Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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4,961,158 | 4,886,358 | |||
Current assets | ||||
Debtors | 4 |
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60,153 | 108,237 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (2,016,528) | (1,557,032) | ||
Total assets less current liabilities | 2,944,630 | 3,329,326 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of OMM Group Holdings LTD (registered number:
Mr Y Ali
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
OMM Group Holdings LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 & 2 Trade City, Clivemont Road, Maidenhead, SL6 7DZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Reporting period length in 2022 had been reduced to 6 months due to being the first period of trade and to the year end in line with group companies.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so 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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 July 2022 |
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Additions |
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At 30 June 2023 |
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Carrying value at 30 June 2023 |
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Carrying value at 30 June 2022 |
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2023 | 2022 | ||
£ | £ | ||
Prepayments |
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VAT recoverable |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts owed to Group undertakings |
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Amounts owed to directors |
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Other creditors |
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Amounts owed to Group undertakings are interest free and there is no fixed date for repayment.
Amounts owed to directors are interest free and there is no fixed date for repayment.
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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1,094,807 | 1,094,807 |
Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
Amounts owed to the directors, at the balance sheet date | 50,000 | 0 |
The amounts are interest free and there is no fixed date for repayment.
The company has taken advantage of the exemption available under FRS 102 S1A.C.35 to not disclose transactions with other entities within a wholly owned group.