OMIO TRAVEL (UK) LTD

Company Registration Number:
11348179 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

OMIO TRAVEL (UK) LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Additional notes
Balance sheet notes

OMIO TRAVEL (UK) LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 22,744 7,106
Total fixed assets: 22,744 7,106
Current assets
Debtors: 4 46,089,145 42,704,749
Cash at bank and in hand: 723,040 2,018,110
Total current assets: 46,812,185 44,722,859
Creditors: amounts falling due within one year: 5 ( 46,210,297 ) ( 44,255,904 )
Net current assets (liabilities): 601,888 466,955
Total assets less current liabilities: 624,632 474,061
Provision for liabilities: ( 6,135 )
Total net assets (liabilities): 618,497 474,061
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 618,496 474,060
Total Shareholders' funds: 618,497 474,061

The notes form part of these financial statements

OMIO TRAVEL (UK) LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 14 August 2024
and signed on behalf of the board by:

Name: Jean-Bernard Moens
Status: Director

The notes form part of these financial statements

OMIO TRAVEL (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    The turnover shown in the statement of comprehensive income represents amounts receivable from the ultimate parent undertaking during the year for the provision of services exclusive of Value Added Tax.Turnover is calculated as the attributable costs of the services provided plus a mark up in accordance with an intercompany agreement between the company and its ultimate parent company, Omio Corp.

    Tangible fixed assets depreciation policy

    Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic bases over their expected useful lives.Leasehold Improvements – depreciated on a straight-line basis over 2-3 years.IT equipment – depreciated on a straight-line basis over 2-3 years

    Other accounting policies

    Cash and cash equivalentsCash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.Financial instrumentsThe 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 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.Basic financial assetsBasic financial assets, which include amounts owed by fellow group companies, other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.Classification of financial liabilitiesFinancial 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 liabilitiesBasic financial liabilities, including trade and other creditors and balances with fellow group companies 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.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Equity instrumentsEquity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. TaxationThe tax expense represents the sum of the current tax expense based on taxable profit for the year and any changes in deferred taxes. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realized. Deferred tax asset is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.Retirement benefitsFor defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.Foreign exchangeTransactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

OMIO TRAVEL (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 23 18

OMIO TRAVEL (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 5,000 2,166 7,166
Additions 15,832 12,680 28,512
Disposals
Revaluations
Transfers
At 31 December 2023 20,832 14,846 35,678
Depreciation
At 1 January 2023 0 60 60
Charge for year 8,528 4,346 12,874
On disposals
Other adjustments
At 31 December 2023 8,528 4,406 12,934
Net book value
At 31 December 2023 12,304 10,440 22,744
At 31 December 2022 5,000 2,106 7,106

OMIO TRAVEL (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 2,472,740 563,628
Prepayments and accrued income 13,052 23,446
Other debtors 43,603,353 42,117,675
Total 46,089,145 42,704,749

Other debtors include amounts owed by group undertakings of 43,428,207 (2022: 42,011,097)

OMIO TRAVEL (UK) LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 44,524 37,501
Taxation and social security 98,414 127,556
Other creditors 46,067,359 44,090,847
Total 46,210,297 44,255,904

Other creditors include amounts owed to group undertakings of 45,754,692 (2022: 43,687,686)