Company Registration No. 11682184 (England and Wales)
OM AYAT LIMITED
Unaudited accounts
for the period from 1 December 2022 to 31 May 2024
OM AYAT LIMITED
Unaudited accounts
Contents
OM AYAT LIMITED
Company Information
for the period from 1 December 2022 to 31 May 2024
Director
Basima Alwan Sabti TAWEEL
Company Number
11682184 (England and Wales)
Registered Office
692-696 UNIT 2 STRATFORD ROAD
SPARKHILL
BIRMINGHAM
B11 4AT
UNITED KINGDOM
OM AYAT LIMITED
Statement of financial position
as at 31 May 2024
Cash at bank and in hand
3,281
54,084
Creditors: amounts falling due within one year
(3,182)
(83,430)
Net current assets
99
74,422
Total assets less current liabilities
99
77,777
Creditors: amounts falling due after more than one year
-
(31,663)
Called up share capital
100
100
Profit and loss account
(1)
46,014
Shareholders' funds
99
46,114
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 July 2024 and were signed on its behalf by
Basima Alwan Sabti TAWEEL
Director
Company Registration No. 11682184
OM AYAT LIMITED
Notes to the Accounts
for the period from 1 December 2022 to 31 May 2024
OM AYAT LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11682184. The registered office is 692-696 UNIT 2 STRATFORD ROAD, SPARKHILL, BIRMINGHAM, B11 4AT, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
In accordance with IAS and IFRS, the annual accounts provide a detailed breakup of financial elements to ensure transparency and accuracy. For fixed assets, IAS 16 *Property, Plant and Equipment* mandates disposal of fixed assets should be presented truly and fairly. The fixed assets were disposed off at no loss or no gain. Inventory, as per IAS 2 *Inventories* were sold off at no loss or no gain. Comprehensive notes are provided, detailing movements, disposals, and adjustments to ensure full disclosure and adherence to IFRS standards, thereby reflecting the true financial position and performance of the entity.
The accounts are presented in £ sterling.
Tangible fixed assets disposal
During the year ended 31/05/2024, the company disposed of various fixed assets in accordance with IAS 16 Property, Plant and Equipment. The disposals included sales, retirements, and other forms of asset exits. For each disposal, the carrying amount of the asset at the time of disposal was removed from the fixed assets register, the fixed assets were disposed off at no gain or loss. This comprehensive approach ensures compliance with IFRS standards and provides transparency in the financial statements.
During the year ended 31/05/2024, the company completed a sell-off of closing stock in line with IAS 2 *Inventories*. The closing stock sell-off involved liquidating excess stock, with the cost of the stocks determined using an appropriate cost formula, such as the weighted average or FIFO method. Adjustments were made for any necessary write-downs to net realizable value, ensuring the closing stock was valued at the lower of cost or net realizable value. All the closing stocks were sold at no gain or no loss. This approach ensures compliance with IFRS requirements and provides a transparent view of the financial impact of the closing stock sell-off.
In preparing the annual accounts, the company has adopted the breakup basis of accounting instead of the going concern assumption, as per IAS and IFRS requirements. Under the breakup basis, assets and liabilities are reported based on their estimated realizable value rather than their value under ongoing operations. This approach involves valuing assets at their liquidation value and recognizing any potential losses from the sale of assets at less than their book value. Liabilities are accounted for at the amounts expected to be settled upon liquidation. This method reflects the financial position as if the company were to cease operations immediately, providing a snapshot of the value of assets and liabilities in a liquidation scenario. The breakup basis assumption impacts the presentation of financial statements, ensuring that they accurately represent the financial consequences of a potential cessation of business activities.
OM AYAT LIMITED
Notes to the Accounts
for the period from 1 December 2022 to 31 May 2024
4
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2022
Taxes and social security
3,182
2,571
Loans from directors
-
79,701
7
Creditors: amounts falling due after more than one year
2024
2022
8
Average number of employees
During the period the average number of employees was 1 (2022: 2).