Company registration number 03146114 (England and Wales)
OMEGA SINTO FOUNDRY MACHINERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
OMEGA SINTO FOUNDRY MACHINERY LIMITED
COMPANY INFORMATION
Directors
L M Fenyes
M Lewis
R Childs
T Hirayama
N Murai
Mr K Nakamichi
K Furuya
(Appointed 27 April 2023)
Company number
03146114
Registered office
Morley Way
Woodston
Peterborough
England
United Kingdom
PE2 7BW
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers
HSBC Bank plc
Cathedral Square
Peterborough
United Kingdom
PE1 1XL
OMEGA SINTO FOUNDRY MACHINERY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 40
OMEGA SINTO FOUNDRY MACHINERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business and future developments
It has been over six years since the majority acquisition of Omega by the Sintokogio group, and work continues to capitalise on synergies that exist between the various group companies to take advantage of geographical opportunities.
Substantial progress is continuing to be made in expanding our activities through sister Sinto organisations. China especially has delivered good results, and we are confident that this can be built on.
Sinto de Brasil has taken on the Omega Sinto agency and working hard to establish the brand. Discussions are underway to increase further our presence in the local market.
Turkey, despite their monetary problems has continued to deliver an impressive performance, however we believe that a softening of the market will occur next year which will reflect in the performance of this region.
Business in India is picking up and is being aided by the increased product range that our JV partner – Omega Sane is now producing.
The North American market continues to be buoyant, and ‘reshoring’ of castings is driving a lot of inward investment. Significant orders were taken in the year and the current pipeline also looks extremely encouraging.
The Ukraine conflict continues to impact on our business in the region, and unfortunately on both humanitarian and business grounds there seems to be no indication that this will end soon.
For Omega Sinto in the UK, we have had a record year for order take, however continued problems with the supply chain and coupled with increased administrative costs due to the GIFA exhibition have hampered our results. At the time of writing other issues such as the embargo on sea traffic through the red sea is also affecting deliveries and costs. Order take carry over for next year is good although the sales pipeline for the first half of the year is not as buoyant as we would have hoped.
For the subsidiary companies’ excellent results were achieved, in particular from Tinker Omega Sinto USA, Omega Sane in India and Omega Sinto in Italy. Endeco Omega Sinto in RSA struggled with a lack of demand in the market which reflected in their results.
We are very happy with group results which show a significant increase in both turnover and net profit compared to previous years.
Principal risks and uncertainties
The company recognises that some of the main risks and uncertainties are as follows:
Global economic and political conditions which are mitigated by having a diverse customer base.
Competitive pressures, which the group address by high investment in research and development, improving efficiencies in manufacturing and focused marketing.
Plagiarism of the company's products and designs to which Omega remains engaged in one legal process in the Republic of South Africa to protect its IP.
Currency fluctuations, particularly the Euro and the US Dollar. The currency risk is partially covered by forward buying and selling in Euros and US Dollars.
Key performance indicators
The company reports on several key performance indicators (KPI's) in its monthly management accounts, the focus being on turnover, gross margins and overhead costs. The KPI's reflect the improved market conditions experienced during the financial year.
In the year to 31st December 2023 some of these KPI's were as follows (compared with the year to 31st December 2022.
Group turnover of £28.724m (2022 - £21,782)
Gross margins of 35.4% (2022 - 34.2%)
Administrative costs of £9.26m (2022 - £6.99m)
OMEGA SINTO FOUNDRY MACHINERY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
L M Fenyes
Director
26 March 2024
OMEGA SINTO FOUNDRY MACHINERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company and group continued to be that of the design, manufacture and supply of specialist equipment for use within the foundry industry.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £250,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L M Fenyes
M Lewis
R Childs
T Hirayama
N Murai
M Yoshino
(Resigned 27 April 2023)
Mr K Nakamichi
K Furuya
(Appointed 27 April 2023)
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
L M Fenyes
Director
26 March 2024
OMEGA SINTO FOUNDRY MACHINERY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies 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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OMEGA SINTO FOUNDRY MACHINERY LIMITED
- 5 -
Opinion
We have audited the financial statements of Omega Sinto Foundry Machinery Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OMEGA SINTO FOUNDRY MACHINERY LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OMEGA SINTO FOUNDRY MACHINERY LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
26 March 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
OMEGA SINTO FOUNDRY MACHINERY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
28,699,980
24,512
28,724,492
21,287,939
493,758
21,781,697
Cost of sales
(18,626,258)
(27,355)
(18,653,613)
(13,993,050)
(341,589)
(14,334,639)
Gross profit
10,073,722
(2,843)
10,070,879
7,294,889
152,169
7,447,058
Administrative expenses
(9,244,933)
(17,504)
(9,262,437)
(6,847,174)
(140,040)
(6,987,214)
Other operating income
201,269
-
201,269
220,699
-
220,699
Operating profit
4
1,030,058
(20,347)
1,009,711
668,414
12,129
680,543
Share of results of associates and joint ventures
70,939
-
70,939
(1,071)
-
(1,071)
Interest receivable and similar income
8
212,018
267
212,285
37,085
220
37,305
Interest payable and similar expenses
9
(70,599)
-
(70,599)
(18,440)
(11,182)
(29,622)
Amounts written off investments
10
(18,088)
33,604
15,516
-
57,996
57,996
Profit before taxation
1,224,328
13,524
1,237,852
685,988
59,163
745,151
Tax on profit
11
(311,536)
-
(311,536)
(97,801)
(2,328)
(100,129)
Profit for the financial year
912,792
13,524
926,316
588,187
56,835
645,022
Profit for the financial year is attributable to:
- Owners of the parent company
554,223
469,474
- Non-controlling interests
372,093
175,548
926,316
645,022
OMEGA SINTO FOUNDRY MACHINERY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
926,316
645,022
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(189,917)
50,354
Total comprehensive income for the year
736,399
695,376
Total comprehensive income for the year is attributable to:
- Owners of the parent company
364,306
519,828
- Non-controlling interests
372,093
175,548
736,399
695,376
OMEGA SINTO FOUNDRY MACHINERY LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
14
8,390
16,434
Other intangible assets
14
151,852
394,075
Total intangible assets
160,242
410,509
Tangible assets
15
747,096
547,276
Investments
16
221,498
182,077
1,128,836
1,139,862
Current assets
Stocks
20
3,149,317
2,631,891
Debtors
21
9,378,772
8,809,742
Cash at bank and in hand
4,215,729
2,143,898
16,743,818
13,585,531
Creditors: amounts falling due within one year
22
(12,993,428)
(10,076,547)
Net current assets
3,750,390
3,508,984
Total assets less current liabilities
4,879,226
4,648,846
Creditors: amounts falling due after more than one year
23
(91,459)
(135,395)
Provisions for liabilities
Provisions
26
22,143
54,717
Deferred tax liability
27
(9,404)
(19,193)
(12,739)
(35,524)
Net assets
4,775,028
4,477,927
OMEGA SINTO FOUNDRY MACHINERY LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
- 11 -
Capital and reserves
Called up share capital
29
11,300
11,300
Share premium account
408,200
408,200
Other reserves
1,110
32,151
Profit and loss reserves
3,334,017
3,377,968
Equity attributable to owners of the parent company
3,754,627
3,829,619
Non-controlling interests
1,020,401
648,308
4,775,028
4,477,927
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
26 March 2024
L M Fenyes
Director
OMEGA SINTO FOUNDRY MACHINERY LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
14
94,994
119,857
Tangible assets
15
410,682
250,157
Investments
16
283,913
283,913
789,589
653,927
Current assets
Stocks
20
2,070,758
1,806,456
Debtors
21
5,521,305
6,174,613
Cash at bank and in hand
2,802,138
1,833,466
10,394,201
9,814,535
Creditors: amounts falling due within one year
22
(7,797,291)
(7,150,711)
Net current assets
2,596,910
2,663,824
Total assets less current liabilities
3,386,499
3,317,751
Creditors: amounts falling due after more than one year
23
(30,241)
-
Net assets
3,356,258
3,317,751
Capital and reserves
Called up share capital
29
11,300
11,300
Share premium account
408,200
408,200
Profit and loss reserves
2,936,758
2,898,251
Total equity
3,356,258
3,317,751
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit after tax for the year was £288,507 (2022 - £181,071 profit).
The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
26 March 2024
L M Fenyes
Director
Company registration number 03146114 (England and Wales)
OMEGA SINTO FOUNDRY MACHINERY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
11,300
408,200
4,831
2,854,792
3,279,123
472,760
3,751,883
Year ended 31 December 2022:
Profit for the year
-
-
-
469,474
469,474
175,548
645,022
Other comprehensive income:
Currency translation differences
-
-
-
50,354
50,354
-
50,354
Total comprehensive income for the year
-
-
-
519,828
519,828
175,548
695,376
Other movements
-
-
27,320
3,348
30,668
-
30,668
Balance at 31 December 2022
11,300
408,200
32,151
3,377,968
3,829,619
648,308
4,477,927
Year ended 31 December 2023:
Profit for the year
-
-
-
554,223
554,223
372,093
926,316
Other comprehensive income:
Currency translation differences
-
-
-
(189,917)
(189,917)
-
(189,917)
Total comprehensive income for the year
-
-
-
364,306
364,306
372,093
736,399
Dividends
13
-
-
-
(439,298)
(439,298)
-
(439,298)
Other movements
-
-
(31,041)
31,041
-
-
-
Balance at 31 December 2023
11,300
408,200
1,110
3,334,017
3,754,627
1,020,401
4,775,028
OMEGA SINTO FOUNDRY MACHINERY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
11,300
408,200
2,717,180
3,136,680
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
181,071
181,071
Balance at 31 December 2022
11,300
408,200
2,898,251
3,317,751
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
288,507
288,507
Dividends
13
-
-
(250,000)
(250,000)
Balance at 31 December 2023
11,300
408,200
2,936,758
3,356,258
OMEGA SINTO FOUNDRY MACHINERY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
33
3,230,567
(1,214,911)
Interest paid
(70,599)
(29,622)
Income taxes paid
(351,685)
(85,979)
Net cash inflow/(outflow) from operating activities
2,808,283
(1,330,512)
Investing activities
Purchase of tangible fixed assets
(371,102)
(227,183)
Proceeds on disposal of tangible fixed assets
24,333
87,619
Receipts from joint ventures
31,518
-
Receipts arising from loans made
15,516
57,996
Interest received
212,285
37,305
Net cash used in investing activities
(87,450)
(44,263)
Financing activities
Repayment of borrowings
(188,592)
33,045
Repayment of bank loans
(9,026)
(236,677)
Purchase of derivatives
17,698
(45,495)
Payment of finance leases obligations
120,371
(9,420)
Dividends paid to equity shareholders
(439,298)
-
Net cash used in financing activities
(498,847)
(258,547)
Net increase/(decrease) in cash and cash equivalents
2,221,986
(1,633,322)
Cash and cash equivalents at beginning of year
2,143,898
3,756,968
Effect of foreign exchange rates
(167,565)
20,252
Cash and cash equivalents at end of year
4,198,319
2,143,898
Relating to:
Cash at bank and in hand
4,215,729
2,143,898
Bank overdrafts included in creditors payable within one year
(17,410)
-
OMEGA SINTO FOUNDRY MACHINERY LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
35
1,169,964
(1,510,295)
Interest paid
(53,525)
(215)
Income taxes paid
(59,006)
(70,777)
Net cash inflow/(outflow) from operating activities
1,057,433
(1,581,287)
Investing activities
Purchase of tangible fixed assets
(252,721)
(189,932)
Proceeds on disposal of tangible fixed assets
15,083
86,532
Receipts arising from loans made
(18,088)
(88,244)
Interest received
183,204
59,674
Dividends received
223,002
Net cash generated from/(used in) investing activities
150,480
(131,970)
Financing activities
Repayment of borrowings
(54,061)
137,722
Purchase of derivatives
17,698
(45,495)
Payment of finance leases obligations
47,122
(3,330)
Dividends paid to equity shareholders
(250,000)
-
Net cash (used in)/generated from financing activities
(239,241)
88,897
Net increase/(decrease) in cash and cash equivalents
968,672
(1,624,360)
Cash and cash equivalents at beginning of year
1,833,466
3,457,826
Cash and cash equivalents at end of year
2,802,138
1,833,466
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information
Omega Sinto Foundry Machinery Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Morley Way, Woodston, Peterborough, England, United Kingdom, PE2 7BW.
The group consists of Omega Sinto Foundry Machinery Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Omega Sinto Foundry Machinery Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
Where a subsidiary is less than 100% owned, the minority shareholders interest in its net assets is recognised in the Group Balance Sheet. If the subsidiary has negative net assets, a debit balance is only recognised when there is a contractual right to recover the value.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.
In respect of long term contracts, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long term contracts is recognised by reference to the stage of completion, based on costs incurred to-date.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of material, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less impairment losses.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Customer lists & technical know how
10 years
Development costs
10 years
1.9
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
35 years straight line
Leasehold land and buildings
5 years straight line
Plant and equipment
25% pa reducing balance
Fixtures and fittings
25% pa reducing balance / 4 years straight line
Motor vehicles
25% pa reducing balance / 4 years straight line
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as payments on account. Excess progress payments are included in creditors as payments on account.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.17
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.18
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.20
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Intangible assets, including goodwill, are amortised over their useful lives taking into account residual values, where appropriate. Management conduct regular impairment reviews of goodwill and the carrying values of investments held.
Contract cost accruals are provided for by management. If a contract is completed and included in turnover, costs will need to be accrued. Each contract has an estimated cost and profit. Management use their judgement to assess the size of the accrual.
Warranty costs are provided based upon managements best estimate of costs that may be required to rectify equipment of machines sold whilst under warranty. Management considers the equipment still under warranty and the trend of historic claims in determining an appropriate level of provision.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
3
Turnover and other revenue
2023
2022
£
£
Other significant revenue
Interest income
212,285
37,305
Other operating income
155,463
194,704
RDEC receivable
45,806
25,995
Joint venture income
70,939
(1,071)
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
1,652,387
1,666,059
Europe
4,896,755
2,299,597
Rest of the World
22,175,350
17,816,041
28,724,492
21,781,697
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(104,441)
(99,678)
Research and development costs
2,468
27,366
Depreciation of owned tangible fixed assets
156,437
108,496
Profit on disposal of tangible fixed assets
(24,333)
(67,931)
Amortisation of intangible assets
236,475
33,550
Operating lease charges
345,019
342,079
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
30,000
27,850
For other services
Taxation compliance services
2,400
3,800
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
37
45
23
28
Sales
8
9
6
5
Engineering
87
79
53
44
Total
132
133
82
77
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,157,744
4,328,255
3,738,759
3,010,615
Social security costs
455,632
390,324
425,927
334,570
Pension costs
200,815
194,218
181,719
171,998
5,814,191
4,912,797
4,346,405
3,517,183
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
697,439
413,881
Company pension contributions to defined contribution schemes
14,382
13,568
711,821
427,449
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
284,288
153,728
Company pension contributions to defined contribution schemes
7,547
7,119
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
212,285
37,305
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
212,285
37,305
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
3,274
1,011
Other interest
67,325
28,611
Total finance costs
70,599
29,622
10
Amounts written off loans
2023
2022
£
£
Amounts written back to current loans
15,516
57,996
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
60,098
34,255
Adjustments in respect of prior periods
(18,251)
4,226
Total UK current tax
41,847
38,481
Foreign current tax on profits for the current period
259,900
58,299
Total current tax
301,747
96,780
Deferred tax
Origination and reversal of timing differences
9,789
3,349
Total tax charge
311,536
100,129
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 28 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,237,852
745,151
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
309,463
141,579
Tax effect of expenses that are not deductible in determining taxable profit
65,188
8,948
Adjustments in respect of prior years
19,692
38,482
Effect of change in corporation tax rate
3,090
-
Permanent capital allowances in excess of depreciation
(17,214)
(27,339)
Research and development tax credit
(45,805)
(23,345)
Effect of overseas tax rates
(8,414)
(5,009)
Under/(over) provided in prior years
1,890
Foreign tax credits
(20,482)
(18,288)
Fixed asset differences
(3,771)
(12,754)
Deferred tax current year
9,789
(4,035)
Taxation charge
311,536
100,129
12
Discontinued operations
Discontinued operations represents WES Omega Sinto Foundry Machinery (M) SDN.BHD and WES Omega Sinto Foundry Machinery Pty Limited, both are 51% subsidiaries of Omega Sinto Foundry Machinery Limited which have ceased operations during the year.
13
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
250,000
-
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
14
Intangible fixed assets
Group
Goodwill
Customer lists & technical know how
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
733,054
250,440
375,392
1,358,886
Disposals
(128,347)
(128,347)
Exchange adjustments
(2,766)
(18,881)
(21,647)
At 31 December 2023
601,941
250,440
356,511
1,208,892
Amortisation and impairment
At 1 January 2023
716,620
130,583
101,174
948,377
Amortisation charged for the year
8,044
24,863
203,568
236,475
Disposals
(128,347)
(128,347)
Exchange adjustments
(2,766)
(5,089)
(7,855)
At 31 December 2023
593,551
155,446
299,653
1,048,650
Carrying amount
At 31 December 2023
8,390
94,994
56,858
160,242
At 31 December 2022
16,434
119,857
274,218
410,509
Company
Goodwill
Customer lists & technical know how
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
438,969
250,440
689,409
Amortisation and impairment
At 1 January 2023
438,969
130,583
569,552
Amortisation charged for the year
24,863
24,863
At 31 December 2023
438,969
155,446
594,415
Carrying amount
At 31 December 2023
94,994
94,994
At 31 December 2022
119,857
119,857
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
15
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
88,583
264,134
772,558
771,977
286,481
2,183,733
Additions
55,200
162,280
87,226
66,396
371,102
Disposals
(142,880)
(33,852)
(240,177)
(70,023)
(486,932)
Exchange adjustments
(1,835)
(5,674)
(29,393)
(13,814)
(6,796)
(57,512)
At 31 December 2023
86,748
170,780
871,593
605,212
276,058
2,010,391
Depreciation and impairment
At 1 January 2023
18,671
182,750
620,721
599,858
214,457
1,636,457
Depreciation charged in the year
2,602
17,608
49,766
51,969
34,492
156,437
Eliminated in respect of disposals
(142,880)
(33,852)
(240,177)
(70,023)
(486,932)
Exchange adjustments
(387)
(2,361)
(22,648)
(11,867)
(5,404)
(42,667)
At 31 December 2023
20,886
55,117
613,987
399,783
173,522
1,263,295
Carrying amount
At 31 December 2023
65,862
115,663
257,606
205,429
102,536
747,096
At 31 December 2022
69,912
81,384
151,837
172,119
72,024
547,276
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Tangible fixed assets
(Continued)
- 31 -
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
162,720
454,729
597,026
187,090
1,401,565
Additions
55,200
59,900
71,225
66,396
252,721
Disposals
(142,880)
(32,956)
(238,779)
(46,761)
(461,376)
At 31 December 2023
75,040
481,673
429,472
206,725
1,192,910
Depreciation and impairment
At 1 January 2023
147,201
405,141
460,598
138,468
1,151,408
Depreciation charged in the year
12,649
17,161
35,045
27,341
92,196
Eliminated in respect of disposals
(142,880)
(32,956)
(238,779)
(46,761)
(461,376)
At 31 December 2023
16,970
389,346
256,864
119,048
782,228
Carrying amount
At 31 December 2023
58,070
92,327
172,608
87,677
410,682
At 31 December 2022
15,519
49,588
136,428
48,622
250,157
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
80,304
7,517
Motor vehicles
58,104
58,104
138,408
7,517
58,104
-
16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
283,258
283,258
Investments in joint ventures
18
221,498
182,077
655
655
221,498
182,077
283,913
283,913
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
182,077
Share of profit after tax
39,421
At 31 December 2023
221,498
Carrying amount
At 31 December 2023
221,498
At 31 December 2022
182,077
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 January 2023 and 31 December 2023
283,913
Carrying amount
At 31 December 2023
283,913
At 31 December 2022
283,913
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
17
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Endeco Omega Sinto (Pty) Limited
South Africa
Manufacture and service of foundry equipment
Ordinary
55.00
WES Omega Sinto Foundry Machinery (M) SDN.BHD
Malaysia
Manufacture and service of foundry equipment - ceased operations
Ordinary
51.00
WES Omega Sinto Foundry Machinery Pty Limited
Australia
Manufacture and service of foundry equipment - ceased operations
Ordinary
51.00
Tinker Omega Sinto LLC
USA
Manufacture and service of foundry equipment
Ordinary
51.00
Richards Engineering Limited
UK
Dormant
Ordinary
100.00
Omega Sinto (Italy) S.R.L.
Italy
Design studio
Ordinary
100.00
Omega Sinto Shanghai
China
Manufacture and service of foundry equipment
Ordinary
100.00
18
Joint ventures
Details of joint ventures at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Omega Sane Foundry Machinery Pvt Limited
India
Manufacture and service of foundry equipment
Ordinary
50.00
19
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
28,586
46,284
28,586
46,284
Financial assets held at fair value relate to short term foreign currency contracts. Potential assets or liabilities as at 31 December 2023 have been calculate using the Mark to Market method.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
20
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,247,912
1,995,404
1,662,566
1,569,201
Work in progress
839,658
618,016
362,227
226,259
Finished goods and goods for resale
61,747
18,471
45,965
10,996
3,149,317
2,631,891
2,070,758
1,806,456
21
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,255,840
4,415,418
2,581,376
2,666,748
Corporation tax recoverable
17,159
17,159
Amounts owed by group undertakings
30,417
-
595,539
1,430,747
Amounts owed by undertakings in which the company has a participating interest
130,363
-
130,363
77
Derivative financial instruments
28,586
46,284
28,586
46,284
Other debtors
687,939
769,335
454,766
624,546
Prepayments and accrued income
4,228,468
3,578,705
1,713,516
1,406,211
9,378,772
8,809,742
5,521,305
6,174,613
22
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
24
25,362
16,978
Obligations under finance leases
25
36,322
6,546
16,881
Other borrowings
24
2,602,405
2,656,466
2,602,405
2,656,466
Payments received on account
5,312,827
2,610,331
1,269,404
1,026,764
Trade creditors
2,032,528
1,801,794
1,436,309
1,214,423
Amounts owed to group undertakings
6,703
30,472
Amounts owed to undertakings in which the group has a participating interest
5,120
5,120
23,304
Corporation tax payable
3,969
36,748
Other taxation and social security
150,192
181,394
129,169
82,580
Other creditors
244,360
349,557
28,410
24,909
Accruals and deferred income
2,580,343
2,416,733
2,302,890
2,091,793
12,993,428
10,076,547
7,797,291
7,150,711
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
23
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
25
91,459
864
30,241
Other borrowings
24
134,531
91,459
135,395
30,241
-
24
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
7,952
16,978
Bank overdrafts
17,410
Loans from related parties
2,602,405
2,656,466
2,602,405
2,656,466
Other loans
134,531
2,627,767
2,807,975
2,602,405
2,656,466
Payable within one year
2,627,767
2,673,444
2,602,405
2,656,466
Payable after one year
134,531
The bank has a debenture over the leasehold buildings, a fixed charge over book and other debts, chattels, goodwill and uncalled share capital and a floating charge over all assets.
Other loans outstanding at the previous year end comprise amounts owed to Warrill Engineering Ltd by WES Omega Sinto Foundry Machinery Pty Limited. The balance matured in full in 2023, incured interest at 2.5% per annum and was unsecured.
Hire purchase liabilities are secured by the assets being financed.
25
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
36,322
6,546
16,881
In two to five years
91,459
864
30,241
127,781
7,410
47,122
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
26
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Severance provision
22,143
54,717
-
-
Movements on provisions:
Severance provision
Group
£
At 1 January 2023
54,717
Utilisation of provision
(32,574)
At 31 December 2023
22,143
27
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
(9,404)
(19,193)
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(19,193)
-
Charge to profit or loss
9,789
-
Asset at 31 December 2023
(9,404)
-
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
28
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,815
194,218
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
29
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
11,300
11,300
11,300
11,300
30
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
271,938
254,204
228,236
210,061
Between two and five years
414,637
541,365
414,637
497,663
686,575
795,569
642,873
707,724
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
31
Related party transactions
Transactions with related parties
Freehold property owned by The Curtis Bank SIPP - LM Fenyes, a pension scheme in which LM Fenyes is a member, is leased by the Company under a formal lease agreement at an annual rent of £160,000 (2022 - £160,000). The term of the lease expires on 10 January 2027.
During the year, the Company traded with Tinker Omega Sinto LLC, a Company in which Omega Sinto Foundry Machinery Limited owns 51% of the issued share capital. Sales to Tinker Omega Sinto LLC amounted to £2,674,704 (2022 - £1,172,079) and purchases from the Company amounted to £38,698 (2022 - £2,217). At the year end £440,190 (2022 - £447,109) is included in amounts owed by Group and £828 (2022 - £nil) is included in amounts due to Group. During the year, distributions receivable from Tinker Omega Sinto LLC amounted to £203,466 (2022 - £nil). The freehold property occupied by Tinker Omega Sinto LLC is owned by Wil and Joan Tinker and annual rent of $90,000 is paid by Tinker Omega Sinto LLC to them. At 31 December 2023 there was a loan due to the Company from Tinker Omega Sinto LLC. of £nil (2022 - £672,602).
During the year, the Company traded with Omega Sane Foundry Machinery Limited, a Company in which Omega Sinto Foundry Machinery Limited has a significant interest. Sales to Omega Sane Foundry Machinery Limited amounted to £131,018 (2022 - £141,131) and purchases from the Company amounted to £163,912 (2022 - £201,300). At the year end, £130,363 (2022 - £140,077) is included in amounts owed by participating interests and £5,120 (2022 - £23,304) is included in amounts due to participating interests. During the year distributions receivable from Omega Sane Foundry Machinery Limited amounted to £19,536 (2022 - £nil).
During the year, the Company traded with WES Omega Sinto Foundry Machinery Pty Limited, a company in which Omega Sinto Foundry Machinery Limited owns 51% of the issued share capital. Sales to WES Omega Sinto Foundry Machinery Pty Limited amounted to £nil (2022 - £6,548) and purchases from the Company amounted to £11,824 (2022 - £106,971). At the year end the Company owed Warill Engineering Limited, a company owned by two of its Directors $nil AUD (2022 - $238,483 AUD). The interest charged on the loan was $nil AUD (2022 - $15,881 AUD). The freehold property occupied by WES Omega Sinto Foundry Machinery Pty Limited is owned by Rosral Nominees Pty Limited, a company owned by its directors and annual rent of $nil AUD has been paid in the year (2022 - $16,478).
During the year, the Company traded with Endeco Omega Sinto (Pty) Limited, a Company in which Omega Sinto Foundry Machinery Limited owns 55% of the issued share capital. Sales to Endeco Omega Sinto (Pty) Limited amounted to £71,154 (2022 - £115,905) and purchases from the Company amounted to £74,956 (2022 - £451). At the year end, £82,528 (2022 - £90,450) is included in amounts owed by Group.
During the year, the Company traded with Omega Sinto (Italy) S.R.L., a Company in which Omega Sinto Foundry Machinery Limited owns 100% of the issued share capital. Sales to Omega Sinto (Italy) S.R.L. amounted to £6,256 (2022 - £5,667) and purchases from the Company amounted to £98,247 (2022 - £128,606). At the year end, £3,424 (2022 - £2,834) is included in amounts owed from Group and £5,875 (2022 - £30,472) is included in amounts due to Group. At 31 December 2023 there was a loan due to the Company from Omega Sinto (Italy) S.R.L. of £69,397 (2022 - £70,839).
During the year, the Company traded with Omega Shanghai, a Company in which Omega Sinto Foundry Machinery Limited owns 100% of the issued share capital. Purchases from Omega Shanghai in the year amounted to £78,050 (2022 - £75,000).
During the year, the Company traded with Sintokogio Limited, it's ultimate parent company. Sales to Sintokogio Limited amounted to £48,718 (2022 - £89,186) and purchases amounted to £372,732 (2022 - £350,944). At the year end £61,175 was owed from (2022 - £3,041 was owed to) Sintokogio Limited.
During 2021, the Company received a loan from Sinto Europe Gmbh, it's immediate parent company. The loan is unsecured, bears interest at 3.80% and is repayable in full on 13 June 2024. The balance at 31 December 2023 is £2,602,405 (2022: £2,656,466).
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
32
Controlling party
The ultimate parent company of the Group is Sintokogio Limited, whose registered office is located at 3-28-12, Mei-eki, Nakamura, Nagoya 450-6424, Japan. There is no ultimate controlling party.
33
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
926,316
645,022
Adjustments for:
Share of results of associates and joint ventures
(70,939)
1,071
Taxation charged
311,536
100,129
Finance costs
70,599
29,622
Investment income
(212,285)
(37,305)
Gain on disposal of tangible fixed assets
(24,333)
(67,931)
Amortisation and impairment of intangible assets
236,475
33,550
Depreciation and impairment of tangible fixed assets
162,722
112,231
Other gains and losses
(15,516)
(57,996)
(Decrease)/increase in provisions
(32,574)
79
Movements in working capital:
Increase in stocks
(517,426)
(291,383)
Increase in debtors
(569,569)
(1,932,359)
Increase in creditors
2,965,561
250,359
Cash generated from/(absorbed by) operations
3,230,567
(1,214,911)
34
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
2,143,898
2,239,396
(167,565)
4,215,729
Bank overdrafts
(17,410)
-
(17,410)
2,143,898
2,221,986
(167,565)
4,198,319
Borrowings excluding overdrafts
(2,807,975)
197,618
-
(2,610,357)
Obligations under finance leases
(7,410)
(120,371)
-
(127,781)
(671,487)
2,299,233
(167,565)
1,460,181
OMEGA SINTO FOUNDRY MACHINERY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
35
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Profit for the year after tax
288,507
181,071
Adjustments for:
Taxation charged
41,847
38,481
Finance costs
53,525
215
Investment income
(406,206)
(59,674)
Gain on disposal of tangible fixed assets
(15,083)
(67,124)
Amortisation and impairment of intangible assets
24,863
25,044
Depreciation and impairment of tangible fixed assets
92,196
40,381
Other gains and losses
18,088
163,485
Movements in working capital:
Increase in stocks
(264,302)
(757,311)
Decrease/(increase) in debtors
652,769
(507,736)
Increase/(decrease) in creditors
683,760
(567,127)
Cash generated from/(absorbed by) operations
1,169,964
(1,510,295)
36
Analysis of changes in net funds/(debt) - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,833,466
968,672
2,802,138
Borrowings excluding overdrafts
(2,656,466)
54,061
(2,602,405)
Obligations under finance leases
-
(47,122)
(47,122)
(823,000)
975,611
152,611
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300R ChildsT HirayamaN MuraiM YoshinoMr K NakamichiM YoshinoK FuruyaMr A YoshimotoK 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