Company registration number 01894212 (England and Wales)
OCS CONSULTING PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
OCS CONSULTING PLC
COMPANY INFORMATION
Directors
Mr M Aroesti
Mr Y Poriau
Secretary
Mr Y Poriau
Company number
01894212
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
OCS CONSULTING PLC
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 32
OCS CONSULTING PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

The principal activity of the group in the year under review was the provision of IT services to major international businesses, local national businesses and government agencies. There was no significant change in the nature of these activities during the year.

 

The group meets its day to day working capital requirements through self-financing. The company's forecasts and projections, taking account of potential changes in trading performance, show that the company is able to operate within its current level of liquidity.

 

Entering the 2023/2024 financial year, the forecast was relatively cautious and projections for revenue and profit were conservative, given the levelling off in demand that occurred towards the end of the previous year.

 

The year began as expected and the solid order book at the start of the year, was fully delivered. However, from mid-year, pressure on revenues increased as marked reduction in follow on work, rates and length of projects resulted in performance falling short of forecast.

 

As the year progressed, momentum and growth of current clients stabilised. The final results demonstrated that although revenue and profit remained solid, there was a year-on-year small reduction in KPI’s against all measures.

 

In addition to the operational activities mentioned above, by far the most significant event during the year was the acquisition of the company’s share capital from the owners and the creation of an Employee Ownership Trust to own the shares of the company for the benefit of its employees. After nearly 40 years of family ownership the long-held ambition of the Lawrence family has been realised and OCS Consulting plc is now an employee-owned company.

 

Further to the above and as part of the Boards objective to support organisational development and succession planning, the creation and formalisation of a Group Management Structure including Directors and Senior Management Teams in the UK and Holland, was implemented during the course of the year.

 

The Board would like to thank all staff for their efforts during what has been an extremely important year for the company and thank our clients and contacts who have supported the business with their commitment.

 

For the coming year the OCS Board has reviewed its strategy and will be directing its focus towards (a) Stabilising and protecting current levels of activity (b) Continued development of the international strategy (c) Continued evolution of OCS’s service mix and (d) development of the Employee Owner structure and processes. (e) Further development of the organisation to support succession.

 

OCS CONSULTING PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

The management of the business and the execution of our strategy are subject to a number of risks. The following section summarises the main risks which we believe could potentially impact upon our operating and financial performance.

 

People

There has been a significant change in the profile of risks related to staff. On the positive side, the Board believes that the transition to employee ownership will positively impact staff engagement and retention. However, as indicated last year the return to pre-pandemic levels of on-site working suggests that recruitment and retention may l become more challenging given the nature of the company’s business, tending towards on-site client work.

 

 

Client revenue distribution

OCS have a well-distributed client base in terms of industry, services and geography and this has been a great strength over the last year. Further to this, the average size of OCS’ top clients has grown over recent years. As a result, the risks associated with changes in client investment rates, supplier strategy and technology investment mean that any single client has a greater impact on company performance.

 

Macroeconomic environment

The IT services industry tends to closely follow the economic cycle as companies decide whether to invest in new systems. Since the end of 2023, there has been a notable drop in the level of investment in IT services. Current forecasts are based on the expectation of at least stabilisation over the coming year.

 

Legal

The company is subject to varying UK and EEC legal and compliance regulations. The company takes its responsibilities seriously and ensures that its policies, systems and procedures are continually updated and comply with the legal requirements in all the sectors in which we operate.

 

The profile of the company staff at year end is 2 Directors, 10 Senior Managers and 120 + staff

Promoting the success of the company
Employees

The transition to employee ownership ensures that every member of staff has a stake in the company and will benefit from its future success. The activities of the Employee Ownership Trust, alongside the usual staff management processes in place, further demonstrates our commitment to providing all stakeholders with a safe, secure and rewarding future.

 

Suppliers

To treat each supplier fairly in its terms of business with OCS and to meet those terms. This is delivered by ensuring that all suppliers contracts and relationships are conducted according to ethical and fair means and according to statutory and moral requirements covering areas such as anti-bribery, payment terms and competitiveness.

Customers

To provide a valued quality service to our clients, and at all times keep them abreast of current and future activities. This is accomplished by using a combination of regular monitoring and review of service delivery, regular communication and full disclosure of events that may affect the client and/​or our services and general requests for feedback on performance.

Regulators

To operate in a compliant manor in all respects at all times. Delivered through regular monitoring of relevant legislation and compliance to customer, supplier or regulatory requests to report and disclose relevant policies, procedures and other forms of compliance.

 

OCS CONSULTING PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

On behalf of the board

Mr M Aroesti
Director
19 December 2024
OCS CONSULTING PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of provision of IT services to major international businesses.

 

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,874,327. The directors do not recommend payment of a further dividend.

Directors

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

Mrs P H Lawrence
(Resigned 26 July 2023)
Mr M Aroesti
J B Lawrence
(Resigned 26 July 2023)
Mr Y Poriau
Financial instruments
Treasury operations and financial instruments

It is the directors' intention to continue to finance the activities and development of the group from retained earnings and company funds. The directors will maintain the current strong balance sheet position and operate the group in a conservative fashion, maintaining their focus on both profitability and cash flow.

 

Liquidity risk

The directors manage daily, the income and costs and are comfortable with the current arrangements in place.

 

Interest rate risk

There is no interest rate risk.

Foreign currency risk

The group operates in multiple currencies: Sterling (UK Trading Businesses), Euro (BV & BE Trading Business), Swiss Franc (Swiss Trading Business) and US Dollars (US Clients). As sales are well balanced the company has limited exposure although fluctuations in exchange rates will cause losses and gains to be affected by the timing of internal foreign exchange requirements.

 

Credit risk

Due to the large corporate client base and credit history, the directors feel that current credit risk is manageable.

OCS CONSULTING PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Other matter

The group operates a non-discrimination policy for all staff covering sex, disability and race.

 

The group operates the following activities aimed at communicating with, incentivising and involving staff. namely:

 

 

The group re-affirms its commitment to running ethical and environmentally friendly policies as well as updating and maintaining its policies and procedures to comply with regulation. The nature of the business which is Professional Services typically creates a small carbon footprint.

 

Research and development

Across the group, Research and Development activity will continue at a very reduced level in both Product Development and Customer Investment Projects. No formal R&D development has been planned for the forthcoming year other than the deployment of any available capacity in areas that would benefit the future business namely: (a) Development and ongoing improvement of Cash Management portfolio of products. (b) Development and improvement of SAS Consultancy products that have been sold into the market (c) Customer focussed research, development and investment in creating knowledge-based assets and (d) Staff Development in new technological developments.

 

Post reporting date events

There are no post reporting events to note

 

Future developments

OCS consulting has been operating as an IT Services for 40 years, delivering a range of services covering consultancy, managed services and supply of resources to our clients.

 

The company’s operational strategy for the forthcoming year is to continue to concentrate on developing the organisation and securing of on-going business operations to provide a secure foundation for the future.

 

In order to meet the objectives for the year OCS’ commitment for the next year continues to build on the activities of previous years in the following areas:

 

At a group level, the company will continue to invest in the development of the Senior Management team and Group functions across the UK and Holland. Succession planning and staff development, aimed at gaining greater cross group responsibilities, remains the highest priority objective.

 

Following success in the year, the company will continue to pursue opportunities to consolidate geographic diversification with sales and marketing activities across Europe, with particular focus in Belgium and Switzerland.

 

Following the significant growth in the UK the focus will continue to be the development of the organisation to support the increase in staff, clients, and projects. Other focus areas include maintaining and modernising the key technology and services propositions and the creation of broader marketing streams to communicate with current clients and prospects.

 

Similarly following the achievement of business objectives and the growth of the Dutch business the focus will continue to be the development of the organisation structure.

 

The cash management solutions business will continue to focus on operational efficiency, management of its diverse client base and the organic growth of its product estate.

OCS CONSULTING PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr M Aroesti
Director
19 December 2024
OCS CONSULTING PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCS CONSULTING PLC
- 7 -
Opinion

We have audited the financial statements of OCS Consulting Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

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:

OCS CONSULTING PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OCS CONSULTING PLC
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the group were identified through discussions with directors and other management, and from our commercial knowledge and experience of the software services industry.

 

Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the group, including compliance with employment law, furlough regulations, health and safety laws and accounting regulations. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence, as well as review of furlough claims. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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

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

OCS CONSULTING PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OCS CONSULTING PLC
- 9 -

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities 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.

Daniel Howarth (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
19 December 2024
OCS CONSULTING PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
15,154,486
13,883,568
Cost of sales
(9,139,338)
(8,385,216)
Gross profit
6,015,148
5,498,352
Administrative expenses
(5,166,827)
(3,397,694)
Operating profit
4
848,321
2,100,658
Interest receivable and similar income
8
44,533
1,905
Interest payable and similar expenses
9
(3,471)
-
0
Profit before taxation
889,383
2,102,563
Tax on profit
10
(214,271)
(348,712)
Profit for the financial year
675,112
1,753,851
Profit for the financial year is all attributable to the owners of the parent company.

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

OCS CONSULTING PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
£
£
Profit for the year
675,112
1,753,851
Other comprehensive income
Currency translation loss taken to retained earnings
(132,376)
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
542,736
1,753,851
Total comprehensive income for the year is all attributable to the owners of the parent company.
OCS CONSULTING PLC
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
97,387
93,373
Current assets
Debtors
16
3,747,372
2,336,832
Cash at bank and in hand
3,493,041
6,007,782
7,240,413
8,344,614
Creditors: amounts falling due within one year
17
(4,641,719)
(3,436,705)
Net current assets
2,598,694
4,907,909
Total assets less current liabilities
2,696,081
5,001,282
Provisions for liabilities
Provisions
18
34,241
33,926
(34,241)
(33,926)
Net assets
2,661,840
4,967,356
Capital and reserves
Called up share capital
21
294,198
294,198
Share premium account
5,000
5,000
Own shares
22
-
0
(26,075)
Profit and loss reserves
2,362,642
4,694,233
Total equity
2,661,840
4,967,356
The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
19 December 2024
Mr M Aroesti
Director
Company registration number 01894212 (England and Wales)
OCS CONSULTING PLC
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
10,933
10,111
Investments
14
64,194
46,334
75,127
56,445
Current assets
Debtors
16
916,410
1,074,072
Cash at bank and in hand
1,363,176
2,203,086
2,279,586
3,277,158
Creditors: amounts falling due within one year
17
(1,599,963)
(1,821,920)
Net current assets
679,623
1,455,238
Net assets
754,750
1,511,683
Capital and reserves
Called up share capital
21
294,198
294,198
Share premium account
5,000
5,000
Own shares
22
-
0
(26,075)
Profit and loss reserves
455,552
1,238,560
Total equity
754,750
1,511,683

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,091,319 (2023 - £786,739 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
19 December 2024
Mr M Aroesti
Director
Company registration number 01894212 (England and Wales)
OCS CONSULTING PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
294,198
5,000
(26,075)
2,940,382
3,213,505
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
1,753,851
1,753,851
Balance at 31 March 2023
294,198
5,000
(26,075)
4,694,233
4,967,356
Year ended 31 March 2024:
Profit for the year
-
-
-
675,112
675,112
Other comprehensive income:
Currency translation differences
-
-
-
(132,376)
(132,376)
Total comprehensive income
-
-
-
542,736
542,736
Dividends
11
-
-
-
(2,874,327)
(2,874,327)
Other movements
-
-
26,075
-
26,075
Balance at 31 March 2024
294,198
5,000
-
0
2,362,642
2,661,840
OCS CONSULTING PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
294,198
5,000
(26,075)
451,821
724,944
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
786,739
786,739
Balance at 31 March 2023
294,198
5,000
(26,075)
1,238,560
1,511,683
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
2,091,319
2,091,319
Dividends
11
-
-
-
(2,874,327)
(2,874,327)
Other movements
-
-
26,075
-
26,075
Balance at 31 March 2024
294,198
5,000
-
0
455,552
754,750
OCS CONSULTING PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
835,549
2,085,135
Interest paid
(3,471)
-
0
Income taxes paid
(367,917)
(386,146)
Net cash inflow from operating activities
464,161
1,698,989
Investing activities
Purchase of tangible fixed assets
(42,398)
(31,279)
Proceeds from disposal of tangible fixed assets
(69)
-
Repayment of loans
(340)
990
Interest received
44,533
1,905
Net cash generated from/(used in) investing activities
1,726
(28,384)
Financing activities
Redemption of shares
26,075
-
0
Dividends paid to equity shareholders
(2,874,327)
-
0
Net cash used in financing activities
(2,848,252)
-
Net (decrease)/increase in cash and cash equivalents
(2,382,365)
1,670,605
Cash and cash equivalents at beginning of year
6,007,782
4,337,177
Effect of foreign exchange rates
(132,376)
-
0
Cash and cash equivalents at end of year
3,493,041
6,007,782
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information

OCS Consulting Plc (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

 

The group consists of OCS Consulting Plc and all of its subsidiaries.

1.1
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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,091,319 (2023 - £786,739 profit).

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

The consolidated group financial statements consist of the financial statements of the parent company OCS Consulting Plc together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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 represents amounts receivable in relation to the provision of IT services including IT consulting, resourcing and managed services.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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:

Land and buildings Leasehold
Straight line over the life of the lease
Fixtures, fittings & equipment
15% reducing balance and 50% straight line
Motor vehicles
25% 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 recognised in the profit and loss account.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

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.

1.9
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.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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 group after deducting all of its 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted. Unrelieved tax losses are recognised in the financial statements only if there is persuasive and reliable evidence suggesting that suitable taxable profits will be generated in the future.
1.13
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

The financial statements of foreign subsidiaries are translated into sterling at closing rates of exchange and the differences arising from the translation of the opening net investment in subsidiaries at the closing rate are taken directly to reserves.
1.18
Share-based payments
The company issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are accounted for using the intrinsic value method.

Shares under option are held by an ESOP trust. In accordance with the requirements of UITF abstract 38, Accounting for ESOP Trusts, the consideration paid for the company's own shares held by the ESOP trust is deducted in arriving at shareholders' funds. A provision against shares under option at less than cost is carried in other reserves. An amount representing the realised loss for the year, calculated as the difference between the purchase price of the shares and the proceeds receivable from employees, allocated over the vesting period, is transferred to the profit and loss account.
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Software
3,614,700
2,493,955
Consulting
8,138,807
7,573,070
Managed Services
3,400,979
3,816,543
15,154,486
13,883,568
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
3,458,351
4,662,700
Europe
10,638,119
8,771,723
Rest of world
1,058,016
449,145
15,154,486
13,883,568
2024
2023
£
£
Other revenue
Interest income
44,533
1,905
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
43,697
(307,924)
Depreciation of owned tangible fixed assets
38,047
43,326
Loss on disposal of tangible fixed assets
406
-
Operating lease charges
157,548
150,607
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
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 group and company
48,000
40,260
Audit of the financial statements of the company's subsidiaries
-
3,000
48,000
43,260
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Professional
105
105
54
56
Administration
17
17
12
14
Total
122
122
66
70

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,786,498
6,295,893
3,510,778
3,395,580
Social security costs
841,112
832,015
397,514
423,485
Pension costs
386,913
295,399
264,796
177,370
8,014,523
7,423,307
4,173,088
3,996,435
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
368,379
397,081
Company pension contributions to defined contribution schemes
20,773
20,500
389,152
417,581

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 25 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
261,885
245,165
Company pension contributions to defined contribution schemes
20,773
20,500
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
40,146
1,905
Other interest income
4,387
-
Total income
44,533
1,905
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
3,047
-
Other interest
424
-
Total finance costs
3,471
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
118,921
197,651
Foreign current tax on profits for the current period
95,350
151,061
Total current tax
214,271
348,712
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 26 -

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
889,383
2,102,563
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
222,346
399,487
Tax effect of expenses that are not deductible in determining taxable profit
48,988
(30,289)
Tax effect of income not taxable in determining taxable profit
(500)
(4,816)
Permanent capital allowances in excess of depreciation
(493)
(2,105)
Depreciation on assets not qualifying for tax allowances
-
0
3,198
Other non-reversing timing differences
(21,390)
-
0
Other permanent differences
-
0
(22)
Effect of overseas tax rates
(39,132)
11,365
Foreign exchange differences
4,452
(28,106)
Taxation charge
214,271
348,712
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
2,874,327
-
12
Intangible fixed assets
Group
Goodwill
Development Costs
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
4,842
249,530
254,372
Amortisation and impairment
At 1 April 2023 and 31 March 2024
4,842
249,530
254,372
Carrying amount
At 31 March 2024
-
0
-
0
-
0
At 31 March 2023
-
0
-
0
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
13
Tangible fixed assets
Group
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
32,375
522,904
-
0
555,279
Additions
-
0
18,158
24,240
42,398
Disposals
-
0
(578)
-
0
(578)
At 31 March 2024
32,375
540,484
24,240
597,099
Depreciation and impairment
At 1 April 2023
32,375
429,531
-
0
461,906
Depreciation charged in the year
-
0
38,047
-
0
38,047
Eliminated in respect of disposals
-
0
(241)
-
0
(241)
At 31 March 2024
32,375
467,337
-
0
499,712
Carrying amount
At 31 March 2024
-
0
73,147
24,240
97,387
At 31 March 2023
-
0
93,373
-
0
93,373
Company
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2023
32,375
156,404
188,779
Additions
-
0
12,180
12,180
Disposals
-
0
(578)
(578)
At 31 March 2024
32,375
168,006
200,381
Depreciation and impairment
At 1 April 2023
32,375
146,293
178,668
Depreciation charged in the year
-
0
11,021
11,021
Eliminated in respect of disposals
-
0
(241)
(241)
At 31 March 2024
32,375
157,073
189,448
Carrying amount
At 31 March 2024
-
0
10,933
10,933
At 31 March 2023
-
0
10,111
10,111
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
64,194
46,334
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
46,334
Additions
17,860
At 31 March 2024
64,194
Carrying amount
At 31 March 2024
64,194
At 31 March 2023
46,334
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
OCS Cash Management Solutions Limited
66 Prescot Street, London, E1 8NN, United Kingdom
Ordinary
100.00
OCS Consulting BV
Ruwekampweg 2G, 5222 AT's, Hertogenbosch, Netherlands
Ordinary
100.00
OCS Consulting Belgium
Ajuinlei 1, 9000 Gent,Belgium
Ordinary
100.00
OCS Consulting Switzerland
Rue des Battoirs 7, 1205 Geneve, Switzerland
Ordinary
100.00

The following subsidiary is exempt from the requirements of the Act relating to the audit of individual accounts by the virtue of s479A:

The company provided guarantees to the above subsidiary for all outstanding liabilities to which the subsidiary is subject at the end of the financial year, until they are satisfied in full. The total amount guaranteed was £99,048 (2023: no guarantees given) and related entirely to external debt outside of the Group.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,800,036
1,897,404
648,976
790,783
Corporation tax recoverable
107,790
32,896
-
0
-
0
Amounts owed by group undertakings
-
-
76,078
191,169
Other debtors
57,527
70,387
47,485
33,814
Prepayments and accrued income
782,019
336,145
143,871
58,306
3,747,372
2,336,832
916,410
1,074,072
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,108,685
305,885
71,404
108,836
Amounts owed to group undertakings
-
0
-
0
452,779
396,870
Corporation tax payable
119,868
198,620
56,584
174,514
Other taxation and social security
672,154
726,441
299,524
391,007
Other creditors
76,382
156,072
32,696
37,433
Accruals and deferred income
2,664,630
2,049,687
686,976
713,260
4,641,719
3,436,705
1,599,963
1,821,920
18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
34,241
33,926
-
-
Movements on provisions:
Group
£
At 1 April 2023
33,926
Exchange difference
315
At 31 March 2024
34,241
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
386,913
295,399

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 April 2023
690,000
700,000
2.92
2.92
Forfeited
(10,000)
(10,000)
2.92
2.92
Exercised
(680,000)
-
0.03
-
Outstanding at 31 March 2024
-
690,000
-
2.92
Exercisable at 31 March 2024
-
690,000
-
2.99

The weighted average share price at the date of exercise for share options exercised during the year was £0 (2023 - £2.6).

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
29,419,800
29,419,800
294,198
294,198
22
Own shares reserve

The company has established the OCS Consulting plc ESOP Trust to hold shares in respect of an executive share option scheme. The Trustees purchase the company's ordinary shares at market value as they become available and in accordance with anticipated requirements.

 

At the year end the trust held “nil” (2023: 734,000) ordinary 1p shares at a cost of “nil” (2023: £121,600) and an estimated market value of “nil” (2023: £22,020). The trust has waived its entitlement to dividends.

 

At the year end options had been granted over “nil” (2023: 690,000) shares.

Where the shares are under option at below cost the difference between the purchase price and the proceeds receivable from employees is treated as becoming a realised loss over the vesting period.

OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
38,458
74,332
22,925
43,267
Between two and five years
-
36,413
-
20,880
38,458
110,745
22,925
64,147
24
Related party transactions
Transactions with related parties

The Company and Group are exempt from disclosing related party transactions with companies that are wholly owned within the group. There are no transactions to disclose with related parties which are not wholly owned within the same group.

25
Controlling party

The ultimate controlling party at year ended 31 March 2023 was Ms P H Lawrence. The ultimate controlling party as of the reporting date is O.C.S. Consulting (EOT) Limited.

26
Cash generated from group operations
2024
2023
£
£
Profit after taxation
675,112
1,753,851
Adjustments for:
Taxation charged
214,271
348,712
Finance costs
3,471
-
0
Investment income
(44,533)
(1,905)
Loss on disposal of tangible fixed assets
406
-
Depreciation and impairment of tangible fixed assets
38,047
43,326
Increase in provisions
315
-
Movements in working capital:
(Increase)/decrease in debtors
(1,335,306)
350,138
Increase/(decrease) in creditors
1,283,766
(408,987)
Cash generated from operations
835,549
2,085,135
OCS CONSULTING PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
27
Analysis of changes in net funds - group
1 April 2023
Cash flows
Exchange rate movements
31 March 2024
£
£
£
£
Cash at bank and in hand
6,007,782
(2,382,365)
(132,376)
3,493,041
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