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Registered number: 10373039
Omega Aviation Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10373039
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 607,870 607,870
Investments 5 925,000 925,000
1,532,870 1,532,870
CURRENT ASSETS
Debtors 6 33,270 277,060
Cash at bank and in hand 1,443,950 3,817
1,477,220 280,877
Creditors: Amounts Falling Due Within One Year 7 (2,983,661 ) (684,970 )
NET CURRENT ASSETS (LIABILITIES) (1,506,441 ) (404,093 )
TOTAL ASSETS LESS CURRENT LIABILITIES 26,429 1,128,777
Creditors: Amounts Falling Due After More Than One Year 8 (14,871 ) (37,505 )
NET ASSETS 11,558 1,091,272
CAPITAL AND RESERVES
Called up share capital 9 1,805 1,725
Share premium account 2,085,375 1,925,655
Other reserves 35,965,221 26,589,425
Profit and Loss Account (38,040,843 ) (27,425,533 )
SHAREHOLDERS' FUNDS 11,558 1,091,272
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 15 May 2025 and were signed on its behalf by:
Stephen Larkin
Director
15/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Omega Aviation Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10373039 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
The Company undertakes research and development activities during the year and expenditure on research and development is written off in the year it is incurred.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 607,870
As at 31 March 2024 607,870
Net Book Value
As at 31 March 2024 607,870
As at 1 April 2023 607,870
Page 3
Page 4
5. Investments
Unlisted
£
Cost
As at 1 April 2023 925,000
As at 31 March 2024 925,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 925,000
As at 1 April 2023 925,000
Subsidairy undertaking at 31 March 2021
During the year Omega Aviation Limited acquired two subsidiaries. In accordance with Section 409 of the Companies Act 2006, the subsidiaries as at 31 March 2021 are disclosed below. The subsidiaries undertaking are directly owned by the Company and have a financial year end of 31 March. 
Oracle Aviation (Pty) Limited 100% ownership of ordinary shares
Tynay Aviation (Pty) Limited 100% ownership of ordinary shares
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,000 84,560
Other debtors (12,960 ) 123,500
VAT 850 69,000
Other taxes and social security 12,346 -
Net wages 21,034 -
33,270 277,060
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,566,775 244,225
Bank loans and overdrafts 10,146 307,977
Other taxes and social security - 1,728
Accruals and deferred income 2,800 2,800
Director's loan account 403,940 128,240
2,983,661 684,970
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,871 37,505
Page 4
Page 5
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,805 1,725
Page 5