Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-302024-03-30false2023-03-31Buying and selling and buying and renting of properties22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05680073 2023-03-31 2024-03-30 05680073 2022-03-31 2023-03-30 05680073 2024-03-30 05680073 2023-03-30 05680073 c:Director1 2023-03-31 2024-03-30 05680073 d:ComputerEquipment 2023-03-31 2024-03-30 05680073 d:ComputerEquipment 2024-03-30 05680073 d:ComputerEquipment 2023-03-30 05680073 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-31 2024-03-30 05680073 d:FreeholdInvestmentProperty 2023-03-31 2024-03-30 05680073 d:FreeholdInvestmentProperty 2024-03-30 05680073 d:FreeholdInvestmentProperty 2023-03-30 05680073 d:CurrentFinancialInstruments 2024-03-30 05680073 d:CurrentFinancialInstruments 2023-03-30 05680073 d:Non-currentFinancialInstruments 2024-03-30 05680073 d:Non-currentFinancialInstruments 2023-03-30 05680073 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-30 05680073 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-30 05680073 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-30 05680073 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-30 05680073 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-30 05680073 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-30 05680073 d:ShareCapital 2024-03-30 05680073 d:ShareCapital 2023-03-30 05680073 d:RetainedEarningsAccumulatedLosses 2024-03-30 05680073 d:RetainedEarningsAccumulatedLosses 2023-03-30 05680073 c:FRS102 2023-03-31 2024-03-30 05680073 c:AuditExemptWithAccountantsReport 2023-03-31 2024-03-30 05680073 c:FullAccounts 2023-03-31 2024-03-30 05680073 c:PrivateLimitedCompanyLtd 2023-03-31 2024-03-30 05680073 e:PoundSterling 2023-03-31 2024-03-30 iso4217:GBP xbrli:pure

Registered number: 05680073










OMEGA PROPERTIES UK LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 MARCH 2024

 
OMEGA PROPERTIES UK LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFOMEGA PROPERTIES UK LTD
FOR THE YEAR ENDED 30 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Omega Properties UK Ltd for the year ended 30 March 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given to us.
 

This report is made solely to the Board of Directors of Omega Properties UK Ltd, as a body, in accordance with the terms of our agreement. Our work has been undertaken solely to prepare for your approval the financial statements of Omega Properties UK Ltd and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Omega Properties UK Ltd and its  Board of Directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Omega Properties UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the Company's assets, liabilities, financial position and loss. You consider that Omega Properties UK Ltd is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Omega Properties UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.





Shipleys Tax Planning

27 March 2025
Page 1

 
OMEGA PROPERTIES UK LTD
REGISTERED NUMBER: 05680073

BALANCE SHEET
AS AT 30 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
633

Investment property
 6 
516,744
217,640

  
516,744
218,273

Current assets
  

Debtors: amounts falling due within one year
 7 
200
6,200

Cash at bank and in hand
 8 
48,698
5,746

  
48,898
11,946

Creditors: amounts falling due within one year
 9 
(137,060)
(82,610)

Net current liabilities
  
 
 
(88,162)
 
 
(70,664)

Total assets less current liabilities
  
428,582
147,609

Creditors: amounts falling due after more than one year
 10 
(350,670)
(50,001)

  

Net assets
  
77,912
97,608


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
76,912
96,608

  
77,912
97,608


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.



Page 2

 
OMEGA PROPERTIES UK LTD
REGISTERED NUMBER: 05680073

BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024


A Saddiq
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
OMEGA PROPERTIES UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1.


General information

Omega Properties UK Ltd is a company domiciled in England & Wales, registration number 05680073. The registered office is 685a Chesterfield Road, Sheffield, S8 0SL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
OMEGA PROPERTIES UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
OMEGA PROPERTIES UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

4.


Taxation


2024
2023
£
£



Total current tax
-
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(19,696)
(914)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(3,742)
(174)

Effects of:


Depreciation for year in excess of capital allowances
120
283

Utilisation of tax losses
-
(109)

Unrelieved tax losses carried forward
3,622
-

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 6

 
OMEGA PROPERTIES UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 31 March 2023
6,870



At 30 March 2024

6,870



Depreciation


At 31 March 2023
6,237


Charge for the year on owned assets
633



At 30 March 2024

6,870



Net book value



At 30 March 2024
-



At 30 March 2023
633


6.


Investment property


Freehold investment property

£



Valuation


At 31 March 2023
217,640


Additions at cost
299,104



At 30 March 2024
516,744

The 2024 valuations were made by the director, Ased Saddiq, on an open market value for existing use basis.






Page 7

 
OMEGA PROPERTIES UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

7.


Debtors

2024
2023
£
£


Other debtors
200
6,200

200
6,200



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
48,698
5,746

48,698
5,746



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
134,300
79,970

Accruals and deferred income
2,760
2,640

137,060
82,610



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
350,670
50,001

350,670
50,001


In 2021, the company received the Government Bounce Back Loan from Santander of £50,000. Interest is payable at a fixed rate of 2.5% per annum. Repayments have been on an interest only basis. The loan is repayable to Santander after a period of 3 years (2023: 4 years).

Page 8

 
OMEGA PROPERTIES UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
350,670
50,001

350,670
50,001

350,670
50,001



12.


Related party transactions

During the year the director loaned the company £65,800. At the balance sheet date other creditors included £134,300 (2023: £68,500) as amounts owed to the director.


Page 9