2023-01-012023-12-312023-12-31false06572784OMERCH 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OMERCH LIMITED

Registered Number
06572784
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

OMERCH LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

AKERFELDT, Lars Mikael
FARROW, Andrew Mcgregor

Company Secretary

LANGHAM, Victoria Jayne

Registered Address

Piazza Offices Salts Mill
Victoria Road
Shipley
BD18 3LA

Registered Number

06572784 (England and Wales)
OMERCH LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3-47
-47
Current assets
Stocks4100,320210,526
Debtors5156,659536,790
Cash at bank and on hand700,894403,351
957,8731,150,667
Creditors amounts falling due within one year6(234,999)(453,850)
Net current assets (liabilities)722,874696,817
Total assets less current liabilities722,874696,864
Net assets722,874696,864
Capital and reserves
Called up share capital8585
Profit and loss account722,789696,779
Shareholders' funds722,874696,864
The financial statements were approved and authorised for issue by the Board of Directors on 30 September 2024, and are signed on its behalf by:
FARROW, Andrew Mcgregor
Director
Registered Company No. 06572784
OMERCH LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument 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 related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year32
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 232,2422,242
At 31 December 232,2422,242
Depreciation and impairment
At 01 January 232,1952,195
Charge for year4747
At 31 December 232,2422,242
Net book value
At 31 December 23--
At 31 December 224747
4.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

2023

2022

££
Raw materials and consumables100,320210,526
Total100,320210,526
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables28,59599,801
Other debtors26,71013,934
Prepayments and accrued income101,354423,055
Total156,659536,790
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial liabilities are initially recognised transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables12,957109,007
Taxation and social security7,13239,529
Other creditors50,256100,394
Accrued liabilities and deferred income164,654204,920
Total234,999453,850
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities
8.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £1,859 (2022 - £1,735).
9.Related party transactions
At the 1st of January 2023 the company owed £17,050. During the year there was no further movement. At 31st December 2023 the company owed £17,050 to Mr A Farrow. This is payable on demand.