Caseware UK (AP4) 2024.0.164 2024.0.164 truefalse12024-01-01trueNo description of principal activity1false 13061483 2024-01-01 2024-12-31 13061483 2023-01-01 2023-12-31 13061483 2024-12-31 13061483 2023-12-31 13061483 c:Director1 2024-01-01 2024-12-31 13061483 d:CurrentFinancialInstruments 2024-12-31 13061483 d:CurrentFinancialInstruments 2023-12-31 13061483 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 13061483 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13061483 d:ShareCapital 2024-12-31 13061483 d:ShareCapital 2023-12-31 13061483 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 13061483 d:RetainedEarningsAccumulatedLosses 2024-12-31 13061483 d:RetainedEarningsAccumulatedLosses 2023-12-31 13061483 c:EntityHasNeverTraded 2024-01-01 2024-12-31 13061483 c:FRS102 2024-01-01 2024-12-31 13061483 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13061483 c:FullAccounts 2024-01-01 2024-12-31 13061483 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13061483 6 2024-01-01 2024-12-31 13061483 3 2024-12-31 13061483 3 2023-12-31 13061483 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 13061483










Om Lounge Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2024

 
Om Lounge Limited
Registered number: 13061483

Balance sheet
As at 31 December 2024

2024
2023
Note
£
£

  

Current assets
  

Cash at bank and in hand
  
1
1

Creditors: amounts falling due within one year
 5 
(203,382)
(203,382)

Net current liabilities
  
 
 
(203,381)
 
 
(203,381)

Total assets less current liabilities
  
(203,381)
(203,381)

  

Net liabilities
  
(203,381)
(203,381)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
 6 
(203,382)
(203,382)

  
(203,381)
(203,381)


For the year ended 31 December 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

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 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.

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 profit and loss account 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 by: 




H G Marshall
Director

Date: 7 June 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Om Lounge Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

The Company is a private company, limited by shares, incorporated in England and Wales with registered number 13061483.  The registered office is 3 Blumer Lock, Hampstead Lane, Yalding, Kent, ME18 6AD. The Company no longer trades.

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.

 
2.2

Going concern

At the current and prior reporting dates, the Company has net liabilities of £203,381. The Company relies upon its shareholder to continue as a going concern. That support has been confirmed and accordingly, the financial statements have been prepared on a going concern basis. 

 
2.3

Valuation of fixed asset investments

Loans made to unrelated businesses are measured at cost less accumulated impairment.

 
2.4

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.

 
2.5

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.

Page 2

 
Om Lounge Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 3

 
Om Lounge Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
Om Lounge Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

4.


Fixed asset investments





Fixed asset investments

£



Cost or valuation


At 1 January 2024
200,000



At 31 December 2024

200,000



Impairment


At 1 January 2024
200,000



At 31 December 2024

200,000



Net book value



At 31 December 2024
-



At 31 December 2023
-


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
203,382
203,382


Other creditors comprise amounts owing to the Company's shareholder.


6.


Reserves

Profit and loss account

This reserve comprises all current and prior retained profits and losses after deducting any distributions made to the Company's shareholder.


7.


Controlling party

The Company is controlled by its Director.

Page 5