Company registration number 12879007 (England and Wales)
ORANMORE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ORANMORE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ORANMORE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
2,319,473
213,780
Current assets
Debtors
5
9,795,181
12,848,986
Cash at bank and in hand
324,066
5,609
10,119,247
12,854,595
Creditors: amounts falling due within one year
6
(1,561,347)
(1,337,786)
Net current assets
8,557,900
11,516,809
Total assets less current liabilities
10,877,373
11,730,589
Creditors: amounts falling due after more than one year
7
(16,385,419)
(16,623,251)
Net liabilities
(5,508,046)
(4,892,662)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(5,508,047)
(4,892,663)
Total equity
(5,508,046)
(4,892,662)

The notes on pages 2 to 6 form part of these financial statements.

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 25 July 2025 and are signed on its behalf by:
Paul McGowan
Director
Company registration number 12879007 (England and Wales)
ORANMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Oranmore Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46/48 Beak Street, London, England, W1F 9RJ.

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

The directors have prepared the accounts on a going concern basis as they have received confirmation from the company's principal creditor that it is their current intention to offer financial support to the company, as required for a period of no less than 12 months from the date of approval of these financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
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.

ORANMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
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.

2
Judgements and key sources of estimation uncertainty

In the course of preparing the financial statements, no judgements have been made in the process of applying the company’s accounting policies, other than those involving estimating the provision for doubtful debts totaling £3,950,000.

 

Management has considered each element that makes up the total provision balance as at the year end and decided that assumptions used to estimate these elements of provisions are reasonable and accurate. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. These are reviewed on an ongoing basis.

 

ORANMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2024
2023
£
£
Listed investments
2,319,473
213,780
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
213,780
Additions
2,195,455
Valuation changes
(89,762)
At 31 December 2024
2,319,473
Carrying amount
At 31 December 2024
2,319,473
At 31 December 2023
213,780

The company holds 3,280,364 shares in Amcomri Entertainment Inc. ("AMEN"). At the reporting date, AMEN was listed on Cboe Canada. The fair value of the shares at 31 December 2024 has been calculated using $0.053c per share. This amount represents the final distribution before the entity was dissolved on 28 March 2025.

 

On 23 December 2024, Oranmore Limited acquired 3,818,182 shares in Amcomri Group plc, a company listed on the Alternative Investment Market, London. The fair value for these shares is obtained by reference to the exchange quoted bid price at the reporting date.

 

ORANMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,963
71,680
Amounts owed by group undertakings
3,207,734
6,937,525
Amounts due from connected companies
5,122,074
4,676,177
Other debtors
1,415,410
1,163,604
9,795,181
12,848,986
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
4,200
Amounts owed to group undertakings
794,150
566,159
Amounts due to connected parties
748,337
749,827
Accruals and deferred income
18,860
17,600
1,561,347
1,337,786
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
16,385,419
16,623,251

The amounts included in other borrowings relate to an unsecured loan due to the immediate parent undertaking. The loan incurs interest at a rate of 4% and is repayable in full on the twentieth anniversary of the loan agreement dated December 2022.

8
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:

Opinion

In our opinion the financial statements:

ORANMORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Peter Chapman
Statutory Auditor:
Buzzacotts Audit LLP
Date of audit report:
28 July 2025
9
Parent company

The immediate parent undertaking is Amcomri Holdings Limited, a company incorporated in the British Virgin Islands.

 

The ultimate controlling party is Paul McGowan, by virtue of his controlling interest in Amcomri Holdings Limited.

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