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Oranmore Limited
























Director's report and financial statements



For the year ended 31 December 2023



Registered number: 12879007

 
Oranmore Limited - Registered number: 12879007

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
213,780
403,257

  
213,780
403,257

Current assets
  

Debtors
 6 
12,848,986
13,604,625

Cash at bank and in hand
  
5,609
512,367

  
12,854,595
14,116,992

Creditors: amounts falling due within one year
 7 
(1,337,786)
(2,449,159)

Net current assets
  
 
 
11,516,809
 
 
11,667,833

Total assets less current liabilities
  
11,730,589
12,071,090

Creditors: amounts falling due after more than one year
 8 
(16,623,251)
(14,520,319)

  

Net liabilities
  
(4,892,662)
(2,449,229)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(4,892,663)
(2,449,230)

  
(4,892,662)
(2,449,229)


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:



Paul McGowan
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
Oranmore Limited

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

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

 
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 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:

 
2.2

Going concern

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.

 
2.3

Other operating income

Other operating income relates to arrangement fees and fees receivable under loan facilities agreements in place during the year.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Valuation of investments

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.

 
2.7

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.

 
2.8

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.

Page 2

 
Oranmore Limited

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Financial instruments

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

 
Oranmore Limited

 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

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.


4.


Employees

The company had no employees (2022 - no employees), who did not receive any remuneration (2022 - £NIL). 


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
403,257


Loss on revaluations
(189,477)



At 31 December 2023
213,780




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.

Page 4

 
Oranmore Limited

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
71,680
19,351

Amounts owed by group undertakings
6,937,525
7,305,899

Amounts owed by connected companies
4,676,177
5,215,851

Other debtors
1,163,604
1,063,524

12,848,986
13,604,625



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
4,200
45,792

Amounts owed to group undertakings
566,159
1,625,764

Amounts owed to connected companies
749,827
749,826

Corporation tax
-
2,777

Accruals and deferred income
17,600
25,000

1,337,786
2,449,159



8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
16,623,251
14,520,319

16,623,251
14,520,319


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.


9.


Contingent liabilities

The company had no contingent liabilities at 31 December 2023 or 31 December 2022.


10.


Capital commitments

The company had no capital commitments at 31 December 2023 or 31 December 2022.

Page 5

 
Oranmore Limited

 
Notes to the financial statements
For the year ended 31 December 2023

11.


Controlling party

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.


12.


Auditor's information

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