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Registered number: 12311691










ORIGIN STORAGE HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
ORIGIN STORAGE HOLDINGS LIMITED
 

COMPANY INFORMATION


Director
Mr S Eling 




Registered number
12311691



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 HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 15


 
ORIGIN STORAGE HOLDINGS 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 company is a non trading holding company and therefore the director does not believe it is necessary to provide a detailed analysis of the year under review. 

Principal risks and uncertainties
 
Given that the company is a non trading holding company there are no sigfnificant risks arising. Details of risks faced by the subsidiary, Origin Storage Limited, can be found in that entities financial statements. 


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



Mr S Eling
Director

Date: 21 October 2024

Page 1

 
ORIGIN STORAGE HOLDINGS 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'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.

Results and dividends

The profit for the year, after taxation, amounted to £456,884 (2023 - £148,132).

Director

The director who served during the year was:

Mr S Eling 

Future developments

Origin’s future growth plan for the following year is heavily focussed on the Gaming Sector and Business to Consumer customers specifically. With the addition of our new Gaming Business Development Director we are targeting a large volume of additional business stemming from many new customers in this sector alongside new vendor partnerships which further cements Origin’s brand with its customers. Whilst there will be a strong focus on B2C with these new products, they also represent potential new revenue streams in our existing B2B customer base as high spec technology is required to power AI & Research functions within the End User.
We are also furthering last year’s efforts on efficiency and are deploying a fully traceable, hand held scanner logistics system within our current ERP system which will greatly reduce picking times alongside reducing potential human errors when shipping goods. We are also refitting our offices to allow for purpose built space not only for our admin staff but also our integration centre which has seen great growth this year.

Page 2

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

Disclosure of information to auditor

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

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

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 3

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

Opinion


We have audited the financial statements of Origin Storage Holdings Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, 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 4

 
ORIGIN STORAGE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE HOLDINGS 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 2, 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 5

 
ORIGIN STORAGE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE HOLDINGS 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.


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;


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 6

 
ORIGIN STORAGE HOLDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE HOLDINGS 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 7

 
ORIGIN STORAGE HOLDINGS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

  

Administrative expenses
  
(11,599)
(29,439)

Other operating income
 4 
-
9,000

Operating loss
  
(11,599)
(20,439)

Income from fixed assets investments
  
475,000
200,000

Interest payable and similar expenses
 8 
(6,517)
(31,429)

Profit before tax
  
456,884
148,132

Profit for the financial year
  
456,884
148,132

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 15 form part of these financial statements.

Page 8

 
ORIGIN STORAGE HOLDINGS LIMITED
REGISTERED NUMBER: 12311691

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 10 
3,843,954
3,843,954

Current assets
  

Debtors: amounts falling due within one year
 11 
151
151

  
151
151

Creditors: amounts falling due within one year
 12 
(2,919,605)
(2,966,489)

Net current liabilities
  
 
 
(2,919,454)
 
 
(2,966,338)

Total assets less current liabilities
  
924,500
877,616

  

Net assets
  
924,500
877,616


Capital and reserves
  

Called up share capital 
 13 
1,000
1,000

Other reserves
 14 
897,164
897,164

Profit and loss account
 14 
26,336
(20,548)

  
924,500
877,616


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 11 to 15 form part of these financial statements.

Page 9

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
1,000
897,164
(20,548)
877,616



Profit for the year
-
-
456,884
456,884

Dividends paid
-
-
(410,000)
(410,000)


At 31 March 2024
1,000
897,164
26,336
924,500


The notes on pages 11 to 15 form part of these financial statements.


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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
1,000
897,164
(118,680)
779,484



Profit for the year
-
-
148,132
148,132

Dividends: Equity capital
-
-
(50,000)
(50,000)


At 31 March 2023
1,000
897,164
(20,548)
877,616


The notes on pages 11 to 15 form part of these financial statements.

Page 10

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

1.


General information

Origin Storage Holdings Limited (registered number 12311691) is a private company, limited by shares and registered in England and Wales under the Companies Act. The Company was incorporated on 12 November 2019. The Company's 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 financial statements are rounded to the nearest whole pound sterling. 

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

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 Holdings Group Limited as at 31 March 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ..

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Borrowing costs

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

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 11

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Debtors

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

 
2.7

Creditors

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

 
2.8

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.
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.
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.

 
2.9

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

There are no significant judgments or estimates made during the preparation of these financial statements


4.


Other operating income

2024
2023
£
£

Management charges
-
9,000


Page 12

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

5.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
6,825
6,500


6.


Employees



The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).




7.


Income from investments

2024
2023
£
£




Dividends received
475,000
200,000



8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
6,517
31,429


9.


Dividends

2024
2023
£
£


Dividends paid
410,000
50,000

410,000
50,000

Page 13

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
3,843,954



At 31 March 2024
3,843,954





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Origin Storage Limited
Ordinary
100%




11.


Debtors

2024
2023
£
£


Prepayments and accrued income
151
151



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,262
2,871

Amounts owed to group undertakings
2,811,114
2,864,373

Other creditors
79,999
84,532

Accruals and deferred income
21,230
14,713

2,919,605
2,966,489


Page 14

 
ORIGIN STORAGE HOLDINGS LIMITED
 

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

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



850 (2023 - 850) Ordinary - A shares of £1.00 each
850
850
150 (2023 - 150) Ordinary - B shares of £1.00 each
150
150

1,000

1,000



14.


Reserves

Other reserves

Arising on a share for share exchange in previous periods. 

Profit and loss account

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


15.


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.


16.


Controlling party

At the balance sheet date the Company was controlled by Origin Storage Holdings Group 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 also 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 15