Registration number:
Prepared for the registrar
for the
Year Ended 31 January 2025
Ohmbot Technologies Ltd
(Registration number: 14616706)
Balance Sheet as at 31 January 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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|
|
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Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Deferred tax liabilities |
(23,789) |
(604) |
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|
Net (liabilities)/assets |
( |
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|
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Capital and reserves |
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Called up share capital |
2 |
2 |
|
|
Retained earnings |
(25,544) |
59,284 |
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Shareholders' (deficit)/funds |
(25,542) |
59,286 |
For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Director
Director
Ohmbot Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Ohmbot Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Office equipment |
Straight line 20% |
|
Motor vehicles |
Reducing balance 15% |
Intangible assets
Intangible assets comprise software development costs. These costs have a finite useful life and are carried at cost less accumulated amortisation and any impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
|
Software development costs |
Straight line 33% |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Ohmbot Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ohmbot Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Intangible assets |
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Software development costs |
Total |
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Cost |
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At 1 February 2024 |
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Additions acquired separately |
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At 31 January 2025 |
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Amortisation |
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At 1 February 2024 |
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Amortisation charge |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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Tangible assets |
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Office equipment |
Motor vehicles |
Total |
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Cost |
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At 1 February 2024 |
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- |
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Additions |
- |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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- |
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Charge for the period |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
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At 31 January 2024 |
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- |
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Debtors |
|
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Ohmbot Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
|
- |
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Deferred tax |
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
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Fixed asset timing differences |
- |
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Losses |
|
- |
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Short term timing differences |
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- |
|
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|
2024 |
Liability |
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Fixed asset timing differences |
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Ohmbot Technologies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025
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Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
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Bank overdrafts |
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- |
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Other borrowings |
|
- |
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HP and finance lease liabilities |
14,543 |
- |
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- |
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Non-current loans and borrowings
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2025 |
2024 |
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HP and finance lease liabilities |
67,876 |
- |
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Related party transactions |
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Transactions with directors |
At 31 January 2025, the company owed £75,758 (2024: £Nil) to Andrew Napier in the form of a directors loan account. The loan is unsecured, interest free and repayable on demand.
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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- |
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Later than one year and not later than five years |
|
- |
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|
- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £