Company registration number 07403011 (England and Wales)
OMNI HOME DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OMNI HOME DESIGN LIMITED
CONTENTS
Page
Balance sheet
3 - 4
Notes to the financial statements
5 - 8
OMNI HOME DESIGN LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF OMNI HOME DESIGN LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Omni Home Design Limited for the year ended 31 December 2023 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Omni Home Design Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Omni Home Design Limited and state those matters that we have agreed to state to the board of directors of Omni Home Design Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Omni Home Design Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Omni Home Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Omni Home Design Limited. You consider that Omni Home Design Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Omni Home Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Maidment Judd Limited
16 September 2024
Chartered Certified Accountants
Charter House
Marlborough Park
Southdown Road
Harpenden
Herts
AL5 1NL
OMNI HOME DESIGN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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2023
2022
£
£
Turnover
42,907
73,685
Cost of sales
(27,031)
(36,333)
Gross profit
15,876
37,352
Administrative expenses
(23,243)
(22,100)
Operating (loss)/profit
(7,367)
15,252
Interest receivable and similar income
32
Interest payable and similar expenses
(391)
(522)
Amounts written off investments
77
-
(Loss)/profit before taxation
(7,649)
14,730
Tax on (loss)/profit
(1,028)
(2,498)
(Loss)/profit for the financial year
(8,677)
12,232
The profit and loss account has been prepared on the basis that all operations are continuing operations.
OMNI HOME DESIGN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,658
696
Current assets
Debtors
4
2,049
5,915
Cash at bank and in hand
51,346
67,367
53,395
73,282
Creditors: amounts falling due within one year
5
(15,807)
(17,493)
Net current assets
37,588
55,789
Total assets less current liabilities
43,246
56,485
Creditors: amounts falling due after more than one year
6
(7,989)
(13,114)
Provisions for liabilities
(567)
(4)
Net assets
34,690
43,367
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
34,688
43,365
Total equity
34,690
43,367
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OMNI HOME DESIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
The financial statements were approved and signed by the director and authorised for issue on 11 September 2024
S Tutt
Director
Company registration number 07403011 (England and Wales)
OMNI HOME DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
Omni Home Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 95 Pickford Hill, Harpenden, Herts, AL5 5HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33.33% on written down value
Fixtures, fittings & equipment
33.33% on written down value
Motor vehicles
33.33% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
OMNI HOME DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
OMNI HOME DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
21,053
Additions
7,500
Disposals
(1,208)
At 31 December 2023
27,345
Depreciation and impairment
At 1 January 2023
20,357
Depreciation charged in the year
2,517
Eliminated in respect of disposals
(1,187)
At 31 December 2023
21,687
Carrying amount
At 31 December 2023
5,658
At 31 December 2022
696
OMNI HOME DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
358
358
Other debtors
1,691
5,557
2,049
5,915
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,943
4,943
Taxation and social security
2,581
Other creditors
10,864
9,969
15,807
17,493
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,989
13,114