Company registration number 12210693 (England and Wales)
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
COMPANY INFORMATION
Directors
Circle Corporate Services (Jersey) Limited
Ocorian Corporate Service (Jersey) Limited
Mrs A E McGinney
(Appointed 23 March 2023)
Mr I N Rumens
(Appointed 23 March 2023)
Secretary
Ocorian Administration (UK) Limited
Company number
12210693
Registered office
5th Floor
20 Fenchurch Street
London
United Kingdom
EC3M 3BY
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 20
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The results for the year under review are set out on pages 8 - 20 of the financial statements.

 

The Company posted strong results overall for the year ended 31st December 2023 despite extensive supply-chain disruptions globally. The sales turnover grew by 25.6%, year-on-year, benefitting from the ongoing expansion in our global footprint. Our vision of ''providing global private brands that are sustainable and inclusive'' remains unchanged.

Principal risks and uncertainties

Potential financial risks that the company could be exposed to are:

 

Credit risk

The company has concluded an insurance cover in respect of its major debtors with Coface, an AA rated insurer. Efforts are underway to cover the rest of the debtors.

 

Liquidity and interest rate risk

The Company is actively pursuing an Invoice Discounting Facility with major commercial banks in conjunction with reputed fund houses to fund the growth in sales. The shareholders of the company will be supporting the company until such facilities are in place.

 

Market risk

Potential loss of business to competitors is mitigated by contracting with key clients via preferred supplier agreements and through an enhanced service proposition.

Key performance indicators

The Company operates Key Performance Indicators (KPI's) to measure performance in key activities. This provides management with the data and trend analysis required to make timely and informed decisions. The Company monitors turnover, gross profit margin, EBITDA and operating profit margin.

 

 

 

 

2023

2022

YOY

 

USD

USD

Growth

Turnover

74,533,355

59,327,479

25.6%

Gross Profit

593,812

656,057

-9.5%

Operating Profit

353,085

278,927

26.6%

Profit/(Loss) for the year

21,817

-618,175

103.5%

 

The operating profit improved by 26.6% despite a 30-basis point drop in gross margin, due to control on expenses.

 

On the Balance Sheet front, the Net Current Assets improved by USD2.1 million or 35.1% due to better debt and working capital management. The shareholders funder the growth in sales by providing additional loans.

Other information and explanations

The directors present the strategic report for the year ended 31 December 2023.

 

Future outlook:

The outlook for 2024 looks positive and the key focus areas are, IT systems, people and securing funding facilities to support the sales growth in future.

 

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mrs A E McGinney
Director
22 July 2024
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

 

On 9th October 2023 the company changed its name by resolution from Omni Trade Services Limited to OCapital Global Limited.

Principal activities

The principal activity of the company continued to be that of trading in international FMCG goods with a focus on private label products for major retailers.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B J Dowling
(Resigned 23 March 2023)
N H Trehiou
(Resigned 23 March 2023)
Circle Corporate Services (Jersey) Limited
Ocorian Corporate Service (Jersey) Limited
Mrs A E McGinney
(Appointed 23 March 2023)
Mr I N Rumens
(Appointed 23 March 2023)
Auditor

BK Plus Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs A E McGinney
Director
22 July 2024
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 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.

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCAPITAL GLOBAL LIMITED
- 5 -
Opinion

We have audited the financial statements of OCapital Global Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OCAPITAL GLOBAL LIMITED
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

 

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OCAPITAL GLOBAL LIMITED
- 7 -

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 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 auditor's 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.

Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
22 July 2024
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
$
$
Turnover
3
74,533,355
59,327,479
Cost of sales
(73,939,543)
(58,671,422)
Gross profit
593,812
656,057
Administrative expenses
(240,727)
(377,130)
Operating profit
4
353,085
278,927
Interest receivable and similar income
7
243,185
159,668
Interest payable and similar expenses
8
(540,000)
(624,534)
Amounts written off investments
9
(34,453)
(432,236)
Profit/(loss) before taxation
21,817
(618,175)
Tax on profit/(loss)
10
-
0
-
0
Profit/(loss) for the financial year
21,817
(618,175)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
$
$
Profit/(loss) for the year
21,817
(618,175)
Other comprehensive income
-
-
Total comprehensive income for the year
21,817
(618,175)
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
$
$
$
$
Fixed assets
Investments
11
3,841,090
3,647,983
Current assets
Debtors
12
9,245,973
8,750,834
Cash at bank and in hand
3,719,447
1,335,753
12,965,420
10,086,587
Creditors: amounts falling due within one year
13
(4,958,293)
(4,158,170)
Net current assets
8,007,127
5,928,417
Total assets less current liabilities
11,848,217
9,576,400
Creditors: amounts falling due after more than one year
14
(9,000,000)
(6,750,000)
Net assets
2,848,217
2,826,400
Capital and reserves
Called up share capital
16
4,000,000
4,000,000
Profit and loss reserves
(1,151,783)
(1,173,600)
Total equity
2,848,217
2,826,400

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
Mrs A E McGinney
Director
Company registration number 12210693 (England and Wales)
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
$
$
$
Balance at 1 January 2022
4,000,000
(555,425)
3,444,575
Year ended 31 December 2022:
Loss and total comprehensive income
-
(618,175)
(618,175)
Balance at 31 December 2022
4,000,000
(1,173,600)
2,826,400
Year ended 31 December 2023:
Profit and total comprehensive income
-
21,817
21,817
Balance at 31 December 2023
4,000,000
(1,151,783)
2,848,217
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
658,069
(2,360,763)
Investing activities
Proceeds from disposal of investments
(227,560)
121,532
Interest received
8,609
61,294
Dividends received
106,996
-
Other income received from investments
127,580
Net cash generated from investing activities
15,625
182,826
Financing activities
Proceeds from borrowings
2,250,000
-
0
Repayment of borrowings
-
0
(5,250,000)
Interest paid
(540,000)
(624,534)
Net cash generated from/(used in) financing activities
1,710,000
(5,874,534)
Net increase/(decrease) in cash and cash equivalents
2,383,694
(8,052,471)
Cash and cash equivalents at beginning of year
1,335,753
9,388,224
Cash and cash equivalents at end of year
3,719,447
1,335,753
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

OCapital Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 20 Fenchurch Street, London, United Kingdom, EC3M 3BY.

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.

The financial statements are prepared in dollars, pounds sterling 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Fixed asset investments

This consists of an investment portfolio held by the company accounted for at market value.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than dollars 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.

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.

In the opinion of the directors, there are no judgements and key sources of estimation uncertainty.

 

3
Turnover and other revenue
2023
2022
$
$
Turnover analysed by class of business
Sale of goods
74,533,355
59,327,479
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 16 -
2023
2022
$
$
Turnover analysed by geographical market
Africa
64,941,809
56,352,773
South America
5,664,388
2,835,428
Europe
669,566
48,731
Australia
-
53,568
Asia
3,257,592
36,979
74,533,355
59,327,479
2023
2022
$
$
Other revenue
Interest income
8,609
61,294
Dividends received
106,996
98,374
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(53,921)
29,389
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
10,500
10,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
2
2
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
7
Interest receivable and similar income
2023
2022
$
$
Interest income
Interest on bank deposits
8,609
61,294
Other income from investments
Dividends received
106,996
98,374
115,605
159,668
Income from fixed asset investments
Income from other fixed asset investments
127,580
-
0
Total income
243,185
159,668
2023
2022
Investment income includes the following:
$
$
Interest on financial assets not measured at fair value through profit or loss
8,609
61,294
Dividends from financial assets measured at fair value through profit or loss
106,996
98,374
8
Interest payable and similar expenses
2023
2022
$
$
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
540,000
624,534
9
Amounts written off investments
2023
2022
$
$
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(34,453)
(432,236)
10
Taxation
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
$
$
Profit/(loss) before taxation
21,817
(618,175)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
4,145
(117,453)
Unutilised tax losses carried forward
(10,691)
35,329
Effect of revaluations of investments
6,546
82,124
Taxation charge for the year
-
-
11
Fixed asset investments
2023
2022
$
$
Listed investments
3,841,090
3,647,983
Movements in fixed asset investments
Investments
$
Cost or valuation
At 1 January 2023
3,647,983
Additions
425,136
Valuation changes
(33,453)
Disposals
(198,576)
At 31 December 2023
3,841,090
Carrying amount
At 31 December 2023
3,841,090
At 31 December 2022
3,647,983
12
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
9,217,876
8,722,737
Corporation tax recoverable
28,097
28,097
9,245,973
8,750,834
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
13
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
3,579,737
2,641,754
Amounts owed to group undertakings
277,179
780,328
Other creditors
1,021,232
712,588
Accruals and deferred income
80,145
23,500
4,958,293
4,158,170
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
$
$
Other borrowings
15
9,000,000
6,750,000
15
Loans and overdrafts
2023
2022
$
$
Loans from group undertakings
9,000,000
6,750,000
Payable after one year
9,000,000
6,750,000

The loan from group undertakings consists of a revolving credit facility provided on 14 January 2020 for borrowings up to a maximum of $16,000,000 to refinance trades with Omnigs Ltd and to provide the company with working capital.

 

The loan is unsecured and the facility will cease to be available five years after commencement on 14 January 2025.

 

Interest is payable on any outstanding balance used to finance the company's trades at 10% and for on any outstanding balance not used to finance the trades at 3%

 

During the year end, on 23 March 2023, the agreement has been amended extending the facility a further 3 years, ceasing on 23 March 2028. In addition the interest rate has been amended and is payable at 8% on all advances borrowed.

 

A second loan of $2,250,000 was agreed during the year. This is an unsecured, interest free loan which is repayable on demand.

16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary Shares of $1 each
4,000,000
4,000,000
4,000,000
4,000,000
OCAPITAL GLOBAL LIMITED
FORMERLY OMNI TRADE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
17
Ultimate controlling party

Pepper Management Limited, a company incorporated in Jersey, is the immediate parent company by virtue of its 100% holding of the companies share capital, and the directors believe that there is no ultimate controlling party.

18
Cash generated from/(absorbed by) operations
2023
2022
$
$
Profit/(loss) for the year after tax
21,817
(618,175)
Adjustments for:
Finance costs
540,000
624,534
Investment income
(243,185)
(159,668)
Investment management fees
-
0
9,197
Other gains and losses
34,453
432,236
Movements in working capital:
Increase in debtors
(495,139)
(610,419)
Increase/(decrease) in creditors
800,123
(2,038,468)
Cash generated from/(absorbed by) operations
658,069
(2,360,763)
19
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
$
$
$
Cash at bank and in hand
1,335,753
2,383,694
3,719,447
Borrowings excluding overdrafts
(6,750,000)
(2,250,000)
(9,000,000)
(5,414,247)
133,694
(5,280,553)
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