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Registered number: 09929613
Omni Travel Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Accounting Freedom
Westhill House
2b Devonshire Road
Bexleyheath
DA6 8DS
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09929613
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 28,000 32,000
Tangible Assets 5 38,889 7,200
66,889 39,200
CURRENT ASSETS
Debtors 6 74,568 34,328
Cash at bank and in hand 2,429 13,067
76,997 47,395
Creditors: Amounts Falling Due Within One Year 7 (115,397 ) (80,330 )
NET CURRENT ASSETS (LIABILITIES) (38,400 ) (32,935 )
TOTAL ASSETS LESS CURRENT LIABILITIES 28,489 6,265
Creditors: Amounts Falling Due After More Than One Year 8 (28,329 ) (6,164 )
NET ASSETS 160 101
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 60 1
SHAREHOLDERS' FUNDS 160 101
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ashley Watts
Director
19/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Omni Travel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09929613 . The registered office is 185 Yorkland Avenue, Welling, DA16 2LH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20& Straight Line
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 40,000
As at 31 December 2023 40,000
Amortisation
As at 1 January 2023 8,000
Provided during the period 4,000
As at 31 December 2023 12,000
Net Book Value
As at 31 December 2023 28,000
As at 1 January 2023 32,000
5. Tangible Assets
Motor Vehicles
£
Cost
As at 1 January 2023 12,000
Additions 42,611
As at 31 December 2023 54,611
Depreciation
As at 1 January 2023 4,800
Provided during the period 10,922
As at 31 December 2023 15,722
Net Book Value
As at 31 December 2023 38,889
As at 1 January 2023 7,200
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 7,363 6,164
Director's loan account 67,205 28,164
74,568 34,328
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - (1 )
Corporation tax 20,060 16,902
VAT 86,936 62,229
Net wages 6,001 -
Accruals and deferred income 2,400 1,200
115,397 80,330
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 28,329 6,164
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5