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COMPANY REGISTRATION NUMBER: 02576924
Omex Nitrogen Limited
Filleted Financial Statements
For the year ended
31 December 2023
Omex Nitrogen 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 Nitrogen Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
O J Winkler
M O Winkler
COMPANY SECRETARY
D O'Donnell
REGISTERED OFFICE
Bardney Airfield
Tupholme
Lincoln
LN3 5TP
AUDITOR
Streets
Chartered accountants & statutory auditor
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
Omex Nitrogen Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
3,460,594
3,438,545
Current assets
Debtors
7
86,785
84,865
Creditors: amounts falling due within one year
8
2,117,940
2,141,865
------------
------------
Net current liabilities
2,031,155
2,057,000
------------
------------
Total assets less current liabilities
1,429,439
1,381,545
Provisions
Taxation including deferred tax
561,426
555,264
------------
------------
Net assets
868,013
826,281
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
867,013
825,281
---------
---------
Shareholders funds
868,013
826,281
---------
---------
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: 02576924
Omex Nitrogen 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 Bardney Airfield, Tupholme, Lincoln, LN3 5TP. The principal place of business is Cliff Quay, Ipswich, IP3 0BS.
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 currency of the entity. The directors of fellow group companies have confirmed their willingness to provide the company with adequate financial support for the foreseeable future.
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 property, plant and equipment Depreciation 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 depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment 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 aggregate amount of current and deferred 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is provided for in full in respect of taxation deferred by timing differences between treatment of depreciation for tax and accounting purposes. Deferred tax is provided for at 25%.
Tangible assets
All fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
5% per annum straight line
Plant and equipment
-
5% - 20% per annum straight line
Office and laboratory equipment
-
10% - 20% per annum straight line
Pension contributions
Contributions payable to the group's defined benefit pension scheme are charged to the Statement of Income and Retained Earnings so as to spread the cost of pensions over the service lives of employees in the scheme. The pension charge is calculated on the basis of actuarial advice. The company make pension contributions, in relation to defined contribution pension schemes on behalf of the employees and directors to registered pension schemes. The pension costs represents contributions payable in the year.
4. Staff costs
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
The aggregate employment costs incurred during the year were:
2023
2022
£
£
Wages and salaries
148,333
160,615
Social security costs
14,345
15,746
Other pension costs
8,612
7,873
---------
---------
171,290
184,234
---------
---------
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
Group relief receipt/ (provided)
( 92,102)
Deferred tax:
Origination and reversal of timing differences
6,162
108,211
-------
---------
Tax on profit
6,162
16,109
-------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
47,894
64,873
--------
--------
Profit on ordinary activities by rate of tax
11,265
12,325
Adjustment to tax charge in respect of prior periods
( 3,374)
120
Effect of expenses not deductible for tax purposes
7,133
Effect of capital allowances and depreciation
640
Enhanced capital allowances
( 2,933)
( 29,411)
Tax rate changes
564
25,942
--------
--------
Tax on profit
6,162
16,109
--------
--------
6. Tangible assets
Leasehold Property
Plant & Equipment
Office & Laboratory Equipment
Total
£
£
£
£
Cost
At 1 January 2023
193,557
5,508,098
16,212
5,717,867
Additions
24,053
466,805
490,858
---------
------------
--------
------------
At 31 December 2023
217,610
5,974,903
16,212
6,208,725
---------
------------
--------
------------
Depreciation
At 1 January 2023
28,075
2,239,815
11,432
2,279,322
Charge for the year
11,550
455,884
1,375
468,809
---------
------------
--------
------------
At 31 December 2023
39,625
2,695,699
12,807
2,748,131
---------
------------
--------
------------
Carrying amount
At 31 December 2023
177,985
3,279,204
3,405
3,460,594
---------
------------
--------
------------
At 31 December 2022
165,482
3,268,283
4,780
3,438,545
---------
------------
--------
------------
7. Debtors
2023
2022
£
£
Other debtors
86,785
84,865
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,735
6,286
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,890,050
1,888,078
Other creditors
224,155
247,501
------------
------------
2,117,940
2,141,865
------------
------------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
561,426
555,264
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
604,276
555,440
Unused tax losses
( 43,026)
Pension plan obligations
176
( 176)
---------
---------
561,426
555,264
---------
---------
10. Pensions
Group Personal Pension Plan
A group personal pension plan was available throughout the year for all staff. All contributions are invested in a separate fund for each employee, which becomes available to them to provide income in retirement. The company's contribution to this scheme in 2023 was £8,612 (2022 £7,873) and is charged to the Statement of Income and Retained Earnings as incurred.
Defined Benefit Scheme
A Defined Benefit Scheme based on final pensionable salary was available for staff of all group companies. It was closed to new members on 1st April 1998 and closed to future accrual for existing members on 30th June 2006. Consequently with effect from that date no further benefits are accruing to staff. The scheme continues to operate as a paid up scheme.
The scheme's funds are held entirely separately from those of any of the group companies' and at 31st December 2023 were invested by the scheme trustees in three Gilt and Bonds funds, managed by Standard Life Investments Ltd.
Contributions to the scheme are determined on the basis of a triennial valuation based on the attained age method. The latest triennial actuarial valuation of the scheme was conducted as at 31st December 2022 and showed that, on a continuing basis, the scheme's assets and liabilities were as follows:
£000
Scheme assets 9,430
Scheme liabilities 8,340
Surplus 1,090
As the scheme is in surplus, no contributions from the company are required.
It is not possible to identify separately the value of assets and liabilities applicable to each participating employer. So, neither the schemes assets and liabilities, nor the schemes income, is accounted for in these statements, as is permitted by FRS 102.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
510,882
467,607
Later than 1 year and not later than 5 years
1,734,918
1,675,504
Later than 5 years
1,321,844
1,514,608
------------
------------
3,567,644
3,657,719
------------
------------
12. 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.
13. 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 .
14. 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 Agriculture Limited Services supplied 2,343,387 (1,890,050) (1,888,078)
Interest 213,878
Management services 34,216
15. Controlling party
The ultimate parent company is Omex International Limited, a company incorporated in Bermuda.