Company registration number 08062210 (England and Wales)
OMEN INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
OMEN INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
OMEN INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
100
100
Current assets
Stocks
10,042,185
6,588,361
Debtors
5
629,213
199,931
Cash at bank and in hand
148,876
711,147
10,820,274
7,499,439
Creditors: amounts falling due within one year
6
(5,697,374)
(824,448)
Net current assets
5,122,900
6,674,991
Total assets less current liabilities
5,123,000
6,675,091
Creditors: amounts falling due after more than one year
7
(4,929,588)
(6,449,124)
Net assets
193,412
225,967
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
193,410
225,965
Total equity
193,412
225,967
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mrs Olivia Woodthorpe
Director
Company Registration No. 08062210
OMEN INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
2
203,958
203,960
Year ended 31 May 2022:
Profit and total comprehensive income
-
82,007
82,007
Dividends
-
(60,000)
(60,000)
Balance at 31 May 2022
2
225,965
225,967
Year ended 31 May 2023:
Profit and total comprehensive income
-
27,445
27,445
Dividends
-
(60,000)
(60,000)
Balance at 31 May 2023
2
193,410
193,412
OMEN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Omen Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Haverstock Hill, London, England, NW3 4QG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OMEN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.8
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.
1.9
Short term trade 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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
OMEN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
629,213
199,931
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,563,196
Taxation and social security
362
Other creditors
1,134,178
824,086
5,697,374
824,448
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,140,000
Other creditors
4,929,588
5,309,124
4,929,588
6,449,124
Included in other creditors are unsecured loans which are owed to the following lenders:
Sky Voyage Investment Limited £3,369,588 (interest 2% above Federal Funds Rate , repayable 16 March 2028)
Mrs O Woodthorpe £1,560,000 (interest charge at 3M SONIA term, repayable 2 July 2026)
OMEN INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
8
Related party transactions
During the year the company had the following related party transactions :-
As at 31 May 2023, Flexi Living Limited, a company in which Mrs O Woodthorpe is a director and shareholder, owed Omen Investments Limited £58,540 (2022: £52,331).
The company paid mortgage loan interest and repaid principal of £76,412 (2022: £41,550) and £Nil (2022: £1,550,000) respectively towards a mortgage loan which was obtained from Credit Suisse through Mrs O Woodthorpe in 2016. As at 31 May 2023, the mortgage loan balance owing is £1,560,000 (2022: £1,560,000).
Included in other creditors is a balance of £241,000 (2022: £Nil) due to Somnium Holdings Limited, a company in which Mrs O Woodthorpe is a director and shareholder.
The company paid loan interest of £8,533 (2022: £25,600) to WL Group Limited, a company in which Mr P G Los is a director and shareholder. As at 31 May 2023, the balance due to to WL Group Limited is £89,570 (2022:£1,772,520).