Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01false130false121falsefalse 00742307 2023-06-01 2024-05-31 00742307 2024-05-31 00742307 2022-06-01 2023-05-31 00742307 2023-05-31 00742307 2022-06-01 00742307 1 2023-06-01 2024-05-31 00742307 1 2022-06-01 2023-05-31 00742307 5 2023-06-01 2024-05-31 00742307 5 2022-06-01 2023-05-31 00742307 d:CompanySecretary1 2023-06-01 2024-05-31 00742307 d:Director4 2023-06-01 2024-05-31 00742307 d:Director5 2023-06-01 2024-05-31 00742307 d:Director6 2023-06-01 2024-05-31 00742307 d:Director8 2023-06-01 2024-05-31 00742307 d:Director9 2023-06-01 2024-05-31 00742307 d:RegisteredOffice 2023-06-01 2024-05-31 00742307 e:Buildings e:ShortLeaseholdAssets 2023-06-01 2024-05-31 00742307 e:Buildings e:ShortLeaseholdAssets 2024-05-31 00742307 e:Buildings e:ShortLeaseholdAssets 2023-05-31 00742307 e:PlantMachinery 2023-06-01 2024-05-31 00742307 e:PlantMachinery 2024-05-31 00742307 e:PlantMachinery 2023-05-31 00742307 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00742307 e:MotorVehicles 2023-06-01 2024-05-31 00742307 e:MotorVehicles 2024-05-31 00742307 e:MotorVehicles 2023-05-31 00742307 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00742307 e:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00742307 e:CurrentFinancialInstruments 2024-05-31 00742307 e:CurrentFinancialInstruments 2023-05-31 00742307 e:CurrentFinancialInstruments e:WithinOneYear 2024-05-31 00742307 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 00742307 f:UnitedKingdom 2023-06-01 2024-05-31 00742307 f:UnitedKingdom 2022-06-01 2023-05-31 00742307 f:RestEuropeOutsideUK 2023-06-01 2024-05-31 00742307 f:RestEuropeOutsideUK 2022-06-01 2023-05-31 00742307 f:RestWorldOutsideUK 2023-06-01 2024-05-31 00742307 f:RestWorldOutsideUK 2022-06-01 2023-05-31 00742307 e:UKTax 2023-06-01 2024-05-31 00742307 e:UKTax 2022-06-01 2023-05-31 00742307 e:ShareCapital 2023-06-01 2024-05-31 00742307 e:ShareCapital 2024-05-31 00742307 e:ShareCapital 2022-06-01 2023-05-31 00742307 e:ShareCapital 2023-05-31 00742307 e:ShareCapital 2022-06-01 00742307 e:SharePremium 2023-06-01 2024-05-31 00742307 e:SharePremium 2024-05-31 00742307 e:SharePremium 2022-06-01 2023-05-31 00742307 e:SharePremium 2023-05-31 00742307 e:SharePremium 2022-06-01 00742307 e:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2024-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2023-05-31 00742307 e:RetainedEarningsAccumulatedLosses 2022-06-01 00742307 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-05-31 00742307 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-05-31 00742307 d:OrdinaryShareClass1 2023-06-01 2024-05-31 00742307 d:OrdinaryShareClass1 2024-05-31 00742307 d:OrdinaryShareClass1 2023-05-31 00742307 d:FRS102 2023-06-01 2024-05-31 00742307 d:Audited 2023-06-01 2024-05-31 00742307 d:FullAccounts 2023-06-01 2024-05-31 00742307 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00742307 e:Subsidiary1 2023-06-01 2024-05-31 00742307 e:WithinOneYear 2024-05-31 00742307 e:WithinOneYear 2023-05-31 00742307 e:BetweenOneFiveYears 2024-05-31 00742307 e:BetweenOneFiveYears 2023-05-31 00742307 e:Subsidiary1 1 2023-06-01 2024-05-31 00742307 e:AcceleratedTaxDepreciationDeferredTax 2024-05-31 00742307 e:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00742307 2 2023-06-01 2024-05-31 00742307 6 2023-06-01 2024-05-31 00742307 7 2023-06-01 2024-05-31 00742307 g:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00742307


OWEN GREENINGS & MUMFORD LIMITED








AUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
COMPANY INFORMATION


Directors
V Wightman 
P Wightman 
T Spooner 
M Callan 
J Lake 




Company secretary
P Wightman



Registered number
00742307



Registered office
Unit 1 - 4 Oxford Industrial Park
Mead Road

Yarnton

Oxfordshire

OX5 1QU




Independent auditors
Wellers
Accountants & Statutory Auditors

8 King Edward Street

Oxford

OX1 4HL





 
OWEN GREENINGS & MUMFORD LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13 - 14
Statement of cash flows
15
Notes to the financial statements
16 - 31


 
OWEN GREENINGS & MUMFORD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The Directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.

Business review
 
De-stocking in months 4 to 12 by one large customer who ended the year down £2.26m compared to last year. This has masked the continued excellent product sales growth driven by several new products reaching high volume production in the second half of the year. Overall product sales grew by 25% in the last 5 months of the financial year in comparison to the first 5 months.
Direct labour costs grew by 12% compared to last year as recruitment took place to build staff numbers in advance of the volume increase in the second half of the year. As sales grew, productivity improved and direct labour cost as a percentage of value added fell towards budget. 
Energy prices fell as new contract periods from April 2023 and 2024 were entered into and as a result energy costs for the year were down 14% on prior year. However, the energy bill for the year was still over double the bill when comparing it to before 2021/2022 which was when the energy crisis hit. 
Gross profit fell by £189k compared to last year, with the overall margin also falling by 1%. This is due to the high wage bill in the first half of the year in preparation for sales growth. However the last quarter achieved a Gross profit margin of 36%.
Overheads were very well controlled rising by approximately 1% after an adjustment for the removal of non-recurring expenditure. 
The year ended with record sales and profitability in the last quarter. This is because of all the planning, execution, hard work and capital invested in recent years.
Increasingly the products the Company produces have more value added beyond injection moulding, requiring high levels of design, tooling, engineering and quality team input, extended validation periods and very detailed quality plans to ensure quality assurance in production. The expertise and capability the workforce have built up over many years, coupled with its well established and proven brand strength, sets the Company in an excellent position to take full advantage of continued volume growth and future opportunities. 
As in previous years we are committed to developing the skills we need for the future and long running apprentice programs are in place to deliver these skills as a strength and depth of technical capability, knowledge and expertise are essential for the continued success of the Company.
The Directors will continue with their strategy to provide excellent products and service to our customers and attract high value, high quality work for the business and to continue to build the OGM brand around expertise in our field, technology, innovation and service. 
The Directors are very satisfied with the business’s performance and prospects as we look to 2024/25 and beyond with continued new projects feeding the pipeline and recent business wins adding further volume.
At the 31 May 2024 the Company had net assets of £13.4m and negligible debt.

Page 1

 
OWEN GREENINGS & MUMFORD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Principal risks and uncertainties
 
As the business enters a period of sustained growth over the next 2 years, a key focus for all of the workforce is to manage this growth to maintain excellent service and quality for all customers. Modelling the growth, planning resources effectively and maintaining good internal and external communication whilst upholding our core values as the business goes through a period of change are therefore key challenges for the Directors. 
Liquidity
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Company's objective is to ensure a mix of funding methods, offering flexibility and cost effectiveness to match the needs of the company.
Interest
The Company currently finances its operations through cashflow from its profitable operating activities. When necessary, in the past, the Company has used fixed rate, fixed term debt in the form of asset finance with long term sales contracts underpinning the activity and investment. 
Credit
The principal credit risk arises from trade debtors. In order to manage credit risk the Director's set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with the debt ageing and collection history.
Foreign exchange
The Company sources raw materials and makes sales outside the UK and as a result, is exposed to fluctuations and uncertainty in exchange rates.
The Director's are reviewing this regularly and are taking steps to mitigate the risk wherever possible.
Business risk
The Director's prepare monthly sales forecasts and management accounts and review these against budgets. Risks are continually assessed and actions to mitigate discussed and planned. 

Financial key performance indicators
 
The Company monitors its performance across a wide range of metrics weekly and monthly at Management and Director level. A continuous improvement culture is well embedded within the Company and is a key focus of the daily way of life at OGM.

Other key performance indicators
 
We continue to trade comfortably within our banking covenants, and the bank remains committed to supporting the growth of the Company.

Future developments
There are no future developments that affect the Company.

Page 2

 
OWEN GREENINGS & MUMFORD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Directors' statement of compliance with duty to promote the success of the Company
 
In the coming year, the Company will continue to control variable and overhead costs whilst continually looking for sales growth opportunities and high value added work.
A key strategic focus is innovation and the Company aims to leverage its learning from emerging technologies to support sales growth in the traditional business as well as building new revenue streams.


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



................................................
P Wightman
Director

Date: 18 October 2024

Page 3

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The Directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

The Company is engaged in plastic injection moulding and associated products.

Results and dividends

The profit for the year, after taxation, amounted to £742,834 (2023 - £1,259,110).

Dividends for the year amounted to £Nil (2023 - £Nil)

Directors

The Directors who served during the year were:

V Wightman 
P Wightman 
T Spooner 
M Callan 
J Lake 

Future developments

After the end of the financial year, Maurice Callan stepped down as a Director of the Company.

Page 4

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
P Wightman
Director

Date: 18 October 2024

Page 5

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED
 

Opinion


We have audited the financial statements of Owen Greenings & Mumford Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 6

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED (CONTINUED)


Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and  enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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


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


Page 8

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OWEN GREENINGS & MUMFORD LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Mr Matthew Wyatt (Senior statutory auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
8 King Edward Street
Oxford
OX1 4HL

18 October 2024
Page 9

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
15,643,166
15,738,458

Cost of sales
  
(10,013,896)
(9,920,101)

Gross profit
  
5,629,270
5,818,357

Administrative expenses
  
(4,715,477)
(4,408,271)

Operating profit
 5 
913,793
1,410,086

Interest receivable and similar income
 9 
27,799
23,405

Interest payable and similar expenses
 10 
(1,327)
(448)

Profit before tax
  
940,265
1,433,043

Tax on profit
 11 
(197,431)
(173,933)

Profit for the financial year
  
742,834
1,259,110

Other comprehensive income for the year
  

Total comprehensive income for the year
  
742,834
1,259,110

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 
OWEN GREENINGS & MUMFORD LIMITED
REGISTERED NUMBER: 00742307

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,521,235
3,049,481

Investments
 13 
100
100

  
3,521,335
3,049,581

Current assets
  

Stocks
 14 
1,718,717
1,727,274

Debtors: amounts falling due within one year
 15 
11,261,822
9,988,942

Bank & cash balances
  
162,758
1,014,985

  
13,143,297
12,731,201

Creditors: amounts falling due within one year
 17 
(2,498,107)
(2,554,522)

Net current assets
  
 
 
10,645,190
 
 
10,176,679

Total assets less current liabilities
  
14,166,525
13,226,260

Provisions for liabilities
  

Deferred tax
 18 
(677,431)
(480,000)

Other provisions
 19 
(50,000)
(50,000)

  
 
 
(727,431)
 
 
(530,000)

Net assets
  
13,439,094
12,696,260


Capital and reserves
  

Called up share capital 
 20 
2,105
2,105

Share premium account
 21 
5,618
5,618

Profit and loss account
 21 
13,431,371
12,688,537

  
13,439,094
12,696,260


Page 11

 
OWEN GREENINGS & MUMFORD LIMITED
REGISTERED NUMBER: 00742307
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
P Wightman
Director

Date: 18 October 2024

The notes on pages 16 to 31 form part of these financial statements.

Page 12

 
OWEN GREENINGS & MUMFORD LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
2,105
5,618
12,688,537
12,696,260


Comprehensive income for the year

Profit for the year

-
-
742,834
742,834


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
742,834
742,834


At 31 May 2024
2,105
5,618
13,431,371
13,439,094


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
OWEN GREENINGS & MUMFORD LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
2,105
5,618
11,429,427
11,437,150


Comprehensive income for the year

Profit for the year

-
-
1,259,110
1,259,110


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,259,110
1,259,110


At 31 May 2023
2,105
5,618
12,688,537
12,696,260


The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
OWEN GREENINGS & MUMFORD LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
742,834
1,259,110

Adjustments for:

Depreciation of tangible assets
731,212
581,215

Interest paid
1,327
448

Interest received
(27,799)
(23,405)

Taxation charge
197,431
173,933

Decrease/(increase) in stocks
8,557
(219,762)

(Increase) in debtors
(378,452)
(504,015)

(Increase) in amounts owed by groups
(1,010,896)
(1,382,970)

(Decrease)/increase in creditors
(56,414)
391,090

Corporation tax received/(paid)
116,466
(150,566)

Net cash generated from operating activities

324,266
125,078


Cash flows from investing activities

Purchase of tangible fixed assets
(1,202,965)
(660,774)

Interest received
27,799
23,405

HP interest paid
-
(448)

Net cash from investing activities

(1,175,166)
(637,817)

Cash flows from financing activities

Repayment of/new finance leases
-
(52,233)

Interest paid
(1,327)
-

Net cash used in financing activities
(1,327)
(52,233)

Net (decrease) in cash and cash equivalents
(852,227)
(564,972)

Cash and cash equivalents at beginning of year
1,014,985
1,579,957

Cash and cash equivalents at the end of year
162,758
1,014,985


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
162,758
1,014,985

162,758
1,014,985


The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Owen Greenings & Mumford Limited is a private Company limited by share capital, incorporated in England and Wales, registration number 00742307. The registered office is Unit 1 - 4 Oxford Industrial Park, Mead Road, Yarnton, Oxfordshire, OX5 1QU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is GBP.
In preparing the financial statements, a rounding difference of £5 has been used, in accordance with Company policy and in line with the previous year.

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

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

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

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 16

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

S/Term Leasehold property
-
over the period of the lease
Plant & machinery
-
6.66% - 33% straight line
Motor vehicles
-
20% - 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

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

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 17

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Creditors

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

Page 18

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Pensions

Defined contribution pension plan
The Company contributes into a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgments are as follows:-
Property, plant and equipment:
Property, plant and equipment and intangible assets are depreciated over their useful economic life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.


4.


Turnover

The whole of the turnover is attributable to the sale of plastic mouldings and associated products.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,541,518
10,246,141

Rest of Europe
1,122,574
2,886,004

Rest of the world
3,979,074
2,606,313

15,643,166
15,738,458



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(27,992)
23,291

Other operating lease rentals
565,000
602,800


6.


Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 21

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,667,818
4,152,541

Social security costs
483,911
438,736

Cost of defined contribution scheme
91,883
88,744

5,243,612
4,680,021


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
99
89



Office
26
27



Directors
5
5

130
121


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
696,701
494,616

Company contributions to defined contribution pension schemes
11,012
10,414

707,713
505,030


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

Page 22

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
27,799
23,405

27,799
23,405


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,327
-

Finance leases and hire purchase contracts
-
448

1,327
448


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
123,933


-
123,933


Total current tax
-
123,933

Deferred tax


Origination and reversal of timing differences
197,431
50,000

Total deferred tax
197,431
50,000


Taxation on profit on ordinary activities
197,431
173,933
Page 23

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
940,265
1,433,043


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
278,376
286,648

Effects of:


Capital allowances for year in excess of depreciation
(151,868)
(40,268)

Increase or decrease in pension fund liability leading to an increase (decrease) in tax
(573)
1,188

Short term timing difference leading to an increase (decrease) in taxation
197,431
50,000

Group relief
(125,935)
(123,635)

Total tax charge for the year
197,431
173,933


Factors that may affect future tax charges

Future tax charges will be affected by the differences in accounting and tax treatment of capital assets along with disallowed expenses.

Page 24

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Tangible fixed assets





S/Term Leasehold Property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 June 2023
2,298,724
8,888,899
9,150
11,196,773


Additions
-
1,202,965
-
1,202,965



At 31 May 2024

2,298,724
10,091,864
9,150
12,399,738



Depreciation


At 1 June 2023
1,972,131
6,166,010
9,150
8,147,291


Charge for the year on owned assets
133,349
597,863
-
731,212



At 31 May 2024

2,105,480
6,763,873
9,150
8,878,503



Net book value



At 31 May 2024
193,244
3,327,991
-
3,521,235



At 31 May 2023
326,594
2,722,888
-
3,049,482


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 June 2023
100



At 31 May 2024
100




Page 25

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

OGM (SW) Limited
Ordinary
100%


14.


Stocks

2024
2023
£
£

Raw materials and consumables
1,057,220
1,160,987

Finished goods and goods for resale
661,497
566,287

1,718,717
1,727,274


Page 26

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Debtors

2024
2023
£
£


Trade debtors
3,741,355
3,336,296

Amounts owed by group undertakings
6,959,620
5,948,724

Other debtors
76,814
200,140

Prepayments and accrued income
484,033
503,782

11,261,822
9,988,942


Included within other debtors due within one year is a loan to P Wightman, a Director, amounting to £5,140 (2023 - £5,140). There were no movements in the year and the maximum amount outstanding during the year was £5,140 (2023 - £5,140).


The loan balance included under amounts owed by group undertakings is interest free and there is no fixed date for repayment.


16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
162,758
1,014,985

162,758
1,014,985


Page 27

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,222,276
1,256,279

Other taxation and social security
389,331
518,222

Other creditors
18,707
20,352

Accruals and deferred income
867,793
759,669

2,498,107
2,554,522


2024
2023
£
£

Other taxation and social security

PAYE/NI control
120,079
113,414

VAT control
269,252
404,808

389,331
518,222



18.


Deferred taxation




2024
2023


£

£






At beginning of year
(480,000)
(430,000)


Charged to profit or loss
(197,431)
(50,000)



At end of year
(677,431)
(480,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(677,431)
(480,000)

(677,431)
(480,000)

Page 28

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Provisions




Other provision

£





At 1 June 2023
50,000



At 31 May 2024
50,000

A provision with regards to the lease dilapidations has been considered. Due to the nature of the lease works the Directors do not expect these to represent a significant cost to the Company, therefore, the above provision is considered to be a reasonable estimate.


20.


Share capital

2024
2023
£
£
Authorised



4,000,000 (2023 - 4,000,000) Ordinary shares of £0.25 each
1,000,000
1,000,000

Allotted, called up and fully paid



8,420 (2023 - 8,420) Ordinary shares of £0.25 each
2,105
2,105



21.


Reserves

Share premium account

The share premium account includes the premium paid over par value of share capital.

Profit & loss account

The profit & loss account includes all current and prior period retained profits and losses. 


22.


Other financial commitments

HSBC holds a fixed charge over all present freehold and leasehold property; First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and unertaking both present and future dated 29 August 2007.
The above security also includes an unlimited Multilateral Guarantee dated 12 May 2022, and given by OGM (SW) Limited, Terinex Flexibles LTD (formerly QC Packaging Films Limited), Clear Sky Catering Consumables Limited, Owen Greenings & Mumford (Holdings) Limited, and Owen Greenings & Mumford Limited, of which group set-off is held.

Page 29

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

23.


Related party transactions

The Company have taken advantage of the exemption under FRS102 section 33 paragraph 1a and therefore have not reported the related party transactions or balances of companies within the group. 
Owen Mumford Limited 
Owen Greenings & Mumford Ltd traded with Owen Mumford Limited under normal commercial terms. The Company purchased goods with a value of £979 (2023 - £3,156). At the balance sheet date the Company owed Owen Mumford Limited £520 (2023 - £Nil). The Company sold goods with a value of £379,068 (2023 - £973,188). At the balance sheet date Owen Mumford Limited owed the Company £148,553 (2023 - £81,817).
Owen Mumford Limited is considered to be a related party as A Mumford and M Owen are Directors of Owen Greenings & Mumford (Holdings) Ltd, the parent Company, and Owen Mumford Limited.
Owen Mumford Inc 
Owen Greenings & Mumford Ltd traded with Owen Mumford Inc under normal commercial terms. The Company sold goods with a value of £7,000 (2023 - £9,079). At the balance sheet date Owen Mumford Inc owed the Company £Nil (2023 - £Nil).
Owen Mumford Inc is considered to be a related party as A Mumford and M Owen are Directors of Owen Greenings & Mumford (Holdings) Ltd, the parent Company, and Owen Mumford Inc.


24.


Controlling party

The ultimate parent undertaking is Owen Greenings & Mumford (Holdings) Ltd, company registration number 06259950. There is no controlling party.
The registered office of the ultimate parent undertaking is Unit 1 Mead Road, Oxford Industrial Park, Yarnton, Oxford, OX5 1QU.
The smallest group in which the Company will be consolidated is that of its ultimate parent undertaking.


25.


Pension commitments

The Company contributes into a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £91,883 (2023 - £88,745). At the balance sheet date the company owed £18,058 (2023 - £20,354) to the scheme.

Page 30

 
OWEN GREENINGS & MUMFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

26.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
288,596
299,679

Later than 1 year and not later than 5 years
192,000
480,596

480,596
780,275

 
Page 31