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Registered number: 03278470









Omni Resource Management Solutions Limited









Annual Report and Financial Statements

For the year ended 29 February 2024

 
Omni Resource Management Solutions Limited
 
 
Company Information


Directors
R N Leggett 
L Shaw 




Company secretary
R N Leggett



Registered number
03278470



Registered office
Charter House
Woodlands Road

Altrincham

Cheshire

WA14 1HF




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Railway Road

Stockport

Cheshire

SK1 3GG





 
Omni Resource Management Solutions Limited
 

Contents



Page
Strategic report
 
1 - 4
Directors' report
 
5 - 6
Independent auditors' report
 
7 - 10
Statement of comprehensive income
 
11
Balance sheet
 
12
Statement of changes in equity
 
13
Statement of cash flows
 
14
Analysis of net debt
 
15
Notes to the financial statements
 
16 - 34


 
Omni Resource Management Solutions Limited
 
 
Strategic Report
For the year ended 29 February 2024

Introduction
 
The directors present the strategic report for the year ended 29 February 2024.

Principal activity
The principal activity of the Omni business is Recruitment for UK organisations in the public and private sectors. Scope of services include three main business streams:
 
Recruitment Process Outsourcing (RPO) - a leading RPO provider, we deploy solutions to support rapid growth, managing short-term hiring spikes, or sourcing scarce talent unreachable by conventional means. 
Talent Strategy – enhancing recruitment effectiveness through our expertise in workforce planning, salary benchmarking, employer brand and attraction strategy, assessment, and EDI (equity, diversity and inclusion) to help organisations stand out from competitors in the talent market.
Tech Recruitment - a leader in tech contract and permanent recruitment, dedicated to connecting organisations with top-tier, diverse tech talent. 
Executive Search - experts in securing and assessing high quality, diverse leadership talent - permanent, interim or fractional professionals. 

Business review
 
The Omni Directors are pleased to report that by the end of the annual financial reporting period ending 29 February 2024, the business has increased Net Fee Income (NFI) by 2% overall, with Compound Annual Growth Rate (CAGR) of ongoing client growth of 4% and EBITDA by 1060% compared to the last reporting period. Cost controls have allowed administrative expenses to reduce by 9.6%.
Omni’s strategy of continuing to invest in sales, people and technology ensured the business was well positioned to continue to win and successfully deliver for new and current clients and take advantage of the difficult economic climate. The business is trading ahead of the current 3 year business plan, and has continued with a further significant (c. £300k) investment in people and transformative technology during the financial year. There were non-recurring (adjusting) costs of £478k also payable, including consultancy costs and one-off office dilapidation costs
Omni expects that investments made in people and technology will continue as part of ongoing business improvement, although at a lower amount, with Omni now in a position to continue to grow its market share and compete with new service lines, to further enable growth.
As well as remaining open to strategic acquisition opportunities, the Omni business continues to grow organically. Existing client contracts continued to grow with NFI increases of 2% for Perm and 26% for contract/temps. Further contract reviews with clients resulted in renewed and more appropriate commercial agreements thus reducing the impact of inflation and rising salary costs. Omni is pleased to report 100% client retention, with all contracts extended where necessary into 2025-2027, with expanded scope and services. 
New business was more challenging, however the Omni Talent Strategy function grew by 22% year on year by securing new consultancy & training assignments. Many of these provide opportunities for further Omni services and develop into larger RPO/Recruitment projects and MSP agreements. RPO new business brought an additional £428k NFI in year. 
People, diversity & Inclusion
Omni restructured the team during the year and due to increased use of tech and process efficiencies managed to decrease headcount from 109 to 97. The business has continued operating a ‘remote first’ working model, offering flexible working environments that best suit the preferences and productivity of our people. This has allowed us to attract and retain diverse and high calibre talent. People development continues to be a key priority of the business, and during this reporting year, Omni continued its Leadership & Management training programme, launched a Senior Recruiter to Executive Training programme, and deployed a new HR system to further amplify performance and engagement. 
 
Page 1

 
Omni Resource Management Solutions Limited
 

Strategic Report (continued)
For the year ended 29 February 2024

People, diversity & Inclusion (continued)
Omni places a high emphasis on promoting a diverse, inclusive, and belonging (DIB) culture to ensure its business success. Key strategic priorities and diversity targets were set by the board for the period 2023   2025 and more broadly for the period up to 2030. Gender at all levels in Omni continues to be equal, and we are taking positive action to increase our ethnic group representation by 2% by 2025 and increasing the proportion of those employees aged over 40 by 5%. 
Environment, Social & Governance
Environment
Omni is committed to reducing our carbon footprint and minimising our impact on the environment. Climate change is one of the most pressing issues facing our world today, and we believe that businesses have a responsibility to be part of the solution. We remain accredited to the ISO 14001 standard and have published our net zero plans: https://www.omnirms.com /carbon-reduction -plan/. We measured our baseline carbon emissions for 2022-23, including full scope 3 emissions and have committed to:
• Achieve Net Zero emissions by 2040.
To progress towards Net Zero, our plan sets carbon reduction targets for the 7-year period from 2023 to 2030. We have set targets for two periods, 2023-2030 and 2030-2040 and aim to reduce our absolute carbon emissions by at least 90% from the baseline year, or achieve (and maintain) a carbon intensity metric of <1 tonne CO2e per employee, whichever is reached first. This objective is in line with science based Net Zero targets. To keep on track with these long-term targets, the following near-term goals have been set:
• Reduce our Scope 1 & 2 emissions to zero by 2030.
• Reduce our Scope 3 emissions by 30% from our baseline year by 2030.
Social 
As we continue to grow, we are increasingly conscious of our legacy and consider our success as a business to be measured, in part, by the impact we have on communities. Throughout the period we have worked creatively with customers to enhance our social impact, including helping to improve the employability skills and access to jobs of disadvantaged people. We offer three voluntary days for all employees enabling them to support community initiatives of their choice. 
Governance
Following a series of internal and external audits, Omni is proud to retain all International Organisational Standards (ISO) for Quality, Information Security, Health & Safety and Environmental Management.

Principal risks and uncertainties
 
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
Cashflow remains strong with an enduring significant available cash balance, and less than 2% of the debtor ledger beyond agreed payment terms.
Except for the cyclical retendering of existing client contracts, which could cause temporary revenue delays, the company does not foresee any significant risks to the business.

Page 2

 
Omni Resource Management Solutions Limited
 

Strategic Report (continued)
For the year ended 29 February 2024

Financial key performance indicators
 
-Sales turnover £31,691,261 
- Gross profit £3,304,357  
- Gross profit margin 10.4%
- Operating profit £80,435
- Adjusted operating profit £558,569 (70.4% increase on the prior year)
- EBITDA £304,779 
- Adjusted EBITDA £782,913 (52.6% increase on the prior year)

Other key performance indicators
 
-Number of live vacancies and available net fee income
- Total gross margin achieved each week for permanent RPO placements
- Total net profit as a percentage of gross margin achieved each month
- Percentage of directly sourced placements
- Achievement of Resourcer income targets
- Number of contractors
- New business wins for Talent Strategy division
- Performance against business plan including cost and credit control
Review of all expenditure and credit control takes place on a monthly and quarterly basis.
The Company continues to closely monitor service quality feedback from both our clients’ hiring managers and key stakeholders. Reports and measures also exist to monitor the performance of the new business development team and the growth of the new business pipeline to ensure it is in line with expectations.

Outlook

While the outlook for the UK economy currently remains cautious, the requirement for Omni services remains resilient to these challenges as client demand for talent continues to be driven by pay demands, wide spread skill shortages, and a tight labour market. The pressure on salary inflation is also largely mitigated in the Omni charging structure.
The Omni vision of “Changing the way organisations resource for the better” remains perfectly aligned to the needs of UK employers. The Omni Board is one year into its three year strategy with the aim of ambitious EBITDA growth organically and via acquisition, increased revenue from current clients, low client concentration and diversified services across multiple locations. 
Organic new business growth will remain a primary objective throughout the coming year, with particular focus on midsize markets, increasing our clients, direct Contractors and Talent Strategy services to add further resilience to the current client portfolio. This goal is demonstrated by continued investment in the sales and marketing division.
Additionally, considerable benefit will be realised in the coming year as a result of our investment in Omni’s recruitment technology infrastructure to drive productivity, deliver talent analytics to clients and increase further capacity for growth.
In summary, Omni has more clients and more services than ever before. Our industry recognition with prestigious awards, client retention and expansion of services has contributed to our new business pipeline growing, and we believe we have the resilience to manage any market changes. The directors of Omni are forecasting significant EBITDA growth in 2024/25 and have continued ambitious targets for the following year.

Page 3

 
Omni Resource Management Solutions Limited
 

Strategic Report (continued)
For the year ended 29 February 2024


This report was approved by the board and signed on its behalf.



................................................
R N Leggett
Director

Date: 3 September 2024

Page 4

 
Omni Resource Management Solutions Limited
 
 
 
Directors' Report
For the year ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £99,206 (2023 -loss £30,881).

Dividends paid during the year amounted to £140,000 (2023: £35,000).

Directors

The directors who served during the year were:

R N Leggett 
L Shaw 

Future developments

The future developments of the Company are disclosed in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 5

 
Omni Resource Management Solutions Limited
 
 
 
Directors' Report (continued)
For the year ended 29 February 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R N Leggett
Director

Date: 3 September 2024

Page 6

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited
 

Opinion


We have audited the financial statements of Omni Resource Management Solutions Limited (the 'Company') for the year ended 29 February 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 7

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 5, 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.


Page 8

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)


Auditors' 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 auditors' 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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
        - Identifying, evaluating, and complying with laws and regulations
        - Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statement and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements and Anti-bribery and Corruption.
 
Audit response to risks identified
 
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 9

 
Omni Resource Management Solutions Limited
 
 
 
Independent Auditors' Report to the Members of Omni Resource Management Solutions Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


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 2006Our 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 auditors' 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.





John Glover (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Railway Road
Stockport
Cheshire
SK1 3GG

4 September 2024
Page 10

 
Omni Resource Management Solutions Limited
 
 
Statement of Comprehensive Income
For the year ended 29 February 2024

2024
2023
Note
£
£

  

Turnover
 4 
31,691,261
32,122,601

Cost of sales
  
(28,386,904)
(28,790,051)

Gross profit
  
3,304,357
3,332,550

Administrative expenses
  
(3,229,872)
(3,573,358)

Other operating income
 5 
5,950
23,651

Operating profit/(loss)
 6 
80,435
(217,157)

Interest receivable and similar income
 10 
48,915
43,917

Interest payable and similar expenses
 11 
(116,884)
(59,567)

Profit/(loss) before tax
  
12,466
(232,807)

Tax on profit/(loss)
 12 
86,740
201,926

Profit/(loss) for the financial year
  
99,206
(30,881)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
Omni Resource Management Solutions Limited
Registered number: 03278470

Balance Sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
229,281
255,555

Tangible assets
 15 
495,617
486,980

Investments
 16 
3
3

  
724,901
742,538

Current assets
  

Debtors: amounts falling due within one year
 17 
5,302,268
6,239,527

Cash at bank and in hand
 18 
418,528
1,655,210

  
5,720,796
7,894,737

Creditors: amounts falling due within one year
 19 
(4,671,398)
(6,422,182)

Net current assets
  
 
 
1,049,398
 
 
1,472,555

Total assets less current liabilities
  
1,774,299
2,215,093

Creditors: amounts falling due after more than one year
 20 
(500,000)
(900,000)

  

Net assets
  
1,274,299
1,315,093


Capital and reserves
  

Called up share capital 
 23 
8,500
8,500

Capital redemption reserve
 24 
1,500
1,500

Profit and loss account
 24 
1,264,299
1,305,093

  
1,274,299
1,315,093


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R N Leggett
Director

Date: 3 September 2024


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
Omni Resource Management Solutions Limited
 

Statement of Changes in Equity
For the year ended 29 February 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
8,500
1,500
1,370,974
1,380,974


Comprehensive income for the year

Loss for the year
-
-
(30,881)
(30,881)
Total comprehensive income for the year
-
-
(30,881)
(30,881)

Dividends: Equity capital
-
-
(35,000)
(35,000)


Total transactions with owners
-
-
(35,000)
(35,000)



At 1 March 2023
8,500
1,500
1,305,093
1,315,093


Comprehensive income for the year

Profit for the year
-
-
99,206
99,206
Total comprehensive income for the year
-
-
99,206
99,206

Dividends: Equity capital
-
-
(140,000)
(140,000)


Total transactions with owners
-
-
(140,000)
(140,000)


At 29 February 2024
8,500
1,500
1,264,299
1,274,299


Page 13

 
Omni Resource Management Solutions Limited
 

Statement of Cash Flows
For the year ended 29 February 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
99,206
(30,881)

Adjustments for:

Amortisation of intangible assets
82,674
76,667

Depreciation of tangible assets
141,669
108,728

Interest paid
75,961
59,567

Interest received
(48,915)
(43,917)

Taxation charge/(credit)
(86,740)
(201,926)

Decrease/(increase) in debtors
1,032,514
(1,225,412)

(Decrease)/increase in creditors
(1,682,936)
1,601,670

Corporation tax (paid)/received
(24,474)
35,774

Net cash generated from operating activities

(411,041)
380,270


Cash flows from investing activities

Purchase of intangible fixed assets
(56,400)
-

Purchase of tangible fixed assets
(150,306)
(309,648)

Interest received
48,915
43,917

HP interest paid
(567)
(2,046)

Net cash from investing activities

(158,358)
(267,777)

Cash flows from financing activities

Repayment of loans
(400,000)
(400,000)

Repayment of/new finance leases
(51,889)
(10,943)

Dividends paid
(140,000)
(35,000)

Interest paid
(75,394)
(57,521)

Net cash used in financing activities
(667,283)
(503,464)

Net (decrease) in cash and cash equivalents
(1,236,682)
(390,971)

Cash and cash equivalents at beginning of year
1,655,210
2,046,181

Cash and cash equivalents at the end of year
418,528
1,655,210


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
418,528
1,655,210


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
Omni Resource Management Solutions Limited
 

Analysis of Net Debt
For the year ended 29 February 2024




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

1,655,210

(1,236,682)

418,528

Debt due after 1 year

(900,000)

400,000

(500,000)

Debt due within 1 year

(400,000)

-

(400,000)

Finance leases

(51,889)

51,889

-

Invoice discounting facility

45,607

(45,607)

-


348,928
(830,400)
(481,472)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

1.


General information

Omni Resource Management Solutions Limited is a private company limited by members capital incorporated in England and Wales, registered number 03278470. The address of the registered office and principal place of business is Charter House, Woodlands Road, Altrincham, Cheshire, WA14 1HF.
The nature of the company's operation and principal activity is that of Recruitment Process Outsourcing (RPO).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The company operates in the recruitment industry and has two main revenue streams. Contractor revenue is recognised based on time worked during the period and permanent placement revenue is recognised based on the start date of the successful candidate. 

Page 16

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
15
years
Computer software
-
3
years

Page 18

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
33%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Leasehold Improvements
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

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.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 19

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.15

Creditors

Short-term 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.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially
Page 20

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Management discussed with the directors the development, selection and disclosure of the company's critical accounting policies and estimates and the application of these policies and estimates. The key sources of estimation, uncertainty and critical accounting judgements in applying the company's policies are discussed below:
Provision for impairment loss on trade debtors
The management of the company exercises significant judgement in providing for impairment loss on trade debtors. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. At the year end, trade debtors totalled £2,833,353 (2023: £3,941,061).
Other estimates and judgements 
Management of the company also exercises significant judgement in estimating the useful life of property, plant and equipment and goodwill. Should these estimates vary, the profit or loss and balance sheet of the following years could be significantly impacted. At the year end, the net book value of fixed assets totalled £724,898 (2023: £742,535).

Page 21

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

4.


Analysis of turnover

The whole of the turnover is attributable to the Company's principal activity. 

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
5,950
23,651



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Operating lease rentals - land and buildings
163,628
136,536

Operating lease rentals - other
45,470
55,870


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
 
18,250
16,750

Fees payable to the Company's auditors in respect of:

All taxation advisory services not included above
-
4,500

Corporate finance services not included above
3,225
-

Page 22

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,884,362
4,632,399

Social security costs
521,815
624,678

Cost of defined contribution scheme
209,378
399,045

5,615,555
5,656,122


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
111
118


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
158,686
117,495

Compensation for loss of office
-
280,000

158,686
397,495


During the year retirement benefits were accruing to 2 directors (2023 -3) in respect of defined contribution pension schemes.

The company's pension contributions to defined contribution pension schemes on behalf of directors during the period was £82,651 (2023: £106,302). 


10.


Interest receivable

2024
2023
£
£


Other interest receivable
48,915
43,917

Page 23

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
75,394
57,521

Finance leases and hire purchase contracts
567
2,046

Other interest payable
40,923
-

116,884
59,567


12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(11,049)
-


Total current tax
(11,049)
-

Deferred tax


Origination and reversal of timing differences
(75,691)
(201,926)


Taxation on loss on ordinary activities
(86,740)
(201,926)
Page 24

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -higher than) the standard rate of corporation tax in the UK of 24.5% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
12,466
(232,807)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 -19%)
3,054
(44,233)

Effects of:


Expenses not deductible for tax purposes
3,764
4,974

Capital allowances for year in excess of depreciation
-
(2,266)

Adjustments to tax charge in respect of prior periods
(11,049)
-

Changes in rates leading to an increase (decrease) in the tax charge
(1,544)
(41,283)

Additional deduction for qualifying R&D expenditure
(81,723)
(121,551)

Ineligible depreciation
758
2,433

Total tax charge for the year
(86,740)
(201,926)

From 1 April 2023 the main rate of corporation tax increased to 25%. The 24.5% rate used above reflects 11 months of the new rate and 1 month of the previous rate of 19%. 


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid on Ordinary A shares
60,000
5,000


Dividends paid on Ordinary B shares
80,000
30,000

140,000
35,000

Page 25

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

14.


Intangible assets






Computer software
Goodwill
Total

£
£
£



Cost


At 1 March 2023
-
1,150,000
1,150,000


Additions
56,400
-
56,400



At 29 February 2024

56,400
1,150,000
1,206,400



Amortisation


At 1 March 2023
-
894,445
894,445


Charge for the year on owned assets
6,008
76,666
82,674



At 29 February 2024

6,008
971,111
977,119



Net book value



At 29 February 2024
50,392
178,889
229,281



At 28 February 2023
-
255,555
255,555



Page 26

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

15.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Leasehold Improvements
Total

£
£
£
£
£
£



Cost


At 1 March 2023
121,986
375,556
519,348
151,074
256,846
1,424,810


Additions
-
9,361
101,725
-
39,220
150,306



At 29 February 2024

121,986
384,917
621,073
151,074
296,066
1,575,116



Depreciation


At 1 March 2023
23,486
320,099
198,089
139,310
256,846
937,830


Charge for the year
2,853
32,164
102,569
2,876
1,207
141,669



At 29 February 2024

26,339
352,263
300,658
142,186
258,053
1,079,499



Net book value



At 29 February 2024
95,647
32,654
320,415
8,888
38,013
495,617



At 28 February 2023
98,500
55,457
321,259
11,764
-
486,980


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Motor vehicles
-
36,969

Page 27

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

16.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
3



At 29 February 2024
3





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Omni Executive Search International Limited
Ordinary
100%
Omni Search & Selection Limited
Ordinary
100%
Omni Executive Search Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Omni Executive Search International Limited
1
-

Omni Search & Selection Limited
1
-

Omni Executive Search Limited
1
-

All subsidiary undertakings have the same registered office as the company. All of the subsidiary undertakings are dormant.

Page 28

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

17.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
2,833,353
3,941,061

Other debtors
2,038,213
1,954,320

Prepayments and accrued income
182,999
172,134

Deferred taxation
247,703
172,012

5,302,268
6,239,527


Other debtors includes a balance of £Nil (2023: £45,607) relating to an invoice discounting facility. This facility is secured by an all assets debenture together with a personal indemnity executed by R N Leggett, a director of the company. Interest of 2.25% (2023: 2.25%) is charged on amounts drawn down against the facility.


18.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
418,528
1,655,210



19.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loans
400,000
400,000

Trade creditors
2,381,749
3,393,069

Corporation tax
85,905
101,864

Other taxation and social security
559,291
655,698

Obligations under finance lease and hire purchase contracts
-
51,889

Other creditors
1,510
1,510

Accruals and deferred income
1,242,943
1,818,152

4,671,398
6,422,182


Other loans relate to a Government Coronavirus Business Interruption Loan. This loan is secured by a debenture for the property. Interest is charged on the loan at 2.07% above the Bank of England base rate. 
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. 

Page 29

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

20.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Other loans
500,000
900,000


Other loans relate to a Government Coronavirus Business Interruption Loan. This loan is secured by a debenture for the property.  Interest is charged on the loan at 2.07% above base rate. 
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. 


21.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Other loans
400,000
400,000

Amounts falling due 1-2 years

Other loans
400,000
400,000

Amounts falling due 2-5 years

Other loans
100,000
500,000


900,000
1,300,000


Page 30

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

22.


Deferred taxation






2024
2023


£

£






At beginning of year
172,012
(29,914)


(Charged)/credited to profit or loss
75,691
201,926



At end of year
247,703
172,012

The deferred tax asset is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(103,860)
(93,157)

Unutilised tax losses
351,563
265,169

247,703
172,012


23.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



5,100 (2023 -5,100) Ordinary A shares of £1.00 each
5,100
5,100
3,400 (2023 -3,400) Ordinary B shares of £1.00 each
3,400
3,400

8,500

8,500

Page 31

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

23.Share capital (continued)

All share classes rank pari passu.
During a previous year, 596 options had been granted over ordinary shares in the Company under EMI schemes. These options were granted in October 2018 at a price of £78.13 and become exercisable upon sale of the Company.
Also in a prior year, 1,670 options had been granted over ordinary shares in the Company under EMI schemes. These options were granted in July 2017 at a price of £30.74 and become exercisable upon sale of the Company.
On the 15 March 2021, all options granted above were cancelled. On the same date, 2,871 options were granted over ordinary shares in the Company under EMI schemes to a number of employees. These options were granted at a price of £33.15 and become exercisable upon sale of the company. During the prior year, 597 of these options expired due to employees departing the company. There have been no changes to the options in year ended 29 February 2024.
No share based payment has been recognised in the statement of comprehensive income on the basis that it would be immaterial. 



24.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Profit and loss account

The Profit and loss account includes all current and prior period retained profits and losses. 


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £209,378 (2023: £399,045). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date.

Page 32

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

26.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£

Land and buildings


Not later than 1 year
92,425
136,537

Later than 1 year and not later than 5 years
331,190
34,134

423,615
170,671

29 February
28 February
2024
2023

£
£

Other


Not later than 1 year
46,030
43,759

Later than 1 year and not later than 5 years
35,224
18,088

81,254
61,847


27.


Director's benefits: Advances, credit and guarantees

The following advances and credits to directors subsisted during the year:

29 February
28 February
2024
2023
£
£

R Leggett


Balance outstanding brought forward
629,653
489,475

Amounts advanced
191,286
145,178

Amounts repaid
(60,000)
(5,000)

760,939
629,653

Interest of 3% was charged on all of the director loan accounts. 

Page 33

 
Omni Resource Management Solutions Limited
 
 
 
Notes to the Financial Statements
For the year ended 29 February 2024

28.


Related party transactions

During the year the company paid rent of £50,000 (2023: £50,000) to a partnership with common directors. At the year end Omni Resource Management Solutions Limited owed £Nil (2023: £Nil) to the partnership.
Included in other debtors are loans to shareholders totalling £436,785 (
2023: £458,711). Interest of £12,722 (2023: £13,361) was charged to the company in the year. 
Included in other debtors are loans to connected parties totalling £247,448 (
2023: £240,241). Interest of £7,207 (2023: £6,997) was charged to connected party in the year. 
Included in other debtors are loans to companies with common directors totalling £107,975 (
2023: £114,275). No interest is charged on the loans. 
During the year, sales were made to companies with common directors totalling £620 
(2023:£Nil).  Also during the year purchases were made from companies with common directors totalling £3,600 (2023:£360).
During the year the company paid dividends totalling £60,000 (
2023: £5,000) to the directors of the company. 


29.


Controlling party

The company is controlled by R N Leggett, director, by virtue of his majority shareholding. 

 
Page 34