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Company No: 10516203 (England and Wales)

OMEGA CONSULTING IT/AV SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

OMEGA CONSULTING IT/AV SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

OMEGA CONSULTING IT/AV SERVICES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
OMEGA CONSULTING IT/AV SERVICES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,575 1,569
1,575 1,569
Current assets
Debtors 4 251,025 213,135
Cash at bank and in hand 39,975 142,252
291,000 355,387
Creditors: amounts falling due within one year 5 ( 131,719) ( 146,258)
Net current assets 159,281 209,129
Total assets less current liabilities 160,856 210,698
Creditors: amounts falling due after more than one year 6 ( 13,651) ( 22,751)
Net assets 147,205 187,947
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 147,105 187,847
Total shareholder's funds 147,205 187,947

For the financial 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.

Director's responsibilities:

The financial statements of Omega Consulting IT/AV Services Ltd (registered number: 10516203) were approved and authorised for issue by the Director on 12 September 2024. They were signed on its behalf by:

D J Swallow
Director
OMEGA CONSULTING IT/AV SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
OMEGA CONSULTING IT/AV SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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

General information and basis of accounting

Omega Consulting IT/AV Services Ltd (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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 6,112 6,112
Additions 1,051 1,051
At 31 December 2023 7,163 7,163
Accumulated depreciation
At 01 January 2023 4,543 4,543
Charge for the financial year 1,045 1,045
At 31 December 2023 5,588 5,588
Net book value
At 31 December 2023 1,575 1,575
At 31 December 2022 1,569 1,569

4. Debtors

2023 2022
£ £
Trade debtors 186,075 190,392
Prepayments and accrued income 43,932 8,048
VAT recoverable 2,356 5,841
Corporation tax 9,558 0
Other debtors 9,104 8,854
251,025 213,135

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,098 9,099
Trade creditors 55,985 12,423
Amounts owed to director 63,128 95,910
Accruals 3,508 2,075
Taxation and social security 0 26,751
131,719 146,258

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

2023 2022
£ £
Bank loans 13,651 22,751

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

At the year end, the director was owed £63,128 (2022: £95,910) by the Company. The loan is interest free and due for repayment on demand.