Omnie Limited 31/12/2019 iXBRL

Omnie Limited 31/12/2019 iXBRL

OMNIE LIMITED - Company Information

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Company registration number: 06446222
Omnie Limited
Unaudited filleted financial statements
31 December 2019
OMNIE LIMITED
Contents
Statement of financial position
Notes to the financial statements
OMNIE LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - 485,358
Tangible assets 6 57,011 108,293
Investments 7 2,314 3,540
_______ _______
59,325 597,191
Current assets
Stocks 48,206 418,155
Debtors:
Amounts falling due after more than one year 8 629,570 -
Amounts falling due within one year 8 936,998 958,937
Cash at bank and in hand 3,037 15,656
_______ _______
1,617,811 1,392,748
Creditors: amounts falling due
within one year 9 ( 1,254,554) ( 1,518,193)
_______ _______
Net current assets/(liabilities) 363,257 ( 125,445)
_______ _______
Total assets less current liabilities 422,582 471,746
Creditors: amounts falling due
after more than one year 10 ( 29,547) -
_______ _______
Net assets 393,035 471,746
_______ _______
Capital and reserves
Called up share capital 270,270 270,270
Share premium account 11 179,730 179,730
Capital contribution reserve 11 359,789 359,789
Profit and loss account 11 ( 416,754) ( 338,043)
_______ _______
Shareholders funds 393,035 471,746
_______ _______
For the year ending 31 December 2019 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 21 December 2020 , 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 2019
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.
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.
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 19 (2018: 39 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2019 573,622 573,622
Additions 5,473 5,473
Disposals (579,095) (579,095)
_______ _______
At 31 December 2019 - -
_______ _______
Amortisation
At 1 January 2019 88,264 88,264
Disposals ( 88,264) ( 88,264)
_______ _______
At 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 - -
_______ _______
At 31 December 2018 485,358 485,358
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Website Total
£ £ £ £ £ £
Cost
At 1 January 2019 - 184,748 118,968 16,975 5,734 326,425
Additions 8,015 53,315 3,969 - - 65,299
Disposals - ( 187,063) ( 122,937) ( 16,975) - ( 326,975)
_______ _______ _______ _______ _______ _______
At 31 December 2019 8,015 51,000 - - 5,734 64,749
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2019 - 92,894 103,198 16,356 5,684 218,132
Charge for the year 2,004 - - - 50 2,054
Disposals - ( 92,894) ( 103,198) ( 16,356) - ( 212,448)
_______ _______ _______ _______ _______ _______
At 31 December 2019 2,004 - - - 5,734 7,738
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2019 6,011 51,000 - - - 57,011
_______ _______ _______ _______ _______ _______
At 31 December 2018 - 91,854 15,770 619 50 108,293
_______ _______ _______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2019 3,540 3,540
Disposals ( 1,226) ( 1,226)
_______ _______
At 31 December 2019 2,314 2,314
_______ _______
Impairment
At 1 January 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 2,314 2,314
_______ _______
At 31 December 2018 3,540 3,540
_______ _______
8. Debtors
Debtors falling due within one year are as follows:
2019 2018
£ £
Trade debtors 512,767 492,200
Amounts owed by group undertakings and undertakings in which the company has a participating interest 391,388 432,951
Other debtors 32,843 33,786
_______ _______
936,998 958,937
_______ _______
Debtors falling due after one year are as follows:
2019 2018
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 629,570 -
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 3 9
Trade creditors 214,463 895,282
Amounts owed to group undertakings and undertakings in which the company has a participating interest 563,995 -
Accruals and deferred income 26,679 44,048
Social security and other taxes 87,625 124,930
Other creditors 361,789 453,924
_______ _______
1,254,554 1,518,193
_______ _______
Amounts included within other creditors of £349,057 (2018: £348,694) are secured.
Obligations under finance lease agreements of £8,324 (2018: £Nil) are secured.
10. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 29,547 -
_______ _______
Obligations under finance lease agreements of £29,547 (2018: £Nil) are secured.
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 178,985 -
Later than 1 year and not later than 5 years 602,970 104,033
_______ _______
781,955 104,033
_______ _______
13. Events after the end of the reporting period
Coronavirus has resulted in a slight downturn in sales during 2020. However, the Group has traded profitably during the period since the balance sheet date and the directors believe that the Company is well placed for future growth as and when the UK economy recovers from the effect of the pandemic.