REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 02036161) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 02036161) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors and authorised for issue on |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 02036161) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Overseas Moving Network International Limited (Limited by Guarantee) is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
All amounts in the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine 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 and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Other key sources of estimation uncertainty |
- Tangible fixed assets |
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. |
Turnover |
Turnover represents insurance income and subscriptions from members, excluding value added tax. Income is recognised when the company has completed its contractual commitments in relation to subscriptions. Insurance introduction fee income is recognised when the member has been introduced to, and taken out a policy, with the insurance agents. |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 02036161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated depreciation and any accumulated impairment losses. |
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 accounts receivable and payable, loans from banks and other third parties and loans from related parties. Financial instruments are measured at cost and 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 profit and loss. |
The company has no financial assets or financial liabilities measured at fair value, nor does it have external borrowings. The company is not exposed to any risk arising from the interest rate benchmark reform as LIBOR is replaced with alternative benchmark interest rates. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 02036161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
3. | ACCOUNTING POLICIES - continued |
The company pays for eligible employees a defined contribution into the employees own personal pension plan and the charge in the profit and loss account equals the contributions due for the year. |
The schemes are independently administered and the company's liability is limited to the amount of the contribution. The liability for meeting future pension payments rests solely with the employees personal pension scheme. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary costs of the future holiday entitlement accrued at the balance sheet date. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
OVERSEAS MOVING NETWORK INTERNATIONAL |
LIMITED (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 02036161) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
At the balance sheet date the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £94 (2023: £90). |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
Overseas Moving Network International (OMNI) is a global consortium of professional independent moving companies. Members are subscribers to and guarantors of the company and are therefore related parties. OMNI’s purpose is to maintain and support an international network within which its members can cooperate with each other to provide world-class moving services. |
During the year the company paid £29,086 (2023: £35,287) to the board of Directors to reimburse expenses incurred in relation to the Board meetings held in the year. |
11. | GUARANTEE |
The company is limited by guarantee and does not have a share capital. The members have guaranteed contributions of US$1 each in the event of dissolution of the company. |