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Director's report and financial statements
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For the year ended 31 December 2023
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Registered number: 12879007
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Oranmore Limited - Registered number: 12879007
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Statement of financial position
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board on 4 September 2024 and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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Notes to the financial statements
For the year ended 31 December 2023
Oranmore Limited is a private company limited by shares and incorporated in England and Wales. The company's registered office and principal place of business is 46/48 Beak Street, London, W1F 9RJ and its registered number is 12879007.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have prepared the accounts on a going concern basis as they have received confirmation from the company's principal creditor that it is their current intention to offer financial support to the company, as required for a period of no less than 12 months from the date of approval of these financial statements.
Other operating income relates to arrangement fees and fees receivable under loan facilities agreements in place during the year.
Interest income is recognised in profit or loss using the effective interest method.
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.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
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.
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Cash and cash equivalents
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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.
Page 2
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Page 3
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Notes to the financial statements
For the year ended 31 December 2023
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following are the key judgements and areas of estimation uncertainty:
Recoverability of debtors
Included in debtors are balances that have estimation uncertainty, the directors have included an estimate for the provision for doubtful debts totalling £6,304,632. The directors have performed their assessment based on information available to them at the reporting date, including financial reporting information, comparable transactions, and net orderly liquidation valuations.
Management has considered each element that makes up the total provision balance as at the year end and decided that assumptions used to estimate these elements of provisions are reasonable and accurate. The directors have used their extensive knowledge and experience to determine the recoverability of these balances, and third party evidence where available.
Deferred tax assets
The recoverability of deferred tax assets is dependent upon the availability of future taxable profits. In assessing
future performance the directors are required to make assumptions about future trading conditions such as the
competitive environment, pricing and the company's cost base. Deferred tax assets are recognised when the
management believe taxable profits will be available against which to offset the asset within a reasonable time
horizon.
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The company had no employees (2022 - no employees), who did not receive any remuneration (2022 - £NIL).
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The company holds 3,280,364 shares in Amcomri Entertainment Inc. ("AMEN"). AMEN is listed on Cboe Canada. The fair value for these shares is obtained by reference to the exchange quoted bid price at the reporting date.
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Page 4
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Notes to the financial statements
For the year ended 31 December 2023
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Amounts owed by group undertakings
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Amounts owed by connected companies
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to connected companies
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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Amounts owed to group undertakings
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The amounts owed to group undertakings relates to an unsecured loan due to the immediate parent undertaking. The loan incurs interest at a rate of 4% and is repayable in full on the twentieth anniversary of the loan agreement dated December 2022.
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The company had no contingent liabilities at 31 December 2023 or 31 December 2022.
The company had no capital commitments at 31 December 2023 or 31 December 2022.
Page 5
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Notes to the financial statements
For the year ended 31 December 2023
The immediate parent undertaking is Amcomri Holdings Limited, a company incorporated in the British Virgin Islands.
The ultimate controlling party is Paul McGowan, by virtue of his controlling interest in Amcomri Holdings Limited.
The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 6 September 2024 by Peter Chapman (Senior statutory auditor) on behalf of Buzzacott LLP.
Page 6
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