Registered number
03434098
OM Interactive Limited
Filleted Accounts
30 September 2024
OM Interactive Limited
Registered number: 03434098
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 576,691 577,395
Tangible assets 4 233,231 269,148
809,922 846,543
Current assets
Stocks 655,000 788,000
Debtors 5 653,099 577,964
Cash at bank and in hand 430,410 535,316
1,738,509 1,901,280
Creditors: amounts falling due within one year 6 (618,134) (674,828)
Net current assets 1,120,375 1,226,452
Net assets 1,930,297 2,072,995
Capital and reserves
Called up share capital 22,700 22,700
Share premium 46,800 46,800
Profit and loss account 1,860,797 2,003,495
Shareholder's funds 1,930,297 2,072,995
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Nell M Klotz
Director Director
Approved by the board on 30 January 2025
OM Interactive Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% 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 is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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 assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 28
3 Intangible fixed assets £
Research & Development
Cost
At 1 October 2023 1,686,248
Additions 185,525
At 30 September 2024 1,871,773
Amortisation
At 1 October 2023 1,108,853
Provided during the year 186,229
At 30 September 2024 1,295,082
Net book value
At 30 September 2024 576,691
At 30 September 2023 577,395
This is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 211,826 223,130 434,956
Additions 7,042 52,916 59,958
Disposals - (12,835) (12,835)
At 30 September 2024 218,868 263,211 482,079
Depreciation
At 1 October 2023 100,575 65,233 165,808
Charge for the year 52,957 52,957 105,914
On disposals - (22,874) (22,874)
At 30 September 2024 153,532 95,316 248,848
Net book value
At 30 September 2024 65,336 167,895 233,231
At 30 September 2023 111,251 157,897 269,148
5 Debtors 2024 2023
£ £
Trade debtors 627,979 392,009
Other taxes and social security - 39,658
Other debtors 25,120 146,297
653,099 577,964
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 267,288 316,854
Taxation and social security costs 292,877 284,198
Other creditors 57,969 73,776
618,134 674,828
7 Other information
OM Interactive Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Avebury Court
Mark Road
Hemel Hempstead
Hertfordshire
HP2 7TA
8 Controlling party
At the date of signing of these accounts the Company recognise Tekula Limited a private company
limited by shares and incorporated in England as its ultimate holding company.
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