Company Registration No. 05410633 (England and Wales)
ON GRADE MACHINE CONTROL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ON GRADE MACHINE CONTROL LIMITED
COMPANY INFORMATION
Directors
Mr W L Thomas
Mrs S E Thomas
Miss L L Thomas
Company number
05410633
Registered office
Penllwyn Farm
Llyn Helyg
Lloc
Holywell
Wales
CH8 8SB
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
ON GRADE MACHINE CONTROL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ON GRADE MACHINE CONTROL LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,082,905
3,467,841
Current assets
Stocks
135,141
36,725
Debtors
4
1,270,720
784,239
Cash at bank and in hand
54,425
-
0
1,460,286
820,964
Creditors: amounts falling due within one year
5
(3,415,102)
(1,799,704)
Net current liabilities
(1,954,816)
(978,740)
Total assets less current liabilities
2,128,089
2,489,101
Creditors: amounts falling due after more than one year
6
(57,875)
(420,974)
Provisions for liabilities
7
(511,594)
(551,594)
Net assets
1,558,620
1,516,533
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,558,619
1,516,532
Total equity
1,558,620
1,516,533

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 21 March 2024 and are signed on its behalf by:
Miss L L Thomas
Director
Company Registration No. 05410633
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

On Grade Machine Control Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penllwyn Farm, Llyn Helyg, Lloc, Holywell, Wales, CH8 8SB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The financial statements of the company are consolidated in the financial statements of Thomas Holdings (North West) Limited. These consolidated financial statements are available from the registered office at Tai Hirion Lywybr Hir Caerwys Flintshire United Kingdom CH7 5BL.

1.2
Prior period restatement

The fixed assted opening balances have been restated to correct an error in the balances brought forward.

 

A prior period restatement was aslo required to reclassify certain costs and to better reflect the perforrmance of the business and also the correct split of costs across different categories.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.4
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.

1.5
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:

Plant and equipment
20% on cost

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 credited or charged to profit or loss.

ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

1.7
Stocks

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.

1.8
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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.

 

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 continue to be measured at face value.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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 leases asset are consumed.

ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
18
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 as restated
4,840,756
Additions
2,254,131
Disposals
(242,993)
At 31 May 2023
6,851,894
Depreciation and impairment
At 1 June 2022 as restated
1,372,915
Depreciation charged in the year
1,496,679
Eliminated in respect of disposals
(100,605)
At 31 May 2023
2,768,989
Carrying amount
At 31 May 2023
4,082,905
At 31 May 2022
3,467,841
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
688,830
525,884
Amounts owed by group undertakings
484,577
-
0
Other debtors
97,313
258,355
1,270,720
784,239
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
61,666
Trade creditors
415,723
1,183,039
Amounts owed to group undertakings
2,852,357
178,100
Taxation and social security
49,836
-
0
Other creditors
97,186
376,899
3,415,102
1,799,704

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate to.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
57,875
420,974

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate to.

7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
511,594
-
Tax losses
-
551,594
511,594
551,594
2023
Movements in the year:
£
Liability at 1 June 2022
551,594
Credit to profit or loss
(40,000)
Liability at 31 May 2023
511,594
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Helen Davies and the auditor was Azets Audit Services.
9
Related party transactions

The company has taken advantage of the exemption within FRS 102 Section 33.1A from the requirements to disclose transactions with other wholly owned companies within the same group.

 

All related party transactions are under the normal course of business.

10
Secured debts

There is a cross company guarantee across the Group held within Thomas Holdings (North West) Limited, the balance of this facility as at 31 May 2023 was £102,174,851.

11
Parent company

Thomas Holdings (North West) Limited is regarded by the directors as being the company's ultimate parent company.

 

The ultimate controlling party is Mr W L Thomas.

12
Prior period adjustment
Reconciliation of changes in equity
1 June
31 May
2021
2022
£
£
Adjustments to prior year
Restatement of tangible fixed assets
-
(51,440)
Equity as previously reported
1,411,893
1,567,973
Equity as adjusted
1,411,893
1,516,533
Analysis of the effect upon equity
Profit and loss reserves
-
(51,440)
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
12
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Restatement of tangible fixed assets
(51,440)
Profit as previously reported
156,080
Profit as adjusted
104,640
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