Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
COMPANY INFORMATION
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OMEGA INGREDIENTS LIMITED
CONTENTS
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OMEGA INGREDIENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
During the financial year ended 31 December 2023, Omega Ingredients Limited generated turnover of £7,786,072 (2022 - £11,211,348). While this represents a decrease in revenue compared to the prior period, it is important to note that the previous financial year covered a 16-month period, whereas the current year reflects a 12-month trading period.
Gross profit for the year amounted to £4,002,060 (2022 - £5,600,523), with a gross profit margin of 51.4% (2022 - 49.9%). The company continues to maintain a strong margin despite challenging trading conditions, reflecting the effectiveness of its pricing strategies and cost controls. Administrative expenses for the year totalled £4,318,983 (2022 - £5,267,860), aligning with the reduced turnover. Other operating income amounted to £5,820 (2022 - £43,792), primarily derived from grants and other ancillary income sources. The company recorded an operating loss of £311,103 (2022 - profit of £376,455). After accounting for interest receivable and tax adjustments, the final loss for the year was £346,033 (2022 - profit of £267,228). This reflects the impact of reduced revenue and inflationary cost pressures.
The company operates in a competitive industry where factors such as fluctuations in raw material costs, supply chain disruptions, and changes in customer demand can impact financial performance. To mitigate these risks, Omega Ingredients Limited maintains strong relationships with key suppliers, actively monitors market trends, and implements proactive cost-control measures.
Foreign exchange volatility remains a consideration, given the company's reliance on international suppliers. The company continues to assess its hedging strategies to manage currency risk effectively.
As of 31 December 2023, Omega Ingredients Limited maintained a strong balance sheet with total net assets of £2,550,855 (2022 - £2,896,888). The company's tangible fixed assets increased to £1,342,605 (2022 - £1,115,267) because of continued investment in production capabilities. Net current assets amounted to £1,628,099 (2022 - £2,204,375), ensuring adequate liquidity for ongoing operations.
The directors are committed to prudent financial management and continue to explore opportunities for operational efficiencies and revenue growth.
Omega Ingredients Limited has been tasked by Robertet, the group parent, to grow its flavours business in the UK. To achieve this, the company is investing in a new production facility and expanding its application and creative teams to meet increasing customer briefs and target larger accounts.
The directors are confident that the business is well-positioned to navigate the current economic challenges, meet the strategical demand from Robertet and return to profitability soon.
Directors' statement
The directors acknowledge their responsibility for ensuring the company maintains sound financial and operational controls. The company remains dedicated to its strategic objectives and is confident in its ability to achieve sustainable growth in the coming years.
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OMEGA INGREDIENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 4 April 2025 and signed on its behalf.
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OMEGA INGREDIENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 judgements 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;
∙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 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.
The loss for the year, after taxation, amounted to £346,033 (2022 - profit £267,228).
No dividends were paid during the year (2022 - £1,114,250).
The directors who served during the year were:
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OMEGA INGREDIENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has been done so in respect of the fair review of the business and future outlook and financial risk management and objectives and policies.
The auditors, Whitings LLP, are deemed to be reappointed in accordance under section 487(2) of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED
We have audited the financial statements of Omega Ingredients Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
We have nothing to report in this regard.
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.
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.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED (CONTINUED)
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 Auditors' 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management about any known or suspected instances of non-compliance with laws and regulations and fraud; • Enquiry of management around actual and potential litigation and claims; • Reviewing compliance with laws and regulations; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Challenging assumptions and judgements made by management in their significant accounting estimates; and • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the course of normal business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Suffolk
IP32 7GY
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OMEGA INGREDIENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
REGISTERED NUMBER: 04277313
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 31 form part of these financial statements.
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OMEGA INGREDIENTS LIMITED
REGISTERED NUMBER: 04277313
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Omega Ingredients Limited is a private company limited by shares and incorporated in England and Wales, registration number 04277313. The registered office is Hydra House, Orion Court, Great Blakenham, Suffolk, IP6 0LW.
The principal activity of the company continued to be that of the supply of aroma flavouring products.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in GBP (£) and all values are rounded to the nearest £, except where stated.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; - Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Interest income/expense and net gains/losses for financial instruments, and transferred financial assets not derecognised, loan defaults of breaches, and descriptions of hedging relationships; - Section 33 'Related Party Disclosures' - Compensation for key management personnel. This information is included in the Robertet S.A. financial statements, which can be obtained from 37 Avenue Sidi-Brahim, Bp 52100, GRASSE 06130, France, and are filed alongside these accounts at Companies House.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Directors have considered the Company's position at the time of signing the financial statements, including the review of forecasts for at least the next 12 months from approval and group support from the ultimate parent undertaking. The Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the forseeable future, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
These financial statements cover the period from 1 January 2023 to 31 December 2023. The previous accounting period was a 16 month period from 1 September 2021 to 31 December 2022. As a result of this extended period, the comparative amounts presented in the financial statements are not entirely comparable.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Research and development costs on internal projects are recognised as expenditure when incurred, where it is not possible to demonstrate the project will generate future economic benefits, and where it is not possible to distinguish between the research phase and the development phase of an internal project.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The Company has an invoice discounting agreement. The amount owed by customers to the Company are included within trade debtors and the relevant amounts owed from/to the invoice discounting company are included within debtors/creditors.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The judgments, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below: Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Stock valuation Stock is valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
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