Company Registration No. 02855672 (England and Wales)
Omicron Solutions Limited
Unaudited Financial Statements
For the year ended 31 October 2020
Pages for filing with registrar
Omicron Solutions Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Omicron Solutions Limited
Balance Sheet
As at 31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2
533
Current assets
Debtors
4
70,207
45,101
Cash at bank and in hand
191,758
129,037
261,965
174,138
Creditors: amounts falling due within one year
5
(89,848)
(85,230)
Net current assets
172,117
88,908
Total assets less current liabilities
172,119
89,441
Creditors: amounts falling due after more than one year
6
(50,000)
Net assets
122,119
89,441
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
117,119
84,441
Total equity
122,119
89,441
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Omicron Solutions Limited
Balance Sheet (Continued)
As at 31 October 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 July 2021 and are signed on its behalf by:
Mr A Sheppard
Director
Company Registration No. 02855672
Omicron Solutions Limited
Notes to the Financial Statements
For the year ended 31 October 2020
- 3 -
1
Accounting policies
Company information
Omicron Solutions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Long Spring, Porters Wood, St Albans, Hertfordshire, AL3 6EN.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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.
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:
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Omicron Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11
and
Section 12
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present
fair
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price
and are subsequently carried at amortised cost using the effective interest method
unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the
present
fair
value of the future receipts discounted at a market rate of interest
.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
8
Omicron Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2020
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2019 and 31 October 2020
83,567
Depreciation and impairment
At 1 November 2019
83,034
Depreciation charged in the year
531
At 31 October 2020
83,565
Carrying amount
At 31 October 2020
2
At 31 October 2019
533
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
66,877
40,771
Other debtors
3,330
4,330
70,207
45,101
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
45,957
11,925
Corporation tax
17,346
18,192
Other taxation and social security
10,201
16,266
Other creditors
16,344
38,847
89,848
85,230
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
50,000