9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 70,000 68,250 1,750 70,000 1,750 xbrli:pure xbrli:shares iso4217:GBP 06995416 2023-06-01 2024-05-31 06995416 2024-05-31 06995416 2023-05-31 06995416 2022-06-01 2023-05-31 06995416 2023-05-31 06995416 2022-05-31 06995416 core:PlantMachinery 2023-06-01 2024-05-31 06995416 core:FurnitureFittings 2023-06-01 2024-05-31 06995416 core:NetGoodwill 2023-06-01 2024-05-31 06995416 bus:Director2 2023-06-01 2024-05-31 06995416 core:NetGoodwill 2023-05-31 06995416 core:NetGoodwill 2024-05-31 06995416 core:PlantMachinery 2023-05-31 06995416 core:FurnitureFittings 2023-05-31 06995416 core:PlantMachinery 2024-05-31 06995416 core:FurnitureFittings 2024-05-31 06995416 core:WithinOneYear 2024-05-31 06995416 core:WithinOneYear 2023-05-31 06995416 core:AfterOneYear 2024-05-31 06995416 core:AfterOneYear 2023-05-31 06995416 core:ShareCapital 2024-05-31 06995416 core:ShareCapital 2023-05-31 06995416 core:RetainedEarningsAccumulatedLosses 2024-05-31 06995416 core:RetainedEarningsAccumulatedLosses 2023-05-31 06995416 core:NetGoodwill 2023-05-31 06995416 core:PlantMachinery 2023-05-31 06995416 core:FurnitureFittings 2023-05-31 06995416 bus:Director1 2023-06-01 2024-05-31 06995416 bus:SmallEntities 2023-06-01 2024-05-31 06995416 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06995416 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 06995416 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06995416 bus:FullAccounts 2023-06-01 2024-05-31 06995416 core:OfficeEquipment 2023-06-01 2024-05-31 06995416 core:OfficeEquipment 2023-05-31 06995416 core:OfficeEquipment 2024-05-31 06995416 bus:Director2 1 2023-06-01 2024-05-31 06995416 core:KeyManagementPersonnel 2023-06-01 2024-05-31 06995416 core:AllAssociates 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 06995416
Omega Geomatics Ltd
Filleted Unaudited Financial Statements
31 May 2024
Omega Geomatics Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Omega Geomatics Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1,750
Tangible assets
6
58,186
51,844
--------
--------
58,186
53,594
Current assets
Debtors
7
347,411
323,325
Cash at bank and in hand
101,408
145,485
---------
---------
448,819
468,810
Creditors: amounts falling due within one year
8
171,848
185,233
---------
---------
Net current assets
276,971
283,577
---------
---------
Total assets less current liabilities
335,157
337,171
Creditors: amounts falling due after more than one year
9
10,108
18,055
Provisions
Taxation including deferred tax
11,593
9,224
---------
---------
Net assets
313,456
309,892
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
313,356
309,792
---------
---------
Shareholders funds
313,456
309,892
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Omega Geomatics Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 8 November 2024 , and are signed on behalf of the board by:
Mr D Keohane
Director
Company registration number: 06995416
Omega Geomatics Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Goodwill - 10% straight line
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
70,000
--------
Amortisation
At 1 June 2023
68,250
Charge for the year
1,750
--------
At 31 May 2024
70,000
--------
Carrying amount
At 31 May 2024
--------
At 31 May 2023
1,750
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
141,179
23,993
39,828
205,000
Additions
20,011
20,011
---------
--------
--------
---------
At 31 May 2024
141,179
23,993
59,839
225,011
---------
--------
--------
---------
Depreciation
At 1 June 2023
116,330
21,434
15,392
153,156
Charge for the year
6,004
640
7,025
13,669
---------
--------
--------
---------
At 31 May 2024
122,334
22,074
22,417
166,825
---------
--------
--------
---------
Carrying amount
At 31 May 2024
18,845
1,919
37,422
58,186
---------
--------
--------
---------
At 31 May 2023
24,849
2,559
24,436
51,844
---------
--------
--------
---------
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: Plant and Machinery £Nil (2023: £6,907).
7. Debtors
2024
2023
£
£
Trade debtors
47,324
38,372
Amounts owed by group undertakings and undertakings in which the company has a participating interest
297,914
283,500
Other debtors
2,173
1,453
---------
---------
347,411
323,325
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,202
10,648
Trade creditors
19,860
48,241
Corporation tax
63,489
42,600
Social security and other taxes
23,144
30,461
Other creditors
53,153
53,283
---------
---------
171,848
185,233
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,108
18,055
--------
--------
10. Directors' advances, credits and guarantees
At the end of the year the company owed the directors £49,553 (2023: £49,313).
11. Related party transactions
During the year the company paid dividends of £196,800 (2023: £190,008) to the directors. At the year end the company was owed £297,914 (2023: £283,500) by a company under common control.