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COMPANY REGISTRATION NUMBER: 03309881
OMM LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
OMM LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
10,855
CURRENT ASSETS
Stocks
285,314
304,707
Debtors
7
826,943
585,844
Cash at bank and in hand
7,395
9,062
-------------
----------
1,119,652
899,613
CREDITORS: amounts falling due within one year
8
580,396
439,785
-------------
----------
NET CURRENT ASSETS
539,256
459,828
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
539,256
470,683
----------
----------
NET ASSETS
539,256
470,683
----------
----------
CAPITAL AND RESERVES
Called up share capital
1,050
1,000
Share premium account
149,251
109,301
Profit and loss account
388,955
360,382
----------
----------
SHAREHOLDERS FUNDS
539,256
470,683
----------
----------
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 comprehensive income has not been delivered.
For the year ending 29th February 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 .
OMM LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr T A Williams
Director
Company registration number: 03309881
OMM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 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 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
57,500
26,913
---------
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st March 2023
16,024
5,077
31,833
52,934
Disposals
( 31,833)
( 31,833)
---------
-------
---------
---------
At 29th February 2024
16,024
5,077
21,101
---------
-------
---------
---------
Depreciation
At 1st March 2023
16,024
5,077
20,978
42,079
Disposals
( 20,978)
( 20,978)
---------
-------
---------
---------
At 29th February 2024
16,024
5,077
21,101
---------
-------
---------
---------
Carrying amount
At 29th February 2024
---------
-------
---------
---------
At 28th February 2023
10,855
10,855
---------
-------
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
83,261
108,415
Prepayments and accrued income
119
109
Other debtors
743,563
477,320
----------
----------
826,943
585,844
----------
----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
58,710
83,340
Accruals and deferred income
2,283
2,135
Corporation tax
29,268
6,781
Social security and other taxes
17,219
9,529
Director loan accounts
77,916
88,000
Other creditors
395,000
250,000
----------
----------
580,396
439,785
----------
----------
9. RELATED PARTY TRANSACTIONS
Included within debtors are amounts totalling £743,563 (2023 : £477,320) being due from Ark Consultants UK Limited, an associated company.