Registered number:
For the year ended
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Omni Resource Management Solutions Limited
Company Information
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Omni Resource Management Solutions Limited
Contents
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Omni Resource Management Solutions Limited
Strategic Report
For the year ended 28 February 2023
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
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.
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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.
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.
- 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.
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Omni Resource Management Solutions Limited
Strategic Report (continued)
For the year ended 28 February 2023
· 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.
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.
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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.
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 2006. They 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.
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).
The directors who served during the year were:
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Omni Resource Management Solutions Limited
Directors' Report (continued)
For the year ended 28 February 2023
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will 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.
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Omni Resource Management Solutions Limited
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited
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 policies. The 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).
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.
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.
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.
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Omni Resource Management Solutions Limited
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)
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.
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.
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Omni Resource Management Solutions Limited
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)
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.
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Cheshire
SK1 1TD
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Omni Resource Management Solutions Limited
Statement of Comprehensive Income
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Registered number: 03278470
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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Omni Resource Management Solutions Limited
Statement of Changes in Equity
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Statement of Cash Flows
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Analysis of Net Debt
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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
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:
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.
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
2.Accounting policies (continued)
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
2.Accounting policies (continued)
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:
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.
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
2.Accounting policies (continued)
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.
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
2.Accounting policies (continued)
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)
The whole of the turnover is attributable to the Company's principal activity.
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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.
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
Page 29
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
Capital redemption reserve
Profit and loss account
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.
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Omni Resource Management Solutions Limited
Notes to the Financial Statements
For the year ended 28 February 2023
The following advances and credits to directors subsisted during the year:
The company is controlled by R N Leggett, director, by virtue of his majority shareholding.
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