The directors present the strategic report for the year ended 31 December 2024.
OMBZ2020 Limited (the ‘company’) is a privately held company incorporated and resident in England and Wales.
At the balance sheet date it was the direct holding company of Basis Technologies Holdings Limited, which is the direct holding company and sole shareholder of the trading companies, within the Basis Technologies/OMBZ2020 Group.
At 31 December 2024, the company held investments in the holding and trading companies of the group based in the UK, the USA, Germany and Australia.
The group develops, markets, and supports add-on software for the SAP enterprise software solutions adopted by many of the global fortune 500 businesses and similar large enterprises. The group’s software is provided under annually repeating subscription licenses. Prior to 2018 the group also provided software under a perpetual license model, and retains a number of customers purchasing annual support and maintenance contracts for that software. Service revenues generated by the group relate to installation, configuration and training activities provided to the group’s customers.
During the year to 31 December 2024 the group continued to increase its customer base and increased the associated revenues arising from software licensing whilst general software market conditions remained suppressed.
The group’s software products help optimise its customers’ ability to adjust their core enterprise management systems quickly in response to business and operating environment changes. Although the general commercial environment remained supressed as economies adjusted post Covid-19, large enterprise businesses continue to need tools to manage the safe modification of their core business systems and the Group’s subsidiary businesses continue to be well placed to provide solutions to these requirements.
For discussion of the principal risks and uncertainties and risk mitigation, please refer to the Financial Instruments section within the Directors' Report.
The group is currently entirely financed from working capital, with no debt. The company is majority held by investment funds managed by Scottish Equity Partners, who have provided funding into the group to accelerate the growth of the business. There remains a risk that both market and product opportunities may be missed if not timely identified and adequately resourced.
Key financial highlights are as follows:
Year to Year to
31 December 2024 31 December 2023
Turnover £18,611,218 £16,901,784
Profit (Loss) before tax (£126,475) (£15,992,479)
Less exceptional (profit)/costs* (£1,153,124) £15,375,900
Revised Profit (Loss) before tax (£1,279,599) (£616,579)
*Movement attributable to former subsidiary, including write down of valuation in 2023 and distributions on liquidation in 2023 and 2024.
During the year the group received capital distributions in respect of former subsidiary Basis Technologies Group Limited, a company registered in Jersey. The company remained in liquidation at the balance sheet date. The group has recognised the change in the value of this investment in its consolidated statements for the year end 31 December 2023. Distributions on liquidation were receivable in both 2023 and 2024.
The group has not consolidated this entity in this set of financial statements in line with FRS 102 para 9.9(a). Due to the insolvency procedure, long term restrictions are in place which substantially hinder the exercise of rights over assets and the management of this investment.
This restructuring within the group has led to a write down in carrying investments within the consolidated accounts. Accordingly, key performance indicators have been adjusted above to account for this non recurring and exceptional movement.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The Company’s subsidiary business Basis Technologies International Limited, registered in England & Wales, operates a branch office outside of the United Kingdom in Hungary. The branch office provides technical support and assistance to the Company’s customers.
The results for the year are set out on page 10.
One of the company's investments, Basis Technologies Group Limited, company no, 113434, registered in the Channel Islands, remained in voluntary liquidation during the year. This forms part of a planned restructuring exercise within the group.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Going concern
The directors have carried out a review of the company's and group's expected performance in conjunction with budgets and cash flow requirements of the business to assess going concern. Whilst the directors recognise that the group remains exposed to the risk of an uncertain environment and its impact on the global economy, they have considered a number of impacts on sales, profits and cash flows. This review happens regularly throughout the year in order to assess business performance.
The directors have assumed that operations remain open and that the group will continue to be able to sell products and services to its customers. Furthermore, the directors believe there will be sufficient cash reserves to enable the group to meet its obligations as they fall due, and have the ability to take mitigating actions should they be required, for a period not less than 12 months from approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company's principal financial instruments comprise intercompany and related party loans and balances. As such, the company looks to ensure that these are continually monitored and that the risks faced by group companies are sufficiently mitigated.
The group's principal financial instruments comprise trade creditors, trade debtors and intercompany loans. The main purpose of these instruments is to raise funds and to finance the company's operations.
The group's approach to managing risks applicable to the financial instruments concerned is shown below.
The group manages its exposure to liquidity risk by comparing cash inflows and outflows across various time periods and cash flow forecasting.
The group is exposed to foreign currency fluctuations. Financial decisions are monitored and adjusted based on currency exposure. The group holds multi currency accounts and may use netting techniques to mitigate this risk. Internally, the group regularly assesses exposure by analysing revenue, costs, assets and liabilities by currency.
Trading companies within the group are exposed to credit risk. The risk of loss due to a debtor's failure to meet obligations is mitigated by a management framework with clear credit policies and roles and responsibilities for credit risk oversight. Credit assessments are made before extending credit and there are set limits and terms in place. This is also considered at group level.
The company has received funding from investment funds managed by Scottish Equity Partners. Funding has been provided to accelerate growth of the business but there remains a risk that both market and product opportunities may be missed if not identified in a timely manner and not adequately resourced. Proactive management of both market and funding risk remains important to the group.
During the financial year ended 31 December 2024, the group was not engaged in any research and development (R&D) activities. The board of directors continuously assesses the relevance of such activities and remains committed to exploring opportunities for innovation and development that align with the company’s strategic objectives.
While no R&D projects were undertaken this year, the group will continue to evaluate and consider future R&D initiatives that may enhance operational efficiencies or contribute to product or service improvement.
The directors remain focused on driving growth and maintaining strong performance across core areas of the business.
There have been no significant events after the balance sheet date.
The directors intend to continue to support the company's subsidiaries and develop new markets further.
The auditor, Ward Williams Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of OMBZ2020 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following were the most significant: the Companies Act 2006 and UK corporate taxations laws.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through our review of correspondence during our audit work.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:
identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £162,005 (2023 - £16,718,454 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
OMBZ2020 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Arlington Square, Downshire Way, Bracknell, RG12 1WA.
The group consists of OMBZ2020 Limited and all of its subsidiaries.
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.
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company OMBZ2020 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
In July 2020 the Company acquired Basis Technologies Holdings Limited from its then parent company, Basis Technologies Group Limited, a Jersey, Channel Islands registered company, as part of a group restructuring exercise. OMBZ2020 Limited retained an indirect 60% shareholding and exercised control over Basis Technologies Group Limited until the period ending 2022 when it went into an administration procedure.
This entity is no longer consolidated in group accounts but its residual value is recognised in the group accounts as a fixed asset investment at the amount receivable at final distribution on liquidation.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The group recognises revenue from the following major sources:
Subscription and maintenance licence revenue
Perpetual licence revenue
Services revenue
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:
Subscription and maintenance licence revenue is recognised over the period of the relevant contract on a straight line basis, and, where appropriate, disclosed as deferred income.
Perpetual licence revenue is recognised, in full, in the accounting period in which it is delivered.
Revenue from contracts for the provision of consultancy and professional services is recognised when the service is completed.
Other income
Interest income is recognised when it is probable that the economic benefits will flow to the group and the
amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the
principal outstanding and the effective interest rate applicable.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Investments in subsidiaries no longer under the control of the company, such as those in an administration procedure, are recognised as a fixed asset investment either at cost or at the amount receivable at final distribution on liquidation.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In determining the depreciation rates to apply against property, plant and equipment, the directors have used their knowledge and experience of both the company and the industry to assess the useful lives of each individual asset.
Key sources of estimation uncertainty
The directors do not deem there to be any estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities at the balance sheet date.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Other interest income represents movements to debt instruments held at amortised cost. These consist of shareholder loans.
Interest consists of accrued interest on loan owing to former subsidiary, Basis Technologies Group Limited.
In the prior year, other gains and losses relates to an exceptional cost for the write down in value of an investment held by the group. The write down pertains to the value held in Basis Technologies Holdings Limited in respect of former subsidiary Basis Technologies Group Limited, which is now in liquidation.
Further exceptional profit of £1,153,124 (2023: £7,803,887) has been recognised in respect of liquidator distributions due in relation to a former subsidiary. At the year end 31 December 2024, £1,153,124 had been formalised but not distributed. The investment value has been increased accordingly. Please refer to the Fixed asset investment note.
The effective tax rate for the year increased to 25% (2023: 23.5%) due to the rate of UK corporation tax increasing from 19% to 25% with effect from 1 April 2023.
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
Other investments comprises an investment in a former subsidiary, currently in liquidation. The increase in value in group and company represents the difference between the agreed final distribution value on liquidation and the previous carrying value of the investment brought forward. The final distribution was yet to be received at the period end.
Details of the company's subsidiaries at 31 December 2024 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The company holds debt instruments held at amortised cost. The assets are held to receive repayment on maturity. Contractual terms give rise to cash flows which are solely repayments of the principal amount.
These debt instruments are shareholder loans measured at the present value of the future receipts discounted. The discount rate is 7%. At the balance sheet date the value of these loans were recognised in Non current debtors at a total of £566,725 (2023: £523,032).
The remaining other receivables balance in the group is a former director loan balance that accrues interest at prevailing market rates. The balance was £387,774 at the year end (2023: £367,479).
For amounts falling due after more than one year, please refer to the Financial instruments note.
The amount of £1,551,567 (2023: £1,551,567) relates to amounts owed to former subsidiary, Basis Technologies Group Limited. Interest was accruing at 2.5% pa on this loan.
Basis Technologies Group Limited was in liquidation at the balance sheet date. To date OMBZ2020 Limited has received £12,070,320 (2023: £12,070,320) in distributions in respect of the liquidation. This has been used to offset the liability brought forward. The remaining liability is expected to be offset by further distributions.
The increase in related party borrowings in the company relates to £1,342,593 (2023: £nil) due to a subsidiary in the group.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The retained earnings account represents cumulative profits and losses net of dividends and other adjustments.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Key management personnel are the same as directors. The group has taken advantage FRS 102 33.7A exemptions from requirements to disclose.
During the year, Non Executive directors Mr G Berruyer, Mr U Bohnhorst and Mr T Otter received emoluments for their services in their aggregate of £135,882 (2023: £124,121).
At the period end, directors of the company owed long term loans to the company as follows:
Mr M Metcalf £255,382 (2023: £233,857)
Mr R Bayliss £65,000 (2023: £59,520)