Registered number |
OMNIA OUTSOURCING LIMITED | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2 |
Statement of directors' responsibilities | 4 |
Strategic report | 5 |
Independent auditor's report | 6 |
Income statement | 9 |
Statement of financial position | 10 |
Statement of changes in equity | 11 |
Statement of cash flows | 12 |
Notes to the financial statements | 13 |
Company Information |
Directors |
Auditors |
First Floor |
1 Edmund Street |
Bradford |
West Yorkshire |
BD5 0BH |
Registered office |
Omnia Outsourcing |
40 Caversham Road |
Reading |
Berkshire |
RG1 7EB |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and financial statements for the period ended |
|||||||
Principal activities | |||||||
Future developments | |||||||
The Company is committed to increasing business from existing customers and winning new customers. | |||||||
Going concern | |||||||
The Directors are of the opinion that Company can continue in operational existence for a period of at least 12 months from the date of approval of the financial statements and have the full continued support and backing of the Shareholders. The Shareholders have confirmed their willingness to provide such financial support as the company shall require for the foreseeable future. They therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements. | |||||||
Events since the balance sheet date | |||||||
Directors | |||||||
The following persons served as directors during the period: | |||||||
Political donations | |||||||
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
Engagement with suppliers and customers | |||||||
The company strives to provide the highest quality service whilst ensuring compliance with key regulatory issues such as IR35, Modern Slavery and Gender Pay Gap. As such the company recognises the importance of maintaining strong and transparent relationships with regulators such as HMRC. The nature of the Company's trade means that we have a significant number of relationships with customers of varying size. Communication is maintained with customers through various avenues such as in person, the company's website and social media. The company always looks to give back where possible and therefore supports a different charity each year and is recognised by the Armed Forces Employer recognition scheme to support former military personnel and service family members. |
|||||||
Engagement with employees | |||||||
This report was approved by the board on |
|||||||
D Mott | |||||||
Director | |||||||
OMNIA OUTSOURCING LIMITED | |||||||
Statement of Directors' Responsibilities | |||||||
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations. | |||||||
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; | ||||||
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||
Strategic Report | ||
REVIEW OF BUSINESS: The company continues to grow and Omnia has delivered timely payroll services to a variety of sector clients using software and human expertise; playing to strengths of all team members. This has allowed Omnia to become a credible and respected payroll company recognised within and peripheral to the industry. The Omnia team continue to maintain and grow their market share. PRINCIPAL RISKS AND UNCERTAINTIES: The principal risks and uncertainties facing the company relate to the strength of the UK market and changes in tax legislation. The Company stays abreast of any such changes and is dynamic in its approach to facilitating any changes which are necessary. The Company is an accredited member of the leading trade and compliance body. SECTION 172(1) STATEMENT: The directors of the company act in the way they consider, in good faith, is most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: - the likely consequences of any decision in the long term; - the interests of the company's employees the need to foster the company's business relationships with suppliers, customers and others; the impact of the company's operations on the community and the environment; - the desirability of the company maintaining a reputation for high standards of business conduct; - and the need to act fairly as between members of the company. The Board regularly reviews and discusses how to maintain effective relationships with various stakeholders throughout day-to-day business operations, other activities and ad hoc events. The Board understands the importance of good and regular two-way communication with suppliers, customers and employees using a variety of channels and approaches, depending on which is deemed appropriate to each set of circumstances. The company results were as follows for 2024: Turnover £156 million (£129 million 2023), Gross profit £3 million (£2 million 2023), Loss before tax -£32,940 (profit £251,160 2023) and Net assets £254,187 (£278,065 2023) The company's growth has been buoyed by the changes to and complexity surrounding the IR35 regime and the company obtaining FCSA accreditation. This has been offset by the rising costs of overheads, bad debts and labour costs. | ||
This report was approved by the board on 24 January 2025 and signed on its behalf. | ||
D Mott | ||
Director | ||
OMNIA OUTSOURCING LIMITED | ||
Independent auditor's report | ||
to the members of OMNIA OUTSOURCING LIMITED | ||
Opinion |
We have audited the financial statements of OMNIA OUTSOURCING LIMITED (the 'company') for the period ended 29 April 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the financial statements: | ||
● | give a true and fair view of the state of the company's affairs as at 29 April 2024 and of its loss for the period then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | ||
Conclusions relating to going concern | ||
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. | ||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. | ||
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. | ||
Other information | ||
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. Change of auditors: Gerald Edelman LLP resigned as auditors during 2024 and the new auditors took over, Adam & Co Accountancy Ltd. The leaving auditors, Gerald Edelman LLP had nothing to report to the new auditors. | ||
We have nothing to report in this regard. | ||
Opinions on other matters prescribed by the Companies Act 2006 | ||
In our opinion, based on the work undertaken in the course of the audit: | ||
● | the information given in the strategic report and the directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and | |
● | the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. | |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. | ||
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the financial statements are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors | ||
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. | ||
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | ||
Auditor’s responsibilities for the audit of the financial statements | ||
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. | ||
Extent to which the audit was considered capable of detecting irregularities, including fraud In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. Enquiring of management of whether they are aware of any non-compliance with laws and regulations. Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud. Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations. Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals. Obtain an understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation, data protection, anti-bribery, employment and health and safety. Audit response to risks identified Fraud due to management override To address the risk of fraud through management bias and override of controls, we: Performed analytical procedures to identify any unusual or unexpected relationships. Audited the risk of management override of controls, including through testing journal entries for appropriateness; Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and Investigated the rationale behind significant or unusual transactions. Irregularities and non-compliance with laws and regulations. In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to: Agreeing financial statements disclosures to underlying supporting documentation. Enquiring of management as to actual and potential litigation claims. Reviewing correspondence with HMRC. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors. |
||
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
Use of our report | ||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | ||
(Senior Statutory Auditor) | First Floor | |
for and on behalf of | 1 Edmund Street | |
Bradford | ||
Statutory Auditor | West Yorkshire | |
BD5 0BH | ||
Income Statement | ||||||||
for the period from 1 May 2023 to |
||||||||
Notes | 2024 | 2023 | ||||||
£ | £ | |||||||
Turnover | 2 | |||||||
Cost of sales | ( |
( |
||||||
Gross profit | ||||||||
Administrative expenses | ( |
( |
||||||
Other operating income | ||||||||
Operating (loss)/profit | 3 | ( |
||||||
Interest receivable | ||||||||
Interest payable | 6 | - | ( |
|||||
(Loss)/profit on ordinary activities before taxation | ( |
|||||||
Tax on (loss)/profit on ordinary activities | 7 | ( |
||||||
(Loss)/profit for the period | ( |
|||||||
Statement of Financial Position | |||||||
as at |
|||||||
Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 8 | ||||||
Current assets | |||||||
Debtors | 9 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 10 | ( |
( |
||||
Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | |||||||
Deferred taxation | 11 | ( |
|||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 12 | ||||||
Profit and loss account | 13 | ||||||
Total equity | |||||||
D Mott | |||||||
Director | |||||||
Approved by the board on |
|||||||
Statement of Changes in Equity | ||||||||||
for the period from 1 May 2023 to |
||||||||||
Share | Share | Other | Profit | Total | ||||||
capital | premium | reserves | and loss | |||||||
account | ||||||||||
£ | £ | £ | £ | £ | ||||||
At 1 May 2022 | - | - | ||||||||
Profit for the financial year | 190,848 | 190,848 | ||||||||
Dividends | ( |
( |
||||||||
At 30 April 2023 | 100 | - | - | 277,965 | 278,065 | |||||
At 1 May 2023 | - | - | ||||||||
Loss for the period | ( |
( |
||||||||
At 29 April 2024 | - | - | ||||||||
Statement of Cash Flows | |||||
for the period from 1 May 2023 to |
|||||
Notes | 2024 | 2023 | |||
£ | £ | ||||
Operating activities | |||||
(Loss)/profit for the period | (23,878) | 190,848 | |||
Adjustments for: | |||||
Income from investments/grants | - | 1,500 | |||
Interest receivable | 13,717 | (21,328) | |||
Interest payable | - | 177 | |||
Tax on (loss)/profit on ordinary activities | (9,062) | 60,312 | |||
Depreciation | 14,828 | 9,990 | |||
Increase in debtors | (3,926,224) | (2,478,553) | |||
Increase in creditors | 1,099,968 | 104,511 | |||
( |
( |
||||
Cash used in operating activities | ( |
( |
|||
Investing and finance activities | |||||
Payments to acquire tangible fixed assets | ( |
( |
|||
Directors account | ( |
( |
|||
Dividends paid | - | ( |
|||
( |
( |
||||
Net cash used | |||||
Cash used in operating activities | ( |
( |
|||
Cash used in investing activities | ( |
( |
|||
Net cash used | ( |
( |
|||
Cash and cash equivalents at 1 May | 3,101,932 | 5,740,131 | |||
Cash and cash equivalents at 29 April | 217,999 | 3,101,932 | |||
Cash and cash equivalents comprise: | |||||
Cash at bank | |||||
- | - | ||||
OMNIA OUTSOURCING LIMITED | ||||||||
Notes to the Accounts | ||||||||
for the period from 1 May 2023 to 29 April 2024 | ||||||||
1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Freehold buildings | over 50 years | |||||||
Leasehold land and buildings | over the lease term | |||||||
Computer equipment | 33% on initial cost | |||||||
Fixtures, fittings, tools and equipment | 12% on initial cost |
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
||||||||
Leased assets | ||||||||
Pensions | ||||||||
2 | Analysis of turnover | 2024 | 2023 | |||||
£ | £ | |||||||
Services rendered | ||||||||
By geographical market: | ||||||||
UK | ||||||||
3 | Operating profit | 2024 | 2023 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | ||||||||
Foreign exchange differences | ||||||||
Auditors' remuneration for audit services | ||||||||
Advertising | ||||||||
Management, other personnel salaries and compensation (including directors' emoluments) | ||||||||
4 | Directors' emoluments | 2024 | 2023 | |||||
£ | £ | |||||||
Emoluments | ||||||||
Pension contributions | ||||||||
Highest paid director: | ||||||||
Emoluments | ||||||||
Company contributions to defined contribution pension plans | ||||||||
5 | Staff costs | 2024 | 2023 | |||||
£ | £ | |||||||
Wages and salaries | ||||||||
Social security costs | ||||||||
Other pension costs | ||||||||
Average number of employees during the year | Number | Number | ||||||
Direct labour (Umbrella) | ||||||||
Administration (including 2 directors) | ||||||||
6 | Interest payable | 2024 | 2023 | |||||
£ | £ | |||||||
Other loans | - | |||||||
7 | Taxation | 2024 | 2023 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | - | |||||||
Deferred tax: | ||||||||
Origination and reversal of timing differences | ( |
- | ||||||
Tax on (loss)/profit on ordinary activities | ( |
|||||||
Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
(Loss)/profit on ordinary activities before tax | ( |
|||||||
£ | £ | |||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax | ( |
|||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | ||||||||
Capital allowances for period in excess of depreciation | ( |
- | ||||||
Adjustments to tax charge in respect of previous periods | ( |
- | ||||||
Current tax charge for period | ( |
|||||||
Factors that may affect future tax charges | ||||||||
8 | Tangible fixed assets | |||||||
Plant and machinery | Fixtures, fittings, tools and equipment | Total | ||||||
At cost | At cost | |||||||
£ | £ | £ | ||||||
Cost or valuation | ||||||||
At 1 May 2023 | - | |||||||
Additions | - | |||||||
At 29 April 2024 | ||||||||
Depreciation | ||||||||
At 1 May 2023 | - | |||||||
Charge for the period | ||||||||
At 29 April 2024 | ||||||||
Carrying amount | ||||||||
At 29 April 2024 | ||||||||
At 30 April 2023 | - | |||||||
9 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Directors current account | ( |
|||||||
Deferred tax asset (see note 11) | - | |||||||
Other debtors | ||||||||
Prepayments and accrued income | ||||||||
Omnia Group Services | - | |||||||
10 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | - | |||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
Corporation tax | ||||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
Accruals and deferred income | ||||||||
11 | Deferred taxation | 2024 | 2023 | |||||
£ | £ | |||||||
Accelerated capital allowances | ( |
|||||||
2024 | 2023 | |||||||
£ | £ | |||||||
At 1 May | ||||||||
Credited to the profit and loss account | ( |
- | ||||||
At 29 April | ( |
|||||||
12 | Share capital | Nominal | 2024 | 2024 | 2023 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
£ |
||||||||
13 | Profit and loss account | 2024 | 2023 | |||||
£ | £ | |||||||
At 1 May | ||||||||
(Loss)/profit for the period | ( |
|||||||
Dividends | - | ( |
||||||
At 29 April | ||||||||
14 | Dividends | 2024 | 2023 | |||||
£ | £ | |||||||
Dividends on ordinary shares (note 13) | - | |||||||
15 | Events after the reporting date | |||||||
The Omnia Group Services (OGS) debt was transferred to D. Browne personally when he personally purchased the Omnia Outsourcing shares from OGS on 4 May 2024. The shares were subsquently sold by D.Browne to Omnia Payroll on 29 October 2024, and the outstanding debt was also transferred to Omnia Payroll Limited. Thus making Darrell Mott the ultimate controlling party. The debt factoring facility referred to in the FY2023 accounts was terminated early on the 29/11/2024. | ||||||||
16 | Contingent liabilities | |||||||
17 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
£ | £ | £ | £ | |||||
[Loan 1] | - | ( |
( |
|||||
I Herron | ||||||||
[Loan 1] | - | ( |
- | |||||
223,613 | - | (234,307) | (10,694) | |||||
18 | Related party transactions | |||||||
Sales and purchases are conducted at normal market rates. Outstanding balances are unsecured, interest free and settlement is expected under normal trading terms. |
||||||||
19 | Controlling party | |||||||
20 | Presentation currency | |||||||
21 | Legal form of entity and country of incorporation | |||||||
OMNIA OUTSOURCING LIMITED is a private company limited by shares and incorporated in England. | ||||||||
22 | Principal place of business | |||||||
The address of the company's principal place of business and registered office is: | ||||||||
Office 301, Merlin House, Commerce Park, | ||||||||
Brunel Road, | ||||||||
Theale, | ||||||||
Berkshire, | ||||||||
RG7 4AB | ||||||||
23 | Reconciliations on adoption of FRS 102 | |||||||
Profit and loss for the year ended 30 April 2023 | £ | |||||||
Profit under former UK GAAP | 190,848 | |||||||
Profit under FRS 102 | 190,848 | |||||||
Balance sheet at 30 April 2023 | £ | |||||||
Equity under former UK GAAP | 278,065 | |||||||
Equity under FRS 102 | 278,065 | |||||||
Balance sheet at 1 May 2022 | £ | |||||||
Equity under former UK GAAP | - | |||||||
Equity under FRS 102 | - | |||||||