Company registration number 14882021 (England and Wales)
OMEGA LIFE EDUCATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OMEGA LIFE EDUCATION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OMEGA LIFE EDUCATION LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
122,619
Current assets
Debtors
4
9,771
Cash at bank and in hand
738
10,509
Creditors: amounts falling due within one year
5
(349,345)
Net current liabilities
(338,836)
Total assets less current liabilities
(216,217)
Provisions for liabilities
(23,537)
Net liabilities
(239,754)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(239,755)
Total equity
(239,754)
For the financial Period ended 30 September 2024 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 of its financial statements for the Period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Mr A Aresti
Director
Company registration number 14882021 (England and Wales)
OMEGA LIFE EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Omega Life Education Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 40-42, Kemble Street, Prescot, England, L34 5SQ.
The principal place of business is Ground floor Essex House, Bridle Road, Bootle, Merseyside, United Kingdom, L30 4XQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, the validity of which depends upon future profitable trading, and the support of the directors. Should the company be unable to continue trading, adjustments would be necessary to reduce the value of assets to their recoverable amounts, to provide for further liabilities which might arise and to reclassify fixed assets as current assets.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
specific criteria have been met for each of the company's activities.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
2% straight line
Fixtures and fittings
15% reducing balance
Computer equipment
33% straight line
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OMEGA LIFE EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income, is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax laws that have been enacted or substantively enacted by the reporting date in countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 substantially enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
6
OMEGA LIFE EDUCATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 19 May 2023
Additions
75,749
41,318
31,221
148,288
At 30 September 2024
75,749
41,318
31,221
148,288
Depreciation and impairment
At 19 May 2023
Depreciation charged in the Period
2,146
8,780
14,743
25,669
At 30 September 2024
2,146
8,780
14,743
25,669
Carrying amount
At 30 September 2024
73,603
32,538
16,478
122,619
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
9,771
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
2,139
Other creditors
347,206
349,345
6
Financial commitments, guarantees and contingent liabilities
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £105,000.
7
Going concern
Although the financial statements show net current liabilities of £429,599 and net liabilities of £276,805, the directors are of the opinion that the financial statements can be prepared on the going concern basis on the grounds that the company will continue to receive support from the directors and will trade profitably in the future.