REGISTERED NUMBER: |
OMADA TECHNOLOGIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
REGISTERED NUMBER: |
OMADA TECHNOLOGIES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
OMADA TECHNOLOGIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Tudor House |
16 Cathedral Road |
Cardiff |
CF11 9LJ |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
STATEMENT OF FINANCIAL POSITION - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Omada Technologies Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Tangible fixed assets |
Computer equipment | - |
Fixed asset investments |
Fixed asset investments are measured and held at fair value. |
The fair value of these investments is based on the transaction price that would be received on an open market. If the fair value of investments cannot be measured reliability then the investments are held at cost less impairment. |
Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying |
amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Recoverable amount is the higher of its net realisable value and its value in use. |
Financial liabilities |
Financial liabilities are initially measured at fair value and then at amortised cost. |
At amortised cost |
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability. |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in currencies other than the functional currency of the Company are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at closing exchange rates. |
Gains and losses arising on retranslation of monetary assets and liabilities are included in the profit and loss account. |
Going concern |
The Directors have assessed the Company and its wider entities prospects until 30 September 2023, taking into consideration the current operating environment, including the impact of geopolitical and macroeconomic uncertainty and inflationary pressures on markets. |
The entity has undergone a significant refinancing and recapitalisation after the year end which has resulted in the satisifaction of several liabilities which were due for payment within the next 12 months of the reporting date.. |
The Director's have also prepared financial models which considers the entities profit, cash flows, regulatory capital requirements, borrowing covenants and other key financial metrics over the period. |
Based on the results of the financial modelling, the Directors expect that the entity will be able to continue in operation and meet its liabilities as they fall due over the 12 months from the approval of the financial statements. |
Accordingly, the Directors continue to adopt the going concern basis for the preparation of the financial statements |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other investments not loans |
Other loans |
Additional information is as follows: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 | 2,609,086 |
Additions | 115,048 |
Disposals | ( |
) | (100,000 | ) |
Share of profit/(loss) | (14,504 | ) | - | (14,504 | ) |
Revaluations | ( |
) | (16,175 | ) |
Exchange differences | ( |
) | 174,497 |
Dividends received | 8,350 | - | 8,350 |
At 30 September 2023 | 2,776,302 |
NET BOOK VALUE |
At 30 September 2023 | 2,776,302 |
At 30 September 2022 | 2,609,086 |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30 September 2023 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2022 | 142,839 | 2,466,247 | 2,609,086 |
Valuation in 2023 | (135,057 | ) | 302,273 | 167,216 |
7,782 | 2,768,520 | 2,776,302 |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Artwork | 19,705 | 19,705 |
Other loans |
£ |
At 1 October 2022 |
New in year |
Other movement |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
OMADA TECHNOLOGIES LTD (REGISTERED NUMBER: 12897200) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2022 | ( |
) |
Deficit for the year | ( |
) |
At 30 September 2023 | ( |
) |
10. | POST BALANCE SHEET EVENTS |
The long term loan from Accelerated Dynamics X totalling a principal amount of £6,200,000 and had accrued interest of £1,718,096.80 up to the 30th September 2023 was converted into equity in the form of ordinary share capital in Omada Technologies Limited on the 24th November 2024. |