Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
COMPANY INFORMATION
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OMEGA INGREDIENTS LIMITED
CONTENTS
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OMEGA INGREDIENTS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The company is a subsidiary of Maverick Active Holdings Limited, and the company has taken an exemption not to produce a set of consolidated group accounts under section 401 of the Companies Act 2006. During the period Maverick Active Holdings Limited was purchased by Robertet SA, a company incorporated in France and listed on the Euronext Stock Exchange.
The company’s income comprises natural aroma chemicals, flavours, and fragrance sales. For the 16 month period ending 31 December 2022, turnover was £11.2 million compared with turnover of £8.8 million for the 12 month period ending 31 August 2021. The company lost a significant customer in August 2021, who contributed a material amount to turnover in the financial year ending 31 August 2021. The company recovered the turnover by increasing sales of new business, predominately in the USA leading to multiple record months in turnover. Changes in customers resulted in changes required to the product mixes, resulting in the gross margin reducing from 56.6% to 50.0%. The company’s operating costs increased largely due to the increase in the average number of employees from 34 in 2021 to 41 in 2022, including investment in flavour development and sales teams. This cost was planned and is part of a multi-year vision for the business to further develop and grow the company’s turnover. The company has profit before tax of £376,365 (2021: £1,636,727) and balance sheet reserves of £2,896,888 (2021: £3,743,910). The directors would like to thank all employees for their commitment and hard work over the last 16 months.
The directors have identified the following principal risks and uncertainties affecting the company:
Market and competitive trade risk The business environment in which the company operates continues to be very challenging and competitive pricing across the industry continues to put pressure on margins. With the company now focusing its expertise on the UK market in line with the Robertet Group strategy for Omega Ingredients Ltd, it no longer spreads its risks through selling globally, however, that risk is now shared within the larger group, Robertet SA. The longer-term impacts of Brexit, the War in Ukraine and the cost-of-living crisis remain largely unknown, and consequently, future trading remains uncertain for all businesses. Restrictions on customers’ expenditure budgets may lead to the deferral of new products being launched into the market. However, the company’s reputation for delivering high-quality service and meeting tight deadlines where necessary has helped to provide an edge over competitors. Foreign currency risk The company is exposed to foreign exchange risk as transactional currency exposure arises from sales and purchases in currencies other than sterling. As a result, the value of the business’ non-sterling assets and liabilities and cashflows can be significantly affected by movements in exchange rates. This currency risk is managed by holding cash in currencies other than sterling.
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OMEGA INGREDIENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
The directors consider that the key financial indicators are those that communicate the financial position and strength of the company as a whole, these being gross profit and profit before tax, as shown in the Statement of Comprehensive Income.
Gross profit £5,600,523 (2021 - £4,984,269) Profit before tax £376,365 (2021 - £1,636,727)
Although trading conditions in the current climate remain challenging, the directors continue to investigate opportunities to grow the business by further investment in the new sales team to grow their UK flavour revenue along with further integration with their new parent company, Robertet SA.
This report was approved by the board on 19 December 2023 and signed on its behalf.
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OMEGA INGREDIENTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the period ended 31 December 2022.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £267,228 (2021 - £1,524,661).
Dividends totalling £1,114,250 were paid during the period (2021 - £284,616).
The directors who served during the period were:
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OMEGA INGREDIENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has been done so in respect of the fair review of the business and future outlook and financial risk management and objectives and policies.
The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED
We have audited the financial statements of Omega Ingredients Limited (the 'Company') for the period ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of 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).
We were appointed as the company's auditors during the period ended 31 December 2022 and were therefore unable to observe the physical counting of stocks for the comparative period at 31 August 2021. We were unable to satisfy ourselves by alternative means concerning stock quantities of £1,872,996 held at 31 August 2021 by using other audit procedures. Consequently we have not gained sufficient evidence regarding the opening balances of the stock for the period ended 31 December 2022.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 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 matter
The prior period financial statements were not audited due to the company previously being entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period 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 the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•Enquiry of management around actual and potential litigation and claims;
• Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations; and • Performing audit work over the risk of management override of controls, including reviewing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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OMEGA INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OMEGA INGREDIENTS LIMITED (CONTINUED)
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 Auditors' 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.
For and on behalf of Whitings LLP
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Suffolk
IP32 7GY
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OMEGA INGREDIENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
REGISTERED NUMBER: 04277313
BALANCE SHEET
AS AT 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
REGISTERED NUMBER: 04277313
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 31 form part of these financial statements.
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OMEGA INGREDIENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Omega Ingredients Limited is a private company limited by shares and incorporated in England and Wales, registration number 04277313. The registered office is Hydra House, Orion Court, Great Blakenham, Suffolk, IP6 0LW.
The principal activity of the company continued to be that of the supply of aroma flavouring products.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in GBP (£) and all values are rounded to the nearest £, except where stated.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- 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, and transferred financial assets not derecognised, loan defaults of breaches, and descriptions of hedging relationships; - Section 33 'Related Party Disclosures' - Compensation for key management personnel. This information is included in the Robertet S.A. financial statements, which can be obtained from 37 Avenue Sidi-Brahim, Bp 52100, GRASSE 06130, France, and are filed alongside these accounts at Companies House.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Directors have considered the Company's position at the time of signing the financial statements, including the review of forecasts for at least the next 12 months from approval and group support from the ultimate parent undertaking. The Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the forseeable future, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
These financial statements cover the period from 1 September 2021 to 31 December 2022 as the company extended their accounting period to align with related group companies. The previous accounting period was from 1 September 2020 to 31 August 2021. As a result of this extended period, the comparative amounts presented in the financial statements are not entirely comparable.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Research and development costs on internal projects are recognised as expenditure when incurred, where it is not possible to demonstrate the project will generate future economic benefits, and where it is not possible to distinguish between the research phase and the development phase of an internal project.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
The Company has an invoice discounting agreement. The amount owed by customers to the Company are included within trade debtors and the relevant amounts owed from/to the invoice discounting company are included within debtors/creditors.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
The judgments, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below: Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Stock valuation Stock is valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
12.Taxation (continued)
The main rate of UK corporation tax will increase from 19% to a rate between 19% and 25% with effect from 1 April 2023.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Merger Reserve
Profit and loss account
The company gave a guarantee of £780,000 to National Westminster Bank Plc on behalf of Maverick Active Holdings Ltd, parent company and this is secured by a charge over the freehold property and associated assets.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £109,391 (2021: £73,713). Contributions totalling £17,176 (2021: £11,142) were payable to the fund at the balance sheet date and are included in other creditors.
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OMEGA INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
At the year end date, a director owed the company £nil (2021: £120,986).
The immediate parent company is Maverick Active Holdings Limited, a company incorporated in England and Wales.
On 26 April 2022 the entire share capital of the company was acquired by Robertet Groupe, the smallest and largest group for which group financial statements are available and which include the company. The ultimate parent company and controlling party is Robertet S.A. Financial statements for this company are available on request from 37 Avenue Sidi-Brahim, Grasse, France, 06130 and are filed alongside these accounts at Companies House. The ultimate parent company is incorporated outside of the United Kingdom.
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