Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetruetruetruetruetruefalse2023-04-01falseNo description of principal activity3031false 04117552 2023-04-01 2024-03-31 04117552 2022-04-01 2023-03-31 04117552 2024-03-31 04117552 2023-03-31 04117552 2022-04-01 04117552 3 2023-04-01 2024-03-31 04117552 3 2022-04-01 2023-03-31 04117552 d:Director1 2023-04-01 2024-03-31 04117552 d:RegisteredOffice 2023-04-01 2024-03-31 04117552 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 04117552 e:Buildings e:LongLeaseholdAssets 2024-03-31 04117552 e:Buildings e:LongLeaseholdAssets 2023-03-31 04117552 e:MotorVehicles 2023-04-01 2024-03-31 04117552 e:MotorVehicles 2024-03-31 04117552 e:MotorVehicles 2023-03-31 04117552 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04117552 e:FurnitureFittings 2023-04-01 2024-03-31 04117552 e:FurnitureFittings 2024-03-31 04117552 e:FurnitureFittings 2023-03-31 04117552 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04117552 e:OfficeEquipment 2023-04-01 2024-03-31 04117552 e:OfficeEquipment 2024-03-31 04117552 e:OfficeEquipment 2023-03-31 04117552 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04117552 e:ComputerEquipment 2023-04-01 2024-03-31 04117552 e:ComputerEquipment 2024-03-31 04117552 e:ComputerEquipment 2023-03-31 04117552 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04117552 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04117552 e:CurrentFinancialInstruments 2024-03-31 04117552 e:CurrentFinancialInstruments 2023-03-31 04117552 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 04117552 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 04117552 e:ReportableOperatingSegment1 2023-04-01 2024-03-31 04117552 e:ReportableOperatingSegment1 2022-04-01 2023-03-31 04117552 f:UnitedKingdom 2023-04-01 2024-03-31 04117552 f:UnitedKingdom 2022-04-01 2023-03-31 04117552 f:RestEuropeOutsideUK 2023-04-01 2024-03-31 04117552 f:RestEuropeOutsideUK 2022-04-01 2023-03-31 04117552 f:RestWorldOutsideUK 2023-04-01 2024-03-31 04117552 f:RestWorldOutsideUK 2022-04-01 2023-03-31 04117552 e:UKTax 2023-04-01 2024-03-31 04117552 e:UKTax 2022-04-01 2023-03-31 04117552 e:ShareCapital 2024-03-31 04117552 e:ShareCapital 2023-03-31 04117552 e:ShareCapital 2022-04-01 04117552 e:SharePremium 2023-04-01 2024-03-31 04117552 e:SharePremium 2024-03-31 04117552 e:SharePremium 3 2023-04-01 2024-03-31 04117552 e:SharePremium 2023-03-31 04117552 e:SharePremium 2022-04-01 04117552 e:SharePremium 3 2022-04-01 2023-03-31 04117552 e:ForeignCurrencyTranslationReserve 2024-03-31 04117552 e:ForeignCurrencyTranslationReserve 3 2023-04-01 2024-03-31 04117552 e:ForeignCurrencyTranslationReserve 2023-03-31 04117552 e:ForeignCurrencyTranslationReserve 2022-04-01 04117552 e:ForeignCurrencyTranslationReserve 3 2022-04-01 2023-03-31 04117552 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04117552 e:RetainedEarningsAccumulatedLosses 2024-03-31 04117552 e:RetainedEarningsAccumulatedLosses 3 2023-04-01 2024-03-31 04117552 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04117552 e:RetainedEarningsAccumulatedLosses 2023-03-31 04117552 e:RetainedEarningsAccumulatedLosses 2022-04-01 04117552 e:RetainedEarningsAccumulatedLosses 3 2022-04-01 2023-03-31 04117552 e:RetirementBenefitObligationsDeferredTax 2024-03-31 04117552 e:RetirementBenefitObligationsDeferredTax 2023-03-31 04117552 e:OtherDeferredTax 2024-03-31 04117552 e:OtherDeferredTax 2023-03-31 04117552 d:OrdinaryShareClass1 2023-04-01 2024-03-31 04117552 d:OrdinaryShareClass1 2024-03-31 04117552 d:OrdinaryShareClass1 2023-03-31 04117552 d:FRS102 2023-04-01 2024-03-31 04117552 d:Audited 2023-04-01 2024-03-31 04117552 d:FullAccounts 2023-04-01 2024-03-31 04117552 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04117552 e:WithinOneYear 2024-03-31 04117552 e:WithinOneYear 2023-03-31 04117552 e:BetweenOneFiveYears 2024-03-31 04117552 e:BetweenOneFiveYears 2023-03-31 04117552 g:PoundSterling 2023-04-01 2024-03-31 04117552 f:UnitedKingdom 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04117552










ORIGIN STORAGE LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ORIGIN STORAGE LIMITED
 

COMPANY INFORMATION


Director
Mr S Eling 




Registered number
04117552



Registered office
Unit 2-4
The Rutherford Centre

Rutherford Road

Basingstoke

Hampshire

RG24 8PB




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
ORIGIN STORAGE LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Profit and Loss Account
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 24


 
ORIGIN STORAGE LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present the Strategic Report for the year ended 31 March 2024.

Business review
 
The start of FY 2023/2024 continued the trend of the previous year, with a lower level of customer demand than expected in Q1. Due to this low demand, it was challenging to hold prices with competitors being extremely pro-active, this led to a reduction in margins and an increase in smaller volume orders which in turn created additional work load pressure on many departments. 
Q2 remained fairly similar, with a slight improvement to revenues and margin compared to Q1 with the market easing a little but still very much a challenging landscape. From Q3, demand started to increase, however, supply remained tight which made maintaining stock levels more difficult. 
Q4 was the strongest of the financial year, outperforming Q3’s profitability by 20% which greatly helped balance the slower start in the first 6 months of the year.
The board acknowledges that we saw a decline in overall revenues of 2.65% compared to the previous year. It also acknowledges that costs increased significantly, including interest rates on borrowings and also the 6% hike in Corporation Tax which ultimately led to a 17% reduction in Profit after tax compared to last year, despite only a 2.65% revenue difference. Considering the market conditions, increased costs and challenges the board remains satisfied that this was still a strong year, and the business remains very profitable, especially compared to its competition.
Last year we actively pursued additional vendors to widen our product portfolio and customer reach, this year we have taken a more relaxed approach to allow time for those vendors/products to gain mindshare within our customer base without over-loading them with too many new products. The previous years vendors are growing consistently well and we will look to explore new vendors/partners in the next FY.

Principal risks and uncertainties
 
With our move into the Gaming and Business to Consumer (B2C) sales channel there is certainly a risk associated with the correct stock portfolio on these lines as stock ages much quicker in this channel owing to more frequent price fluctuations and changes in market demand. With it being a completely new revenue stream it is difficult to predict how big the rewards will be, we know the size of the market is very strong, but there is some uncertainty of how much of this market we will be able to penetrate in the short, medium and long term which again makes stocking correctly a challenge but also targeting and performance indicators are tough to set.
The market is still quiet compared to pre CV19 times, however signs are positive that FY24/25 will be much stronger.

Cash Flow and Liquidity risk
 
Moving into the new Gaming/B2C Sales Channel has certainly brought its challenges on cash flow owing to the nature of the products involved. Some of the products are considerably higher in ASP than we are used to and of course carrying more lines means our stock value has increased which places additional pressure on cashflow. However, it has also brought opportunities for higher volumes and quicker turnaround on sales opportunities which when utilising our invoice discounting to manage our working capital correctly greatly assists in minimising any cash flow risk.
Despite this year’s challenges and a lower result than originally expected we are still in a strong cash flow position going into our new FY.

Page 1

 
ORIGIN STORAGE LIMITED
 

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

Competitive risk
 
Competition remains as strong as ever in our existing channel and now we have got a new set of competition in the Gaming/B2C channel to consider also. We see competition as healthy, and it ensures complacency is kept to a minimum within the business. There will always be a risk that competitors steal business we believe is locked into Origin, however, mitigating that by being as close to our customers as possible is key and buy doing this we are also ensuring any additional opportunities are not overlooked.

Financial key performance indicators

2024
2023
      £000's
      £000's
Turnover

17,324

17,796
 
Gross profit

4,051

3,988
 
Gross profit %

23.4%

22.4%
 
Operating profit

1,438

1,393
 
Profit after tax

1,036

1,197
 
Net current assets

5,180

4,718
 


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



................................................
Mr S Eling
Director
Date: 21 October 2024

Page 2

 
ORIGIN STORAGE LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

Mr S Eling 

Future developments

In our next FY we are looking to expand our Sales Team with both VAR and Gaming specific account manager placements to maximise new account opportunities and ensure existing customers are being managed as effectively as possible. We are also looking to expand our current European business by attaining new customers in new territories across EMEA with a strong focus on bi-lingual sales recruitment once the foundations are in place. With a fairly aggressive target for the year ahead and the intended growth of the UK & EU Sales teams it is inevitable that additional back office staff will be required to ensure our service levels aren’t affected.
We will once again be pro-actively looking to attract new vendors into our portfolio and will be continuing to expand our “Origin” branded range of products in order to fulfil existing customer expectations but also are looking to meet new customer requirements with their differing demands.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

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

he 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's auditor is aware of that information.

Page 3

 
ORIGIN STORAGE LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditor

The auditor, James Cowper Kreston Auditwill 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.
 





................................................
Mr S Eling
Director
Date: 21 October 2024

Page 4

 
ORIGIN STORAGE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED
 

Opinion


We have audited the financial statements of Origin Storage Limited (the 'Company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the 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 Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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.


Page 5

 
ORIGIN STORAGE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ORIGIN STORAGE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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

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.


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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 Auditor's Report.


Page 7

 
ORIGIN STORAGE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)


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 Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

24 October 2024
Page 8

 
ORIGIN STORAGE LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,324,490
17,796,172

Cost of sales
  
(13,273,883)
(13,808,007)

Gross profit
  
4,050,607
3,988,165

Administrative expenses
  
(2,612,732)
(2,594,699)

Operating profit
 5 
1,437,875
1,393,466

Interest receivable and similar income
 9 
529
633

Interest payable and similar expenses
 10 
(83,190)
(60,465)

Profit before tax
  
1,355,214
1,333,634

Tax on profit
 11 
(319,022)
(136,260)

Profit for the financial year
  
1,036,192
1,197,374

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
ORIGIN STORAGE LIMITED
REGISTERED NUMBER: 04117552

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
185,612
74,393

Current assets
  

Stocks
 14 
2,654,317
1,539,430

Debtors: amounts falling due within one year
 15 
5,958,398
5,274,713

Cash at bank and in hand
 16 
489,974
269,073

  
9,102,689
7,083,216

Creditors: amounts falling due within one year
 17 
(3,922,503)
(2,365,119)

Net current assets
  
 
 
5,180,186
 
 
4,718,097

Total assets less current liabilities
  
5,365,798
4,792,490

Provisions for liabilities
  

Deferred tax
 18 
(37,506)
(10,809)

  
 
 
(37,506)
 
 
(10,809)

Net assets
  
5,328,292
4,781,681


Capital and reserves
  

Called up share capital 
 19 
810
810

Share premium account
 20 
56,240
56,240

Foreign exchange reserve
 20 
4,810
19,391

Profit and loss account
 20 
5,266,432
4,705,240

  
5,328,292
4,781,681


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



................................................
Mr S Eling
Director
Date: 21 October 2024

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
ORIGIN STORAGE LIMITED
 

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


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

£
£
£
£
£

At 1 April 2023
810
56,240
19,391
4,705,240
4,781,681



Profit for the year
-
-
-
1,036,192
1,036,192

Dividends: Equity capital
-
-
-
(475,000)
(475,000)

Movement in foreign exchange
-
-
(14,581)
-
(14,581)


At 31 March 2024
810
56,240
4,810
5,266,432
5,328,292



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


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

£
£
£
£
£

At 1 April 2022
810
56,240
-
3,707,866
3,764,916



Profit for the year
-
-
-
1,197,374
1,197,374

Dividends: Equity capital
-
-
-
(200,000)
(200,000)

Movement in foreign exchange
-
-
19,391
-
19,391


At 31 March 2023
810
56,240
19,391
4,705,240
4,781,681


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
ORIGIN STORAGE LIMITED
 

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

1.


General information

Origin Storage Limited (registered number 04117552) is a private company, limited by shares and registered in England and Wales under the Companies Act. The Company's principal place of trade and registered office is Unit 2-4, The Rutherford Centre, Rutherford Road, Basingstoke, Hampshire, RG24 8PB.

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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Origin Storage Group Holdings Limited as at 31 March 2024 and these financial statements may be obtained from its registered office Unit 2-4 The Rutherford Centre, Rutherford Road, Basingstoke, Hampshire, England, RG24 8PB.

Page 12

 
ORIGIN STORAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency
The Company'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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account within 'administrative expenses'
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administrative expenses'. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Rendering of services

Revenue 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 revenue can be measured reliably;
it is probable that the Company 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.

Page 13

 
ORIGIN STORAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Operating leases

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.7

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 14

 
ORIGIN STORAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Integral features
-
over lease term
Motor vehicles
-
25%
per annum
Fixtures and fittings
-
25%
per annum
Office equipment
-
33%
per annum
Computer equipment
-
25%
per annum

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.

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 
ORIGIN STORAGE LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and related parties.
Short term debtors and creditors are measured at the transaction price, less any impairment. Other financial instruments 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.
Financial liabilities and equity are classified according to the substance of the financial instrument’s
contractual obligations, rather than the financial instrument’s legal form.

 
2.13

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting polocies and reported amounts of assets, liabilities income and expenses. Actual results may differ from the estimates. 
The items in the financial statements where these judgements and estimates have been made include:
Useful economic lives
The annual amortisation charge for intangible assets is sensitive to change in the estimated useful economic lives and residual value of the asset. 
Provisions
As part of the identification and measurement of assets and liabilities, the Company has recognised a provision for impaired stock. In determining the fair value of the provision, assumptions and estimates are made in relation to future product sales. 

Page 16

 
ORIGIN STORAGE 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
£
£

Sale of products
17,324,490
17,796,172


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,198,676
14,725,379

Rest of Europe
1,817,936
2,384,955

Rest of the world
307,878
685,838

17,324,490
17,796,172



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Defined contribution and other pension costs
57,659
41,312

Exchange differences
(7,727)
42,388

Other operating lease rentals
125,148
96,174

Depreciation
31,379
22,958

Page 17

 
ORIGIN STORAGE LIMITED
 

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

6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
14,700
14,000


7.


Employees

2024
2023
£
£

Wages and salaries
1,304,358
1,399,559

Social security costs
143,659
177,359

Cost of defined contribution scheme
57,659
41,312

1,505,676
1,618,230


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


        2024
        2023
            No.
            No.







Employees and Directors
30
31


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
27,827
99,301

Company contributions to defined contribution pension schemes
24,660
3,800

52,487
103,101


During the year retirement benefits were accruing to 1 director (2023 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
529
633

Page 18

 
ORIGIN STORAGE LIMITED
 

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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
68,190
45,465

Finance leases and hire purchase contracts
15,000
15,000

83,190
60,465


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
298,849
188,753

Adjustments in respect of previous periods
(6,524)
(49,575)


292,325
139,178


Total current tax
292,325
139,178

Deferred tax


Origination and reversal of timing differences
26,697
(2,918)

Total deferred tax
26,697
(2,918)


Taxation on profit on ordinary activities
319,022
136,260
Page 19

 
ORIGIN STORAGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,355,214
1,333,634


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
338,804
253,390

Effects of:


Expenses not deductible for tax purposes
20,619
(39,777)

Capital allowances for year in excess of depreciation
-
(732)

Fixed asset differences
-
(331)

Adjustments to tax charge in respect of prior periods
(6,524)
(49,575)

Movement in deferred tax not recognised
-
130

Group relief
(33,877)
(26,845)

Total tax charge for the year
319,022
136,260


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
475,000
200,000

475,000
200,000

Page 20

 
ORIGIN STORAGE LIMITED
 

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

13.


Tangible fixed assets





Integral features
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
26,724
2,500
25,975
12,889
119,468
187,556


Additions
-
34,788
9,177
378
99,645
143,988


Disposals
-
-
(3,060)
(1,132)
(19,250)
(23,442)



At 31 March 2024

26,724
37,288
32,092
12,135
199,863
308,102



Depreciation


At 1 April 2023
2,801
2,500
17,476
7,601
82,785
113,163


Charge for the year on owned assets
2,291
2,316
3,134
2,193
21,445
31,379


Disposals
-
-
(3,060)
(1,132)
(17,860)
(22,052)



At 31 March 2024

5,092
4,816
17,550
8,662
86,370
122,490



Net book value



At 31 March 2024
21,632
32,472
14,542
3,473
113,493
185,612



At 31 March 2023
23,923
-
8,499
5,288
36,683
74,393

Page 21

 
ORIGIN STORAGE LIMITED
 

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

14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,654,317
1,539,430


15.


Debtors: Amounts falling due within one year

2024
2023
£
£


Trade debtors
2,650,712
2,407,986

Amounts owed by group undertakings
2,982,940
2,576,068

Other debtors
16,641
26,379

Prepayments and accrued income
308,105
264,280

5,958,398
5,274,713



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
489,974
269,073



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,651,827
1,206,406

Corporation tax
156,392
89,067

Other taxation and social security
378,290
322,078

Other creditors
1,515,553
550,619

Accruals and deferred income
220,441
196,949

3,922,503
2,365,119


Other creditors includes invoice financing facilities which are secured by fixed and floating charges over the assets of the Company.

Page 22

 
ORIGIN STORAGE LIMITED
 

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

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(10,809)
(13,727)


Charged to profit or loss
(26,697)
2,918



At end of year
(37,506)
(10,809)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(39,862)
(11,849)

Short term timing differences
2,356
1,040

(37,506)
(10,809)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



810 (2023 - 810) Ordinary shares of £1.00 each
810
810



20.


Reserves

Share premium account

The share premium account represents the difference between the par value of the shares issued and the issue price.

Profit and loss account

This reserve records retained earnings and accumulated losses, net of dividends paid.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £57,659 (2023: £41,312). At the year end £13,741 was payable to the pension provider (2023: £6,843).

Page 23

 
ORIGIN STORAGE LIMITED
 

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

22.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
154,999
88,184

Later than 1 year and not later than 5 years
150,686
140,900

305,685
229,084


23.


Related party transactions

The Company is exempt from disclosing related party transactions with other 100% owned members of the Group by virtue of FRS 102 section 33.1A.


24.


Controlling party

At the balance sheet date the Company was controlled by Origin Storage Holdings Limited, by virtue of its 100% shareholding, a company incorporated in the United Kingdom. The registered office is Unit 2-4, The Rutherford Centre, Rutherford Road, Basingstoke, Hampshire, RG24 8PB.
Origin Storage Holdings Group Limited is the parent of the smallest and largest group to consolidate these financial statements. Copies of these financial statements may be obtained from Companies House. 
The ultimate controlling party is Mr S Eling.


Page 24