Company Registration number: 10098184

Omega Products Group Limited

Contents

Pages

Balance sheet	1 to 2
Notes to the financial statements	3 to 10

Omega Products Group Limited

Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	1,678	-
Tangible assets	5	25,913	32,661
Investments	6	25	25
		27,616	32,686
Current assets
Stocks	7	173,920	229,150
Debtors	8	360,567	383,055
Cash at bank and in hand		31,694	57,612
		566,181	669,817
Creditors: Amounts falling due within one year	9	(601,070)	(670,259)
Net current liabilities		(34,889)	(442)
Total assets less current liabilities		(7,273)	32,244
Creditors: Amounts falling due after more than one year	9	(87,861)	(27,507)
Net (liabilities)/assets		(95,134)	4,737
Capital and reserves
Called up share capital		100	100
Retained earnings		(95,234)	4,637
Shareholders' (deficit)/funds		(95,134)	4,737

Omega Products Group Limited

Balance Sheet as at 31 December 2024 (continued)

For the financial 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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 10098184

Approved and authorised by the Board on 16 July 2025 and signed on its behalf by:
 

......................................... Mr K E Meacham Director

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024

1	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6
Parkside Business Park
Parkside Road
Kendal
LA9 7EN

These financial statements were authorised for issue by the Board on 16 July 2025.

2	ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2	ACCOUNTING POLICIES (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	20% reducing balance
Office equipment	25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	20% straight line

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2	ACCOUNTING POLICIES (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2	ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3	STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

4	INTANGIBLE ASSETS

	Website £	Total £
Cost or valuation
At 1 January 2024	4,200	4,200
Additions acquired separately	1,900	1,900
At 31 December 2024	6,100	6,100
Amortisation
At 1 January 2024	4,200	4,200
Amortisation charge	222	222
At 31 December 2024	4,422	4,422
Carrying amount
At 31 December 2024	1,678	1,678

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

5	TANGIBLE ASSETS

	Office equipment £	Motor vehicles  £	Plant and equipment £	Total £
Cost or valuation
At 1 January 2024	7,483	47,494	7,900	62,877
At 31 December 2024	7,483	47,494	7,900	62,877
Depreciation
At 1 January 2024	5,475	19,123	5,618	30,216
Charge for the year	502	5,675	571	6,748
At 31 December 2024	5,977	24,798	6,189	36,964
Carrying amount
At 31 December 2024	1,506	22,696	1,711	25,913
At 31 December 2023	2,008	28,371	2,282	32,661

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

6	INVESTMENTS

Other investments

The market value of the listed investments at 31 December 2024 was £25 (2023 - £25).

7

STOCKS

	2024 £	2023 £
Stocks	173,920	229,150

8

DEBTORS

Current	2024 £	2023 £
Trade debtors	127,418	143,249
Prepayments	4,376	7,852
Other debtors	228,773	231,954
	360,567	383,055

9

CREDITORS

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	147,486	143,275
Trade creditors		382,293	471,969
Taxation and social security		23,153	29,189
Accruals and deferred income		5,361	4,114
Other creditors		42,777	21,712
		601,070	670,259

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £147,486 (2023 - £143,275).

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

9	CREDITORS (continued)

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	87,861	27,507

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £87,861 (2023 - £27,507).

10	LOANS AND BORROWINGS

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,372	15,008
Hire purchase contracts	-	12,499
Other borrowings	83,489	-
	87,861	27,507

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,408	9,904
Bank overdrafts	80,867	72,381
Hire purchase contracts	3,494	10,282
Other borrowings	52,717	50,708
	147,486	143,275

Omega Products Group Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

11	RELATED PARTY TRANSACTIONS

Transactions with directors

2024	At 1 January 2024 £	Advances to director £	At 31 December 2024 £
Mr K E Meacham
Director's loan account	-	73,505	73,505

2023	At 1 January 2023 £	Repayments by director £	At 31 December 2023 £
Mr K E Meacham
Director's loan account	18,654	(18,654)	-