(Registration number: 13935513)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2024
 

.........................................
Mr Oliver Miles
Director

 

OMiles Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rectory Cottage
Hexton Road
Lilley
LU2 8LU

These financial statements were authorised for issue by the director on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

OMiles Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website Development Costs

15% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed annually for any bad debts and any adjustment is made accordingly through the profit and loss.

 

OMiles Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

OMiles Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Website Development Costs
£

Total
£

Cost or valuation

At 1 March 2023

760

760

At 29 February 2024

760

760

Amortisation

At 1 March 2023

63

63

Amortisation charge

114

114

At 29 February 2024

177

177

Carrying amount

At 29 February 2024

583

583

At 28 February 2023

697

697

5

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 March 2023

2,314

2,314

Additions

6,619

6,619

At 29 February 2024

8,933

8,933

Depreciation

At 1 March 2023

346

346

Charge for the year

1,336

1,336

At 29 February 2024

1,682

1,682

Carrying amount

At 29 February 2024

7,251

7,251

At 28 February 2023

1,968

1,968

 

OMiles Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

504

241

 

504

241

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

36

180

Taxation and social security

12,796

7,328

Accruals and deferred income

1,980

1,800

Other creditors

5,161

2,843

19,973

12,151

8

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £32,300 (2023 - £30,000) per ordinary share

 

32,300

 

30,000

         

9

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Oliver Miles

Directors loan account

(2,843)

50,797

(53,117)

(5,163)

         
       

 

 

OMiles Consultancy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2023

At 22 February 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Oliver Miles

Directors loan account

-

37,551

(40,394)

(2,843)

         
       

 

This loan is provided interest free and is repayable on demand.

10

Ultimate controlling party

The ultimate controlling party is Mr O Miles, by virtue of his shareholding.