O.M.T. LTD |
Statement of financial position for the year ended 31 December 2023 |
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Notes |
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31.12.2023 |
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31.12.2022 |
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£ |
£ |
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£ |
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Fixed asset investment |
4 |
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3,799,972 |
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2,120,015 |
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Current assets |
Debtors |
5 |
|
400,000 |
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|
6,000 |
Cash at bank |
263,982 |
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|
1,318,786 |
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|
|
663,982 |
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|
1,324,786 |
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Creditors: amounts falling |
due within one year |
6 |
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(277,759) |
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(205,249) |
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|
|
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Net current assets |
4,186,195 |
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3,239,552 |
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Net assets |
£ 4,186,195 |
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£ 3,239,552 |
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Capital and reserve |
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Called up share capital |
7 |
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|
1 |
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1 |
Profit and loss account |
4,186,194 |
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3,239,551 |
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Shareholder's fund |
£ 4,186,195 |
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£ 3,239,552 |
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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 members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. |
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities. |
The notes on pages 2 to 5 form an integral part of these financial statements. |
The financial statements on pages 1 to 5 were approved by the Board of Directors and were signed on its behalf by: |
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________________ |
Y. H. Finkelstein |
Director |
Company number: 08857972 |
21 October 2024 |
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O.M.T. LTD |
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Notes to the Financial Statements - 31 December 2023 |
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COMPANY INFORMATION |
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1. |
Company Information |
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O.M.T. Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ. |
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2. |
Accounting Policies |
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2.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2.2 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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2.3 |
Going concern |
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The company is profitable and has substantial capital and reserve and net current asset position. The company has substantial capital reserve and net current asset position. |
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The director is poisitive that the company will have sufficient funds to cover the cash flow requirements in the next 12 months. |
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Taking the above into account the director is of the view that the financial statements can be prepared on a going concern basis. |
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2.4 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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O.M.T. LTD |
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Notes to the Financial Statements - 31 December 2023 |
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COMPANY INFORMATION |
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2. |
Accounting Policies (continued) |
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2.4 |
Financial instruments |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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2.5 |
Fixed assets investment |
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The amount represents investment in financial assets that includes quoted securities, which are measured at fair value. Changes in the fair value are recognised in profit and loss. Fair value is estimated by using market value for the quoted security at balance sheet date. |
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2.6 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. |
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2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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2.8 |
Creditors |
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Basic financial liabilities including trade and other payable, bank loans, loans from group companies are measured at transaction price. |
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Long term loan advanced by group companies is measured at present value, discounted at a market rate of interest. |
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O.M.T. LTD |
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Notes to the Financial Statements - 31 December 2023 |
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2. |
Accounting Policies |
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2.9 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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3. |
Directors' remunerations. |
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31.12.2023 |
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31.12.2022 |
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No of employees |
0 |
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0 |
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The number of paid directors during the year was 1 (2022 - 1). |
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4. |
Fixed Asset Investments |
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Financial Asset |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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At 1 January 2023 |
2,120,015 |
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2,010,000 |
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Changes during the year |
1,679,957 |
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110,015 |
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At 31 December 2023 |
3,799,972 |
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2,120,015 |
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5. |
Debtors |
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31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade debtors |
0 |
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6,000 |
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Accrued income |
400,000 |
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- |
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400,000 |
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6,000 |
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O.M.T. LTD |
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Notes to the Financial Statements - 31 December 2023 |
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6. |
Creditors: Amounts falling due |
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within one year |
31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Trade Creditors |
1,014 |
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4,510 |
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Director's account |
27,943 |
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25,791 |
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VAT |
38,886 |
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42,846 |
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Other Tax and National Insurance |
3,096 |
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1,679 |
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Corporation tax |
203,273 |
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119,913 |
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Accruals |
3,547 |
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10,510 |
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277,759 |
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205,249 |
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7. |
Share Capital |
31.12.2023 |
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31.12.2022 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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1 ordinary share of £1 each |
1 |
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1 |
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8. |
Related party transactions |
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Control: |
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The company is wholly controlled by the director Mr. Y. Finkelstein. |
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Transaction: |
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There were no transactions between the company and related parties during the year (2022-NIL). |