Silverfin false false 30/11/2023 23/11/2022 30/11/2023 P T Symons 23/11/2022 26 July 2024 The principal activity of the company during the financial year was wholesale of wine, beer, spirits and other alcoholic beverages. 14502481 2023-11-30 14502481 bus:Director1 2023-11-30 14502481 core:CurrentFinancialInstruments 2023-11-30 14502481 core:Non-currentFinancialInstruments 2023-11-30 14502481 core:ShareCapital 2023-11-30 14502481 core:RetainedEarningsAccumulatedLosses 2023-11-30 14502481 bus:OrdinaryShareClass1 2023-11-30 14502481 2022-11-23 2023-11-30 14502481 bus:FilletedAccounts 2022-11-23 2023-11-30 14502481 bus:SmallEntities 2022-11-23 2023-11-30 14502481 bus:AuditExemptWithAccountantsReport 2022-11-23 2023-11-30 14502481 bus:PrivateLimitedCompanyLtd 2022-11-23 2023-11-30 14502481 bus:Director1 2022-11-23 2023-11-30 14502481 bus:OrdinaryShareClass1 2022-11-23 2023-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14502481 (England and Wales)

OMILO LIMITED

Unaudited Financial Statements
For the financial period from 23 November 2022 to 30 November 2023
Pages for filing with the registrar

OMILO LIMITED

Unaudited Financial Statements

For the financial period from 23 November 2022 to 30 November 2023

Contents

OMILO LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
OMILO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 30.11.2023
£
Current assets
Debtors 3 250
Cash at bank and in hand 64
314
Creditors: amounts falling due within one year 4 ( 950)
Net current liabilities (636)
Total assets less current liabilities (636)
Creditors: amounts falling due after more than one year 5 ( 1,000)
Net liabilities ( 1,636)
Capital and reserves
Called-up share capital 6 100
Profit and loss account ( 1,736 )
Total shareholders' deficit ( 1,636)

For the financial period ending 30 November 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 financial statements of Omilo Limited (registered number: 14502481) were approved and authorised for issue by the Director. They were signed on its behalf by:

P T Symons
Director

26 July 2024

OMILO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 November 2022 to 30 November 2023
OMILO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 November 2022 to 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Omilo Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

Reporting period length is 23 November 2022 to 30 November 2023.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
23.11.2022 to
30.11.2023
Number
Monthly average number of persons employed by the company during the period, including the director 1

3. Debtors

30.11.2023
£
Other debtors 250

4. Creditors: amounts falling due within one year

30.11.2023
£
Other creditors 950

5. Creditors: amounts falling due after more than one year

30.11.2023
£
Other creditors 1,000

6. Called-up share capital

30.11.2023
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

On incorporation, 100 Ordinary Shares were issued at par