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Registration number: 11804190

Omnis Intelligence Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Omnis Intelligence Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Omnis Intelligence Limited

Company Information

Directors

Mr K S Karue

Mr P R Lo

Mr D Antcliff

Mr B D Antcliff

Registered office

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Omnis Intelligence Limited

(Registration number: 11804190)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,311

74,372

Investments

5

8

8

 

5,319

74,380

Current assets

 

Debtors

6

157,393

114,180

Cash at bank and in hand

 

202,144

60,042

 

359,537

174,222

Creditors: Amounts falling due within one year

7

(155,503)

(101,454)

Net current assets

 

204,034

72,768

Total assets less current liabilities

 

209,353

147,148

Creditors: Amounts falling due after more than one year

7

(15,000)

(80,188)

Provisions for liabilities

(1,052)

(13,724)

Net assets

 

193,301

53,236

Capital and reserves

 

Called up share capital

8

999

999

Retained earnings

192,302

52,237

Shareholders' funds

 

193,301

53,236

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:

.........................................

Mr K S Karue
Director

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD
United Kingdom

These financial statements were authorised for issue by the Board on 18 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% on cost

motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 7).

4

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

29,980

97,206

127,186

Additions

2,687

-

2,687

Disposals

(9,634)

(97,206)

(106,840)

At 31 December 2023

23,033

-

23,033

Depreciation

At 1 January 2023

20,918

31,896

52,814

Charge for the year

5,414

13,606

19,020

Eliminated on disposal

(8,610)

(45,502)

(54,112)

At 31 December 2023

17,722

-

17,722

Carrying amount

At 31 December 2023

5,311

-

5,311

At 31 December 2022

9,062

65,310

74,372

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

8

8

Subsidiaries

£

Cost or valuation

At 1 January 2023

8

Provision

Carrying amount

At 31 December 2023

8

At 31 December 2022

8

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Sonocle Limited

Courtwood House,
Silver Street Head,
Sheffield.
S1 2DD

England and Wales

ordinary shares

76%

76%

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

97,932

98,892

Amounts owed by related parties

10

2,532

2,964

Prepayments

 

3,954

6,339

Other debtors

 

52,975

5,985

   

157,393

114,180

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

15,908

Trade creditors

 

20,793

25,419

Taxation and social security

 

104,652

34,826

Accruals and deferred income

 

13,247

19,859

Other creditors

 

6,811

5,442

 

155,503

101,454

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,000

80,188

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

999

999

999

999

         
 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,000

25,000

Hire purchase contracts

-

55,188

15,000

80,188

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

-

5,908

10,000

15,908

Bank borrowings

Coronavirus Bounceback Loan is denominated in £ GB with a nominal interest rate of 2.5%, and the final instalment is due on 24 June 2026. The carrying amount at year end is £25,000 (2022 - £35,000).

 

Omnis Intelligence Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors loan accounts

4,959

41,211

(13,195)

32,975

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors loan accounts

-

5,000

(41)

4,959

         
       

 

Income and receivables from related parties

2023

Subsidiary
£

Receipt of services

134,400

2022

Subsidiary
£

Receipt of services

73,211

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

2,964

2,964

Advanced

17,964

17,964

Repaid

(18,396)

(18,396)

At end of period

2,532

2,532

Terms of loans to related parties

Omnis Intelligence Limited provided short-term cash flow support to its subsidiary, Sonocle Limited, which is repayable on demand.