Caseware UK (AP4) 2022.0.179 2022.0.179 78109 - Other activities of employment placement agencies2022-03-01false84false118false 03278470 2022-03-01 2023-02-28 03278470 2021-03-01 2022-02-28 03278470 2023-02-28 03278470 2022-02-28 03278470 2021-03-01 03278470 1 2022-03-01 2023-02-28 03278470 1 2021-03-01 2022-02-28 03278470 4 2022-03-01 2023-02-28 03278470 4 2021-03-01 2022-02-28 03278470 5 2022-03-01 2023-02-28 03278470 5 2021-03-01 2022-02-28 03278470 d:CompanySecretary1 2022-03-01 2023-02-28 03278470 d:Director1 2022-03-01 2023-02-28 03278470 d:Director2 2022-03-01 2023-02-28 03278470 d:Director2 2023-02-28 03278470 d:Director3 2022-03-01 2023-02-28 03278470 d:Director3 2023-02-28 03278470 d:RegisteredOffice 2022-03-01 2023-02-28 03278470 e:Buildings 2022-03-01 2023-02-28 03278470 e:Buildings 2023-02-28 03278470 e:Buildings 2022-02-28 03278470 e:Buildings e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03278470 e:PlantMachinery 2022-03-01 2023-02-28 03278470 e:PlantMachinery 2023-02-28 03278470 e:PlantMachinery 2022-02-28 03278470 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03278470 e:MotorVehicles 2022-03-01 2023-02-28 03278470 e:MotorVehicles 2023-02-28 03278470 e:MotorVehicles 2022-02-28 03278470 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03278470 e:FurnitureFittings 2022-03-01 2023-02-28 03278470 e:FurnitureFittings 2023-02-28 03278470 e:FurnitureFittings 2022-02-28 03278470 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03278470 e:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 03278470 e:OtherPropertyPlantEquipment 2023-02-28 03278470 e:OtherPropertyPlantEquipment 2022-02-28 03278470 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03278470 e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03278470 e:Goodwill 2022-03-01 2023-02-28 03278470 e:Goodwill 2023-02-28 03278470 e:Goodwill 2022-02-28 03278470 e:CurrentFinancialInstruments 2023-02-28 03278470 e:CurrentFinancialInstruments 2022-02-28 03278470 e:Non-currentFinancialInstruments 2023-02-28 03278470 e:Non-currentFinancialInstruments 2022-02-28 03278470 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 03278470 e:CurrentFinancialInstruments e:WithinOneYear 2022-02-28 03278470 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 03278470 e:Non-currentFinancialInstruments e:AfterOneYear 2022-02-28 03278470 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-02-28 03278470 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-02-28 03278470 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-02-28 03278470 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-02-28 03278470 e:UKTax 2022-03-01 2023-02-28 03278470 e:UKTax 2021-03-01 2022-02-28 03278470 e:ShareCapital 2022-03-01 2023-02-28 03278470 e:ShareCapital 2023-02-28 03278470 e:ShareCapital 2021-03-01 2022-02-28 03278470 e:ShareCapital 2022-02-28 03278470 e:ShareCapital 2021-03-01 03278470 e:CapitalRedemptionReserve 2022-03-01 2023-02-28 03278470 e:CapitalRedemptionReserve 2023-02-28 03278470 e:CapitalRedemptionReserve 2021-03-01 2022-02-28 03278470 e:CapitalRedemptionReserve 2022-02-28 03278470 e:CapitalRedemptionReserve 2021-03-01 03278470 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 03278470 e:RetainedEarningsAccumulatedLosses 2023-02-28 03278470 e:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 03278470 e:RetainedEarningsAccumulatedLosses 2022-02-28 03278470 e:RetainedEarningsAccumulatedLosses 2021-03-01 03278470 d:OrdinaryShareClass2 2022-03-01 2023-02-28 03278470 d:OrdinaryShareClass2 2023-02-28 03278470 d:OrdinaryShareClass2 2022-02-28 03278470 d:OrdinaryShareClass3 2022-03-01 2023-02-28 03278470 d:OrdinaryShareClass3 2023-02-28 03278470 d:OrdinaryShareClass3 2022-02-28 03278470 d:FRS102 2022-03-01 2023-02-28 03278470 d:Audited 2022-03-01 2023-02-28 03278470 d:FullAccounts 2022-03-01 2023-02-28 03278470 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03278470 e:Subsidiary1 2022-03-01 2023-02-28 03278470 e:Subsidiary1 1 2022-03-01 2023-02-28 03278470 e:Subsidiary2 2022-03-01 2023-02-28 03278470 e:Subsidiary2 1 2022-03-01 2023-02-28 03278470 e:Subsidiary3 2022-03-01 2023-02-28 03278470 e:Subsidiary3 1 2022-03-01 2023-02-28 03278470 e:WithinOneYear 2023-02-28 03278470 e:WithinOneYear 2022-02-28 03278470 e:BetweenOneFiveYears 2023-02-28 03278470 e:BetweenOneFiveYears 2022-02-28 03278470 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-02-28 03278470 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-02-28 03278470 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-02-28 03278470 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2022-02-28 03278470 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2023-02-28 03278470 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2022-02-28 03278470 e:HirePurchaseContracts e:WithinOneYear 2023-02-28 03278470 e:HirePurchaseContracts e:WithinOneYear 2022-02-28 03278470 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-02-28 03278470 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-02-28 03278470 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03278470 e:AcceleratedTaxDepreciationDeferredTax 2022-02-28 03278470 e:TaxLossesCarry-forwardsDeferredTax 2023-02-28 03278470 e:TaxLossesCarry-forwardsDeferredTax 2022-02-28 03278470 2 2022-03-01 2023-02-28 03278470 6 2022-03-01 2023-02-28 03278470 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-02-28 03278470 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-02-28 03278470 e:Goodwill e:OwnedIntangibleAssets 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03278470









Omni Resource Management Solutions Limited









Annual Report and Financial Statements

For the year ended 28 February 2023

 
Omni Resource Management Solutions Limited
 
 
Company Information


Directors
R N Leggett 
L Shaw (appointed 1 October 2022)




Company secretary
R N Leggett



Registered number
03278470



Registered office
Charter House
Woodlands Road

Altrincham

Cheshire

WA14 1HF




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

Lancashire Gate

21 Tiviot Dale

Stockport

Cheshire

SK1 1TD





 
Omni Resource Management Solutions Limited
 

Contents



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13
Analysis of net debt
 
14
Notes to the financial statements
 
15 - 31


 
Omni Resource Management Solutions Limited
 
 
Strategic Report
For the year ended 28 February 2023

Introduction
 
The directors present the strategic report for the year ended 28 February 2023.

Principal activity
The principal activity of the Omni business is Recruitment for UK organisations in the public and private sectors. Scope of services include three main business streams:
 
Recruitment:
°Delivering brand-led, flexible recruitment services for Recruitment Process Outsourcing (project & enterprise RPO), Retained Search and Embedded services 
°Managed Service Provider (MSP) and Vendor neutral managed services for the provision of temporary workers
Talent Consultancy – delivering strategic resourcing transformation projects and building talent strategies that impact the bottom line of new and existing clients 
Talent Development – Enhancing talent management through assessment, coaching and training

Business review
 
The Omni Directors are pleased to report that by the end of the annual financial reporting period ended 28 February 2023, the business had fully recovered its pre-pandemic levels of Net Fee Income (NFI) and returned to growth. NFI increased by 31% overall compared to the last reporting period. 
Omni’s strategy of continuing to invest in sales, people and technology ensured the business was well positioned to take advantage of the post-pandemic recovery and is now trading ahead of the current 3-year business plan. EBITDA has decreased by 108% compared with the prior year to (£32k) due to a significant investment in people and technology in the financial year of £616k and exceptional charges of £363k due to the exit of a Director.
Omni expects that investments made in people and technology will continue into the start of the next financial year, although at a lower value, which will place Omni in a position to continue to grow market share and enable Omni’s people to continue to have the best tools in the market.
As well as remaining open to potential acquisition opportunities, the Omni business continues to grow organically, with new contract wins embedded in year delivering £620k NFI and with full-year NFI forecast of c. £850k.  The Omni Resource Transformation function also secured 20+ new consultancy & training projects. These projects cover all aspects of Resourcing Transformation including attraction & brand, D&I recruitment strategy and training, psychometric assessments, selection processes and programmes, market benchmarking and Omni’s Recruitment Effectiveness Assessment. Many of these projects provide due diligence for further Omni services and develop into larger RPO/Recruitment projects and MSP agreements.
Current long term client contracts continued to grow with NFI increases of 47% for Perm and 27% for contract/temps. Given increased delivery costs, commercial agreements were reviewed where the impact of inflation and rising salary costs resulted in lower-than-expected gross profit levels, and long-term contracts continued to be expanded and extended or continued.  
People, diversity & Inclusion
Omni has increased its headcount from 84 to 118 people during the period. The business has also continued operating a ‘remote flex first’ model, offering flexible working environments that best suit the preferences and productivity of our people. This has allowed us to attract more diverse and high calibre talent as well as retain key people. Development and retention within Omni continues to be a key priority of the business; and during this reporting year Omni launched a new Leadership & Management training programme and fully utilised its new benefits & engagement programme. The updated benefits programme includes paid self-development/study days, wellbeing initiatives and greater cross-company engagement initiatives. 
 
Page 1

 
Omni Resource Management Solutions Limited
 

Strategic Report (continued)
For the year ended 28 February 2023

Omni places a high emphasis on promoting a diverse, inclusive, and belonging (DIB) culture to ensure its business success. Key strategic priorities and diversity targets have been set by the board for 2023 - 2025 and the period up to 2030. Gender at all levels in Omni continues to be equal, and we are taking positive action to increase our ethnic group representation by 2% by 2025 and increasing age distribution for over 40s by 5%. Omni will be launching new People tech in the next period which will allow confidential data collation and greater analysis to inform our success and any further changes required. 
Environment, Social & Governance
As we continue to grow, we are increasingly conscious of our legacy and consider our success as a business to be measured, in part, by the impact we have on communities. Throughout the period we have worked creatively with customers to enhance our social impact, including helping to improve the employability skills and access to jobs of disadvantaged people. We have introduced three voluntary days for all employees (excluding holidays) enabling them to support community initiatives of their choice. 
In terms of Environmental considerations, we remain accredited to the ISO 14001 standard and have recently published our net zero plans. We have measured our baseline carbon emissions for 2022-23, including full scope 3 emissions and have committed to:
  - Achieve net zero emissions by 2040
  - Reduce our Scope 1 & 2 emissions to zero by 2030 
  - Reduce our Scope 3 emissions by 30% from our baseline year by 2030.
We have recently appointed a Head of Environmental, Social and (Corporate) Governance to lead on how we develop our business and evaluate our operational performance as it relates to social and environmental impact. This is a key appointment for Omni and a clear indication of our commitment to ethical business practice in all forms.  
Following a series of internal and external audits, Omni is proud to retain all International Organisational Standards (ISO) for Quality, Information Security, Health & Safety and Environmental Management.

Principal risks and uncertainties
 
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
As at 28 February 2023, the Company had net current assets of £1,472,555 (
2022: £2,144,491) and net assets of £1,315,093 (2022: £1,380,974). 
Cashflow remains very strong with an enduring significant available cash balance, and less than 10% of the debtor ledger beyond agreed payment terms.
  
Except for the cyclical retendering of existing client contracts, which could cause temporary revenue delays, the company does not foresee any significant risks to the business.

Financial key performance indicators
 
- Sales turnover £32,123k (55.8% increase on prior year)
- Gross profit £3,333k (17.4% increase on prior year)
- EBITDA (£32k) (108% decrease on prior year) - Largely due to £616k investment in people and technology and exceptional charges of £363k due to the exit of a Director.

Page 2

 
Omni Resource Management Solutions Limited
 

Strategic Report (continued)
For the year ended 28 February 2023

Other key performance indicators
 
· Number of live vacancies and available gross profit  
· Total gross margin achieved each week 
· Total net profit as a percentage of gross margin achieved each month
· Percentage of directly sourced placements
· Achievement of Resourcer income targets
· Performance against business plan including cost and credit control.
Any change in percentage of direct permanent placements will have an immediate effect on the financials of the Company and is monitored on a weekly basis. Review of all expenditure and credit control takes place on a monthly and quarterly basis.
The Company continues to closely monitor service quality feedback from both our clients’ hiring managers and key stakeholders. Reports and measures also exist to monitor the performance of the new business development team and the growth of the new business pipeline to ensure it is in line with expectations.

Outlook

While the outlook for the UK economy currently remains uncertain with high price inflation and historically high interest rates, the demand for Omni services remains largely resilient to these challenges as client demand for talent continues to be driven by rising pay demands, wide-spread skill shortages, and a tightening labour market. The upward pressure on salary inflation is also largely mitigated in the Omni charging structure.
The Omni vision of “Changing the way organisations resource for the better” remains perfectly aligned to the needs and demands of UK employers. The Omni Board has a new three-year strategy with the aim of ambitious EBITDA growth organically and via acquisition, increased revenue from current clients, low client concentration and diversified services across multiple locations. 
Organic new business growth will remain a primary objective throughout the coming year, with particular focus on midsize markets to add further resilience to the current client portfolio. This goal is demonstrated by continued investment in the sales and marketing team.
Additionally, considerable investment is also being made to strengthen Omni’s recruitment technology infrastructure to drive productivity, deliver talent analytics to clients and increase further capacity for growth.
In summary, Omni has more clients, more roles, and more employees than ever before. Even in a tight market, our new business pipeline is growing, and we believe we have the resilience to manage any market changes. The directors of Omni are forecasting significant EBITDA growth in 2023/24 and have continued ambitious targets for the following year.


This report was approved by the board and signed on its behalf.



................................................
R N Leggett
Director

Date: 1 August 2023

Page 3

 
Omni Resource Management Solutions Limited
 
 
 
Directors' Report
For the year ended 28 February 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £30,881 (2022 -profit £289,824).

Dividends paid during the year amounted to £35,000 (2022: £81,000).

Directors

The directors who served during the year were:

R N Leggett 
M R Wainman (resigned 29 September 2022)
L Shaw (appointed 1 October 2022)

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

 
Omni Resource Management Solutions Limited
 
 
 
Directors' Report (continued)
For the year ended 28 February 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R N Leggett
Director

Date: 1 August 2023

Page 5

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited
 

Opinion


We have audited the financial statements of Omni Resource Management Solutions Limited (the 'Company') for the year ended 28 February 2023, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities 
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: 
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. 
The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for: 
  -    Identifying, evaluating, and complying with laws and regulations
  -    Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and Corruption and the application of the Coronavirus Job Retention Scheme.

Audit response to risks identified
Our procedures to respond to the risks identified included the following: 
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. 
Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect regularities. 
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.



 
Page 8

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)


We have also considered the risk of fraud through management override of controls by: 
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. 
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and 
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Glover (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD

1 August 2023
Page 9

 
Omni Resource Management Solutions Limited
 
 
Statement of Comprehensive Income
For the year ended 28 February 2023

2023
2022
Note
£
£

  

Turnover
 4 
32,122,601
20,614,887

Cost of sales
  
(28,790,051)
(17,775,133)

Gross profit
  
3,332,550
2,839,754

Administrative expenses
  
(3,573,358)
(2,692,195)

Other operating income
 5 
23,651
77,041

Operating (loss)/profit
 6 
(217,157)
224,600

Interest receivable and similar income
 10 
43,917
33,866

Interest payable and similar expenses
 11 
(59,567)
(34,519)

(Loss)/profit before tax
  
(232,807)
223,947

Tax on (loss)/profit
 12 
201,926
65,877

(Loss)/profit for the financial year
  
(30,881)
289,824

  

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
Omni Resource Management Solutions Limited
Registered number: 03278470

Balance Sheet
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
255,555
332,222

Tangible assets
 15 
486,980
286,060

Investments
 16 
3
3

  
742,538
618,285

Current assets
  

Debtors: amounts falling due within one year
 17 
6,239,527
4,894,036

Cash at bank and in hand
 18 
1,655,210
2,046,181

  
7,894,737
6,940,217

Creditors: amounts falling due within one year
 19 
(6,422,182)
(4,795,726)

Net current assets
  
 
 
1,472,555
 
 
2,144,491

Total assets less current liabilities
  
2,215,093
2,762,776

Creditors: amounts falling due after more than one year
 20 
(900,000)
(1,351,888)

Provisions for liabilities
  

Deferred tax
 23 
-
(29,914)

Net assets
  
1,315,093
1,380,974


Capital and reserves
  

Called up share capital 
 24 
8,500
8,500

Capital redemption reserve
 25 
1,500
1,500

Profit and loss account
 25 
1,305,093
1,370,974

  
1,315,093
1,380,974


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R N Leggett
Director

Date: 1 August 2023


The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
Omni Resource Management Solutions Limited
 

Statement of Changes in Equity
For the year ended 28 February 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 March 2021
8,500
1,500
1,162,150
1,172,150


Comprehensive income for the year

Profit for the year
-
-
289,824
289,824
Total comprehensive income for the year
-
-
289,824
289,824

Dividends: Equity capital
-
-
(81,000)
(81,000)


Total transactions with owners
-
-
(81,000)
(81,000)



At 1 March 2022
8,500
1,500
1,370,974
1,380,974


Comprehensive income for the year

Loss for the year
-
-
(30,881)
(30,881)
Total comprehensive income for the year
-
-
(30,881)
(30,881)

Dividends: Equity capital
-
-
(35,000)
(35,000)


Total transactions with owners
-
-
(35,000)
(35,000)


At 28 February 2023
8,500
1,500
1,305,093
1,315,093


Page 12

 
Omni Resource Management Solutions Limited
 

Statement of Cash Flows
For the year ended 28 February 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(30,881)
289,824

Adjustments for:

Amortisation of intangible assets
76,667
76,667

Depreciation of tangible assets
108,728
92,696

Interest paid
59,567
34,519

Interest received
(43,917)
(33,866)

Taxation charge
(201,926)
(65,877)

(Increase) in debtors
(1,225,412)
(964,352)

Increase in creditors
1,601,670
1,169,893

Corporation tax received/(paid)
35,774
(51,610)

Net cash generated from operating activities

380,270
547,894


Cash flows from investing activities

Purchase of tangible fixed assets
(309,648)
(115,716)

Interest received
43,917
33,866

HP interest paid
(2,046)
(3,534)

Net cash from investing activities

(267,777)
(85,384)

Cash flows from financing activities

Repayment of other loans
(400,000)
(300,000)

Repayment of/new finance leases
(10,943)
(9,456)

Dividends paid
(35,000)
(81,000)

Interest paid
(57,521)
(30,985)

Net cash used in financing activities
(503,464)
(421,441)

Net (decrease)/increase in cash and cash equivalents
(390,971)
41,069

Cash and cash equivalents at beginning of year
2,046,181
2,005,112

Cash and cash equivalents at the end of year
1,655,210
2,046,181


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,655,210
2,046,181


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
Omni Resource Management Solutions Limited
 

Analysis of Net Debt
For the year ended 28 February 2023




At 1 March 2022
Cash flows
At 28 February 2023
£

£

£

Cash at bank and in hand

2,046,181

(390,971)

1,655,210

Debt due after 1 year

(1,300,000)

400,000

(900,000)

Debt due within 1 year

(400,000)

-

(400,000)

Finance leases

(62,832)

10,943

(51,889)

Invoice discounting facility

96,922

(51,315)

45,607


380,271
(31,343)
348,928

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

1.


General information

Omni Resource Management Solutions Limited is a private company limited by members capital incorporated in England and Wales, registered number 03278470. The address of the registered office and principal place of business is Charter House, Woodlands Road, Altrincham, Cheshire, WA14 1HF.
The nature of the company's operation and principal activity is that of Recruitment Process Outsourcing (RPO).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The company operates in the recruitment industry and has two main revenue streams. Contractor revenue is recognised based on time worked during the period and permanent placement revenue is recognised based on the start date of the successful candidate. 

Page 15

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
15
years

Page 17

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
33%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Leasehold Improvements
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 19

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Management discussed with the directors the development, selection and disclosure of the company's critical accounting policies and estimates and the application of these policies and estimates. The key sources of estimation, uncertainty and critical accounting judgements in applying the company's policies are discussed below:
Provision for impairment loss on trade debtors
The management of the company exercises significant judgement in providing for impairment loss on trade debtors. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. At the year end, trade debtors totalled £3,941,061 (2022: £2,958,593).
Other estimates and judgements 
Management of the company also exercises significant judgement in estimating the useful life of property, plant and equipment and goodwill. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. At the year end, the net book value of fixed assets totalled £486,980 (2022: £286,060)


4.


Analysis of turnover

The whole of the turnover is attributable to the Company's principal activity. 

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
23,651
50,388

Government grants receivable
-
26,653

23,651
77,041


Government grants receivable income relates to income received in relation to the Coronavirus Job Retention Scheme.

Page 20

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
108,728
92,696

Amortisation of intangible assets, including goodwill
76,667
76,667

Operating lease rentals - land and buildings
136,536
136,536

Operating lease rentals - other
55,870
54,706

Defined contribution pension cost
399,045
536,765


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

16,750
15,975


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
4,632,399
3,282,492

Social security costs
624,678
333,348

Cost of defined contribution scheme
399,045
536,765

5,656,122
4,152,605


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
118
84

Page 21

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
117,495
179,953

Compensation for loss of office
280,000
-

397,495
179,953


During the year retirement benefits were accruing to 3 directors (2022 -2) in respect of defined contribution pension schemes.

The company's pension contributions to defined contribution pension schemes on behalf of directors during the period was £106,302 (2022: £183,547). 


10.


Interest receivable

2023
2022
£
£


Other interest receivable
43,917
33,866


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
57,521
30,985

Finance leases and hire purchase contracts
2,046
3,534

59,567
34,519

Page 22

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(5,078)

Adjustments in respect of previous periods
-
(64,447)


Total current tax
-
(69,525)

Deferred tax


Origination and reversal of timing differences
(201,926)
3,648


Taxation on loss on ordinary activities
(201,926)
(65,877)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 -lower than) the standard rate of corporation tax in the UK of 19% (2022 -19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(232,807)
223,947


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 -19%)
(44,233)
42,550

Effects of:


Expenses not deductible for tax purposes
4,974
2,639

Capital allowances for year in excess of depreciation
(2,266)
(2,642)

Adjustment in research and development tax credit leading to an increase/(decrease) in the tax charge
-
(110,857)

Changes in rates leading to an increase (decrease) in the tax charge
(41,283)
-

Additional deduction for qualifying R&D expenditure
(121,551)
-

Ineligible depreciation
2,433
2,433

Total tax credit for the year
(201,926)
(65,877)


Factors that may affect future tax charges

The main rate of corporation tax is due to increase to 25% in the year commencing 1 April 2023 for companies where profits exceed £250,000. A tapered rate will be introduced for profits above £50,000 up to £250,000 limit.

Page 23

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

13.


Dividends

2023
2022
£
£


Dividends paid on Ordinary A shares
5,000
51,000


Dividends paid on Ordinary B shares
30,000
30,000

35,000
81,000


14.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
1,150,000



At 28 February 2023

1,150,000



Amortisation


At 1 March 2022
817,778


Charge for the year on owned assets
76,667



At 28 February 2023

894,445



Net book value



At 28 February 2023
255,555



At 28 February 2022
332,222



Page 24

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

15.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Leasehold Improvements
Total

£
£
£
£
£
£



Cost


At 1 March 2022
121,986
335,798
249,458
151,074
256,846
1,115,162


Additions
-
39,758
269,890
-
-
309,648



At 28 February 2023

121,986
375,556
519,348
151,074
256,846
1,424,810



Depreciation


At 1 March 2022
20,633
288,596
127,101
135,926
256,846
829,102


Charge for the year
2,853
31,503
70,988
3,384
-
108,728



At 28 February 2023

23,486
320,099
198,089
139,310
256,846
937,830



Net book value



At 28 February 2023
98,500
55,457
321,259
11,764
-
486,980



At 28 February 2022
101,353
47,202
122,357
15,148
-
286,060

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
36,969
49,292

Page 25

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 March 2022
3



At 28 February 2023
3





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Omni Executive Search International Limited
Ordinary
100%
Omni Search & Selection Limited
Ordinary
100%
Omni Executive Search Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 28 February 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Omni Executive Search International Limited
1
-

Omni Search & Selection Limited
1
-

Omni Executive Search Limited
1
-

All subsidiary undertakings have the same registered office as the company. All of the subsidiary undertakings are dormant.

Page 26

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

17.


Debtors

2023
2022
£
£


Trade debtors
3,941,061
2,958,593

Other debtors
1,954,320
1,771,119

Prepayments and accrued income
172,134
164,324

Deferred taxation
172,012
-

6,239,527
4,894,036


Impairment losses were recognised in the year of £nil (2022: £nil). 
Other debtors includes a balance of £45,607 (
2022: £96,922) relating to an invoice discounting facility. This facility is secured by an all assets debenture together with a personal indemnity executed by R N Leggett, a director of the company. Interest of 2.25% (2022: 2.25%) is charged on amounts drawn down against the facility.


18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,655,210
2,046,181



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
400,000
400,000

Trade creditors
3,393,069
2,005,065

Corporation tax
101,864
118,023

Other taxation and social security
655,698
608,972

Obligations under finance lease and hire purchase contracts
51,889
10,944

Other creditors
1,510
1,994

Accruals and deferred income
1,818,152
1,650,728

6,422,182
4,795,726


Other loans relate to a Government Coronavirus Business Interruption Loan. This loan is secured by a debenture for the property. Interest is charged on the loan at 2.07% above the Bank of England base rate. 
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. 

Page 27

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
900,000
1,300,000

Net obligations under finance leases and hire purchase contracts
-
51,888

900,000
1,351,888


Other loans relate to a Government Coronavirus Business Interruption Loan. This loan is secured by a debenture for the property.  Interest is charged on the loan at 2.07% above base rate. 
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. 


21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
400,000
400,000

Amounts falling due 1-2 years

Other loans
400,000
400,000

Amounts falling due 2-5 years

Other loans
500,000
900,000


1,300,000
1,700,000



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
51,889
10,944

Between 1-5 years
-
51,888

51,889
62,832

Page 28

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

23.


Deferred taxation




2023
2022


£

£






At beginning of year
(29,914)
(26,266)


Charged/(credited) to profit or loss
201,926
(3,648)



At end of year
172,012
(29,914)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
93,157
29,914

Unutilised tax losses
(265,169)
-

(172,012)
29,914


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,100 (2022 -5,100) Ordinary A shares of £1.00 each
5,100
5,100
3,400 (2022 -3,400) Ordinary B shares of £1.00 each
3,400
3,400

8,500

8,500

All share classes rank pari passu.
During a previous year, 596 options had been granted over ordinary shares in the Company under EMI schemes. These options were granted in October 2018 at a price of £78.13 and become exercisable upon sale of the Company.
Also in a prior year, 1,670 options had been granted over ordinary shares in the Company under EMI schemes. These options were granted in July 2017 at a price of £30.74 and become exercisable upon sale of the Company.
On the 15 March 2021, all options granted above were cancelled. On the same date, 2,871 options were granted over ordinary shares in the Company under EMI schemes to a number of employees. These options were granted at a price of £33.15 and become exercisable upon sale of the company. During the year ended 28 February 2023, 597 of these options expired due to employee departure from the company.
No share based payment has been recognised in the statement of comprehensive income on the basis that it would be immaterial. 


Page 29

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

25.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Profit and loss account

The Profit and loss account includes all current and prior period retained profits and losses. 


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £399,045 (2022: £536,765) . Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.


27.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
136,537
34,134

Later than 1 year and not later than 5 years
34,134
-

170,671
34,134

2023
2022

£
£

Other


Not later than 1 year
43,759
49,362

Later than 1 year and not later than 5 years
18,088
48,373

61,847
97,735

Page 30

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 28 February 2023

28.


Director's benefits: Advances, credit and guarantees

The following advances and credits to directors subsisted during the year:

2023
2022
£
£

R Leggett


Balance outstanding brought forward
489,475
380,644

Amounts advanced
140,178
108,831

Amounts repaid
-
-

629,653
489,475

2023
2022
£
£

M Wainman


Balance outstanding brought forward
32,304
31,364

Amounts advanced
-
940

Amounts repaid
(32,304)
-

-
32,304

M Wainman resigned in the year and repaid their loan account in full.
Interest of 3% was charged on all of the director loan accounts. 


29.


Related party transactions

During the year the company paid rent of £50,000 (2022: £50,000) to a partnership with common directors. At the year end Omni Resource Management Solutions Limited owed £nil (2022: £nil) to the partnership.
Included in other debtors are loans to shareholders totalling £458,711 (
2022: £402,420). Interest of £13,361 (2022: £11,721) was charged to the company in the year. 
Included in other debtors are loans to connected parties totalling £240,241 (
2022: £233,244). Interest of £6,997 (2022: £6,794) was charged to connected party in the year. 
Included in other debtors are loans to companies with common directors totalling £114,275 (
2022: £71,000). No interest is charged on the loans. 
During the year, sales were made to companies with common directors totalling £Nil 
(2022:£4,320).
During the year the company paid dividends totalling £5,000 (2022: £51,000) to the directors of the company. 


30.


Controlling party

The company is controlled by R N Leggett, director, by virtue of his majority shareholding. 

Page 31