General Information
OMB Tax Limited is a private company, limited by shares, registered in England and Wales, under 04979067, at Unit 10, Clayfield Mews, Newcomen Road, Tunbridge Wells, Kent, TN4 9PA.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 (under Part 1A), the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
Basis of preparation
The financial statements are presented in £ Sterling (which is the operational currency of the Company), on the going concern basis under the historical cost convention in accordance with the accounting policies.
Going concern basis
In preparing the financial statements, the directors are required to make an assessment of the ability of the Company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12-months from the date of signing these financial statements. The directors have paid particular attention to likely cashflow requirements and future availability of adequate cashflow to the Company.
On the basis of this consideration, the directors are confident that the Company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.
Turnover
Fee income represents revenue earned under a variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the Company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including disbursements, but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included as "Amounts Recoverable on Contracts" within note 8 "Debtors: amounts falling due within one year" below.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable, recognised in the profit and loss account. The Company's liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Tax assets and liabilities are not discounted. No provision is made for deferred tax.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
10% Reducing Balance
|
| Fixtures and Fittings |
10% Reducing Balance
|
| Computer Equipment |
10% Reducing Balance
|
|
| 2. |
Average number of employees
Average number of employees during the period was 4 (2025 : 3).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 July 2025 |
33,542 |
|
7,373 |
|
16,300 |
|
57,215 |
| Additions |
- |
|
13,665 |
|
9,280 |
|
22,945 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2026 |
33,542 |
|
21,038 |
|
25,580 |
|
80,160 |
| Depreciation |
| At 01 July 2025 |
6,988 |
|
2,498 |
|
4,040 |
|
13,526 |
| Charge for period |
2,655 |
|
1,854 |
|
2,154 |
|
6,663 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 March 2026 |
9,643 |
|
4,352 |
|
6,194 |
|
20,189 |
| Net book values |
| Closing balance as at 31 March 2026 |
23,899 |
|
16,686 |
|
19,386 |
|
59,971 |
| Opening balance as at 01 July 2025 |
26,554 |
|
4,875 |
|
12,260 |
|
43,689 |
|
| 4. |
Debtors: amounts falling due within one year
|
2026
£ |
|
2025
£ |
| Trade Debtors |
62,126 |
|
67,677 |
| Provision for Doubtful Debts |
(8,731) |
|
- |
| Rent Deposit |
685 |
|
685 |
| Amounts Recoverable on Contracts |
74,058 |
|
86,757 |
| Other Debtors |
- |
|
1,380 |
|
128,138 |
|
156,499 |
|
| 5. |
Creditors: amounts falling due within one year
|
2026
£ |
|
2025
£ |
| Trade Creditors |
5,596 |
|
985 |
| Taxation and Social Security |
20,864 |
|
51,602 |
| Other Creditors |
33,107 |
|
6,001 |
|
59,567 |
|
58,588 |
|
| 6. |
Creditors: amounts falling due after more than one year
|
2026
£ |
|
2025
£ |
| Bank Loans & Overdrafts |
- |
|
2,057 |
| Other Creditors |
42,103 |
|
97,170 |
|
42,103 |
|
99,227 |
|
| 7. |
Share Capital
Allotted, called up and fully paid
|
2026
£ |
|
2025
£ |
|
50
Ordinary shares of £1.00 each |
50 |
|
50 |
|
50 |
|
50 |
|
| 8. |
Indebtedness
The Company has unsecured borrowings repayable by monthly instalments as follows:
Within one year £3,108.
|
2
|