Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01false113false121false 00742307 2022-06-01 2023-05-31 00742307 2023-05-31 00742307 2021-06-01 2022-05-31 00742307 2022-05-31 00742307 2021-06-01 00742307 1 2022-06-01 2023-05-31 00742307 1 2021-06-01 2022-05-31 00742307 5 2022-06-01 2023-05-31 00742307 5 2021-06-01 2022-05-31 00742307 d:CompanySecretary1 2022-06-01 2023-05-31 00742307 d:Director4 2022-06-01 2023-05-31 00742307 d:Director5 2022-06-01 2023-05-31 00742307 d:Director6 2022-06-01 2023-05-31 00742307 d:Director8 2022-06-01 2023-05-31 00742307 d:Director9 2022-06-01 2023-05-31 00742307 d:RegisteredOffice 2022-06-01 2023-05-31 00742307 e:Buildings e:ShortLeaseholdAssets 2022-06-01 2023-05-31 00742307 e:Buildings e:ShortLeaseholdAssets 2023-05-31 00742307 e:Buildings e:ShortLeaseholdAssets 2022-05-31 00742307 e:PlantMachinery 2022-06-01 2023-05-31 00742307 e:PlantMachinery 2023-05-31 00742307 e:PlantMachinery 2022-05-31 00742307 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00742307 e:MotorVehicles 2022-06-01 2023-05-31 00742307 e:MotorVehicles 2023-05-31 00742307 e:MotorVehicles 2022-05-31 00742307 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00742307 e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00742307 e:CurrentFinancialInstruments 2023-05-31 00742307 e:CurrentFinancialInstruments 2022-05-31 00742307 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 00742307 e:CurrentFinancialInstruments e:WithinOneYear 2022-05-31 00742307 f:UnitedKingdom 2022-06-01 2023-05-31 00742307 f:UnitedKingdom 2021-06-01 2022-05-31 00742307 f:RestEuropeOutsideUK 2022-06-01 2023-05-31 00742307 f:RestEuropeOutsideUK 2021-06-01 2022-05-31 00742307 f:RestWorldOutsideUK 2022-06-01 2023-05-31 00742307 f:RestWorldOutsideUK 2021-06-01 2022-05-31 00742307 e:UKTax 2022-06-01 2023-05-31 00742307 e:UKTax 2021-06-01 2022-05-31 00742307 e:ShareCapital 2022-06-01 2023-05-31 00742307 e:ShareCapital 2023-05-31 00742307 e:ShareCapital 2021-06-01 2022-05-31 00742307 e:ShareCapital 2022-05-31 00742307 e:ShareCapital 2021-06-01 00742307 e:SharePremium 2022-06-01 2023-05-31 00742307 e:SharePremium 2023-05-31 00742307 e:SharePremium 2021-06-01 2022-05-31 00742307 e:SharePremium 2022-05-31 00742307 e:SharePremium 2021-06-01 00742307 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2023-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2022-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2021-06-01 00742307 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-05-31 00742307 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-05-31 00742307 d:OrdinaryShareClass1 2022-06-01 2023-05-31 00742307 d:OrdinaryShareClass1 2023-05-31 00742307 d:OrdinaryShareClass1 2022-05-31 00742307 d:FRS102 2022-06-01 2023-05-31 00742307 d:Audited 2022-06-01 2023-05-31 00742307 d:FullAccounts 2022-06-01 2023-05-31 00742307 d:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 00742307 e:Subsidiary1 2022-06-01 2023-05-31 00742307 e:WithinOneYear 2023-05-31 00742307 e:WithinOneYear 2022-05-31 00742307 e:BetweenOneFiveYears 2023-05-31 00742307 e:BetweenOneFiveYears 2022-05-31 00742307 e:Subsidiary1 1 2022-06-01 2023-05-31 00742307 e:HirePurchaseContracts e:WithinOneYear 2023-05-31 00742307 e:HirePurchaseContracts e:WithinOneYear 2022-05-31 00742307 e:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00742307 e:AcceleratedTaxDepreciationDeferredTax 2022-05-31 00742307 2 2022-06-01 2023-05-31 00742307 6 2022-06-01 2023-05-31 00742307 7 2022-06-01 2023-05-31 00742307 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-05-31 00742307 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-05-31 00742307 e:LeasedAssetsHeldAsLessee 2023-05-31 00742307 e:LeasedAssetsHeldAsLessee 2022-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00742307


OWEN GREENINGS & MUMFORD LIMITED








AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
COMPANY INFORMATION


Directors
V Wightman 
P Wightman 
T Spooner 
M Callan 
J Lake 




Company secretary
P Wightman



Registered number
00742307



Registered office
Unit 1 - 4 Oxford Industrial Park
Mead Road

Yarnton

Oxfordshire

OX5 1QU




Independent auditors
Wellers
Accountants & Statutory Auditors

8 King Edward Street

Oxford

OX1 4HL





 
OWEN GREENINGS & MUMFORD LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13 - 14
Statement of cash flows
15 - 16
Notes to the financial statements
17 - 33


 
OWEN GREENINGS & MUMFORD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

Introduction
 
The Directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.

Business review
 
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.

Page 1

 
OWEN GREENINGS & MUMFORD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023

Principal risks and uncertainties
 
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. 

Financial key performance indicators
 
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.  

Other key performance indicators
 
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.

Page 2

 
OWEN GREENINGS & MUMFORD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023

Directors' statement of compliance with duty to promote the success of the Company
 
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.



................................................
P Wightman
Director

Date: 15 February 2024

Page 3

 
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.

Directors' responsibilities statement

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 2006They 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.

Principal activity

The Company is engaged in plastic injection moulding and associated products.

Results and dividends

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)

Directors

The directors who served during the year were:

V Wightman 
P Wightman 
T Spooner 
M Callan 
J Lake 

Future developments

There are no future developments that affect the Company.

Page 4

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWellerswill 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.
 





................................................
P Wightman
Director

Date: 15 February 2024

Page 5

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


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 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.


Page 6

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 8

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED (CONTINUED)


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 2006Our 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.





Mr Matthew Wyatt (Senior statutory auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
8 King Edward Street
Oxford
OX1 4HL

16 February 2024
Page 9

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,738,458
13,174,719

Cost of sales
  
(9,920,101)
(7,813,963)

Gross profit
  
5,818,357
5,360,756

Administrative expenses
  
(4,408,271)
(3,787,645)

Operating profit
 5 
1,410,086
1,573,111

Interest receivable and similar income
 8 
23,405
2,305

Interest payable and similar expenses
 9 
(448)
(3,638)

Profit before tax
  
1,433,043
1,571,778

Tax on profit
 10 
(173,933)
(156,401)

Profit for the financial year
  
1,259,110
1,415,377

Total comprehensive income for the year
  
1,259,110
1,415,377

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
OWEN GREENINGS & MUMFORD LIMITED
REGISTERED NUMBER: 00742307

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
3,049,481
2,969,922

Investments
 12 
100
100

  
3,049,581
2,970,022

Current assets
  

Stocks
 13 
1,727,274
1,507,512

Debtors: amounts falling due within one year
 14 
9,988,942
8,075,324

Bank & cash balances
  
1,014,985
1,579,957

  
12,731,201
11,162,793

Creditors: amounts falling due within one year
 15 
(2,554,522)
(2,215,665)

Net current assets
  
 
 
10,176,679
 
 
8,947,128

Total assets less current liabilities
  
13,226,260
11,917,150

Provisions for liabilities
  

Deferred tax
 17 
(480,000)
(430,000)

Other provisions
 18 
(50,000)
(50,000)

  
 
 
(530,000)
 
 
(480,000)

Net assets
  
12,696,260
11,437,150


Capital and reserves
  

Called up share capital 
 19 
2,105
2,105

Share premium account
 20 
5,618
5,618

Profit and loss account
 20 
12,688,537
11,429,427

  
12,696,260
11,437,150


Page 11

 
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: 


................................................
P Wightman
Director

Date: 15 February 2024

The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
OWEN GREENINGS & MUMFORD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
2,105
5,618
11,429,427
11,437,150


Comprehensive income for the year

Profit for the year

-
-
1,259,110
1,259,110


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,259,110
1,259,110


At 31 May 2023
2,105
5,618
12,688,537
12,696,260


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
OWEN GREENINGS & MUMFORD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2021
2,105
5,618
10,014,050
10,021,773


Comprehensive income for the year

Profit for the year

-
-
1,415,377
1,415,377


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,415,377
1,415,377


At 31 May 2022
2,105
5,618
11,429,427
11,437,150


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
OWEN GREENINGS & MUMFORD LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,259,110
1,415,377

Adjustments for:

Depreciation of tangible assets
581,215
495,326

Interest paid
448
3,638

Interest received
(23,405)
(2,305)

Taxation charge
173,933
156,401

(Increase) in stocks
(219,762)
(442,333)

(Increase) in debtors
(504,015)
(653,537)

(Increase) in amounts owed by groups
(1,382,970)
(1,504,428)

Increase in creditors
391,090
860,623

Increase/(decrease) in amounts owed to groups
-
(321,697)

Corporation tax (paid)
(150,566)
(135,448)

Net cash generated from operating activities

125,078
(128,383)


Cash flows from investing activities

Purchase of tangible fixed assets
(660,774)
(637,889)

Interest received
23,405
2,305

Interest paid
(448)
(3,638)

Net cash from investing activities

(637,817)
(639,222)
Page 15

 
OWEN GREENINGS & MUMFORD LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023


2023
2022

£
£


Cash flows from financing activities

Repayment of/new finance leases
(52,233)
(122,680)

Net cash used in financing activities
(52,233)
(122,680)

Net (decrease) in cash and cash equivalents
(564,972)
(890,285)

Cash and cash equivalents at beginning of year
1,579,957
2,470,242

Cash and cash equivalents at the end of year
1,014,985
1,579,957


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,014,985
1,579,957

1,014,985
1,579,957


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 17

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

S/Term Leasehold property
-
over the period of the lease
Plant & machinery
-
6.66% - 33% straight line
Motor vehicles
-
20% - 25% straight line

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.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.9

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 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 comprehensive income.

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.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 20

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan
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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

Page 21

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgments are as follows:-
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.

Page 22

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Turnover

The whole of the turnover is attributable to the sale of plastic mouldings and associated products.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
10,246,141
8,553,816

Rest of Europe
2,886,004
3,248,184

Rest of the world
2,606,313
1,372,719

15,738,458
13,174,719



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
23,291
(44,607)

Other operating lease rentals
602,800
615,947

Page 23

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
4,157,835
3,461,081

Social security costs
438,736
345,354

Cost of defined contribution scheme
88,744
102,126

4,685,315
3,908,561


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production
89
82



Office
27
26



Directors
5
5

121
113


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
499,910
469,785

Company contributions to defined contribution pension schemes
10,414
26,821

510,324
496,606


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received emoluments of £170,179 (2022 - £166,212).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 24

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Interest receivable

2023
2022
£
£


Other interest receivable
23,405
2,305

23,405
2,305


9.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
448
3,638

448
3,638


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
123,933
-

Adjustments in respect of previous periods
-
(33,599)


123,933
(33,599)


Total current tax
123,933
(33,599)

Deferred tax


Origination and reversal of timing differences
50,000
190,000

Total deferred tax
50,000
190,000


Taxation on profit on ordinary activities
173,933
156,401
Page 25

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 20% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,433,043
1,571,778


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% to 31 March 2023 & 25% from 1 April 2023 (2022 - 19%)
286,648
298,638

Effects of:


Capital allowances for year in excess of depreciation
(40,268)
(98,831)

Increase or decrease in pension fund liability leading to an increase (decrease) in tax
1,188
-

Short term timing difference leading to an increase (decrease) in taxation
50,000
190,000

Adjustment to prior year tax charge
-
(33,598)

Group relief
(123,635)
(199,808)

Total tax charge for the year
173,933
156,401


Factors that may affect future tax charges

Future tax charges will be affected by the differences in accounting and tax treatment of capital assets along with disallowed expenses.

Page 26

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Tangible fixed assets





S/Term Leasehold Property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 June 2022
2,237,408
8,289,440
9,150
10,535,998


Additions
61,316
599,458
-
660,774



At 31 May 2023

2,298,724
8,888,898
9,150
11,196,772



Depreciation


At 1 June 2022
1,840,083
5,716,843
9,150
7,566,076


Charge for the year on owned assets
132,048
449,167
-
581,215



At 31 May 2023

1,972,131
6,166,010
9,150
8,147,291



Net book value



At 31 May 2023
326,593
2,722,888
-
3,049,481



At 31 May 2022
397,325
2,572,598
-
2,969,923

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
448,195

-
448,195

Page 27

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 June 2022
100



At 31 May 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

OGM (SW) Limited
Ordinary
100%


13.


Stocks

2023
2022
£
£

Raw materials and consumables
1,160,987
1,007,020

Finished goods and goods for resale
566,287
500,492

1,727,274
1,507,512


Page 28

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

14.


Debtors

2023
2022
£
£


Trade debtors
3,336,296
2,924,871

Amounts owed by group undertakings
5,948,724
4,565,753

Other debtors
200,140
166,345

Prepayments and accrued income
503,782
418,355

9,988,942
8,075,324


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.


15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,256,279
1,101,103

Other taxation and social security
518,222
446,435

Obligations under finance lease and hire purchase contracts
-
52,233

Other creditors
20,352
14,413

Accruals and deferred income
759,669
601,481

2,554,522
2,215,665


2023
2022
£
£

Other taxation and social security

PAYE/NI control
113,414
94,619

VAT control
404,808
351,816

518,222
446,435


Page 29

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

16.


Hire purchase and finance leases


Minimum lease payments under finance leases and hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
52,234

-
52,234

Amounts payable under higher purchase agreements are secured against the underlying asset financed.


17.


Deferred taxation




2023
2022


£

£






At beginning of year
(430,000)
(240,000)


Charged to profit or loss
(50,000)
(190,000)



At end of year
(480,000)
(430,000)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(480,000)
(430,000)

(480,000)
(430,000)

Page 30

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

18.


Provisions




Other provision

£





At 1 June 2022
50,000



At 31 May 2023
50,000

A provision with regards to the lease dilapidations has been considered. Due to the nature of the lease works the Directors do not expect these to represent a significant cost to the Company, therefore, the above provision is considered to be a reasonable estimate.


19.


Share capital

2023
2022
£
£
Authorised



4,000,000 (2022 - 4,000,000) Ordinary shares of £0.25 each
1,000,000
1,000,000

Allotted, called up and fully paid



8,420 (2022 - 8,420) Ordinary shares of £0.25 each
2,105
2,105



20.


Reserves

Share premium account

The share premium account includes the premium paid over par value of share capital.

Profit & loss account

The profit & loss account includes all current and prior period retained profits and losses. 


21.


Other financial commitments

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.

Page 31

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

22.


Related party transactions

The company have taken advantage of the exemption under FRS102 section 33 paragraph 1a and therefore have not reported the related party transactions or balances of companies within the group. 
Owen Mumford Limited 
Owen Greenings & Mumford Ltd traded with Owen Mumford Ltd under normal commercial terms. The company purchased goods with a value of £3,156 (2022 - £2,851). At the balance sheet date the company owed Owen Mumford Limited £Nil (2022 - £1,088). The company sold goods with a value of £973,188 (2022 - £932,051). At the balance sheet date Owen Mumford Ltd owed the company £81,817 (2022 - £163,807).
Owen Mumford Limited is considered to be a related party as A Mumford and I Owen are directors of Owen Greenings & Mumford (Holdings) Ltd, the parent company, and Owen Mumford Limited.
Owen Mumford Inc 
Owen Greenings & Mumford Ltd traded with Owen Mumford Inc under normal commercial terms. The company sold goods with a value of £9,079 (2022 - £1,940). At the balance sheet date Owen Mumford Ltd owed the company £Nil (2022 - £1,940).
Owen Mumford Inc is considered to be a related party as A Mumford and M Owen are directors of Owen Greenings & Mumford (Holdings) Ltd, the parent company, and Owen Mumford Inc.


23.


Controlling party

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.


24.


Pension commitments

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.

Page 32

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

25.


Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
299,679
302,915

Later than 1 year and not later than 5 years
384,596
684,275

684,275
987,190

 
Page 33