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Registered number: 08239648










ON LINE GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ON LINE GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
S Laird 
J Laird 
S A Laird 
M J Dent 
J Fox 
S L Green (appointed 28 May 2024)




Company secretary
J Fox



Registered number
08239648



Registered office
On Line House
Pelham Road

Immingham

North Lincolnshire

DN40 1AB




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

Cedar House

63 Napier Street

Sheffield

South Yorkshire

S11 8HA




Bankers
Barclays Bank plc
35 Victoria Street

Grimsby

N E Lincolnshire

DN31 1DE





 
ON LINE GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated statement of cash flows
 
15 - 16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 36


 
ON LINE GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity
 
The principal activity of the Group is design, consultancy and project management services for the refining, power, nuclear, oil & gas, pharmaceutical, renewable energy, food & drink, and chemical industries along with recruitment and the provision of recruitment solutions within the process engineering, industrial automation, energy, health and commercial sectors.

Business review
 
During the year ended 31 March 2024 the Group’s turnover has grown by 10.8% following a return to investment and growth in the industries within which the Group operates.
The start of growth seen in the latter part of the prior year continued to take hold and provide a much more stable platform for trading and opportunities. The Group saw further return to the customer investment and industry growth to enabling the Group to return to a profitable position. The Group has maintained strong relationships with its clients against challenging market conditions within the oil and gas sector through diversification and further improving the gross margin to 19.2%. 
The Group has continued to provide high quality services to its blue-chip customer base throughout the year and considers the strength of its existing contracts key to future development and growth. In the coming year the Group is expected to continue this improved profitability and continues to manage associated overhead costs to provide a continued platform for future growth.
The directors consider the net profit in the year to be encouraging as the extensive efficiency and overhead savings exercises in prior years, have brought an improvement in the profit/(loss) before taxation of over £900,000 when comparing 2023/2024 against the prior year. 
The Company has maintained a positive Balance sheet and liquidity indicators are positive.

Financial key performance indicators
 
The Group’s key performance indicators for the year are as follows:
- Turnover - £27,701,949 (2023: £24,994,812)
- Gross profit - £5,313,282 (2023: £4,162,281)
- Gross margin - 19.2% (2023: 16.6%)
- Profit before tax - £773,738 (2023: loss of £126,230)
The directors consider the gross margin in the year to be in line with the market conditions and current industry performance for similar services. 
During the year the OLG board of directors made the decision to merge the business of BPE Design and Support Limited into that of On Line Design and Engineering Limited. This merger allows the leadership team to gain from the synergies between the existing operating methods as well as continue to develop best in class offerings through the sharing of common goals. The merger was completed on the 31st March 2024 and the carrying values of the balance sheets of the two entities were merged at the balance sheet date. No goodwill was generated as a result of the transaction. 
In addition to this the OLG board of directors approved a significant investment to make improvements to the working environment within OLG’s head offices in May 2024. This renovation project brings the opportunity to showcase to the Group’s clients and workforce, the commitment to future innovation and modern working practices. 

Page 1

 
ON LINE GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The directors’ consideration towards the principal risks facing the Group are set out in the Director’s report.


This report was approved by the board on 13 August 2024 and signed on its behalf.



S A Laird
Director

Page 2

 
ON LINE GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

S Laird 
J Laird 
S A Laird 
M J Dent 
J Fox 

Directors' responsibilities statement

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

 In preparing these financial statements, the directors are required to:


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £759,736 (2023 - loss £147,775).

Page 3

 
ON LINE GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial instruments

The Group uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.
The main risk arising from the Group's financial instruments is liquidity risk. The directors review and agree policies for managing the risk and they are summarised below. The policy has remained unchanged from previous years.
Price risk, credit risk, liquidity risk and cash flow risk
The market has become increasingly competitive in recent years and as a result there is a constant requirement to communicate both with the client and the current workforce in order to ensure both client satisfaction and workforce stability. This is achieved by the Group's engineering professionalism and maintaining the flexibility to react to the clients' requirements. This approach sets the Group above the competition and hence maintains market share. The directors remain vigilant in order to ensure that the Group is aware of any weaknesses that would give competitors an advantage.
As the economic climate improves and clients' requirements increase, the Group needs to be responsive and increase personnel levels at short notice.
The Group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings by international credit-rating agencies. The principal credit risk arises therefore from the Group's trade debtors. 
A visible effect of the difficult economic climate has been an increase in the payment days taken by clients. Fortunately the majority of clients are blue chip and not liable to default, however the Group has adopted a strategy of invoicing weekly instead of monthly wherever possible in order to minimise the cash flow effects.
In order to manage credit risk the directors set limits for clients based on a combination of payment history and third party credit references. Credit limits are reviewed by the Group finance team on a regular basis in conjunction with debt ageing and objective history.
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Employee engagement

The Group operates an "open door" policy with all employees, consultation taking place where necessary.
The Group have a staff communication portal enabling the systematic sharing of information regarding matters of concern to employees including business updates and personal achievements. All staff are provided with a monthly briefing regarding key information and events affecting the Group. These communication systems are designed to ensure the workforce is made aware of any material changes or developments affecting them. 
Directors engage in weekly forums to enable head of departments to share their views and support in the decision-making processes. Employees are given freedom of opportunity to put forward constructive suggestions relating to the improvement of working methods, operating efficiency, and cost savings. These forums are also used to raise employee awareness of the factors affecting company performance.
The Group has undertaken staff survey exercises as part of a continual programme of improvement of the engagement of the workforce and given significant efforts to improving staff benefits to support and maintain key employees.

Page 4

 
ON LINE GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Group continues and that appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

Qualifying third party indemnity provisions

The directors have been granted a qualifiying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Disclosure of information to auditors

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

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


Auditors

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

This report was approved by the board on 13 August 2024 and signed on its behalf.
 





S A Laird
Director

Page 5

 
ON LINE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON LINE GROUP LIMITED
 

Opinion


We have audited the financial statements of On Line Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31March2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the 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 31March2024 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
ON LINE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON LINE GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 Directors' 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 Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' Report.


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ON LINE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON LINE GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations; and 
through discussions with the directors and other management and from our commercial knowledge, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed the general ledger entries during the year to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimate were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
considering relationships with HMRC and other relevant regulators; and
reviewing legal and professional costs to identify any indicators of litigation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
 
Page 8

 
ON LINE GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ON LINE GROUP LIMITED (CONTINUED)


Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.


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.





Andrew Irvine (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA

13 August 2024
Page 9

 
ON LINE GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
27,701,949
24,994,812

Cost of sales
  
(22,388,667)
(20,832,531)

Gross profit
  
5,313,282
4,162,281

Administrative expenses
  
(4,517,725)
(4,286,532)

Other operating income
 5 
4,500
2,580

Operating profit/(loss)
 6 
800,057
(121,671)

Interest receivable and similar income
 10 
1,246
1,241

Interest payable and similar expenses
 11 
(27,565)
(5,800)

Profit/(loss) before taxation
  
773,738
(126,230)

Tax on profit/(loss)
 12 
(5,252)
(12,152)

Profit/(loss) for the financial year
  
768,486
(138,382)

  

Dividends paid to non-controlling interests
  
(3,984)
(4,980)

Other comprehensive income for the year
  
(3,984)
(4,980)

Total comprehensive income for the year
  
764,502
(143,362)

Profit/(loss) for the year attributable to:
  

Non-controlling interests
  
8,750
9,393

Owners of the parent Company
  
759,736
(147,775)

  
768,486
(138,382)

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
ON LINE GROUP LIMITED
REGISTERED NUMBER: 08239648

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
833,321
969,689

Tangible assets
 15 
1,987,184
1,823,601

Investment property
 17 
1,674,848
1,674,848

  
4,495,353
4,468,138

Current assets
  

Stocks
 18 
74,450
38,333

Debtors: amounts falling due within one year
 19 
7,142,289
6,152,425

Cash at bank and in hand
 20 
93,435
-

  
7,310,174
6,190,758

Creditors: amounts falling due within one year
 21 
(3,622,162)
(2,862,745)

Net current assets
  
 
 
3,688,012
 
 
3,328,013

Total assets less current liabilities
  
8,183,365
7,796,151

Provisions for liabilities
  

Deferred taxation
 22 
(65,192)
(76,980)

Net assets
  
8,118,173
7,719,171


Capital and reserves
  

Called up share capital 
 23 
5,750,000
5,750,000

Profit and loss account
 24 
2,326,303
1,932,067

Equity attributable to owners of the parent Company
  
8,076,303
7,682,067

Non-controlling interests
  
41,870
37,104

  
8,118,173
7,719,171


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.



S A Laird
J Fox
Director
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
ON LINE GROUP LIMITED
REGISTERED NUMBER: 08239648

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
200,878
-

Investments
 16 
7,949,965
7,949,965

Current assets
  

Debtors: amounts falling due within one year
 19 
1,567,761
1,710,200

Cash at bank and in hand
 20 
3,272
1,575

  
1,571,033
1,711,775

Creditors: amounts falling due within one year
 21 
(5,973)
(2,401)

Net current assets
  
 
 
1,565,060
 
 
1,709,374

Total assets less current liabilities
  
9,715,903
9,659,339

Net assets
  
9,715,903
9,659,339


Capital and reserves
  

Called up share capital 
 23 
5,750,000
5,750,000

Profit and loss account
 24 
3,965,903
3,909,339

  
9,715,903
9,659,339


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.


S A Laird
J Fox
Director
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 12

 
ON LINE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


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

£
£
£
£
£


At 1 April 2022
5,750,000
2,241,342
7,991,342
32,691
8,024,033


Comprehensive income for the year

Loss for the year
-
(147,775)
(147,775)
9,393
(138,382)

Dividends to NCI
-
-
-
(4,980)
(4,980)
Total comprehensive income for the year
-
(147,775)
(147,775)
4,413
(143,362)


Contributions by and distributions to owners

Dividends: Equity capital
-
(161,500)
(161,500)
-
(161,500)


Total transactions with owners
-
(161,500)
(161,500)
-
(161,500)



At 1 April 2023
5,750,000
1,932,067
7,682,067
37,104
7,719,171


Comprehensive income for the year

Profit for the year
-
759,736
759,736
8,750
768,486

Dividends to non-controlling interests
-
-
-
(3,984)
(3,984)
Total comprehensive income for the year
-
759,736
759,736
4,766
764,502


Contributions by and distributions to owners

Dividends: Equity capital
-
(365,500)
(365,500)
-
(365,500)


Total transactions with owners
-
(365,500)
(365,500)
-
(365,500)


At 31 March 2024
5,750,000
2,326,303
8,076,303
41,870
8,118,173


The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
ON LINE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
5,750,000
3,915,595
9,665,595


Comprehensive income for the year

Profit for the year
-
155,244
155,244
Total comprehensive income for the year
-
155,244
155,244


Contributions by and distributions to owners

Dividends: Equity capital
-
(161,500)
(161,500)


Total transactions with owners
-
(161,500)
(161,500)



At 1 April 2023
5,750,000
3,909,339
9,659,339


Comprehensive income for the year

Profit for the year
-
422,064
422,064
Total comprehensive income for the year
-
422,064
422,064


Contributions by and distributions to owners

Dividends: Equity capital
-
(365,500)
(365,500)


Total transactions with owners
-
(365,500)
(365,500)


At 31 March 2024
5,750,000
3,965,903
9,715,903


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
ON LINE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
768,486
(138,382)

Adjustments for:

Amortisation of intangible assets
136,368
136,368

Depreciation of tangible assets
272,224
230,441

Profit on disposal of tangible assets
(520)
-

Interest paid
27,564
5,800

Interest received
(1,246)
(1,241)

Taxation charge
5,252
12,152

(Increase) in stocks
(36,117)
(11,102)

(Increase) in debtors
(978,151)
(429,514)

Increase in creditors
757,186
234,686

Corporation tax (paid)/received
(17,040)
18,729

Net cash generated from operating activities

934,006
57,937


Cash flows from investing activities

Purchase of tangible fixed assets
(436,757)
(221,792)

Sale of tangible fixed assets
1,470
-

Interest received
1,246
1,241

Net cash from investing activities

(434,041)
(220,551)
Page 15

 
ON LINE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
(365,500)
(161,500)

Dividends paid to non-controlling interests
(3,984)
(4,980)

Interest paid
(27,564)
(5,800)

Net cash used in financing activities
(397,048)
(172,280)

Net increase/(decrease) in cash and cash equivalents
102,917
(334,894)

Cash and cash equivalents at beginning of year
(17,226)
317,668

Cash and cash equivalents at the end of year
85,691
(17,226)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
93,435
-

Bank overdrafts
(7,744)
(17,226)


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
ON LINE GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

-

93,435

93,435

Bank overdrafts

(17,226)

9,482

(7,744)


-

-

-


(17,226)
102,917
85,691

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales, and the company registration number is 08239648. The address of the registered office is On Line House, PelhamRoad, Immingham, North Lincolnshire, DN40 1AB. 
The principal activity of the Group is design, consultancy and project management services for the refining, power, nuclear, oil & gas, pharmaceutical, renewable energy, food & drink, and chemical industries along with recruitment and the provision of recruitment solutions within the process engineering, automotive, industrial automation, energy, and commercial sectors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The Company's functional and presentational currency is pounds sterling.

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 judgement 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 Profit and Loss Account 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 Balance Sheet, 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 Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Page 18

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full-time employment. Provision is made for the expected cost of meeting obligations where employees do not work for the specified contractual period.
Turnover arising from temporary placements is recognised over the period that temporary workers are provided.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

Page 19

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.8

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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company 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 balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
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 balance sheet date.

Page 20

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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 Profit and Loss Account over its useful economic life.

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.

 
2.11

Tangible fixed assets

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

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, which are set out below.

Depreciation is provided on the following basis:

Land and buildings
-
2%
straight line
Assets under construction
-
no depreciation charged until completed
Plant and machinery
-
25%
reducing balance
Office equipment
-
25%
straight line
Motor vehicles
-
25%
reducing balance

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

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

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 21

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

In the case of long term contracts, where the outcome of individual contracts can be estimated reliably and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. The stage of completion is assessed by reference to the proportion of work done relative to the total value of work under the contract. Provision is made for all known or expected losses on individual contracts in the year in which such losses are foreseen.

 
2.15

Holiday pay accrual

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

  
2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

Page 22

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgements in applying the entity's accounting policies
No significant judgements have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
Preparation of the financial statements requires management to make significant judgements and estimates. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that will have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience. See the debtors note to the financial statements for the net carrying amounts of trade debtors, stated after the associated impairment provision.
Amounts recoverable on long term contracts
The Group makes an estimate of the recoverable value of work performed on long term contracts where invoices have not yet been raised. This is done based on the levels of costs incurred, both from detailed timesheet records and other purchase invoices received and the contractual terms with customers. See the debtors note to the financial statements for the net carrying amounts recoverable on long term contracts, stated after the associated impairment provision.
Level of accrued income
At the year end the Group has to make an estimate of the level of income to accrue based on work performed for clients where invoices have not yet been raised. This is done based on detailed timesheet information and the client's contractual terms. See the debtors note to the financial statements for the level of accrued income, along with prepayments, at the year end.

Page 23

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of design, consultancy and project management services
13,553,242
9,632,672

Provision of recruitment services
10,230,358
11,987,026

Provision of engineering services
3,918,349
3,375,113

27,701,949
24,994,811


All turnover arose within the United Kingdom.

All of the turnover for both years was in respect of work performed in the United Kingdom.


5.


Other operating income

2024
2023
£
£

Grants received
4,500
2,580



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation expense
272,224
230,441

Amortisation expense
136,368
136,368

Other operating lease rentals
98,965
103,966

Profit on disposal of fixed assets
(520)
-

Page 24

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
61,300
54,500

2024
2023
£
£

Fees payable to the Group's auditor in respect of:


Taxation compliance services
4,000
3,500

All other services
-
5,982

4,000
9,482








8.


Employees

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


Group
Group
2024
2023
£
£

Wages and salaries
15,187,268
14,521,878

Social security costs
1,472,909
1,568,980

Cost of defined contribution scheme
326,804
297,661

16,986,981
16,388,519


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


        2024
        2023
            No.
            No.







Administration and support
25
27



Sales, marketing & distribution, design team and engineers
246
265



Other departments
4
5

275
297

Page 25

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
555,874
683,795

Group contributions to defined contribution pension schemes
28,923
938

584,797
684,733


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £145,098 (2023 - £206,746).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,000 (2023 - £NIL).


10.


Interest receivable and similar income

2024
2023
£
£


Other interest receivable
1,246
1,241


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5,219
5,800

Other interest payable
19,974
-

Loans from group undertakings
73
-

Other interest payable
2,299
-

27,565
5,800

Page 26

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tax


2024
2023
£
£

Corporation tax


Current tax on profit for the year
17,040
-

Adjustments in respect of previous periods
-
(18,730)

Total current tax
17,040
(18,730)

Deferred tax


Origination and reversal of timing differences
(11,788)
30,882


Taxation on profit on ordinary activities
5,252
12,152

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
773,739
(126,230)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
193,435
(23,984)

Effects of:


Expenses not deductible for tax purposes
143,612
56,787

Capital allowances for year in excess of depreciation
14,611
(3,189)

Other permanent differences
145
114

Remeasurement of deferred tax for changes in tax rates
-
(167,726)

Movements in deferred tax not recognised
(257,462)
199,569

Adjustments to tax charge in respect of prior periods
17,040
(18,730)

Non-taxable income
(106,129)
(30,689)

Total tax charge for the year
5,252
12,152


13.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
365,500
161,500

Page 27

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Goodwill

£



Cost


At 1 April 2023
1,638,818



At 31 March 2024

1,638,818



Amortisation


At 1 April 2023
669,129


Charge for the year on owned assets
136,368



At 31 March 2024

805,497



Net book value



At 31 March 2024
833,321



At 31 March 2023
969,689



Page 28

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Land and buildings
Plant and machinery
Office equipment
Motor vehicles
Total

£
£
£
£
£



Cost


At 1 April 2023
1,436,877
123,341
1,673,714
199,289
3,433,221


Additions
202,566
10,856
208,137
15,198
436,757


Disposals
-
-
-
(3,603)
(3,603)



At 31 March 2024

1,639,443
134,197
1,881,851
210,884
3,866,375



Depreciation


At 1 April 2023
91,675
81,199
1,293,857
142,889
1,609,620


Charge for the year on owned assets
55,815
13,404
187,955
15,050
272,224


Disposals
-
-
-
(2,653)
(2,653)



At 31 March 2024

147,490
94,603
1,481,812
155,286
1,879,191



Net book value



At 31 March 2024
1,491,953
39,594
400,039
55,598
1,987,184



At 31 March 2023
1,345,202
42,142
379,857
56,400
1,823,601

Page 29

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


Additions
202,566



At 31 March 2024

202,566



Depreciation


Charge for the year on owned assets
1,688



At 31 March 2024

1,688



Net book value



At 31 March 2024
200,878



At 31 March 2023
-





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


2024
2023
£
£

Freehold
200,878
-


Page 30

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 April 2023
7,949,965



At 31 March 2024
7,949,965







The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

On Line Design and Engineering Limited
England and Wales
Ordinary
100%
On Line People Limited
England and Wales
Ordinary
100%
BPE Design and Support Ltd.
England and Wales
Ordinary
100%
On Line Support Personnel Limited
England and Wales
Ordinary
100%
Media Excel Limited
England and Wales
Ordinary
75.1%
On Line Hire Limited
England and Wales
Ordinary
100%
BMCF (MLS) Limited
England and Wales
Ordinary
100%

Page 31

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 April 2023
1,674,848



At 31 March 2024
1,674,848

The investment property was revalued at January 2023 by PPH Commercial, independent valuers not connected with the company, on the basis of market value. The directors have concluded that this value remains appropriate at the reporting date.






If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,754,966
1,754,966

Accumulated depreciation and impairments
(115,217)
(80,118)

1,639,749
1,674,848




18.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
74,450
38,333


Page 32

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,431,567
3,963,512
-
-

Amounts owed by group undertakings
-
-
1,567,761
1,710,200

Other debtors
12,373
17,172
-
-

Prepayments and accrued income
926,202
1,397,134
-
-

Amounts recoverable on long term contracts
1,772,147
774,607
-
-

7,142,289
6,152,425
1,567,761
1,710,200



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Cash at bank and in hand
93,435
-
3,272
1,575

Less: bank overdrafts
(7,744)
(17,226)
-
-

85,691
(17,226)
3,272
1,575



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank overdrafts
7,744
17,226
-
-

Trade creditors
800,472
477,131
-
-

Amounts owed to group undertakings
-
-
2,000
-

Corporation tax
11,714
-
-
-

Other taxation and social security
1,247,459
1,380,241
-
-

Other creditors
924,318
558,339
-
-

Accruals and deferred income
630,455
429,808
3,973
2,401

3,622,162
2,862,745
5,973
2,401


Page 33

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Deferred taxation


Group



2024


£






At beginning of year
76,980


Charged to profit or loss
1,479


Utilised in year
(10,309)



At end of year
(65,192)

Company


2024






At end of year
-



The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
77,836
79,301

Short term timing differences
(524)
(2,321)

Losses and other deductions
(12,120)
-

65,192
76,980


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,750,000 (2023 - 5,750,000) Ordinary shares of £1.00 each
5,750,000
5,750,000


Page 34

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Reserves

Profit and loss account

The profit and loss account consists of profits made by the Group attributable to the shareholders of the parent company.

Non-controlling interest
Non-controlling interests consists of profits made by the Group attributable to other shareholders.


25.


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 £318,647 (2023 - £289,561). Contributions totalling £39,299 (2023 - £29,860) were payable to the fund at the balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
74,826
93,391

Later than 1 year and not later than 5 years
35,871
112,926

110,697
206,317

Lease payments recognised as an expense in the year amounted to £98,965 (2023 - £89,639).


27.Other financial commitments

The Parent Company is subject to a fixed and floating charge over all assets of the Company, providing a cross guarantee against an overdraft held in another Group company. The value of the potential liability is
subject to variation depending on the amount of overdraft being utilised.

Page 35

 
ON LINE GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Related party transactions

Total key management compensation for the year was £1,106,456 (2023: £1,145,906) representing amounts paid with respect to Group and subsidiary company directors. Dividends paid to directors in the year totalled £369,484 (2023: £166,480). Details of loans provided by directors to the Group are set out in the table below.


2024
2023
£
£

At start of period
(281,757)
(117,703)
Advanced
(364,490)
(161,054)
Repaid
28,000
(3,000)
Interest transactions
(19,974)
-
(638,221)
(281,757)


29.


Controlling party

The ultimate controlling party is Mrs S Laird by virtue of her being a director and majority shareholder of On Line Group Limited.

Page 36