Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11499081 2023-01-01 2023-12-31 11499081 2022-01-01 2022-12-31 11499081 2023-12-31 11499081 2022-12-31 11499081 c:Director2 2023-01-01 2023-12-31 11499081 d:CurrentFinancialInstruments 2023-12-31 11499081 d:CurrentFinancialInstruments 2022-12-31 11499081 d:Non-currentFinancialInstruments 2023-12-31 11499081 d:Non-currentFinancialInstruments 2022-12-31 11499081 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11499081 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11499081 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11499081 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11499081 d:ShareCapital 2023-12-31 11499081 d:ShareCapital 2022-12-31 11499081 d:RetainedEarningsAccumulatedLosses 2023-12-31 11499081 d:RetainedEarningsAccumulatedLosses 2022-12-31 11499081 c:FRS102 2023-01-01 2023-12-31 11499081 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11499081 c:FullAccounts 2023-01-01 2023-12-31 11499081 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11499081 2 2023-01-01 2023-12-31 11499081 6 2023-01-01 2023-12-31 11499081 e:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11499081









OMEGA FREEWAYS INTERNATIONAL LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OMEGA FREEWAYS INTERNATIONAL LTD
REGISTERED NUMBER: 11499081

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Investments
 4 
983,226
983,226

  
983,226
983,226

Current assets
  

Debtors: amounts falling due after more than one year
 5 
665,214
643,339

Debtors: amounts falling due within one year
 5 
5,793,392
9,128,207

Cash at bank and in hand
 6 
2,431
6,956

  
6,461,037
9,778,502

Creditors: amounts falling due within one year
 7 
(6,821,097)
(10,145,473)

Net current liabilities
  
 
 
(360,060)
 
 
(366,971)

Total assets less current liabilities
  
623,166
616,255

Creditors: amounts falling due after more than one year
 8 
(659,623)
(640,873)

  

Net liabilities
  
(36,457)
(24,618)


Capital and reserves
  

Called up share capital 
  
116
116

Profit and loss account
  
(36,573)
(24,734)

  
(36,457)
(24,618)


Page 1

 
OMEGA FREEWAYS INTERNATIONAL LTD
REGISTERED NUMBER: 11499081
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 income and retained earnings 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 and were signed on its behalf by: 




................................................
E Evripidou
Director

Date: 12 September 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
OMEGA FREEWAYS INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Omega Freeways International Ltd is a private company, limited by shares, registered in England and Wales, registration number 11499081. The registered office is Unit 11, The Piano Works, 113-117 Farringdon Road, EC1R 3BX.
The finacial statements are prepared in US Dollars, rounded to the nearest $1.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Interest income

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

 
2.4

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.

Page 3

 
OMEGA FREEWAYS INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
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.

 
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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investment in joint ventures

$



Cost or valuation


At 1 January 2023
983,226



At 31 December 2023
983,226




Page 4

 
OMEGA FREEWAYS INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
$
$

Due after more than one year

Amounts owed by joint ventures
665,214
643,339

665,214
643,339


2023
2022
$
$

Due within one year

Amounts owed by group undertakings
116
116

Amounts owed by joint ventures
5,793,276
9,128,091

5,793,392
9,128,207



6.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
2,431
6,956

2,431
6,956



7.


Creditors: Amounts falling due within one year

2023
2022
$
$

Amounts owed to group undertakings
6,764,027
10,106,277

Other creditors
57,070
31,796

Accruals and deferred income
-
7,400

6,821,097
10,145,473


Page 5

 
OMEGA FREEWAYS INTERNATIONAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Amounts owed to group undertakings
659,623
640,873

659,623
640,873



9.


Controlling party

The immediate parent company is Omega Freeways International (CY) Ltd, a company incorporated in Cyprus.

 
Page 6