Company registration number 02194125 (England and Wales)
OMEGA HOLIDAYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
OMEGA HOLIDAYS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
OMEGA HOLIDAYS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,397
8,014
Investments
5
2,102
2,102
8,499
10,116
Current assets
Debtors
7
306,198
310,278
Cash at bank and in hand
50
1,183
306,248
311,461
Creditors: amounts falling due within one year
8
(2,379,603)
(2,416,471)
Net current liabilities
(2,073,355)
(2,105,010)
Net liabilities
(2,064,856)
(2,094,894)
Capital and reserves
Called up share capital
50,050
50,050
Profit and loss reserves
(2,114,906)
(2,144,944)
Total equity
(2,064,856)
(2,094,894)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Miss J L Bedlow
Director
Company Registration No. 02194125
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Omega Holidays Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 111 High Street, Cheltenham, Gloucestershire, United Kingdom, GL50 1DW.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which 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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Omega Holidays Limited is a wholly owned subsidiary of JGH Group Limited and the results of Omega Holidays Limited are included in the consolidated financial statements of JGH Group Limited which are publicly available. JGH Group Limited is a company registered in England and Wales. The company's registered office is the same as Omega Holidays Limited.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Going concern
The ultimate parent JGH Topco Limited and its fellow Group Undertakings, together with certain related parties, have also confirmed their intention to continue to provide operational and financial support.true
The Group has also prepared financial forecasts for a period beyond 12 months from the date of approval of the financial statements. Based on these, and the Year-to-date results for 2024, the Directors have assessed the Group’s ability to continue to adopt the Going Concern basis of accounting and have determined that there are no material uncertainties that would make this inappropriate.
Having considered budgets, cash flow forecasts, latest management information available and, on the basis of the continued support noted above and continued support provided by current financiers, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents license fees receivable from Just Go Holidays Limited in respect of the Omega Holidays and Omega Breaks brands and turnover from the sale of regional press advertising.
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery etc
10 - 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Cash at bank and in hand
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.
1.8
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.
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the 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 realised. Deferred tax is charged or credited in the profit and loss account, 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.
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Recoverability of amounts owed by group undertakings
The company determines whether amounts receivable from group undertakings require impairment or whether a provision against the amounts is required. Determining whether the amounts receivable are impaired is based on the ability of the group entities to generate sufficient cash in the future to enable repayment of the debt. Where expected cash generated is lower than the amounts due to the company, an impairment loss may arise, or a provision may be required to reflect the risk that the full amount is not recovered. After reviewing the business environment and the company's expected future cash flows, management concluded that there was no impairment of amounts due from group undertakings at the current year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
40,187
Depreciation and impairment
At 1 January 2023
32,173
Depreciation charged in the year
1,617
At 31 December 2023
33,790
Carrying amount
At 31 December 2023
6,397
At 31 December 2022
8,014
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,102
2,102
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Omega Air Holidays Limited
1
Ordinary
100.00
Omega Coach Company Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
1st Floor, 111 High Street, Cheltenham, Gloucestershire, GL50 1DW
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,107
4,050
Amounts owed by group undertakings
275,871
274,758
Other debtors
29,220
31,470
306,198
310,278
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Debtors
(Continued)
- 7 -
Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.
Factors affecting future tax charges
The company has tax losses available to use against future trading profits. The company does not anticipate these losses to be fully utilised in the immediate future, and as such has recognised £Nil (2022: £Nil) of the deferred tax asset.
The value of the unrecognised deferred tax asset is in the region of £67,440 (2022: £74,950). This has been calculated using a rate of 25%, in line with the main rate of UK Corporation Tax of 25% effective from 1 April 2023.
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
36,171
Amounts owed to group undertakings
2,374,019
2,364,630
Taxation and social security
184
305
Other creditors
5,400
15,365
2,379,603
2,416,471
Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Robert Hull
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities
As at 31 December 2023 the company had total contingencies and commitments of £Nil (2022: £Nil).
All securities and investments belonging to Omega Holidays Limited are given as security to the bank facility held within JGH Group Limited, a fellow group company.
11
Related party transactions
OMEGA HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Related party transactions
(Continued)
- 8 -
The smallest group of which Omega Holidays Limited is a member and for which group accounts are prepared is headed by JGH Group Limited, a company registered in England and Wales, with its registered office of 1st Floor, 111 High Street, Jessop Avenue, Cheltenham, Gloucestershire, GL50 1DW.
The largest group of which Omega Holidays Limited is a member and for which group accounts are prepared is headed by JGH Topco Limited, a company registered in England and Wales, with its registered office of 1st Floor, 111 High Street, Cheltenham, Gloucestershire, GL50 1DW.
12
Parent company
The immediate parent company is Omega Holidays Group Limited, a company incorporated and registered in England and Wales. The company's registered office is the same as the registered office for Omega Holidays Group Limited which can be found on the Company Information page.
The ultimate parent company is JGH Topco Limited, a company incorporated and registered in England and Wales. The company's registered office is the same as the registered office for Omega Holidays Group Limited which can be found on the Company Information page.