Company registration number 01946330 (England and Wales)
OLYMPIC OILS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
OLYMPIC OILS LIMITED
COMPANY INFORMATION
Directors
T S Ghani
A R Ghani
K Rimmer
Secretary
A R Ghani
Company number
01946330
Registered office
Olympic Foods
Fallows Way
Whiston
Merseyside
L35 1RZ
Auditor
Mitchell Charlesworth (Audit) Limited
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
OLYMPIC OILS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 11
Profit and loss account
12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 30
OLYMPIC OILS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of the manufacture of sauces and packers of oils/edible fats.

 

Review of the business

The company has not made any significant changes to it's operating activities during the year, and continues to be one of the UK’s largest packers and distributors of edible oils and fats, and a major producer of mayonnaise and sauces.

The hospitality sector was hard hit in the last few years, challenged post Covid-19 and compounded by labour shortages, inflation and the cost of living crisis. The sector remained challenging in 2024 with inflationary pressures in raw materials and energy driving increases in prices.

More than £1,150,000 has been invested in capital equipment during the year, following the trend set in 2019 and that is expected to continue in the future.

The profit and loss account on page 12 shows the company's results for the year. The company has made a profit before taxation of £10.69 million in spite of the fluctuation of oil prices. The profit and loss reserves provide sufficient capital and cash resources for the operational needs of the company. The business has started the new financial year well and is trading in line with the 2025 budget.

OLYMPIC OILS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

The directors meet regularly to discuss the risks facing the business. The main risks to the business are competitive pressure, currency fluctuations and legislative risks. The company continues to manage the risk by providing value added services and high quality products to its customers.

Competitive and Consumer Risks

The company operates in a competitive environment which is driven by customer and consumer tastes and increases the reliance on good relationships in order to ensure there are no loss of sales to key competitors. The company maintains strong relationships with key customers and supply partners, and ensures that it has fast response times in supplying products and in handling customer queries.

Currency Fluctuations

Currency fluctuations are another risk which affects the buying price of certain raw materials. The company has managed commodity price increases which have occurred since the COVID-19 pandemic, Ukraine war and cost of living crisis in the UK.

Legislative Risks

The company is governed by UK legislative requirements on food production which includes food safety and hygiene standards that must be met to comply with the law. Furthermore, many of the company’s customers have their own production, hygiene and safety standards in place. Olympic Oils strives to be a leader in its production, hygiene and safety standards and procedures to ensure compliance with relevant laws and regulations and to meet customer expectations.

Commercial Risks

The company has established a risk and financial management framework to monitor and limit normal commercial risks such as credit control, counter party exposure, customer concentration and cost control, in order to protect the company from such risks.

The company is equity funded, with capital investment coming from reserves. The company holds a positive cash balance in order to manage any liquidity risk.

Uncertainties facing the business include levels of demand for food ingredients and products. This is managed by supplying a broad range of products, seeking to strengthen the product range and expand into new geographical areas as opportunities arise.

Employees

The company has continued to follow the requirements of the Health & Safety Work Act with concern for the welfare of employees.

The company gives full consideration to applications for reemployment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person.

The company provides employees with information about the company through internal media methods. It has maintained it’s workforce during the year, remains committed to staff development, and is fully compliant with all human resources and pension regulations.

Policy on payment of creditors

Creditors are paid in accordance with terms of business agreed with suppliers. Given the nature of the company’s activities and agreed terms with suppliers, the directors have not calculated an average creditor day figure as a whole on the basis that such a statement would not be beneficial.

OLYMPIC OILS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators

The key financial and other performance indicators during the year in respect of continuing operations were as follows:

 

52 week

period ended

30 September 2024

69 week

period ended

30 September 2023

 

£’000

£’000

Turnover

68,191

91,457

Operating (loss)/profit (before exceptional items)

10,396

8,711

(Loss)/profit on ordinary activities before taxation

10,688

8,932

Gross profit margin

21%

15%

Operating profit margin

15%

10%

Average number of employees

93

84

 

On behalf of the board

T S Ghani
Director
17 January 2025
OLYMPIC OILS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 12.

 

Other results for the year have been identified as key performance indicators and so outlined in the strategic report.

Ordinary dividends were paid amounting to £6,000,000 (2023: £5,000,000). The directors do not recommend payment of a final dividend.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T S Ghani
A R Ghani
K Rimmer
Directors' insurance

The company provides insurance for its directors in respect of their duties as directors of the group.

Auditor

Mitchell Charlesworth (Audit) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

OLYMPIC OILS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Energy and carbon report

The SECR disclosure presents our carbon footprint in the United Kingdom covering Scope 1 and 2, an appropriate intensity metric, the total energy use of electricity, gas and transport fuels and a summary of the energy efficiency actions that have taken place during the relevant financial year.

The gross greenhouse gas (GHG) emissions for Olympic Oils Ltd is 931 tonnes of carbon dioxide equivalent (tCO2e) for the year ended 30th September 2024 (2023: 1,192 for 16 months)

The GHG emissions figure includes all scope 1, 2 and 3 emissions required to be disclosed by the legislation, that is the emissions associated with the purchase of electricity, combustion of gas and combustion of fuel used for transport.

 

Emissions Source (tCO2e)

2024 (tCO2e)

2024 %

2023 (tCO2e)

2023 %

Fuel combustion: natural gas, transport diesel (Scope 1)

622

67%

803

67%

Consumption of generated electricity (Scope 2)

248

26%

308

26%

Electricity T&D losses grey fleet (scope 3)

61

7%

81

7%

Total Emissions tCO2e

931

100%

1192

100%

Revenue – £68,191,327 (2023 - £68,580,239) The comparative figures has been pro-rated to 12 months for better comparison.

Intensity (tCO2e per£’000,000 of revenue) -13.66 (2023 – 13.03)

The company’s total energy consumption totalled 3,703,807 KWH (2023 - 4,734,010 KWH)

Intensity (KWH per £’000,000 of revenue) -54,335 (2023 – 51,771)

 

Boundary methodology and exclusions

The date contained in this document is calculated and reported in line with the methodology set out in the UK Government’s Environmental Reporting Guidelines.

Olympic Oils have opted to use the Operational Control boundary definition to define their carbon footprint boundary. Reporting period for compliance is 1st October 2023 to 30th September 2024 and included within the boundary are Scope 1, 2 and 3 emissions, covering all energy use on site and road vehicles. The GHG Protocol Corporate Accounting and Reporting Standard (revised edition) have been utilised. Further emission factors were used from the UK Government’s GHG Conversion Factors for Company Reporting 2024.

OLYMPIC OILS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Energy Efficiency Initiatives

The business continues to focus on reducing both its energy usage and carbon footprint, with initiatives being put in place to reduce emissions in all three Scopes.

Scope 1

Although the bringing in house of more of the businesses transport requirements has lead to an increase in our Scope 1 emissions we now have in place a rolling program of vehicle replacement to utilise the latest efficient HGV’s on the market to reduce emissions going forward.

Other areas being targeted in the next 12 months include replacing the office boiler to again reduce emissions and energy usage.

Scope 2

Having installed Solar Panels in previous years a second phase of panels was installed within the period. They started to generate electricity in October 2023. This should allow Olympic Oils to cut an additional 35 Tonnes of CO2e per year from our Scope 2 emissions and mean that in peak generation months that nearly 50% of our electricity usage can come directly from the solar panels.

The company also continues to implement energy efficiency initiatives within its process plant to further reduce emissions and energy usage.

Scope 3

To make reductions within Scope 3 Olympic is now committed to any new company cars being either Hybrid or full electric.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

OLYMPIC OILS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going Concern

The company’s forecasts and predictions, taking account of reasonably possible changes in trading performance, show that the directors have a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months for the date of approving these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

On behalf of the board
T S Ghani
Director
17 January 2025
OLYMPIC OILS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLYMPIC OILS LIMITED
- 8 -
Opinion

We have audited the financial statements of Olympic Oils Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

OLYMPIC OILS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLYMPIC OILS LIMITED (CONTINUED)
- 9 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

OLYMPIC OILS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLYMPIC OILS LIMITED (CONTINUED)
- 10 -

The companies own assessment of the risks that irregularities may occur either as a result of fraud or error.

Results of our enquiries of management about their own identification and assessment of the risks of irregularities.

The company's documentation of their policies and procedures relating to:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas;

i) Revenue recognition, ii) areas where management are required to exercise significant judgement, and iii) in common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the laws and regulatory framework the company operates in and focused on the effect of the provisions and disclosures that could have a material effect on the financial statements. The key laws and regulations we considered in this context included the UK companies Act 2006, food safety standards certification such as BRCGS and Kosher Certification and Health and safety laws and regulations UK.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

OLYMPIC OILS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLYMPIC OILS LIMITED (CONTINUED)
- 11 -
Robert Davies
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
17 January 2025
Accountants
Statutory Auditor
Glebe Business Park
Lunts Heath Road
Widnes
Cheshire
WA8 5SQ
OLYMPIC OILS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
3
68,191,327
91,456,958
Cost of sales
(53,718,356)
(77,648,667)
Gross profit
14,472,971
13,808,291
Distribution costs
(976,482)
(1,058,740)
Administrative expenses
(3,258,623)
(4,325,802)
Other operating income
157,684
287,232
Operating profit
4
10,395,550
8,710,981
Interest receivable and similar income
8
292,359
221,830
Interest payable and similar expenses
9
-
0
(579)
Profit before taxation
10,687,909
8,932,232
Tax on profit
10
(2,518,818)
(1,756,562)
Profit for the financial year
8,169,091
7,175,670

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OLYMPIC OILS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Year
Period
ended
ended
2024
2023
£
£
Profit for the year
8,169,091
7,175,670
Total comprehensive income for the year
8,169,091
7,175,670
OLYMPIC OILS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,989,341
4,445,013
Investment property
14
705,000
705,000
5,694,341
5,150,013
Current assets
Stocks
16
2,264,361
2,139,187
Debtors
17
9,832,853
8,648,631
Cash at bank and in hand
6,477,574
8,741,255
18,574,788
19,529,073
Creditors: amounts falling due within one year
18
(6,880,530)
(9,665,466)
Net current assets
11,694,258
9,863,607
Total assets less current liabilities
17,388,599
15,013,620
Creditors: amounts falling due after more than one year
19
(27,507)
(36,675)
Provisions for liabilities
Deferred tax liability
20
413,977
198,921
(413,977)
(198,921)
Net assets
16,947,115
14,778,024
Capital and reserves
Called up share capital
23
35,000
35,000
Profit and loss reserves
24
16,912,115
14,743,024
Total equity
16,947,115
14,778,024
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
T S Ghani
Director
Company registration number 01946330 (England and Wales)
OLYMPIC OILS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
35,000
12,567,354
12,602,354
Period ended 30 September 2023:
Profit and total comprehensive income
-
7,175,670
7,175,670
Dividends
11
-
(5,000,000)
(5,000,000)
Balance at 30 September 2023
35,000
14,743,024
14,778,024
Year ended 30 September 2024:
Profit and total comprehensive income
-
8,169,091
8,169,091
Dividends
11
-
(6,000,000)
(6,000,000)
Balance at 30 September 2024
35,000
16,912,115
16,947,115
OLYMPIC OILS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
7,913,165
10,586,002
Interest paid
-
0
(579)
Income taxes paid
(3,347,757)
(1,142,945)
Net cash inflow from operating activities
4,565,408
9,442,478
Investing activities
Purchase of tangible fixed assets
(1,150,949)
(959,655)
Proceeds from disposal of tangible fixed assets
29,501
43,624
Interest received
292,359
221,830
Net cash used in investing activities
(829,089)
(694,201)
Financing activities
Dividends paid
(6,000,000)
(5,000,000)
Net cash used in financing activities
(6,000,000)
(5,000,000)
Net (decrease)/increase in cash and cash equivalents
(2,263,681)
3,748,277
Cash and cash equivalents at beginning of year
8,741,255
4,992,978
Cash and cash equivalents at end of year
6,477,574
8,741,255
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information

Olympic Oils Limited is a private company limited by shares incorporated in England and Wales. The registered office is Olympic Foods, Fallows Way, Whiston, Merseyside, L35 1RZ.

1.1
Reporting period

The financial statements are prepared for the 12 month period to 30 September 2024. The comparative amounts presented in the financial statements are for the 16 month period to 30 September 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Crest Oils Holdings Limited. These consolidated financial statements are available from its registered office, Units 1 and 2, Fallows Way, Whiston, Prescot, Liverpool, Merseyside, L35 1RZ.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is seven years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
in accordance with the property
Plant and equipment
25% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
68,191,327
91,456,958
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
67,195,729
89,556,153
Europe
995,598
1,900,805
68,191,327
91,456,958
2024
2023
£
£
Other revenue
Interest income
292,359
221,830
Grants received
9,169
16,671
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(4,146)
3,496
Government grants
(9,169)
(16,671)
Depreciation of owned tangible fixed assets
575,330
709,705
Loss on disposal of tangible fixed assets
1,790
8,075
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,900
17,500
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
61
54
Administration and support
29
27
Total
90
81

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,081,461
3,562,692
Social security costs
263,640
305,806
Pension costs
319,601
109,960
3,664,702
3,978,458
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
109,796
138,834
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
290,772
216,177
Other interest income
1,587
5,653
Total income
292,359
221,830
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Interest receivable and similar income
(Continued)
- 24 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
290,772
216,177
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
579
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,467,819
1,807,687
Adjustments in respect of prior periods
(164,057)
(151,438)
Total current tax
2,303,762
1,656,249
Deferred tax
Origination and reversal of timing differences
215,056
100,313
Total tax charge
2,518,818
1,756,562

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
10,687,909
8,932,232
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.25%)
2,671,977
1,898,099
Remeasurement for change in deferred tax rates
-
0
15,028
Fixed asset differences
10,898
(19,306)
R & D claim relief for prior years
(164,057)
(151,438)
Tax credits
-
0
14,179
Taxation charge for the year
2,518,818
1,756,562
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
11
Dividends
2024
2023
£
£
Interim paid
6,000,000
5,000,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
102,970
Amortisation and impairment
At 1 October 2023 and 30 September 2024
102,970
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
3,225,448
7,492,084
197,831
1,011,801
11,927,164
Additions
46,584
637,483
-
0
466,882
1,150,949
Disposals
-
0
-
0
-
0
(216,738)
(216,738)
At 30 September 2024
3,272,032
8,129,567
197,831
1,261,945
12,861,375
Depreciation and impairment
At 1 October 2023
375,529
6,494,089
134,081
478,452
7,482,151
Depreciation charged in the year
43,591
327,450
12,738
191,551
575,330
Eliminated in respect of disposals
-
0
-
0
-
0
(185,447)
(185,447)
At 30 September 2024
419,120
6,821,539
146,819
484,556
7,872,034
Carrying amount
At 30 September 2024
2,852,912
1,308,028
51,012
777,389
4,989,341
At 30 September 2023
2,849,919
997,995
63,750
533,349
4,445,013
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
14
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
705,000

Investment property is comprised of four properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 25 July 2017 by Jonathan Kersh BSc(Hons) MRICS Commercial who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe this still represents fair value.

15
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
9,169,171
8,279,067
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
6,798,110
8,806,204
16
Stocks
2024
2023
£
£
Raw materials and consumables
2,264,361
2,139,187
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,517,459
8,119,955
Corporation tax recoverable
266,204
-
0
Amounts owed by group undertakings
1,651,712
-
0
Other debtors
156,608
299,375
Prepayments and accrued income
240,870
229,301
9,832,853
8,648,631
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
6,625,883
7,556,557
Corporation tax
-
0
777,791
Other taxation and social security
73,251
72,302
Government grants
21
9,169
9,169
Other creditors
65,423
1,108,653
Accruals and deferred income
106,804
140,994
6,880,530
9,665,466
19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Government grants
21
27,507
36,675
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
347,678
199,755
Short term timing differences
66,299
(834)
413,977
198,921
2024
Movements in the year:
£
Liability at 1 October 2023
198,921
Charge to profit or loss
215,056
Liability at 30 September 2024
413,977

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
21
Government grants
2024
2023
£
£
Arising from government grants
36,676
45,844
Included in the financial statements as follows:
Current liabilities
9,169
9,169
Non-current liabilities
27,507
36,675
36,676
45,844
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
319,601
109,960

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
35,000
35,000
35,000
35,000
24
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
14,743,024
12,567,354
Profit for the year
8,169,091
7,175,670
Dividends declared and paid in the year
(6,000,000)
(5,000,000)
At the end of the year
16,912,115
14,743,024
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
79,628
OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
26
Related party transactions

Juiceworks Limited

 

T Ghani & A Ghani are directors of both Olympic Oils Limited and Juiceworks Limited.

 

During the period Olympic Oils Limited sold goods amounting to £36,933 (2023: £57,799) to Juiceworks Limited.

 

Included within trade debtors is a balance of £1,845 (2023: £3,088).

 

Included within other creditors is a loan of £NIL (2023: £1,046,150).

 

These transactions were at a fair market value.

 

Crest Oil (Holdings) Limited

 

Crest Oils (Holdings) Limited is the parent company of Olympic Oils Limited.

 

Dividends amounting to £6,000,000 were paid to the parent company during the period (2023: £5,000,000).

 

Management fees amounting to £120,000 were paid to the parent company during the year (2023: £160,000).

 

A balance of £1,651,712 was due from the parent company as at 30 September 2024 (2023: NIL).

 

These transactions were at a fair market value.

 

 

27
Ultimate controlling party

The parent company is Crest Oil Holdings Limited, Fallows Way, Merseyside. L35 1RZ, a company registered and incorporated in the United Kingdom.

The ultimate controlling party is Crest Oil Holdings Limited.

Crest Oil Holdings Limited is the most senior parent entity producing publically available consolidated financial statements which are available upon request from Companies House.

OLYMPIC OILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
8,169,091
7,175,670
Adjustments for:
Taxation charged
2,518,818
1,756,562
Finance costs
-
0
579
Investment income
(292,359)
(221,830)
Loss on disposal of tangible fixed assets
1,790
8,075
Depreciation and impairment of tangible fixed assets
575,330
709,705
Movements in working capital:
(Increase)/decrease in stocks
(125,174)
298,123
(Increase)/decrease in debtors
(918,018)
53,261
(Decrease)/increase in creditors
(2,007,145)
822,528
Decrease in deferred income
(9,168)
(16,671)
Cash generated from operations
7,913,165
10,586,002
29
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
8,741,255
(2,263,681)
6,477,574
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