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Omega Proteins Limited

Registered number: 03868711
Annual report and
 financial statements
For the year ended 30 April 2024

 
OMEGA PROTEINS LIMITED
 
 
COMPANY INFORMATION


Directors
M Powar 
D Sawrij 




Registered number
03868711



Registered office
Swalesmoor Farm
Swalesmoor Road

Halifax

West Yorkshire

HX3 6UF




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
Lloyds Bank PLC
45 Hustlergate

Bradford

BD1 1NT





 
OMEGA PROTEINS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 6
Independent Auditor's Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13
Statement of Cash Flows
 
14 - 15
Notes to the Financial Statements
 
16 - 34


 
OMEGA PROTEINS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their Strategic Report for the year ended 30 April 2024.

Business review
 
The Company continued its principal activity during the year and the performance achieved during the period is set out in the Statement of Comprehensive Income on page 11. Turnover increased year on year by 9.6%, to £156.0m, and the company made a pre tax loss of £0.6m (2023: £5.0m profit before tax). This is due to the decrease in worldwide protein and oil prices, coupled with the strategic decision of maintaining raw material prices to gain/maintain market share. 
The investment has continued and new lines with new technology have been introduced to all its plants which now provide more efficient, cost effective and significantly additional increased processing capacity. New processing lines are now commissioned and continued investment in further capacity will be on-line during the 2025/26 Financial Year.  The processing plants have been the most heavily invested sites in the industry.   This continued strategy of investment has allowed the business to increase market share and enter into additional long term supply agreements. The Groups own oil terminal is now online and being used for its SAF ingredient oil exports. 
The Company maintains international standards and accreditations at all of its processing sites.
The Company continues to invest in Research and Development, so that it is able to establish and find niche products and new markets for its finished goods. This has proven beneficial over the years in giving the Company the ability to create market leading products that it can distribute worldwide. The additional raw material contracts have allowed the business to grow into more overseas territories, further enhancing our presence in the global animal by-product market.
The by-products market remains extremely competitive; however, the Group's global structure allows the Company to make use of synergies between the different businesses to maximise opportunities for all its products and divert products to maximise margins and maintain growth as a group.  The established global group is diverse which enables it to withstand market challenges and take a long term outlook. 
The Company continues to be supported by the Group, Group EBITDA 2024 - £56m (2023 - £54m), which allows it to make further investments in processing capacities and cost reduction technologies, to considerably reduce its processing costs. The Company and Group continue to invest to reduce its carbon impact by introducing renewable methods of energy generation across all of its sites.

Principal risks and uncertainties
 
The Company is subject to a number of risks and uncertainties, including an ever changing economic environment, a strong competitive environment, an increasing legislative agenda and employee retention.
The directors are aware of these risks and strategic decisions are made to manage them appropriately. These include regular monitoring of costs and the credit exposure of customers. The decision making process and the assessment of business performance is supported by the experience of the management team, Daily KPI Reporting, weekly sales and profitability data and monthly management accounts, split by business segment.
The business also has an exposure to the risk of currency fluctuations. This risk is managed by the regular monitoring of fluctuations in key currencies. The group has also forward managed the potential currency exposure with some long term financial instruments in place.

- 1 -

 
OMEGA PROTEINS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Going concern
 
The Company has generated significant shareholder return over recent years despite challenging circumstances. The Company shows net current assets of £5.5m (2023: £3.5m). Current liabilities include amounts owed to group companies totalling £4.9m (2023: £0.9m). The directors have received assurances from the wider group that these balances will not be recalled until such time as the company can repay them.
The directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Financial key performance indicators
Turnover increased year on year by 9.6%, to £156.0m (2023: £142.4m). Gross profit decreased from £16.2m to £5.6m, a decrease of 65% in the year. Gross margin reduced from 11.4% to 3.6%. The Company made a pre tax loss of £0.6m (2023: £5.0m pre tax profit). The directors are satisfied with the performance of the business considering the challenges and extremely competitive nature of the market faced during the year. It expects a positive turnaround in the 2024/2025 Financial Year. 

Other key performance indicators
 
Group management utilise a number of non financial key performance indicators to monitor the quality of its end product. Group management also monitor energy usage and carbon emissions closely with the view to minimising the Group's effect on the environment.

Directors' statement of compliance with duty to promote the success of the Company
 
The board of directors consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out in the Directors' report. 


This report was approved by the board on 31 January 2025 and signed on its behalf.






M Powar
Director

- 2 -

 
OMEGA PROTEINS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting 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; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Company's principal activity is the rendering of animal by products to produce high quality meals and oils for use in the renewable fuels, pet foods and agricultural industries. 

Results and dividends

The loss for the year, after taxation, amounted to £337,942 (2023 - profit £3,757,000).

A dividend of £Nil (2023: £Nil) was declared during the period.

Directors

The directors who served during the year were:

M Powar 
D Sawrij 

- 3 -

 
OMEGA PROTEINS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Energy and carbon reporting

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires Omega Proteins Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources. Energy and GHG emissions have been independently calculated by Envantage Limited for the reporting period 1 January 2023 to 31 December 2023.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from sites and transport where operational control is conducted – this includes electricity, gaseous fuels and business travel in company owned or grey fleet vehicles.
The table below details the regulated SECR energy sources and associated GHG emissions for the current and previous reporting periods.
Energy Emissions


1 January 2023 to 31 December 2023
1 January 2022 to 31 December 2022
Energy (kWh)
Total energy (kWh)

461,390,358

350,519,109

Emissions (tCO2e)
Total SECR emissions

88,070

67,005

Intensity metric
SECR emissions per FTE employee

342

308


In 2023, the company showcased its unwavering commitment to energy efficiency. This success stems from our rigorous monitoring and targeting efforts, guided by ISO 50001 standards and dedication to science-based targets, which have pinpointed key areas for energy efficiency improvements. We actively promote the use of renewable fuels, favouring biofuels over fossil fuels. Additionally, we prioritize deploying the most efficient Heavy Goods Vehicles (HGVs) for transportation, continually upgrading our fleet with the latest models.
Looking ahead, we are dedicated to further decarbonisation initiatives. These include finalising our district heating system, establishing an anaerobic digestion plant, and developing solar farms across our sites. We aim to integrate the best available technologies, ensuring thorough reviews and strong commitment from senior leadership, with the goal of fostering company-wide adoption.
Methodology
Natural gas and electricity disclosures have been calculated using metered kWh consumption taken from fiscal invoices. For bottled fuels such as LPG, the total number of cylinder purchases was converted to volumetric quantities and then equivalent energy and GHG emissions using factors published by BEIS in 2023.
Electricity emissions are reported using both location and market-based methods; the location-based method adopts an average UK grid emissions factor published by BEIS, where the market-based method adopts a supplier-specific fuel mix disclosure factor for 2023 in gCO2/kWh. The market-based method does not fully account for other GHG emissions such as methane and nitrous oxide and has been included for comparison only.
 
- 4 -

 
OMEGA PROTEINS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Transport disclosures have been calculated using direct fuel purchase data taken from fuel card transaction reports. Business travel expense claim records for grey fleet vehicles have also been reported. Mileage and fuel data extracted from these records have been converted into equivalent energy and GHG emissions using factors published by BEIS in 2023.

Future developments

The directors will continue to develop the growth of the company in the animal by products sector.
Investment in plant and equipment will continue in order to install more efficient processing capabilities. The directors continually look to produce more niche quality products to take advantage of emerging markets.

Engagement with suppliers, customers and others

Our People and Values
The directors appreciate that the Company employees are key to deliver the goals and achieve the business strategy. The Company encourages and promotes development of talent within the business. It actively looks to train and develop key personnel to ensure that knowledge and skills are retained within the business.
Health and safety is a primary objective and the Company has the necessary resources employed to ensure compliance and more importantly employee safety. The Company encourages employees to participate in Health and Safety activities to ensure there is a group wide “buy in” and an appreciation that health and safety is everyone’s responsibility.
The Company promotes actively maintaining standards through its various acquired accreditations.
Business Relationships
These relationships are fundamental to the performance and existence of the business. The directors focus on maintaining these relationships at both ends of the supply chain. The directors value all of their suppliers and customers and strive to maintain good relations and encourage open and honest dialogue.
The Company has liaison managers and key account managers in place to ensure customers and suppliers are dealt with appropriately and they have a conduit to effectively communicate with the wider business.
Community and Environment
The industry the Company operates in makes community and environment a key consideration in all decision making processes. The directors understand the impact their business can have on the local community and work extremely hard to minimise any impact as much as possible. This is by implementing new technologies and completing their own R&D to introduce better technologies and remain compliant with their permits to operate.
The directors actively participate in community initiatives and contribute to worthy causes in the community, as they appreciate that local government funds are often constrained, so they try to step in to assist local communities.
Shareholders
The Shareholders are actively involved in the day to day management of the Company and support the directors. The “hands on” approach ensures that they promote the long term development of the Company.
The shareholders ensure the resources are available so the business can deliver its strategies and goals in the long term.

- 5 -

 
OMEGA PROTEINS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 January 2025 and signed on its behalf.
 






M Powar
Director

- 6 -

 
OMEGA PROTEINS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OMEGA PROTEINS LIMITED
 

Opinion

We have audited the financial statements of Omega Proteins Limited (the ‘Company’) for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and 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 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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.
- 7 -

 
OMEGA PROTEINS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OMEGA PROTEINS LIMITED
 

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.

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 year 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 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.

- 8 -

 
OMEGA PROTEINS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OMEGA PROTEINS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 intend either 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, data protection legislation, anti-money laundering regulation, and the Bribery Act 2010.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.
- 9 -

 
OMEGA PROTEINS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OMEGA PROTEINS LIMITED
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to depreciation and stock valuation, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit 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.




Christopher Hudson (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

31 January 2025
- 10 -

 
OMEGA PROTEINS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
 £
£

  

Turnover
 4 
156,042,197
142,426,516

Cost of sales
  
(150,407,142)
(126,211,090)

Gross profit
  
5,635,055
16,215,426

Administrative expenses
  
(4,617,378)
(5,995,070)

Operating profit
 5 
1,017,677
10,220,356

Fair value gains/(losses)
  
(66,853)
(4,294,935)

Interest receivable and similar income
 9 
41,181
6,337

Interest payable and similar expenses
 10 
(1,547,334)
(950,490)

(Loss)/profit before tax
  
(555,329)
4,981,268

Tax on (loss)/profit
 11 
217,387
(1,224,268)

(Loss)/profit for the financial year
  
(337,942)
3,757,000

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 16 to 34 form part of these financial statements.

- 11 -

 
OMEGA PROTEINS LIMITED
REGISTERED NUMBER: 03868711

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 13 
76,167,084
66,449,397

Investments
 14 
51,123
51,123

  
76,218,207
66,500,520

Current assets
  

Stocks
 15 
3,194,749
10,016,607

Debtors: amounts falling due within one year
 16 
25,397,244
25,364,890

Cash at bank and in hand
 17 
4,770,517
3,285,767

  
33,362,510
38,667,264

Creditors: amounts falling due within one year
 18 
(27,870,574)
(35,154,007)

Net current assets
  
 
 
5,491,936
 
 
3,513,257

Total assets less current liabilities
  
81,710,143
70,013,777

  

Creditors: amounts falling due after more than one year
 19 
(67,468,614)
(55,217,348)

  
14,241,529
14,796,429

Provisions for liabilities
  

Deferred taxation
 21 
(8,310,674)
(8,527,632)

  

Net assets
  
5,930,855
6,268,797


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Profit and loss account
 23 
5,929,855
6,267,797

  
5,930,855
6,268,797


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.


M Powar
Director

The notes on pages 16 to 34 form part of these financial statements.

- 12 -

 
OMEGA PROTEINS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
1,000
2,510,797
2,511,797


Comprehensive income for the year

Profit for the year
-
3,757,000
3,757,000
Total comprehensive income for the year
-
3,757,000
3,757,000


At 1 May 2023
1,000
6,267,797
6,268,797


Comprehensive expense for the year

Loss for the year
-
(337,942)
(337,942)
Total comprehensive expense for the year
-
(337,942)
(337,942)


At 30 April 2024
1,000
5,929,855
5,930,855




 

- 13 -

 
OMEGA PROTEINS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(337,942)
3,757,000

Adjustments for:

Depreciation of tangible assets
5,586,968
4,246,060

Profit on disposal of tangible assets
(56,254)
(66,827)

Interest paid
1,547,334
950,490

Interest received
(41,181)
(6,337)

Taxation charge/(credit)
(217,387)
1,224,268

Decrease/(increase) in stocks
6,821,858
(3,462,818)

Increase in debtors
(5,713,354)
(3,480,775)

Movement in group balances
21,273,766
2,044,476

(Decrease)/increase in creditors
(10,529,803)
8,864,121

Net fair value losses recognised in P&L
66,853
4,294,935

Corporation tax paid
-
(866,510)

Net cash generated from operating activities

18,400,858
17,498,083


Cash flows from investing activities

Purchase of tangible fixed assets
(19,277,327)
(19,178,820)

Sale of tangible fixed assets
4,028,926
153,759

Purchase of unlisted and other investments
-
(30,123)

Interest received
41,181
6,337

HP interest paid
(595,364)
(411,563)

Net cash used in investing activities

(15,802,584)
(19,460,410)
- 14 -

 
OMEGA PROTEINS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new loans
3,980,000
(9,997,654)

Repayment of/new finance leases
(4,141,554)
12,524,558

Interest paid
(951,970)
(538,927)

Net cash (used in)/from financing activities
(1,113,524)
1,987,977

Net increase in cash and cash equivalents
1,484,750
25,650

Cash and cash equivalents at beginning of year
3,285,767
3,260,117

Cash and cash equivalents at the end of year
4,770,517
3,285,767


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,770,517
3,285,767

4,770,517
3,285,767


- 15 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Omega Proteins Limited is a private Company limited by shares and incorporated in England and Wales. The registered office is included on the company information page.
The Company's principal activity is the rendering of animal by-products to produce high quality meals and oils for use in the renewable fuels, pet foods and agricultural industries. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has generated significant shareholder return over recent years despite challenging circumstances. The Company shows net current assets of £5.5m (2023: net current assets of £3.5m). Current liabilities include amounts owed to group companies totalling £4.9m (2023: £0.9m). The directors have received assurances from the wider group that these balances will not be recalled until such time as the company can repay them.
The directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

- 16 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

- 17 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
 
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are
provided when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured       reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in the Statement Of Comprehensive Income in the year in which they are incurred.

- 18 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. 

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

- 19 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Buildings
-
12.5 - 50 years
Plant & machinery
-
15 - 25% reducing balance, 1 to 15 years straight line
Motor vehicles
-
25% reducing balance, 5 to 15 years straight line
Fixtures & fittings
-
20-35% reducing balance and 2-5 years straight line
Assets under construction
-
Not depreciated until brought into use

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

 
2.14

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.

 
2.15

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

- 20 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.18

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.

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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

- 21 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgments that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. 
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Determining residual values and useful economic lives of tangible assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgment is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
(ii) Stock valuation
Finished goods are valued at the lower of cost and net realisable value. Cost includes the cost of raw materials and directly attributable labour and overheads. Assumptions are made in determining stock value which include yield generated from raw material, production overheads and transport. The Company has strong internal reporting systems which allow accurate judgments and cost allocations to be made.

- 22 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Animal byproducts - external
142,480,687
120,839,924

Animal byproducts - group
13,561,510
21,586,592

156,042,197
142,426,516


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
71,221,188
67,217,676

Rest of Europe
61,347,674
65,277,258

Rest of the world
23,473,335
9,931,582

156,042,197
142,426,516



5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
5,586,968
4,246,060

Profit on disposal of fixed assets
(56,254)
(66,827)

Exchange differences
338,856
(87,344)

Defined contribution pension cost
181,841
151,079

Management recharge
(3,093,034)
(1,583,340)

- 23 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
49,000
43,000

Fees payable to the Company's auditor in connection with:

Taxation services
13,750
13,000

All other services
4,000
3,990


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
9,217,801
9,247,728

Social security costs
1,104,563
947,185

Cost of defined contribution scheme
181,841
151,079

10,504,205
10,345,992


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
179
157



Management
16
14



Administration
64
58

259
229

- 24 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
194,037
193,170

Company contributions to defined contribution pension schemes
2,328
2,328

196,365
195,498


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Total remuneration paid in the year to Key Management Personnel, not including directors of the business, totalled £107,933 (2023: £131,229).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
41,181
6,337


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
295
16,742

Loans from group undertakings
522,185
522,185

Finance leases and hire purchase contracts
595,364
411,563

Other interest payable
429,490
-

1,547,334
950,490

- 25 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(429)
12,255

Total current tax
(429)
12,255

Deferred tax


Origination and reversal of timing differences
(118,623)
1,217,628

Prior period adjustment
(98,335)
(5,615)

Total deferred tax
(216,958)
1,212,013


Taxation on (loss)/profit on ordinary activities
(217,387)
1,224,268

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(555,329)
4,981,268


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
(138,832)
970,849

Effects of:


Expenses not deductible for tax purposes
41,782
855,876

Fixed asset differences
(15,037)
(877,308)

Adjustments to tax charge in respect of prior periods
(429)
12,255

Other tax adjustments, reliefs and transfers
(6,536)
(1,150)

Adjustments to tax charge in respect of previous periods - deferred tax
(98,335)
(5,615)

Measurement of deferred tax at 25%
-
268,211

Capital gains
-
1,150

Total tax charge for the year
(217,387)
1,224,268


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


- 26 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
530,000



At 30 April 2024

530,000



Amortisation


At 1 May 2023
530,000



At 30 April 2024

530,000



Net book value



At 30 April 2024
-



At 30 April 2023
-



- 27 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost 


At 1 May 2023
8,489,061
79,396,641
13,663,132
477,378
102,026,212


Additions
2,234,547
13,541,391
3,482,018
19,371
19,277,327


Disposals
-
(4,158,153)
(42,322)
-
(4,200,475)



At 30 April 2024

10,723,608
88,779,879
17,102,828
496,749
117,103,064



Depreciation


At 1 May 2023
684,659
28,496,802
5,974,762
420,592
35,576,815


Charge for the year
181,228
4,247,204
1,141,100
17,436
5,586,968


Disposals
-
(210,005)
(17,798)
-
(227,803)



At 30 April 2024

865,887
32,534,001
7,098,064
438,028
40,935,980



Net book value



At 30 April 2024
9,857,721
56,245,878
10,004,764
58,721
76,167,084



At 30 April 2023
7,804,402
50,899,839
7,688,370
56,786
66,449,397

Included within Buildings and plant & machinery is the cost of assets under construction totalling £12,899,982 (2023: £33,137,416). No depreciation is charged on such assets until they are in use by the Company.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
15,620,970
16,885,098

Motor vehicles
3,979,851
6,777,626

- 28 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments





Other fixed asset investments

£



Cost


At 1 May 2023
2,771,940



At 30 April 2024

2,771,940



Impairment


At 1 May 2023
2,720,817



At 30 April 2024

2,720,817



Net book value



At 30 April 2024
51,123



At 30 April 2023
51,123


15.


Stocks

2024
2023
£
£

Raw materials and consumables
333,242
323,092

Finished goods and goods for resale
2,861,507
9,693,515

3,194,749
10,016,607


- 29 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Debtors

2024
2023
£
£


Trade debtors
16,065,291
13,115,268

Amounts owed by group undertakings
3,442,350
9,123,779

Amounts owed by other related parties
1,944
11,892

Other debtors
1,999,401
1,393,352

Prepayments and accrued income
3,872,703
1,705,473

Tax recoverable
15,555
15,126

25,397,244
25,364,890


Amounts due from group companies and connected undertakings are unsecured, interest free and repayable on demand. 


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,770,517
3,285,767


- 30 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
13,571,512
12,320,466

Amounts owed to group undertakings
4,912,053
913,695

Amounts owed to other related parties
13,209
-

Other taxation and social security
330,075
573,450

Obligations under finance lease and hire purchase contracts
4,009,171
4,828,012

Other creditors
402,517
446,463

Accruals and deferred income
4,632,037
16,071,921

27,870,574
35,154,007


Amounts owed to group companies are unsecured, interest free and repayable on demand. 
Bank borrowings are secured by a charge over all assets of the group under an omnibus guarantee and set-off agreement.
There is a fixed and floating charge over the assets of the group in relation to the loan with Lloyds Bank plc.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
3,980,000
-

Net obligations under finance leases and hire purchase contracts
7,248,233
10,570,946

Amounts owed to group undertakings
56,240,381
44,646,402

67,468,614
55,217,348


Other loans and hire purchase creditors are secured upon the assets to which they relate.
The hire purchase creditors are secured against the asset to which they relate.
Amounts owed to group companies are unsecured and attract an interest rate of 2% per annum. The balance is repayable in full on 30 April 2026.

- 31 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,009,171
4,828,012

Between 1-5 years
7,248,233
10,570,945

11,257,404
15,398,957


21.


Deferred taxation




2024
2023


£

£






At beginning of year
(8,527,632)
(7,315,619)


Charged to profit or loss
216,958
(1,212,013)



At end of year
(8,310,674)
(8,527,632)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,932,678)
(11,564,708)

Losses and other deductions
2,613,420
3,033,882

Short term timing differences
8,584
3,194

(8,310,674)
(8,527,632)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


- 32 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Reserves

Profit & loss account

Profit and loss account reserve represents accumulated profits and losses less any distributions made to shareholders.


24.


Contingent liabilities

The Company is party to a multilateral intercompany guarantee in respect to bank facilities for other group companies.


25.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
6,346,219
1,045,595


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £181,841 (2023: £151,079). Contributions totalling £34,333 (2023: £33,952) were payable to the fund at the balance sheet date.

- 33 -

 
OMEGA PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Related party transactions

The Company has taken exemption under Section 33.1A of Financial Reporting Standard 102 from disclosing transactions entered into with wholly owned members of the Leo Group Holdings Limited group. 
During the year, the Company made sales to connected undertakings amounting to £254,562 (2023: £269,047) and purchases of £48,000 (2023: £48,000).
Balances due from / (owed to) related parties at the year end are disclosed below:


2024
2023
£
£

Amounts due from group companies
3,442,350
9,123,779
Amounts due from other related parties
1,944
11,892
Amounts (owed to) group companies
(61,152,434)
(45,560,097)
Amounts (owed to) other related parties
(13,209)
-
Amounts owed from close family members
20,823
27,262
Amounts (owed to) close family members
(265,592)
(265,969)


28.


Controlling party

The immediate parent undertaking at year end is Leo Group Holdings Midco Limited (company number 128996), a company incorporated in Jersey. The ultimate parent company is Leo Group Family Holdings Limited (company number 128997), a company incorporated in Jersey.
The ultimate controlling party is deemed to be D Sawrij by virtue of his shareholding in Leo Group Family Holdings Limited (company number 128997).

29.


Analysis of net debt





At 1 May 2023
Cash flows
Interest
At 30 April 2024
£

£

£

£

Cash at bank and in hand

3,285,767

1,484,750

-

4,770,517

Intercompany loans

(44,646,402)

(11,071,794)

(522,185)

(56,240,381)

Other loans

-

(3,980,000)

-

(3,980,000)

Hire purchase and finance leases

(15,398,958)

4,736,917

(595,363)

(11,257,404)


(56,759,593)
(8,830,127)
(1,117,548)
(66,707,268)

 
- 34 -