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REGISTERED NUMBER: 06077937 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

OAG LIMITED

OAG LIMITED (REGISTERED NUMBER: 06077937)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 10

Statement of Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16 to 26


OAG LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr N W Caley
Mr A Grey
Mr G Evans
Mr J Cowlard
Mr J H Batchelor
Mr R M Sheehy
Mr C J Lainsbury





REGISTERED OFFICE: First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE





REGISTERED NUMBER: 06077937 (England and Wales)





AUDITORS: Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

OAG LIMITED (REGISTERED NUMBER: 06077937)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024


GROUP STRUCTURE AND PRINCIPAL ACTIVITIES
OAG Limited is a wholly-owned subsidiary of Optima Contracting Limited. Its principal activity is the design and construction of specialist architectural glazing solutions.

REVIEW OF BUSINESS
The results for the period and financial position of the business are as shown in the annexed financial statements.

Key Performance Indicators
The Group operates a number of Key Performance Indicators (KPI) to monitor and control the business which are measured and reviewed by the management on a regular basis. The KPI include but are not limited to:

31 January 2024 31 January 2023
Turnover £30.2m £31.2m
Gross profit % 17.3% 15.6%
Operating profit £0.8m £0.6m
Debtors £6.1m £7.0m
Cash at bank and in hand £3.1m £3.2m

All work in progress is monitored and reviewed on a regular basis to ensure the successful progress of each contract.

Review of the Business
Whilst we have seen some stabilisation in material and labour costs we have continued to experience delays in forecast revenue streams caused predominantly by the requirement for schemes to be redesigned to achieve clients cost-plans and budgets. These delays are evident in the slight contraction in total revenue this year. However, robust cost control and improved efficiencies across the business have driven a modest improvement in average margins.

Administrative expenses have been maintained at prior year levels, subject only to inflationary uplift, and overall the business has achieved an acceptable financial performance for the year.

Tight control over cash flow continues to support a robust balance sheet, underpinned by strong liquidity, which limits our exposure to the continuing uncertainty around interest rates, and ensures we are well-placed to deal with any future market volatility.

Future Strategy
A general improvement in business confidence combined with reduced economic uncertainty is reflected in our strong order book for the year ahead and we continue to have clear visibility on several larger schemes for delivery beyond next year.

In addition to delivering lower value structural glazing schemes, our Select division has increased its focus on the delivery of fire-rated projects, with the creation of a new team tailored specifically to supporting this work. This ensures the business can deliver on all client requirements in our market sector.

The business continues to review its operational needs, with a clear focus on succession planning, to ensure we maintain a professional and resilient workforce into the future to support our growth plans.


OAG LIMITED (REGISTERED NUMBER: 06077937)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Key risk factors
In line with our internal control policy and procedures, key risk factors are reviewed frequently and detailed analysis undertaken where there is a requirement to do so. Mitigating controls or plans are implemented where necessary and during the year ended 31 January 2024 no significant risks materialised within the business.

Credit risk
Company credit policy requires that suitable credit checks be carried out on all potential customers before quotations are submitted and again before an order is accepted to ensure that appropriate payment terms are negotiated. Company exposure to individual organisations is regularly monitored and reviewed to ensure that an acceptable level of risk is maintained.

Foreign Currency Risk
The company has some exposure arising from the purchase of materials denominated in foreign currencies, principally Euros. This risk is mitigated by regular review of future requirements and the maintenance of appropriate foreign currency account balances. The company does not formally hedge against this exposure.

Cyber Security Risk
As our business, suppliers and customers becomes increasingly digitalised, we are inherently exposed to the risk that third parties may seek to disrupt our business. A cyber event may cause significant reputational and financial loss. We have mitigated this risk by creating a secure and robust IT environment with systems that are Cyber Essentials Plus certified and partnering with a third-party security operation centre to proactively monitor and respond to emerging cyber security threats.

Health, Safety, and Quality
We are wholly committed to ensuring the health, safety, and welfare of all our employees and recognise our responsibility towards other people who may be affected by our activities. As part of our commitment we are proud to have received the RoSPA gold medal, in their prestigious health and safety awards programme, which demonstrates continuous high standards for more than nine years.

ISO9001: 2015 - Our offices and installation sites operate a Quality Management System (QMS) that is certified to ISO9001 by an independent UKAS accredited certification body. We have undergone a process of identifying our key quality targets; setting objectives and developing actions to continually address and improve quality.

ISO45001: 2018 - Our offices and installation sites operate an Occupational Health and Safety Management System that is certified to ISO45001 by an independent UKAS accredited certification body. We have undergone a process of identifying our key safety targets; setting objectives and developing actions to continually address and improve health and safety.

Environment
Improving the environmental and sustainability performance of our business operations is a key operational agenda, and we continually work to minimise our impact on the environment in every area of our business.

ISO14001:2015 - Our offices, and installation sites operate a third-party approved Environmental Management System (EMS) certified by an independent UKAS accredited certification body. We have undergone a process of identifying our significant environmental impacts; setting objectives and developing actions to continually address and improve our environmental performance.

We believe in the responsible sourcing of materials and give preference to product and material suppliers certified to IS014001. We have a Sustainable Procurement Policy and a Supplier Code of Conduct to enhance partnerships with our supply chain.

In line with our company policy, all timber procured is sourced solely from FSC® (Forest Stewardship Council) certified suppliers with full Chain of Custody records. Our factory is also FSC® certified ensuring every product installation can be traced back to responsibly managed forests.


OAG LIMITED (REGISTERED NUMBER: 06077937)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

In line with the Government's 2050 Net Zero Carbon target, we have developed our own NZC Strategy and are undertaking actions to identify, report and minimise greenhouse gas emissions throughout the business.

CULTURE AND EMPLOYEES
Diversity and Inclusion
We are committed to promoting equal employment opportunities and both job applicants and employees will receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation (protected characteristics). This includes opportunities for training to upskill employees and provide pathways for career development. We will make any appropriate reasonable adjustments necessary to support and retain our employees.
We are proud to benefit from having a diverse workforce across our business and we provide opportunities for training and advancement for all.

Our Employee Handbook contains up to date policies including equal opportunities, anti-harassment & bullying, whistleblowing, flexible working and training & development. Awareness training has been rolled out across the organisation to support the Employee Handbook and to ensure understanding of key issues. Compulsory training includes the topics of modern slavery, whistleblowing and HR compliance (anti-bribery, equality and diversity, bullying and harassment, wellbeing).

Communication and Engagement
We provide an open environment for employees to engage with the business through employee briefings, regular team meetings, individual appraisals, one-to-one meetings and regular communication from the Board on business performance and direction. We recently conducted an employee engagement survey and have implemented some changes as a direct result of feedback from employees (e.g. an improved appraisal process, additional annual leave for long serving employees and more social activities).

STREAMLINED ENERGY AND CARBON REPORTING
Disclosure in respect of greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as the company does not exceed the thresholds to disclose.

ON BEHALF OF THE BOARD:





Mr N W Caley - Director


2 August 2024

OAG LIMITED (REGISTERED NUMBER: 06077937)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Mr N W Caley
Mr A Grey
Mr G Evans
Mr J Cowlard
Mr J H Batchelor
Mr R M Sheehy
Mr C J Lainsbury

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

OAG LIMITED (REGISTERED NUMBER: 06077937)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


AUDITORS
The auditors, Seymour Taylor Limited, Statutory Auditor, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:



Mr N W Caley - Director


2 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAG LIMITED


Opinion
We have audited the financial statements of OAG Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAG LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAG LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate.

Audit response to risks identified
As a result of performing the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management and external legal advisors concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAG LIMITED


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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.




Timothy Fulker BSc FCA (Senior Statutory Auditor)
for and on behalf of Seymour Taylor Limited, Statutory Auditor
First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE

2 August 2024

OAG LIMITED (REGISTERED NUMBER: 06077937)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 30,246,962 31,214,062

Cost of sales 25,008,132 26,352,371
GROSS PROFIT 5,238,830 4,861,691

Administrative expenses 4,514,236 4,240,650
OPERATING PROFIT 5 724,594 621,041

Interest receivable and similar income 89,588 12,876
PROFIT BEFORE TAXATION 814,182 633,917

Tax on profit 6 248,762 173,611
PROFIT FOR THE FINANCIAL YEAR 565,420 460,306

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

565,420

460,306

OAG LIMITED (REGISTERED NUMBER: 06077937)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 91,432 80,239
Investments 9 60,783 -
152,215 80,239

CURRENT ASSETS
Stocks 10 1,878,332 2,288,269
Debtors 11 6,057,297 7,032,802
Cash at bank 3,065,670 3,154,553
11,001,299 12,475,624
CREDITORS
Amounts falling due within one year 12 6,187,719 7,911,779
NET CURRENT ASSETS 4,813,580 4,563,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,965,795

4,644,084

CREDITORS
Amounts falling due after more than one
year

13

(120,849

)

(120,780

)

PROVISIONS FOR LIABILITIES 15 (1,395,666 ) (1,639,444 )
NET ASSETS 3,449,280 2,883,860

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Retained earnings 17 3,349,280 2,783,860
SHAREHOLDERS' FUNDS 3,449,280 2,883,860

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





Mr N W Caley - Director


OAG LIMITED (REGISTERED NUMBER: 06077937)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 100,000 2,723,554 2,823,554

Changes in equity
Dividends - (400,000 ) (400,000 )
Total comprehensive income - 460,306 460,306
Balance at 31 January 2023 100,000 2,783,860 2,883,860

Changes in equity
Total comprehensive income - 565,420 565,420
Balance at 31 January 2024 100,000 3,349,280 3,449,280

OAG LIMITED (REGISTERED NUMBER: 06077937)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 92,173 993,982
Tax paid (146,554 ) (145,778 )
Net cash from operating activities (54,381 ) 848,204

Cash flows from investing activities
Purchase of tangible fixed assets (48,111 ) (70,631 )
Purchase of fixed asset investments (75,979 ) -
Sale of tangible fixed assets - 7,479
Interest received 89,588 12,876
Net cash from investing activities (34,502 ) (50,276 )

Cash flows from financing activities
Equity dividends paid - (400,000 )
Net cash from financing activities - (400,000 )

(Decrease)/increase in cash and cash equivalents (88,883 ) 397,928
Cash and cash equivalents at
beginning of year

2

3,154,553

2,756,625

Cash and cash equivalents at end of
year

2

3,065,670

3,154,553

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 814,182 633,917
Depreciation charges 30,477 26,745
Loss on disposal of fixed assets 6,440 -
Amounts written off investments 15,196 8,000
Provision for future losses (243,778 ) 1,108,597
Finance income (89,588 ) (12,876 )
532,929 1,764,383
Decrease/(increase) in stocks 409,937 (611,840 )
Decrease/(increase) in trade and other debtors 948,297 (2,295,583 )
(Decrease)/increase in trade and other creditors (1,798,990 ) 2,137,022
Cash generated from operations 92,173 993,982

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 3,065,670 3,154,553
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 3,154,553 2,756,625


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 3,154,553 (88,883 ) 3,065,670
3,154,553 (88,883 ) 3,065,670
Total 3,154,553 (88,883 ) 3,065,670

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. GENERAL INFORMATION

OAG Limited is a company limited by shares and incorporated in England and Wales. The Registered Office is First Floor North, 40 Oxford Road, High Wycombe, Bucks, HP11 2EE. The principal place of business is Courtyard House, West End Road, High Wycombe, Buckinghamshire, HP11 2QB. The principal activity of the company during the year was the supply and installation of 'Optima' partitioning systems and specialist architectural glazing installations.

The presentation currency of these financial statements is sterling (£), being the currency of the primary economic environment in which the company operates, its functional currency. All amounts in the financial statements have been rounded to the nearest £1 unless otherwise stated.

The significant accounting policies applied in the preparation of these financial statements are set out below.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

Turnover and margin recognition
The company's turnover and margin recognition policies are central to how the company values the work it has carried out each year.

These policies require forecasts to be made of the outcomes of construction and service contracts, which require assessments and judgements to be made on contract programmes; changes in the scope of work; and changes in costs

Management bases its judgements of costs and turnover and its assessment of the expected outcome of each contract on the latest available information. This information includes detailed contract valuations and forecasts of the costs to complete. The estimates of the contract positions and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any change in the accounting estimates is then reflected in the financial statements.

Depreciation of tangible fixed assets
Depreciation is provided in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Management reassess the depreciation methods, useful lives and residual values where there is an indication of a significant change in the pattern by which the company expects to consume an asset's future economic benefits.

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration receivable for goods and services provided, net of trade discounts and value added tax.

Turnover from construction and service activities represents the value of work carried out during the year, including amounts not invoiced.

Where the outcome of individual contracts can be estimated reliably, turnover and costs are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreements with the customer.

Where the outcome of the contracts cannot be reliably estimated, turnover is recognised only to the extent of the contract costs recognised that it is probable will be recoverable.

No margin is recognised until the outcome of the contact can be estimated with reasonable certainty.

Provision is made for all known or expected losses on individual contracts once such losses are foreseen.

Turnover in respect of variations to contracts is recognised when it is probable it will be agreed by the customer.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life:

Fixtures and fittings - reducing balance - 25%
Computer equipment - reducing balance - 25%

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Long-term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

Investments
Investments are recognised at cost less any provision for impairment.


OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities at the year end denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Exchange differences are taken into account in arriving at the operating profit.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Financial instruments issued by the company
Financial instruments issued by the company are treated as equity only to the extent that they meet the following two conditions:

(a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and

(b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade and other debtors and creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Construction contract debtors
Construction contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date less a provision for foreseeable losses and less progress billings. Variations are included in contract revenue when they are reliably measurable and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the company's contract activities based on normal operating capacity.

Construction contract debtors are presented as part of debtors in the statement of financial position. If payments received from customers exceed the income recognised, then the difference is presented as accruals and deferred income in the statement of financial position.

Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 30,246,962 31,214,062
30,246,962 31,214,062

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,172,409 4,607,227
Social security costs 641,322 581,230
Other pension costs 102,034 99,013
5,915,765 5,287,470

The average number of employees during the year was as follows:
2024 2023

Site management and production staff 69 66
Administrative staff 14 15
83 81

2024 2023
£    £   
Directors' remuneration 467,484 518,863
Directors' pension contributions to money purchase schemes 9,600 9,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 122,205 116,443
Pension contributions to money purchase schemes 2,400 2,400





5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 30,477 26,745
Loss on disposal of fixed assets 6,440 -
Auditors' remuneration 27,000 22,600
Foreign exchange differences (7,637 ) (134 )
Other operating leases 59,589 54,869

Auditors' remuneration for services other than audit is disclosed in the consolidated group financial statements.

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 246,416 175,000
Over/under provision in prior year 138 (4,222 )
Total current tax 246,554 170,778

Deferred tax 2,208 2,833
Tax on profit 248,762 173,611

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 814,182 633,917
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

203,546

120,444

Effects of:
Expenses not deductible for tax purposes 43,156 59,456
Capital allowances in excess of depreciation (155 ) (476 )
Adjustments to tax charge in respect of previous periods 138 (4,222 )
Changes in rates of taxation (4,339 ) (1,591 )
Overseas taxation 6,416 -
Total tax charge 248,762 173,611

Factors that may affect future tax charges
For periods commencing 1 April 2023 the corporation tax main rate increased to 25%, with the small profits rate remaining at 19%.

Deferred tax balances have been recognised at the rate at which it is expected that the future benefit will be received.

7. DIVIDENDS
2024 2023
£    £   
Interim - 400,000

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2023 22,844 157,201 180,045
Additions 863 21,461 22,324
Disposals - (20,770 ) (20,770 )
Transfers - 28,169 28,169
At 31 January 2024 23,707 186,061 209,768
DEPRECIATION
At 1 February 2023 13,976 85,830 99,806
Charge for year 2,433 28,044 30,477
Eliminated on disposal - (14,330 ) (14,330 )
Transfers - 2,383 2,383
At 31 January 2024 16,409 101,927 118,336
NET BOOK VALUE
At 31 January 2024 7,298 84,134 91,432
At 31 January 2023 8,868 71,371 80,239

Transfers represent the original cost and accumulated depreciation on assets transferred from/(to) other group companies.

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2023 40,000
Additions 75,979
Disposals (40,000 )
At 31 January 2024 75,979
PROVISIONS
At 1 February 2023 40,000
Provision for year 15,196
Eliminated on disposal (40,000 )
At 31 January 2024 15,196
NET BOOK VALUE
At 31 January 2024 60,783
At 31 January 2023 -

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. STOCKS
2024 2023
£    £   
Work-in-progress 1,878,332 2,288,269

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 4,899,692 5,486,628
Amounts owed by group undertakings 1,189 5,759
Other debtors 12,380 12,490
Corporation tax - 25,000
VAT 169,219 208,771
Deferred tax asset
Excess of tax allowances over
depreciation

-

2,208
Prepayments and accrued income 720,789 1,033,548
5,803,269 6,774,404

Amounts falling due after more than one year:
Trade debtors 254,028 258,398

Aggregate amounts 6,057,297 7,032,802

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,601,638 2,583,599
Amounts owed to group undertakings 722,417 381,095
Corporation tax 75,000 -
Social security and other taxes 224,961 161,786
Other creditors 11,285 -
Accruals and deferred income 3,552,418 4,785,299
6,187,719 7,911,779

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Trade creditors 120,849 120,780

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 54,677 28,800
Between one and five years 32,596 -
87,273 28,800

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - -
Other provisions 1,395,666 1,639,444
1,395,666 1,639,444

Deferred Onerous
tax contracts
£    £   
Balance at 1 February 2023 (2,208 ) 1,639,444
Charge to Statement of Comprehensive Income during year 2,208 -
Utilised during year - (243,778 )
Balance at 31 January 2024 - 1,395,666

Onerous contracts
Where it is probable that total contract costs will exceed total contract revenue on a construction contract, a provision for the expected loss has been be recognised as an expense.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000

17. RESERVES
Retained
earnings
£   

At 1 February 2023 2,783,860
Profit for the year 565,420
At 31 January 2024 3,349,280

Retained earnings is a distributable reserve and records retained earnings and accumulated losses.

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


18. CONTINGENT LIABILITIES

Performance bonds

Performance bonds
The group had contingent liabilities at the balance sheet date in respect of performance bonds, as follows:

Expires Amount
£
28 July 2024 116,959
25 August 2024 59,616
22 December 2024 171,043
30 June 2025 37,547
25 July 2025 1,268,000
31 December 2025 223,983
1,877,148


19. RELATED PARTY DISCLOSURES

Group companies
This company is a wholly-owned subsidiary within a group. It has therefore taken advantage of the exemptions provided within Financial Reporting Standard 102, from disclosure of transactions entered into with other members of the group.

Transactions with key management personnel
2024 2023
£    £   
Total compensation of key management personnel, including
directors

536,713

594,254

Other related parties transactions
There were no other transactions that require disclosure under Financial Reporting Standard 102.

OAG LIMITED (REGISTERED NUMBER: 06077937)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


20. ULTIMATE PARENT COMPANY

The directors consider Optima Contracting Limited to be the company's immediate parent company
and Hexa Group Holdings Limited to be the company's ultimate parent company.

The largest group in which this company's information is consolidated is that of Hexa Group Holdings Limited . This company is incorporated in England and Wales and will be drawing up consolidated
financial statements to 31 January 2024. The principal place of business for this company is:

Courtyard House
West End Road
High Wycombe
Buckinghamshire
HP11 2QB

The smallest group, in which this company's information is consolidated is that of Optima Contracting Limited . This company is incorporated in England and Wales and will be drawing up its consolidated
financial statements to 31 January 2024. The principal place of business for this company is:

Courtyard House
West End Road
High Wycombe
Buckinghamshire
HP11 2QB

Copies of the consolidated financial statements of Hexa Group Holdings Limited and Optima
Contracting Limited can be obtained from:

First Floor North
40 Oxford Road
High Wycombe
Buckinghamshire
HP11 2EE