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Registered number: 12069234










OLPHINE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OLPHINE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
J G Barratt 




Registered number
12069234



Registered office
SNG Barratt
The Heritage Building

Stourbridge Road

Bridgnorth

Shropshire

WV15 6AP




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
OLPHINE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10 - 11
Company statement of financial position
 
12 - 13
Consolidated statement of changes in equity
 
14 - 15
Company statement of changes in equity
 
16
Consolidated Statement of cash flows
 
17 - 18
Notes to the financial statements
 
19 - 44


 
OLPHINE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
Olphine Holdings Limited is a holding company. It is the ultimate parent company of SNG Group Limited. SNG Group Limited is a leading supplier of spare parts for Jaguar and other classic car marques.
The Director presents a balanced and comprehensive review of the development and performance of the business during the year and the position at the year end. The review is consistent with the size and non-complex nature of the business in the context of the risks and uncertainties faced.
The Group consider that the key performance indicators and those that communicate the financial performance and position of the Group as a whole are turnover, profit margins, net current assets and net assets. During the year under review, the Group’s turnover was £24,357,592 (2022: £25,649,519), whilst profit before tax was £1,944,643 (2022: £2,287,363). 
Whilst the Director is satisfied with the results during a year of significant economic challenge globally, the Group remains focused on driving sales growth and profitability.
Changes have been made within the Group to rationalise and streamline our operation to ensure profitability and top line growth returns and exceeds 2023 performance.
Net current assets of the Olphine Holdings Limited Group as at 31 December 2023 were £7,708,347 (2022: £7,300,951) and the Group's net assets were £12,827,394 (2022: £12,312,919).
The Group operates in a competitive market in which global, political and economic conditions, actions of competitors, foreign exchange and interest rates all have an impact on the performance of the Group.

Principal risks and uncertainties
 
The Group and Company are subject to the following principal risks and uncertainties.
Brexit
Britain's exit from the EU continues to have an impact on the Group operations in the USA, Netherlands and France. The ability to flexibly purchase inventory and meet customer's demands on a timely basis will continue to be impacted as a result of any further amendments to the UK Governments negotiations.
Competition
There are a number of competitors in what is a highly fragmented market. However, the Group has a loyal but disparate customer base, so the risks associated with any particular customer concentration are automatically limited. The director continually monitors the competitive position to ensure the Group is best placed to serve its customers' needs.
Working Capital Management
The Group's operating model is based upon the ability to have inventory available to customers as and when they need it, meaning that there is a significant amount of gross working capital held in the business. However, this position is continually monitored and assessed by the director, and there continues to be sufficient liquidity available to the Group to ensure that it can be appropriately manage its operating obligations as they fall due.
 
Page 1

 
OLPHINE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial risk management objectives and policies
The Group's principal financial instruments comprise bank loans and cash at bank. The main purpose of these financial instruments is to raise finance for the Group's operations. The Group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The Group does not enter into derivative transactions.
The main risks arising from the Group's financial instruments are foreign currency risk, interest rate risk, liquidity risk and credit risk. The board reviews and agrees policies for managing each risk and they are summarised below:
Foreign currency risk
The Group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The Group both buys and sells goods globally and the director considers that the overall risk is not significant. The main foreign currencies in which the Group operates are the Euro and the US Dollar. The Group has both US and European based subsidiaries which can affect the Sterling consolidated statement of financial position, as a result of exchange rate movements.
Interest rate risk
The Group's exposure to market risk for changes in interest rates relates primarily to the Group's bank loans. The Group does not hedge against interest rate fluctuations.
Liquidity risk
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and its cash balances.
Credit risk
The Group trades with only recognised, creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is not significant.

Other key performance indicators
 
The Group works to a high standard and all operations conform to the quality management system BS EN ISO 9001:2015.
The Group monitors its relationships with key customer and suppliers which continue to be strong.


This report was approved by the board and signed on its behalf.



J G Barratt
Director

Date: 11 July 2024

Page 2

 
OLPHINE HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group in the year under review was that of supplying parts and spares for the classic car industry both in the UK and overseas. The principal activity of the Company was that of a holding company.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,109,101 (2022 - £1,489,601).

Dividends totalling £710,000 were paid on ordinary shares during the year (2022: £82,000).

Director

The director who served during the year was:

J G Barratt 

Future developments

The Group continues to trade in relation to its principal activities and there are no likely future developments which the director considers relevant.

Page 3

 
OLPHINE HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Qualifying third party indemnity provisions

The Group had provided a qualifying third party indemnity provision in respect of the director in force during the year and at the date of this report.

Disclosure of information to auditors

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

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

Post balance sheet events

No other significant events have affected the Group since the year end.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J G Barratt
Director

Date: 11 July 2024

Page 4

 
OLPHINE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLPHINE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Olphine Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of 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.


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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
OLPHINE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLPHINE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
OLPHINE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLPHINE HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 7

 
OLPHINE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLPHINE HOLDINGS LIMITED (CONTINUED)


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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
22 July 2024
Page 8

 
OLPHINE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
24,357,592
25,649,519

Cost of sales
  
(12,966,856)
(14,132,113)

Gross profit
  
11,390,736
11,517,406

Administrative expenses
  
(9,305,289)
(9,121,165)

Other operating income
 5 
-
231

Operating profit
 6 
2,085,447
2,396,472

Interest receivable and similar income
 10 
6,610
792

Interest payable and similar expenses
 11 
(147,414)
(109,901)

Profit before taxation
  
1,944,643
2,287,363

Tax on profit
 12 
(617,350)
(508,826)

Profit for the financial year
  
1,327,293
1,778,537

  

Currency translation differences
  
(102,818)
90,145

Other comprehensive income for the year
  
(102,818)
90,145

  

Total comprehensive income for the year
  
1,224,475
1,868,682

Profit for the year attributable to:
  

Non-controlling interests
  
218,192
288,936

Owners of the parent Company
  
1,109,101
1,489,601

  
1,327,293
1,778,537

The notes on pages 19 to 44 form part of these financial statements.

Page 9

 
OLPHINE HOLDINGS LIMITED
REGISTERED NUMBER: 12069234

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
2,285,389
2,681,565

Tangible assets
 15 
4,728,234
4,752,888

Investment property
 17 
2,506,750
2,506,750

  
9,520,373
9,941,203

Current assets
  

Stocks
 18 
5,722,139
5,834,228

Debtors: amounts falling due within one year
 19 
1,096,123
1,141,040

Cash at bank and in hand
 20 
3,291,858
3,765,791

  
10,110,120
10,741,059

Creditors: amounts falling due within one year
 21 
(2,401,773)
(3,440,108)

Net current assets
  
 
 
7,708,347
 
 
7,300,951

Total assets less current liabilities
  
17,228,720
17,242,154

Creditors: amounts falling due after more than one year
 22 
(4,302,103)
(4,786,285)

Provisions for liabilities
  

Deferred taxation
 25 
(99,223)
(142,950)

  
 
 
(99,223)
 
 
(142,950)

Net assets
  
12,827,394
12,312,919

Page 10

 
OLPHINE HOLDINGS LIMITED
REGISTERED NUMBER: 12069234
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
100,000
100,000

Share premium account
 27 
7,460,003
7,460,003

Profit and loss account
 27 
4,118,711
3,822,428

Equity attributable to owners of the parent Company
  
11,678,714
11,382,431

Non-controlling interests
  
1,148,680
930,488

  
12,827,394
12,312,919


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J G Barratt
Director

Date: 11 July 2024

The notes on pages 19 to 44 form part of these financial statements.

Page 11

 
OLPHINE HOLDINGS LIMITED
REGISTERED NUMBER: 12069234

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
2,912,216
2,917,683

Investments
 16 
7,597,802
7,597,802

Investment property
 17 
2,506,750
2,506,750

  
13,016,768
13,022,235

Current assets
  

Debtors: amounts falling due within one year
 19 
23,321
24,947

Cash at bank and in hand
 20 
2,328,751
1,659,304

  
2,352,072
1,684,251

Creditors: amounts falling due within one year
 21 
(2,577,334)
(3,162,855)

Net current liabilities
  
 
 
(225,262)
 
 
(1,478,604)

Total assets less current liabilities
  
12,791,506
11,543,631

  

Creditors: amounts falling due after more than one year
 22 
(2,025,467)
(2,214,933)

  

Net assets
  
10,766,039
9,328,698

Page 12

 
OLPHINE HOLDINGS LIMITED
REGISTERED NUMBER: 12069234
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 26 
100,000
100,000

Share premium account
 27 
7,460,003
7,460,003

Profit and loss account brought forward
  
1,768,695
(240,664)

Profit for the year
  
2,147,341
2,091,359

Other changes in the profit and loss account

  

(710,000)
(82,000)

Profit and loss account carried forward
  
3,206,036
1,768,695

  
10,766,039
9,328,698


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J G Barratt
Director

Date: 11 July 2024

The notes on pages 19 to 44 form part of these financial statements.

Page 13

 
OLPHINE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£

At 1 January 2023
100,000
7,460,003
3,822,428
11,382,431
930,488
12,312,919


Comprehensive income for the year

Profit for the year

-
-
1,109,101
1,109,101
218,192
1,327,293

Currency translation differences
-
-
(102,818)
(102,818)
-
(102,818)


Other comprehensive income for the year
-
-
(102,818)
(102,818)
-
(102,818)


Total comprehensive income for the year
-
-
1,006,283
1,006,283
218,192
1,224,475


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(710,000)
(710,000)
-
(710,000)


Total transactions with owners
-
-
(710,000)
(710,000)
-
(710,000)


At 31 December 2023
100,000
7,460,003
4,118,711
11,678,714
1,148,680
12,827,394


The notes on pages 19 to 44 form part of these financial statements.

Page 14

 
OLPHINE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£

At 1 January 2022
100,000
7,460,003
2,324,682
9,884,685
641,552
10,526,237


Comprehensive income for the year

Profit for the year

-
-
1,489,601
1,489,601
288,936
1,778,537

Currency translation differences
-
-
90,145
90,145
-
90,145


Other comprehensive income for the year
-
-
90,145
90,145
-
90,145


Total comprehensive income for the year
-
-
1,579,746
1,579,746
288,936
1,868,682


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(82,000)
(82,000)
-
(82,000)


Total transactions with owners
-
-
(82,000)
(82,000)
-
(82,000)


At 31 December 2022
100,000
7,460,003
3,822,428
11,382,431
930,488
12,312,919


The notes on pages 19 to 44 form part of these financial statements.

Page 15

 
OLPHINE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£


At 1 January 2022
100,000
7,460,003
(240,664)
7,319,339


Comprehensive income for the year

Profit for the year
-
-
2,091,359
2,091,359


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
2,091,359
2,091,359


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(82,000)
(82,000)


Total transactions with owners (as restated)
-
-
(82,000)
(82,000)



At 1 January 2023
100,000
7,460,003
1,768,695
9,328,698


Comprehensive income for the year

Profit for the year
-
-
2,147,341
2,147,341


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
2,147,341
2,147,341


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(710,000)
(710,000)


Total transactions with owners
-
-
(710,000)
(710,000)


At 31 December 2023
100,000
7,460,003
3,206,036
10,766,039


The notes on pages 19 to 44 form part of these financial statements.

Page 16

 
OLPHINE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,327,293
1,778,537

Adjustments for:

Amortisation of intangible assets
396,176
408,121

Depreciation of tangible assets
357,954
356,456

Loss on disposal of tangible assets
(72,795)
(44,885)

Interest paid
147,414
109,901

Interest received
(6,610)
(792)

Taxation charge
617,350
508,826

Decrease/(increase) in stocks
112,089
(687,741)

Decrease in debtors
97,124
179,648

(Decrease)/increase in creditors
(783,000)
482,375

Corporation tax (paid)
(926,758)
(477,823)

Foreign exchange differences
(95,799)
63,612

Net cash generated from operating activities

1,170,438
2,676,235


Cash flows from investing activities

Purchase of intangible fixed assets
-
(745)

Purchase of tangible fixed assets
(414,607)
(2,318,860)

Sale of tangible fixed assets
147,083
54,774

Interest received
6,610
792

HP interest paid
(132)
-

Net cash from investing activities

(261,046)
(2,264,039)
Page 17

 
OLPHINE HOLDINGS LIMITED
 

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


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(208,256)
(609,852)

Other new loans
-
1,882,500

Repayment of/new finance leases
(47,787)
138,885

Shares treated as debt - redeemed
(270,000)
(270,000)

Dividends paid
(710,000)
(82,000)

Interest paid
(147,282)
(109,901)

Net cash used in financing activities
(1,383,325)
949,632

Net (decrease)/increase in cash and cash equivalents
(473,933)
1,361,828

Cash and cash equivalents at beginning of year
3,765,791
2,403,963

Cash and cash equivalents at the end of year
3,291,858
3,765,791


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,291,858
3,765,791

3,291,858
3,765,791


The notes on pages 19 to 44 form part of these financial statements.

Page 18

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Olphine Holdings Limited is a private company, limited by shares and incorporated in England and Wales. Its registered office and principal place of business is located at The Heritage Building, Stourbridge Road, Bridgnorth, Shropshire, WV15 6AP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Group's business activities, together with the factors likely to affect the future development, performance and position, are set out in the Group Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are also described. The Group has considerable financial resources including cash and unutilised banking facilities, which gives the director confidence that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

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

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

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

On consolidation, the results of overseas operations are  translated into Sterling at average exchange rates for the accounting period. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the 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.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 21

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Page 22

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life, which is deemed to be 10 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2 - 10%
Plant and machinery
-
5 - 25%
Motor vehicles
-
20%
Fixtures and fittings
-
25%
Classic cars
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Classic cars are not depreciated on the basis that their residual value is considered to be in excess of their cost.

Page 23

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

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

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

 
2.16

Debtors

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

 
2.17

Cash and cash equivalents

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

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

 
2.18

Creditors

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

Page 24

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 25

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 26

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Valuation of Inventory
Inventory is carried at the lower of cost or net realisable value, with cost being determined using actual cost at an individual item level. Net realisable value is calculated based on a formula which provides against the cost of an item depending on the last time that item (or that line of items) was purchased. This method of valuation can be impacted by consumer demand, availability of the inventory, the length of time that the inventory is held, and other external market factors. Management monitors the level of provision applied through this formula, which has been consistently applied year on year, and makes further adjustments where changes in the above factors would mean that it is appropriate to do so. The application of this estimation technique in applying the inventory provisioning policy represents a significant judgement in the preparation of the financial statements, as items may be ultimately sold at amounts which differ from their carrying value, and management continually reviews the appropriateness of this technique to ensure that it continues to represent their best estimate of net realisable value of inventory.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,593,353
12,020,328

Rest of Europe
8,232,400
9,053,520

Rest of the world
4,531,839
4,575,671

24,357,592
25,649,519


Page 27

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
-
231

-
231



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
61,673
22,645

Other operating lease rentals
23,765
28,238

Profit on sale of tangible assets
(72,795)
(44,885)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
27,025
27,400

Page 28

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,316,484
4,108,717
15,372
7,401

Social security costs
503,299
495,284
29
80

Cost of defined contribution scheme
173,726
164,120
-
-

4,993,509
4,768,121
15,401
7,481


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Monthly Employees
125
128
1
1


9.


Director's remuneration

2023
2022
£
£

Director's emoluments
15,372
8,865

15,372
8,865



10.


Interest receivable

2023
2022
£
£


Other interest receivable
6,610
792

6,610
792

Page 29

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
95,442
45,100

Other loan interest payable
-
6,481

Preference share dividends
51,840
58,320

Finance leases and hire purchase contracts
132
-

147,414
109,901


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
19,078
-


19,078
-

Foreign tax


Foreign tax on income for the year
641,999
551,527

641,999
551,527

Total current tax
661,077
551,527

Deferred tax


Origination and reversal of timing differences
(43,727)
(42,701)

Total deferred tax
(43,727)
(42,701)


Taxation on profit on ordinary activities
617,350
508,826
Page 30

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,944,643
2,287,363


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
456,991
434,599

Effects of:


Non-tax deductible amortisation of goodwill and impairment
93,101
78,235

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,315
25,705

Timing differences net of movements in tax rates
(26,426)
(110,517)

Foreign tax adjustments
95,476
79,447

Book profit on chargeable assets
(17,107)
(6,809)

Unrelieved tax losses carried forward
-
8,166

Total tax charge for the year
617,350
508,826


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 31

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Dividends

2023
2022
£
£


On ordinary share capital
710,000
82,000


On preference shares
51,840
58,320

761,840
140,320


14.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
24,008
3,961,055
3,985,063


Foreign exchange movement
(55)
-
(55)



At 31 December 2023

23,953
3,961,055
3,985,008



Amortisation


At 1 January 2023
24,008
1,279,490
1,303,498


Charge for the year on owned assets
-
396,176
396,176


Foreign exchange movement
(55)
-
(55)



At 31 December 2023

23,953
1,675,666
1,699,619



Net book value



At 31 December 2023
-
2,285,389
2,285,389



At 31 December 2022
-
2,681,565
2,681,565



Page 32

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Classic cars
(As restated)
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
3,705,064
1,842,856
691,507
1,177,330
515,684
7,932,441


Additions
29
117,581
144,072
152,925
-
414,607


Disposals
-
-
(174,740)
-
-
(174,740)


Exchange adjustments
(6,840)
(5,907)
(569)
(4,996)
-
(18,312)



At 31 December 2023

3,698,253
1,954,530
660,270
1,325,259
515,684
8,153,996



Depreciation


At 1 January 2023
1,008,030
954,795
327,269
889,459
-
3,179,553


Charge for the year on owned assets
48,754
117,954
94,568
76,233
-
337,509


Charge for the year on financed assets
-
20,445
-
-
-
20,445


Disposals
-
-
(100,452)
-
-
(100,452)


Exchange adjustments
(4,514)
(2,532)
(85)
(4,162)
-
(11,293)



At 31 December 2023

1,052,270
1,090,662
321,300
961,530
-
3,425,762



Net book value



At 31 December 2023
2,645,983
863,868
338,970
363,729
515,684
4,728,234



At 31 December 2022
2,697,034
888,061
364,238
287,871
515,684
4,752,888

The prior year restatement relates to the reallocation of £515,684 of classic cars previously held in heritage assets to tangible fixed assets, there has been no other impact on the financial statements. 

Page 33

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
2,605,853
2,637,973

Long leasehold
40,130
59,061

2,645,983
2,697,034


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


2023
2022
£
£



Plant and machinery
171,188
191,633

171,188
191,633

Page 34

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Company






Freehold property
Fixtures and fittings
Classic cars
(As restated)
Total

£
£
£
£

Cost or valuation


At 1 January 2023
2,733,145
62,889
124,950
2,920,984


Additions
-
840
-
840



At 31 December 2023

2,733,145
63,729
124,950
2,921,824



Depreciation


At 1 January 2023
-
3,301
-
3,301


Charge for the year on owned assets
-
6,307
-
6,307



At 31 December 2023

-
9,608
-
9,608



Net book value



At 31 December 2023
2,733,145
54,121
124,950
2,912,216



At 31 December 2022
2,733,145
59,588
124,950
2,917,683

The prior year restatement relates to the reallocation of £124,950 of the company only position of classic cars previously held in heritage assets to tangible fixed assets, there has been no other impact on the financial statements.






Page 35

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
7,597,802



At 31 December 2023
7,597,802





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Chottie Limited
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
86%
SNG Group Limited (previously S.N.G Barratt Group Limited)*
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
86%
S.N.G Barratt Limited*
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
86%
B.A Distributors Inc.*
92 Londonderry Turnpike, Manchester, NH 03104, United States
Ordinary
86%
S.N.G Barratt BV*
Sneeuwhaas 4 5236 NX, 's-Hertogenbosch, Noord-Brabant, Netherlands
Ordinary
86%
S.N.G Barratt France EURL*
62 Che du Bois D'Alier, 71850 Charnay-Les-Macon, France
Ordinary
86%
Holden Vintage & Classic Limited*
Unit 1c & 2a Stanmore Business Park, Bridgnorth, England, WV15 5HR
Ordinary
86%
Pizza Ten Limited
The Heritage Building, Stourbridge Road, Bridgnorth, WV15 6AP
Ordinary
100%

Page 36

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

*Indirect subsidiary undertakings
Holden Vintage & Classic Limited (02295151) is exempt from the requirements of the Act relating to the audit of individual accounts by virtue of S479A of the Companies Act 2006. As part of the requirements fulfilling the exemption requirements, Olphine Holdings Limited has provided the company with a S479C guarantee.


17.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 January 2023
2,506,750



At 31 December 2023
2,506,750

The 2023 valuations were made by the Director, on an open market value for existing use basis.

The historical cost of the investment properties is equal to the current amount included. 





18.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
5,722,139
5,834,228

5,722,139
5,834,228


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Impairment losses totalling £149,406 (2022 - £179,790) were recognised in profit and loss against stock during the year by the Group in relation to slow-moving and obsolete stock.

Page 37

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
704,469
598,035
-
3,716

Amounts owed by group undertakings
-
-
21,227
21,227

Other debtors
96,374
131,463
2,094
4

Prepayments and accrued income
295,280
411,542
-
-

1,096,123
1,141,040
23,321
24,947


Impairment losses of £12,840 (2022: reversals £109,771) were recognised against trade debtors during the period by the Group.


20.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,291,858
3,765,791
2,328,751
1,659,304

3,291,858
3,765,791
2,328,751
1,659,304


Page 38

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
175,221
183,773
165,221
174,011

Trade creditors
1,660,304
2,154,454
834
740

Amounts owed to group undertakings
-
-
2,382,388
2,898,980

Corporation tax
45,270
258,744
19,078
-

Other taxation and social security
86,220
124,551
8,507
8,649

Obligations under finance lease and hire purchase contracts
43,752
77,061
-
-

Other creditors
137,644
202,429
1,306
80,475

Accruals and deferred income
253,362
439,096
-
-

2,401,773
3,440,108
2,577,334
3,162,855


Disclosure of the terms and conditions attached to the non-equity shares is made in note 26.

The amount due under finance lease and hire purchase contracts are secured on the assets to which they relate.
 
Bank loans are secured with fixed and floating charges over the assets of the Group.


22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
2,039,634
2,239,338
2,025,467
2,214,933

Net obligations under finance leases and hire purchase contracts
102,469
116,947
-
-

Share capital treated as debt
2,160,000
2,430,000
-
-

4,302,103
4,786,285
2,025,467
2,214,933


Disclosure of the terms and conditions attached to the non-equity shares is made in note 26.

The amount due under finance lease and hire purchase contracts are secured on the assets to which they relate.
Bank loans are secured with fixed and floating charges over the assets of the Group.

Page 39

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Loans

Included within the above amounts are falling due as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
175,221
183,773
165,221
174,011


175,221
183,773
165,221
174,011

Amounts falling due 1-2 years

Bank loans
176,962
184,768
166,962
175,006


176,962
184,768
166,962
175,006

Amounts falling due 2-5 years

Bank loans
811,069
918,789
806,902
904,146


811,069
918,789
806,902
904,146

Amounts falling due after more than 5 years

Bank loans
1,051,603
1,135,781
1,051,603
1,135,781

1,051,603
1,135,781
1,051,603
1,135,781

2,214,855
2,423,111
2,190,688
2,388,944


Included within bank loans is a mortgage, secured on a property held by the Group to which it relates. Interest is charged at 2.7% per annum and the balance is expected to be repaid in full by November 2031.
Also included within bank loans is a secured Bounce Back Loan from Lloyds TSB which is expect to be repaid by the end of 2025. Interest is charged on the balance at 2.5% per annum.
Bank loans are secured with fixed and floating charges over the assets of the Group.

Page 40

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
43,752
77,061

Between 1-5 years
102,469
116,947

146,221
194,008


25.


Deferred taxation


Group



2023


£






At beginning of year
(142,950)


Charged to profit or loss
43,727



At end of year
(99,223)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(103,744)
(142,950)

Short term timing differences
4,521
-

(99,223)
(142,950)

Page 41

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary Shares shares of £1.00 each
100,000
100,000

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



2,160,000 (2022 - 2,430,000) Preference Shares shares of £1.00 each
2,160,000
2,430,000


The holders of the preference shares are entitled to redeem up to a maximum of 270,000 shares each year from the earliest date of redemption. The earliest date on which the holders could redeem any preference shares was 21 January 2020 and the latest date that they can be redeemed is 21 January 2031. Any redemption is at the discretion of the holder and not the Company. No premium is payable on redemption of these shares.


27.


Reserves

Share premium account

The share premium account represents the excess of the fair value of the shares issued above their nominal value.

Profit and loss account

The profit and loss account contains all current and prior period profit and losses, net of dividends paid and currency translation differences arising on consolidation.

Page 42

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
28.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

3,765,791

(473,933)

3,291,858

Debt due after 1 year

(4,669,338)

469,704

(4,199,634)

Debt due within 1 year

(262,939)

87,718

(175,221)

Finance leases

(194,008)

47,787

(146,221)


(1,360,494)
131,276
(1,229,218)


29.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Contracted for but not provided in these financial statements
755,000
-
755,000
-

755,000
-
755,000
-


30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £173,726 (2022: £164,120). Contributions totalling £18,988 (2022: £9,161) were payable to the fund at the reporting date and are included in creditors.

Page 43

 
OLPHINE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
28,359
47,842

Later than 1 year and not later than 5 years
32,477
11,339

60,836
59,181

The Company had no commitments under non-cancellable operating leases at the reporting date.


32.


Related party transactions

During the year the Group paid a market rent of €nil (2022: €17,190) for its use of the premises at 62 Chemin due Bois D'Alier, Charney Les Macon, France to Mr J G Barratt, director and ultimate shareholder of the Group.
The Group also paid rent of £30,000 (2022: £30,000) during the year to Mr J G Barratt for its use of the premises at Caynham Hill House, Ludlow, Shropshire. A balance owed to Mr J G Barratt and wife of £nil (2022: £79,166) was present at year end. A balance owed by Mr J G Barratt and wife £2,094 (2022: £nil) was present at year end.
At the year end Olphine Holdings Limited owed £1,305,090 (2022: £1,957,269) to SNG Group Limited, a subsidiary company.
At the year end Olphine Holdings Limited owed £354,359 (2022: £253,321) to S.N.G Barratt B.V, a subsidiary company.
At the year end Olphine Holdings Limited owed £791 (2022: £791) to BA Distributors Inc, a subsidiary company.
At the year end Olphine Holdings Limited owed £722,148 (2022: £687,599) to Chottie Limited, a subsidiary company.


33.


Controlling party

The Company is controlled by J G Barratt, the director, by virtue of his shareholding in the Company. 

 
Page 44