0 29 August 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 950,826 54,762 1,005,588 893,799 4,599 898,398 107,190 57,027 xbrli:pure xbrli:shares iso4217:GBP 08728198 2023-01-01 2023-12-31 08728198 2023-12-31 08728198 2022-12-31 08728198 2022-01-01 2022-12-31 08728198 2022-12-31 08728198 2021-12-31 08728198 core:NetGoodwill 2023-01-01 2023-12-31 08728198 bus:RegisteredOffice 2023-01-01 2023-12-31 08728198 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 08728198 bus:Director1 2023-01-01 2023-12-31 08728198 bus:Director3 2023-01-01 2023-12-31 08728198 bus:Director5 2023-01-01 2023-12-31 08728198 bus:CompanySecretary1 2023-01-01 2023-12-31 08728198 core:NetGoodwill 2022-12-31 08728198 core:NetGoodwill 2023-12-31 08728198 core:WithinOneYear 2023-12-31 08728198 core:WithinOneYear 2022-12-31 08728198 core:UKTax 2023-01-01 2023-12-31 08728198 core:UKTax 2022-01-01 2022-12-31 08728198 core:ShareCapital 2023-12-31 08728198 core:ShareCapital 2022-12-31 08728198 core:RetainedEarningsAccumulatedLosses 2023-12-31 08728198 core:RetainedEarningsAccumulatedLosses 2022-12-31 08728198 core:NetGoodwill 2022-12-31 08728198 bus:SmallEntities 2023-01-01 2023-12-31 08728198 bus:Audited 2023-01-01 2023-12-31 08728198 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08728198 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08728198 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 08728198
Omex Vitech Limited
Filleted Financial Statements
For the year ended
31 December 2023
Omex Vitech Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Omex Vitech Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
O J Winkler
D O'Donnell
N A Winkler
COMPANY SECRETARY
D O'Donnell
REGISTERED OFFICE
Ravenscroft House Suite 5
3rd Floor
Regent Street
Cambridge
Cambridgeshire
CB2 1AB
AUDITOR
Streets Audit LLP
Chartered Accountants & statutory auditor
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedfordshire
MK44 3BZ
BANKERS
National Westminster Bank Plc
Lincoln Commercial Banking
2nd Floor, The Maltings
Brayford Wharf East
Lincoln
LN5 7DS
Omex Vitech Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
107,190
57,027
Current assets
Debtors
6
831,406
374,766
Cash at bank and in hand
5,557
---------
---------
836,963
374,766
Creditors: amounts falling due within one year
7
177,399
168,301
---------
---------
Net current assets
659,564
206,465
---------
---------
Total assets less current liabilities
766,754
263,492
---------
---------
Net assets
766,754
263,492
---------
---------
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss account
516,754
13,492
---------
---------
Shareholders funds
766,754
263,492
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 2 July 2024 , and are signed on behalf of the board by:
O J Winkler
Director
Company registration number: 08728198
Omex Vitech Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ravenscroft House Suite 5, 3rd Floor, Regent Street, Cambridge, Cambridgeshire, England, CB2 1AB. The principal place of business is Saddlebow Road, Kings Lynn, Norfolk, England, PE34 3JA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in UK sterling, which is the functional and presentation currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (a) Useful lives of development costs Amortisation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then amortisation charges in the financial statements would increase and carrying amounts of development costs would reduce accordingly.
Revenue recognition
Turnover represents amounts charged or sold to a group company for services supplied and is exclusive of VAT. Turnover in respect of services rendered is recognised with reference to the work done in the year.
Taxation
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Research and development
Research expenditure is written off in the year in which it is incurred. Development costs are capitalised where the company expects to derive future economic benefit from those costs.
Amortisation
The directors have an estimated useful economic life of capitalised development costs of 50 years, based on expected future income generation. The amortisation policy is as follows:
Development costs
-
2% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
154,773
165,061
---------
---------
Tax on profit
154,773
165,061
---------
---------
5. Intangible assets
Development costs
£
Cost
At 1 January 2023
950,826
Additions
54,762
------------
At 31 December 2023
1,005,588
------------
Amortisation
At 1 January 2023
893,799
Charge for the year
4,599
------------
At 31 December 2023
898,398
------------
Carrying amount
At 31 December 2023
107,190
------------
At 31 December 2022
57,027
------------
6. Debtors
2023
2022
£
£
Trade debtors
1,418
Amounts owed by group undertakings and undertakings in which the company has a participating interest
831,406
373,348
---------
---------
831,406
374,766
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,159
Social security and other taxes
155,530
165,061
Other creditors
10,710
3,220
---------
---------
177,399
168,301
---------
---------
8. Contingencies
The company is jointly and severally liable, together with other group companies, in respect of group banking facilities of £15,000,000 of which £1,154,224 (2022 £82,500,000 of which £67,996,809) was owing by other group companies at 31 December 2023.
9. Summary audit opinion
The auditor's report dated 29 August 2024 was unqualified .
The senior statutory auditor was Benjamin Halstead, FCA , for and on behalf of Streets Audit LLP .
10. Related party transactions
The following transactions with related parties have taken place during the year. All transactions were on normal commercial terms. All parties are fellow subsidiaries of Omex International Limited.
Name of Party Description of Transactions Income Expenditure Balance 2023 Dr / (Cr) Balance 2022 Dr / (Cr)
£ £ £
Omex Agrifluids Limited Management Services 27,000 831,406 373,348
Interest 39,906
Services supplied 705,796
Omex (UK) Limited Management Services 11,159 (11,159)
11. Controlling party
The ultimate parent company is Omex International Limited, incorporated in Bermuda.