Registered number
10467746
OM26 LIMITED
Filleted Accounts
30 November 2023
OM26 LIMITED
Registered number: 10467746
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 120,000 120,000
Tangible assets 4 18,091 20,101
138,091 140,101
Current assets
Stocks 71,836 63,579
Debtors 5 10,000 10,000
Cash at bank and in hand 12,192 7,399
94,028 80,978
Creditors: amounts falling due within one year 6 (230,205) (220,343)
Net current liabilities (136,177) (139,365)
Net assets 1,914 736
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,912 734
Shareholders' funds 1,914 736
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Raman Malhotra
Director
Approved by the board on 24 July 2024
OM26 LIMITED
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% Reducing balance
Fixtures, fittings, tools and equipment 10% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 120,000
At 30 November 2023 120,000
Amortisation
At 30 November 2023 -
Net book value
At 30 November 2023 120,000
At 30 November 2022 120,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 52,456
At 30 November 2023 52,456
Depreciation
At 1 December 2022 32,355
Charge for the year 2,010
At 30 November 2023 34,365
Net book value
At 30 November 2023 18,091
At 30 November 2022 20,101
5 Debtors 2023 2022
£ £
Other debtors 10,000 10,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 223 -
Corporation tax 407 1,238
Other taxes and social security costs 361 689
Other creditors 229,214 218,416
230,205 220,343
7 Other information
OM26 LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
59 Waverley Crescent
London
England
SE18 7QU
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