Onmo Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12708619

Onmo Limited

Filleted Financial Statements

28 February 2025

Onmo Limited

Financial Statements

Year ended 28 February 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Onmo Limited

Statement of Financial Position

28 February 2025

	2025		2024
			(restated)
Note	£	£	£

Fixed assets

Intangible assets	5	3,826,299	1,601,609
Tangible assets	6	72,491	35,206
		------------	------------
		3,898,790	1,636,815

Current assets

Stocks		60,191	62,266
Debtors	7	55,691,950	53,477,885
Cash at bank and in hand		2,022,633	6,566,833
		-------------	-------------
		57,774,774	60,106,984

Creditors: amounts falling due within one year	8	( 38,823,801)		( 24,688,514)
		-------------		-------------
Net current assets			18,950,973	35,418,470
			-------------	-------------
Total assets less current liabilities			22,849,763	37,055,285

Provisions	( 18,123)	–
	-------------	-------------
Net assets	22,831,640	37,055,285
	-------------	-------------

Capital and reserves

Called up share capital	290	290
Share premium account	55,610,167	55,610,167
Profit and loss account	( 32,778,817)	( 18,555,172)
	-------------	-------------
Shareholders funds	22,831,640	37,055,285
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Onmo Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr J M Jesner

Director

Company registration number: 12708619

Onmo Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Cannon Street, 4th Floor, London, EC4M 5SB, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After reviewing the loss for the year of £14,223,645 (2024: £14,525,582) the directors have considered going concern. In making their assessment, the directors have considered all factors likely to affect it's future performance and its financial position, and have concluded that the company will be able to continue in operational existence for the foreseeable future. The company retains the support of it's shareholders, who provided an additional injection of £42.5m into the business in the prior year, to assist with the growth of the debt book and to ensure sufficient cash reserves to cover the administrative expenses and liabilities as they fall due. Consequently, at the year end the company had net assets of £22,831,640 (2024: £37,055,285) despite the loss incurred for the year. The directors have been provided with a letter of support from the shareholders, that they will, for at least 12 months from the date of approval of these financial statements, continue to make available such funds as are needed by the company. On this basis, the directors believe that it is appropriate to prepare the financial statements on a going concern basis.

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. Bad debt provision Onmo adopts IAS 39 for loan loss provisioning, using Probability of Default (PD) as the main driver. The process includes: Reviewing current account performance: Assessing the status of each account at the reporting date, considering factors such as arrears and defaults. Categorising accounts: Assigning accounts to different PDs based on Experian retro data and account performance. Refining PD over time: Utilizing internal loan performance data to improve the accuracy of PD calculations. Loss Given Default (LGD) rate: Setting the LGD rate based on losses after expected recoveries. Accounting for uncertainty: Onmo recognises there is inherent uncertainty in PDs and recovery rates and as such adds a management overlay to the provision calculation. Card prepayment When a card is issued to a customer the cost of the card and associated issuance costs are prepaid and spread over the expected life of the card. Onmo has undertaken modelling of expected income and identify that a 5 year straight line policy is deemed appropriate for this cost spreading. Debt book Onmo has entered into a structured financing arrangement to help fund the growth of its debt book, which resulted in the creation of an orphan special purpose vehicle called Onmo Funding 2023-1 Limited. As part of this arrangement with the bank, Onmo have retained the risks and rewards of ownership of the debt book held as security against the financing, and as such the company has continued to recognise the gross value of the debt book within trade debtors. The liabilities owed by the company under this financing arrangement to Onmo Funding 2023-1 Limited are recognised within creditors at their transaction price.

Revenue recognition

Revenue recognised in the period reflects interest or charges received or receivable on balances due to Onmo Limited from its card holders. Interest and charges are recognised in the month that they are charged to the client as it is at this moment it is probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 76 (2024: 45 ).

5. Intangible assets

	Software
	£
Cost
At 1 March 2024 (as restated)	1,780,463
Additions	3,458,812
	------------
At 28 February 2025	5,239,275
	------------
Amortisation
At 1 March 2024	178,854
Charge for the year	1,234,122
	------------
At 28 February 2025	1,412,976
	------------
Carrying amount
At 28 February 2025	3,826,299
	------------
At 29 February 2024	1,601,609
	------------

6. Tangible assets

	Equipment
	£
Cost
At 1 March 2024 (as restated)	38,932
Additions	63,039
	---------
At 28 February 2025	101,971
	---------
Depreciation
At 1 March 2024	3,726
Charge for the year	25,754
	---------
At 28 February 2025	29,480
	---------
Carrying amount
At 28 February 2025	72,491
	---------
At 29 February 2024	35,206
	---------

7. Debtors

	2025	2024
		(restated)
	£	£
Trade debtors	37,633,762	35,891,212
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,735,527	3,067,334
Other debtors	14,322,661	14,519,339
	-------------	-------------
	55,691,950	53,477,885
	-------------	-------------

Trade debtors represents the amounts owed by the card holders, less provisions, as at the year end. Other debtors includes £10,731,340 (2024: £10,731,340) related to a loan note due from Onmo Funding 2023-1 Limited, which was issued to the company as part of the structured financing agreement to fund the growth of the company's debt book.

8. Creditors: amounts falling due within one year

	2025	2024
		(restated)
	£	£
Trade creditors	741,682	1,167,744
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	7,251
Social security and other taxes	271,520	173,376
Other creditors	37,810,599	23,340,143
	-------------	-------------
	38,823,801	24,688,514
	-------------	-------------

Other creditors includes £36,191,516 (2024: £22,547,980) of amounts owed to Onmo Funding 2023-1 Limited, as part of a structured financing agreement, as at the year end.

9. Prior period errors

During the preparation of Onmo Funding 2023-1 Limited’s first set of financial statements, management identified an error in the classification and recording of certain recharged costs between Onmo Funding 2023-1 Limited and Onmo Limited which impacted the prior period. These costs, which related to funding and portfolio management activities, were initially not included in Onmo Limited’s financial statements, impacting interest expense and deemed portfolio liabilities. Management has corrected the error by restating the comparative figures. The restatement led to an increase in interest expense and a corresponding decrease in amounts owed by group undertakings for the prior period. The effect of the restatement on the prior period is an increase in interest expense of £543,763 and a decrease in amounts owed by group undertakings of £543,763.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
		(restated)
	£	£
Not later than 1 year	334,737	434,221
Later than 1 year and not later than 5 years	–	10,680
	---------	---------
	334,737	444,901
	---------	---------

11. Summary audit opinion

The auditor's report dated 25 September 2025 was unqualified .

The senior statutory auditor was Andrew Collyer , for and on behalf of Burgess Hodgson Audit Limited .

12. Related party transactions

At the year end, the company was owed £3,735,527 (2024 : £3,067,334) to group companies. At the year end, the company owed £Nil (2024 : £7,251) to the group companies. During the year, the company entered into a structured financial arrangement, funded via an orphan special purpose vehicle called Onmo Funding 2023-1 Limited (the "SPV"). As at the year end, included within other creditors was £36,191,516 (2024: £22,547,980) owed to the SPV, and included within other debtors was a loan note due from the SPV of £10,731,340 (2024: £10,731,340), both balances connected to the funding received in the year.

13. Controlling party

The company is a wholly owned subsidiary of Onmo Holdings , which is the parent entity incorporated in the Cayman Islands, whose registered office is P.O.BOX 309 Ugland House, Grand Cayman, KY1-1104, KY .