Company Registration Number 05818630 (England and Wales)
OMEGA ELIFAR LIMITED
ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
OMEGA ELIFAR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
OMEGA ELIFAR LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
173
3,657
Tangible assets
5
496,816
486,862
496,989
490,519
Current assets
Debtors
6
328,890
342,256
Cash at bank and in hand
224,710
155,308
553,600
497,564
Creditors: amounts falling due within one year
7
(680,472)
(860,860)
Net current liabilities
(126,872)
(363,296)
Total assets less current liabilities
370,117
127,223
Creditors: amounts falling due after more than one year
8
(20,160)
(30,192)
Provisions for liabilities
(17,215)
(17,275)
Net assets
332,742
79,756
Capital and reserves
Called up share capital
265,000
265,000
Profit and loss reserves
67,742
(185,244)
Total equity
332,742
79,756
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
Mr K Karmali
Director
Company registration number 05818630 (England and Wales)
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Omega Elifar Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kintyre House, 70 High Street, Fareham, Hampshire, United Kingdom, PO16 7BB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, the provision of adult care services, and is shown net of VAT and other sales related taxes where applicable. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised by reference to the period when the provision of care is provided for each occupant, with adjustments to defer any revenue that relates to future periods.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intangible Assets
Over 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
Over lease term
Leasehold improvements
5% on cost
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Service users
Service users bank accounts are not included with the company's own bank accounts.
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible Assets
Determining whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Property, Plant and equipment
Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
The net book value of tangible fixed assets at the reporting date is £518,082 (2023: £486,862).
Bad or doubtful debts
The directors take a judgement on whether an overdue debt will be recoverable or not and a decision is made to write off these debts. The directors take into account a number of factors, including correspondence from the service user (or their representative), previous track record for settling debts and the additional costs that could be incurred in order to recover the debt. Where a judgement is required in relation to partial recovery of a debt, a worst case scenario approach is taken.
At the reporting date, the bad debt provision amounted to £Nil (2023: £Nil)
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
109
90
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
4
Intangible fixed assets
Intangible Assets
£
Cost
At 1 November 2023 and 31 October 2024
22,320
Amortisation and impairment
At 1 November 2023
18,663
Amortisation charged for the year
3,484
At 31 October 2024
22,147
Carrying amount
At 31 October 2024
173
At 31 October 2023
3,657
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
519,865
390,284
910,149
Additions
61,646
14,386
76,032
Disposals
(14,110)
(11,358)
(25,468)
At 31 October 2024
567,401
393,312
960,713
Depreciation and impairment
At 1 November 2023
76,053
347,234
423,287
Depreciation charged in the year
27,698
16,993
44,691
Eliminated in respect of disposals
(867)
(3,214)
(4,081)
At 31 October 2024
102,884
361,013
463,897
Carrying amount
At 31 October 2024
464,517
32,299
496,816
At 31 October 2023
443,812
43,050
486,862
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
79,129
162,308
Amounts owed by group undertakings
33,151
Other debtors
171,798
69,721
284,078
232,029
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
44,812
110,227
Total debtors
328,890
342,256
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,143
10,000
Trade creditors
160,195
145,298
Amounts owed to group undertakings
31,993
Taxation and social security
61,361
165,587
Other creditors
448,773
507,982
680,472
860,860
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,160
30,192
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Audit report information
(Continued)
- 8 -
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit 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.
Senior Statutory Auditor:
Mark Nolan FCA
Statutory Auditor:
Alliott Wingham Limited
Date of audit report:
23 April 2025
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under operating leases, as follows:
2024
2023
£
£
Within one year
318,115
249,115
Between two and five years
1,172,823
991,184
In over five years
336,615
561,229
1,827,553
1,801,528
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Services received
2024
2023
£
£
Other related parties
6,000
14,000
KPK Financial Consulting Limited, a company in which Mr K Karmali is a director and shareholder, provided consultancy services, on an arms length basis, to the value of £Nil (2023: £8,000) during the year. No balance was owed at the reporting date (2023: £40,000).
Mr J Rolph, a director of Omega Elifar, provided consultancy services, on an arms length basis, to the value of £Nil (2023: £Nil) during the year. At the reporting date, £Nil (2023: £12,000) was owed to Mr Rolph.
A shareholder of the parent company provided consultancy services, on an arms length basis, to the value of £6,000 (2023: £6,000) during the year. At the reporting date, £Nil (2023: £Nil) was owed to the shareholder.
OMEGA ELIFAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Related party transactions
(Continued)
- 9 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
-
52,000
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
7,785
-
Other related parties
25,336
-
Other information
The company has taken advantage of the exemption under FRS 102.33.1A :
"Disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member."
12
Parent company
The parent company of Omega Elifar Limited is LD Care Group Limited, a company registered in England and Wales. Omega Elifar Limited is a wholly owned subsidiary.
Until 6 March 2024, the ultimate parent company was Hervines Group Limited. There is no longer an ultimate parent company.
There is no ultimate controlling party.