Company registration number 05410633 (England and Wales)
ON GRADE MACHINE CONTROL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
ON GRADE MACHINE CONTROL LIMITED
COMPANY INFORMATION
Directors
Mr W L Thomas
Mrs S E Thomas
Miss L L Thomas
Company number
05410633
Registered office
Penllwyn Farm
Llyn Helyg
Lloc
Holywell
Wales
CH8 8SB
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
ON GRADE MACHINE CONTROL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ON GRADE MACHINE CONTROL LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,775,763
4,082,905
Current assets
Stocks
601,417
135,141
Debtors
4
926,264
1,270,720
Cash at bank and in hand
89,175
54,425
1,616,856
1,460,286
Creditors: amounts falling due within one year
5
(3,064,175)
(3,415,102)
Net current liabilities
(1,447,319)
(1,954,816)
Total assets less current liabilities
2,328,444
2,128,089
Creditors: amounts falling due after more than one year
6
(57,875)
Provisions for liabilities
7
(71,227)
(511,594)
Net assets
2,257,217
1,558,620
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
2,257,216
1,558,619
Total equity
2,257,217
1,558,620
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Miss L L Thomas
Director
Company Registration No. 05410633
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
On Grade Machine Control Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penllwyn Farm, Llyn Helyg, Lloc, Holywell, Wales, CH8 8SB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements of the company are consolidated in the financial statements of Thomas Holdings (North West) Limited. These consolidated financial statements are available from the registered office at Tai Hirion Lywybr Hir Caerwys Flintshire United Kingdom CH7 5BL.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Plant and equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.5
Stocks
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
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.
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
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 continue to be measured at face value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
18
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
6,851,894
Additions
1,576,366
Disposals
(496,738)
At 31 May 2024
7,931,522
Depreciation and impairment
At 1 June 2023
2,768,989
Depreciation charged in the year
1,711,362
Eliminated in respect of disposals
(324,592)
At 31 May 2024
4,155,759
Carrying amount
At 31 May 2024
3,775,763
At 31 May 2023
4,082,905
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
894,162
688,830
Amounts owed by group undertakings
2,531
484,577
Other debtors
29,571
97,313
926,264
1,270,720
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,242,364
415,723
Amounts owed to group undertakings
1,704,913
2,852,357
Taxation and social security
56,176
49,836
Other creditors
60,722
97,186
3,064,175
3,415,102
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate to.
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
57,875
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate to.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
71,227
511,594
2024
Movements in the year:
£
Liability at 1 June 2023
511,594
Credit to profit or loss
(440,367)
Liability at 31 May 2024
71,227
8
Secured debts
There is a cross company guarantee across the Group held within Thomas Holdings (North West) Limited, the balance of this facility as at 31 May 2024 was £104,632,169.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Helen Davies
Statutory Auditor:
Azets Audit Services
10
Related party transactions
The company has taken advantage of the exemption within FRS 102 Section 33.1A from the requirements to disclose transactions with other wholly owned companies within the same group.
All related party transactions are under the normal course of business.
ON GRADE MACHINE CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
11
Parent company
Thomas Holdings (North West) Limited is regarded by the directors as being the company's ultimate parent company.
The ultimate controlling party is Mr W L Thomas.