Company Registration No.13651522
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2024
OMW EUROPE LIMITED
REGISTERED NUMBER: 13651522
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of
the Companies Act 2006 relating to small companies. The members have not required the company to obtain
an audit in accordance with section 476 of the Companies Act 2006.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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OMW EUROPE LIMITED
REGISTERED NUMBER: 13651522
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The notes on pages 4 to 10 form part of these financial statements.
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OMW EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
OMW Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 13651522. The registered office is Office 1442 321-323 High Road, Chadwell Heath, Essex, RM6 6AX, United Kingdom.
The principal activity of OMW Europe Limited is the provision of a financial management platform for small and medium-sized enterprises (SMEs), delivered through a Software as a Service (SaaS) model. The platform is integrated with financial institutions and leading accountancy software to streamline cash flow management, invoicing, and payments. The financial statements are presented in pounds sterling, which is the functional currency of the company.
These financial statements have been prepared in accordance with the provisions of Section 1A “Small Entities” of Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below.
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
(a) Revenue Recognition
Revenue is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Revenue comprises account opening fees, account maintenance fees and other service income, recognised on an accrual basis over the period of service.
(b) Foreign Currency Transactions
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing on the dates of the transactions. Exchange gains or losses arising from translation are recognised in the income statement. Company operates in multiple currencies environment where main currencies are pound sterling, Danish krone, European euros.
(c) Taxation
The charge for taxation is based on the result for the year and takes into account deferred tax assets and liabilities. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is only recognised when it is probable that future taxable profits will be available against which the asset can be utilised.
(d) Cash and Cash Equivalents
Cash comprises cash in hand and deposits repayable on demand.
(e) Financial Instruments
The company recognises basic financial instruments, including trade debtors, trade creditors, and bank balances, in accordance with Section 11 of FRS 102.
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The current financial statements are for a 15-month period from 1 October 2023 to 31 December 2024. The company has changed its accounting reference date from 30 September to 31 December to align with the calendar year. As a result, the comparative figures presented in these financial statements are not entirely comparable.
The company had no employees other than directors during the period (2023: same).
A material prior period adjustment was noticed after authorisation of financial statements for 12-month period ended 30 September 2023. Financial statements are retrospectively adjusted in the first financial statements authorised for issue after its discovery by restating the comparative amounts for the prior period presented in which the adjustment occurred.
During the current financial year, the company identified and corrected two material adjustments in the previously issued financial statements for the year ended 30 September 2023. The adjustments related to (1) the recognition of revenue and (2) the timing of expense recognition. These adjustments have been applied retrospectively in accordance with FRS 102 Section 1A, and the comparative figures have been restated accordingly.
a. Revenue Recognition adjustment – Overstatement of Turnover (£201,891 decrease)
The company historically recognised revenue from account maintenance fees when cash was received, regardless of the period towhich the fee related. Under FRS 102 Section 23 (Revenue), revenue shall be recognised in the period when the services are provided, not when the cash is received. This approach aligns with the accruals principle and ensures that revenue is matched to the related period of service.
Upon review, it was determined that £201,891 of revenue had been recognised prematurely in the year ended 30 September 2023. This has now been reversed and deferred to future periods.
This correction reduced gross profit and contributed to a reported loss before taxation in the restated accounts.
b. Expense Cut-off Error – Overstatement of Administrative Expenses (£33,407 decrease)
An expense cut-off adjustment resulted in certain administrative costs being brought in to the financial year to which they related. In compliance with FRS 102 Section 2.36 (Accruals concept) and Section 28 (Employee Benefits, where relevant), expenses must be recognised in the period in which they are incurred, not when paid.
As part of the correction, administrative expenses were adjusted downward by £33,407, reflecting the accurate cut-off for the reporting period ending 30 September 2023.
c. Taxation Impact – tax recalculation impact (£1,166)
Following the restatement, the company’s result for the year ended 30 September 2023 changed from a
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
profit before tax of £80,856 to a loss of £87,628. On top of that income tax calculation update and only debts due for six months were written off from profit and loss account as bad debts. This brought taxable profit in to £79,941. For accounting purposes, debts due for 3 months are recognised as bad debts.
The tax charge for the year was previously recorded as an expense of £18,039, which has been revised and released up to £16,873, giving a total tax adjustment of £1,166.
These changes have been reflected consistently across all relevant primary financial statements and notes. The restatement had no impact on the company's cash flows or its compliance with any external covenants.
Restated and previously reported income statement and statement of financial position are presented in tables below.
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The main rate of UK corporation tax applied in these financial statements is 25% (2023: 25%).
The tax charge/(credit) on the profit/(loss) for the 15-month period ended 31 December 2024 is as follows:
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OMW EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
There were no related party transactions requiring disclosure under FRS 102 Section 33 during the reporting period.
There are no significant post-balance sheet events to disclose.
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