Registered number: 00742307
AUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
COMPANY INFORMATION
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OWEN GREENINGS & MUMFORD LIMITED
CONTENTS
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OWEN GREENINGS & MUMFORD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
The Directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
Excellent sales growth of 19% on prior year lifted sales to £15.7m. Raw material price inflation was passed through to customers, but direct labour costs and energy price increases could not be recovered in full and so the GP% declined by 4%. GP overall increased by £457k (9%) compared with the prior year. The energy crisis had the potential to be devastating to profits, given the relatively high energy intensity of the business, together with the great cost pressure the business was under until the Government introduced the Energy Bills Discount and Energy Bill Relief support schemes. The labour market in Oxfordshire was very challenging, with availability of new people to join the business highly constrained. This, coupled with the Government’s National Living Wage settlement increasing hourly pay rates, resulted in the Company reviewing pay rates twice in the year. Overall, the direct labour bill increased by 25% in the year which included the addition of 8 new employees to support volume growth.
Overheads grew by £620k (16%) compared with the prior year, and this was contributed to by investment in growth at an additional cost on prior year of £291k (new staff and training costs, other staff and relocation costs and increased depreciation,) general cost inflation at additional cost of £276k (existing staff pay reviews, transport, insurance, waste and repairs and maintenance) and exceptional costs of FX and the 60th anniversary party of £90k. Savings in other areas resulted on the net increase of £620k. Increasingly, the products the Company produces have more value added beyond simply injection moulding, requiring high levels of design, tooling, engineering and quality team input, extended validation periods and very detailed quality plans to ensure quality assurance in production. This expertise and capability sets the Company in good stead for the future. The Directors are very pleased with what is considered to be a very good result for the Company and will continue with their strategy to provide excellent products and service to our customers, attracting high value, high quality work for the business and to continue to build the OGM brand around expertise in our field, technology, innovation and service. As in previous years we are committed to delivering the skills we need for the future and long running Apprentice programs are in place to deliver these skills as technical capability, knowledge and expertise are essential for the continued success of the Company. At the 31 May 2023 the Company had net assets of £12.7m, low debt and a good cash position.
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OWEN GREENINGS & MUMFORD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
Planned capital expenditure continues to be high and the principal risk to be managed is to ensure investments are made in capacity that will be utilised and will provide acceptable payback. Modelling the business growth and cash planning and structuring financing are therefore key focus areas for the Directors.
Liquidity The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Company's objective is to ensure a mix of funding methods, offering flexibility and cost effectiveness to match the needs of the company. Interest The Company finances its operations principally through cash resources and asset loans where multi-year sales contracts support this. The Company uses fixed rate fixed term debt in order to be certain about interest costs for cash flow forecasting. Credit The principal credit risk arises from trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with the debt ageing and collection history. Foreign Exchange The Company sources raw materials and makes sales outside the UK and as a result, is exposed to fluctuations and uncertainty in exchange rates. The Director's are reviewing this regularly and are taking steps to mitigate the risk wherever possible. Business risk The Director's prepare monthly sales forecasts and management accounts and review these against budgets. Risks are continually assessed and actions to mitigate discussed and planned.
The Company monitors its performance across a whole range of metrics weekly and monthly at Management and Director level. All in the business constantly seek to improve performance.
We continue to trade comfortably within our banking covenants, and the bank remains committed to supporting the growth of the Company.
Future developments
There are no future developments that affect the Company.
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OWEN GREENINGS & MUMFORD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
In the coming year, the Company will continue to control variable and overhead costs whilst continually looking for sales growth opportunities and high value added work.
A key strategic focus is innovation and the Company aims to leverage its learning's from emerging technologies to support sales growth in the traditional business as well as building new revenue streams.
This report was approved by the board and signed on its behalf.
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OWEN GREENINGS & MUMFORD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
The directors present their report and the financial statements for the year ended 31 May 2023.
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 judgments and accounting estimates that are reasonable and prudent;
∙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 year, after taxation, amounted to £1,259,110 (2022 - £1,415,377).
Dividends for the year amounted to £Nil (2022 - £Nil)
The directors who served during the year were:
There are no future developments that affect the Company.
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OWEN GREENINGS & MUMFORD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
The auditors, Wellers, 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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OWEN GREENINGS & MUMFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED
We have audited the financial statements of Owen Greenings & Mumford Limited (the 'Company') for the year ended 31 May 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 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.
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OWEN GREENINGS & MUMFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD 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 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 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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OWEN GREENINGS & MUMFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD 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:
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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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OWEN GREENINGS & MUMFORD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD 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
Accountants
Statutory Auditors
8 King Edward Street
OX1 4HL
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OWEN GREENINGS & MUMFORD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
REGISTERED NUMBER: 00742307
BALANCE SHEET
AS AT 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
REGISTERED NUMBER: 00742307
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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OWEN GREENINGS & MUMFORD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022
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OWEN GREENINGS & MUMFORD LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Owen Greenings & Mumford Limited is a private Company limited by share capital, incorporated in England and Wales, registration number 00742307. The registered office is Unit 1 - 4 Oxford Industrial Park, Mead Road, Yarnton, Oxfordshire, OX5 1QU.
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 Company's functional and presentational currency is GBP.
In preparing the financial statements, a rounding difference of £5 has been used, in accordance with Company policy and in line with the previous year.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following 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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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
Property, plant and equipment: Property, plant and equipment and intangible assets are depreciated over their useful economic life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
The whole of the turnover is attributable to the sale of plastic mouldings and associated products.
Analysis of turnover by country of destination:
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
10.Taxation (continued)
Future tax charges will be affected by the differences in accounting and tax treatment of capital assets along with disallowed expenses.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Included within other debtors due within one year is a loan to P Wightman, a director, amounting to £5,140 (2022 - £5,140). There were no movements in the year and the maximum amount outstanding during the year was £5,140 (2022 - £5,140).
The loan balance included under amounts owed by group undertakings is interest free and there is no fixed date for repayment.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Page 30
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Share premium account
Profit & loss account
HSBC holds a fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and unertaking both present and future dated 29 August 2007.
The above security also includes an unlimited Multilateral Guarantee dated 12 May 2022, and given by OGM (SW) Limited, Terinex Flexibles LTD (formerly QC Packaging Films Limited), Clear Sky Catering Consumables Limited, Owen Greenings & Mumford (Holdings) Limited, and Owen Greenings & Mumford Limited, of which group set-off is held.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
The ultimate parent undertaking is Owen Greenings & Mumford (Holdings) Ltd, company registration number 06259950. There is no controlling party.
The registered office of the ultimate parent undertaking is Unit 1 Mead Road, Oxford Industrial Park, Yarnton, Oxford, OX5 1QU. The smallest group in which the company will be sonsolidated is that of its ultimate parent undertaking.
The Company contributes into a defined contribution 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 £88,745 (2022 - £102,126). At the balance sheet date the company owed £20,354 (2022 - £14,415) to the scheme.
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OWEN GREENINGS & MUMFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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