The directors present the strategic report for the year ended 31 March 2024.
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.
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
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.
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.
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.
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.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2024.
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.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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.
The directors manage daily, the income and costs and are comfortable with the current arrangements in place.
There is no interest rate 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.
Due to the large corporate client base and credit history, the directors feel that current credit risk is manageable.
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:
regular company information emails
regular company newsletter
regular company meetings
incentive schemes for managers and appropriate staff
long service awards and share option scheme.
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.
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.
There are no post reporting events to note
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.
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.
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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the group's remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reviewing communications with with the parent company or legal team;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors;
review of furlough claim calculations.
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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
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).
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.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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 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.
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.
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.
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.
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.
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.
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.
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.
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, 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, 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.
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.
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.
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.
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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
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:
Details of the company's subsidiaries at 31 March 2024 are as follows:
The following subsidiary is exempt from the requirements of the Act relating to the audit of individual accounts by the virtue of s479A:
OCS Cash Management Solutions Limited (Company number 06609007)
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.
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.
The weighted average share price at the date of exercise for share options exercised during the year was £0 (2023 - £2.6).
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.
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:
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.