Omnie Limited 31/12/2018 iXBRL

Omnie Limited 31/12/2018 iXBRL

OMNIE LIMITED - Company Information

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Company registration number: 06446222
Omnie Limited
Unaudited filleted financial statements
31 December 2018
OMNIE LIMITED
Contents
Statement of financial position
Notes to the financial statements
OMNIE LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 485,358 464,000
Tangible assets 6 108,293 104,486
Investments 7 3,540 13,599
_______ _______
597,191 582,085
Current assets
Stocks 418,155 345,572
Debtors 8 958,937 701,104
Cash at bank and in hand 15,647 16,867
_______ _______
1,392,739 1,063,543
Creditors: amounts falling due
within one year 9 ( 1,518,184) ( 1,109,101)
_______ _______
Net current liabilities ( 125,445) ( 45,558)
_______ _______
Total assets less current liabilities 471,746 536,527
Creditors: amounts falling due
after more than one year 10 - ( 303,113)
_______ _______
Net assets 471,746 233,414
_______ _______
Capital and reserves
Called up share capital 270,270 270,270
Share premium account 11 179,730 179,730
Capital contribution 11 359,789 -
Profit and loss account 11 ( 338,043) ( 216,586)
_______ _______
Shareholders funds 471,746 233,414
_______ _______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2019 , and are signed on behalf of the board by:
Mr D Trivett
Director
Company registration number: 06446222
OMNIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26-28 Southernhay East, Exeter, Devon, EX1 1NS.The principal activity of the company is that of the design, manufacture, supply and servicing of under floor and surface heating and cooling products and systems.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 31 December 2018 the company had net current liabilities. However, the financial statements have been prepared on a going concern basis. This is dependent on the continued support of the directors to enable the company to continue trading. The directors have expressed a willingness to continue providing their support to the company for the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - 20 % straight line
Patents, trademarks and licences - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 20-30% straight line
Motor vehicles - 20-50% straight line
Website - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2017: 40 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2018 535,584 535,584
Additions 38,039 38,039
_______ _______
At 31 December 2018 573,623 573,623
_______ _______
Amortisation
At 1 January 2018 71,584 71,584
Charge for the year 16,681 16,681
_______ _______
At 31 December 2018 88,265 88,265
_______ _______
Carrying amount
At 31 December 2018 485,358 485,358
_______ _______
At 31 December 2017 464,000 464,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Website Total
£ £ £ £ £
Cost
At 1 January 2018 145,724 114,130 55,668 5,734 321,256
Additions 39,341 4,838 - - 44,179
Disposals ( 317) - ( 38,693) - ( 39,010)
_______ _______ _______ _______ _______
At 31 December 2018 184,748 118,968 16,975 5,734 326,425
_______ _______ _______ _______ _______
Depreciation
At 1 January 2018 76,553 92,684 41,989 5,544 216,770
Charge for the year 16,415 10,514 6,271 140 33,340
Disposals ( 74) - ( 31,904) - ( 31,978)
_______ _______ _______ _______ _______
At 31 December 2018 92,894 103,198 16,356 5,684 218,132
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2018 91,854 15,770 619 50 108,293
_______ _______ _______ _______ _______
At 31 December 2017 69,171 21,446 13,679 190 104,486
_______ _______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2018 and 31 December 2018 13,599 13,599
_______ _______
Impairment
At 1 January 2018 - -
Impairment loss 10,059 10,059
_______ _______
At 31 December 2018 10,059 10,059
_______ _______
Carrying amount
At 31 December 2018 3,540 3,540
_______ _______
At 31 December 2017 13,599 13,599
_______ _______
8. Debtors
2018 2017
£ £
Trade debtors 492,200 437,051
Other debtors 466,737 264,053
_______ _______
958,937 701,104
_______ _______
9. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 895,282 483,895
Accruals and deferred income 44,048 85,936
Social security and other taxes 124,930 126,780
Other creditors 453,924 412,490
_______ _______
1,518,184 1,109,101
_______ _______
Factoring liabilities included within other creditors of £348,694 (2017: £251,969) are secured on the book debts of the company.
10. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors - 303,113
_______ _______
11. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 1,924
Later than 1 year and not later than 5 years 104,033 82,468
_______ _______
104,033 84,392
_______ _______