Omaze UK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12056935 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JULY 2021 TO 31 DECEMBER 2022

FOR

OMAZE UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J A Oakes

Mr M Pohlson

Mr A Lakhani

SECRETARY:

Oakwood Corporate Secretary Limited

REGISTERED OFFICE:

3rd Floor 1 Ashley Road

Altrincham

Cheshire

WA14 2DT

REGISTERED NUMBER:

12056935 (England and Wales)

AUDITORS:

Haines Watts Scotland

Business Advisors, Accountants and

Statutory Auditors

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Tangible assets

4

5,066

-

CURRENT ASSETS

Debtors

5

3,532,068

1

Cash at bank

13,505,681

-

17,037,749

1

CREDITORS

Amounts falling due within one year

6

20,115,649

-

NET CURRENT (LIABILITIES)/ASSETS

(3,077,900

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,072,834

)

1

PROVISIONS FOR LIABILITIES

963

-

NET (LIABILITIES)/ASSETS

(3,073,797

)

1

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(3,073,798

)

-

SHAREHOLDERS' FUNDS

(3,073,797

)

1

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

Mr J A Oakes - Director

1.	STATUTORY INFORMATION

Omaze UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The accounting reference date was extended from 30 June 2022 to 31 December 2022 resulting in an 18 month period. This was to align the financial year-end with the parent company undertaking. As a result comparatives are not entirely comparable.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As at 31 December 2022 the company's liabilities exceeded assets by £3,073,797 and has relied on the support of its parent company to finance working capital requirements.

Since the year end the financial performance of the company has improved and at the date of signing the financial statements the company had sufficient cash in the bank. The directors have prepared profit and cashflow forecasts which indicate that the company can continue without additional financial support from the parent company for at least a period of 12 months from signing the financial statements.

The directors have also received written confirmation that the parent company will not request repayment of the funding provided to the company, which amounted to £8,640,061 at the balance sheet date, for a period of at least 12 months from the date the financial statements were approved.

Based on the above assessment, the directors have prepared the financial statements on a going concern basis.

TURNOVER

The company operates prize draws offering customers the chance to win luxury houses and raise money for charity. Revenue represents the value of tickets sold in respect of these competitions and is stated net of VAT, where applicable, and returns, rebates and discounts. Revenue in respect of competitions is recognised when the draw closes, being the point when all performance obligations have been fulfilled.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

33% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 11 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

6,882

At 31 December 2022

6,882

DEPRECIATION

Charge for period

1,816

At 31 December 2022

1,816

NET BOOK VALUE

At 31 December 2022

5,066

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

9,197

-

Called up share capital not paid

-

1

Prepayments

3,522,871

-

3,532,068

1

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

1,446,888

-

Amounts owed to group undertakings

8,640,061

-

Taxation and social security

3,439,771

-

Other creditors

6,588,929

-

20,115,649

-

7.	LEASING AGREEMENTS

As at the balance sheet date the total minimum lease payments due under non-cancellable operating leases amounts to £215,600 (2021: £Nil).

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Hunter (Senior Statutory Auditor)

for and on behalf of Haines Watts Scotland

9.	RELATED PARTY DISCLOSURES

Included within creditors is a balance of £8,640,061 (2021: £Nil) due to the parent company. This is interest free and repayable on demand.

During the year the company paid costs totalling £15,890,239 (2021 £423,983) to the parent company who also purchased the houses for the prize draws.

10.	POST BALANCE SHEET EVENTS

From July 2023 the company began sourcing competition prizes and holding these in stock ahead of the relevant campaign. Previously these were purchased by another company within the Omaze group and therefore any stock was held by that company.

11.	ULTIMATE CONTROLLING PARTY

The immediate controlling party is Omaze Inc, a company incorporated in the United States of America.

There is no ultimate controlling party.