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Registered number: 11059480


OGM (SW) LIMITED








AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
OGM (SW) LIMITED
REGISTERED NUMBER: 11059480

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,334,250
2,104,813

  
2,334,250
2,104,813

Current assets
  

Stocks
 6 
639,296
651,899

Debtors: amounts falling due within one year
 7 
1,076,331
1,036,664

Cash at bank and in hand
 8 
330,705
159,165

  
2,046,332
1,847,728

Creditors: amounts falling due within one year
 9 
(3,563,116)
(3,467,464)

Net current liabilities
  
 
 
(1,516,784)
 
 
(1,619,736)

Total assets less current liabilities
  
817,466
485,077

Creditors: amounts falling due after more than one year
 10 
(458,133)
(545,741)

Provisions for liabilities
  

Deferred tax
 12 
(406,636)
(239,600)

  
 
 
(406,636)
 
 
(239,600)

Net liabilities
  
(47,303)
(300,264)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(47,403)
(300,364)

  
(47,303)
(300,264)


Page 1

 
OGM (SW) LIMITED
REGISTERED NUMBER: 11059480
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




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

Date: 18 Oct 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

OGM (SW) Limited is a private company limited by share capital, incorporated in England and Wales, registration  number  11059480.  The  Company’s  principal  place  of  business  is  Unit  6-7  West  Road, Penallta Industrial Estate, Hengoed, CF82 7SW.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

In preparing the financial statements, a rounding difference of £5 has been used, in accordance with Company policy and in line with the prior year.

The following principal accounting policies have been applied:

 
2.2

Going concern

The board of Directors is of the opinion that the Company is a going concern, as such the accounts have been prepared on the going concern basis.
The board of Directors have a reasonable expectation that the Company has adequate resources to continue its operations for a period of at least 12 months from the date that the financial statements are  approved.  The  key  method  for  assessing  going  concern  is  through  the  business  planning process  which  considers  profitability,  liquidity  and  solvency.  The  business  planning  process considers  the  Company's  business  activities,  together  with  factors  likely  to  affect  its  future development, successful performance and position, and key risks in the current economic climate. 
Should  the  going  concern  basis  of  preparation  of  the  financial  statements  be  found  to  be inappropriate should such support be withdrawn by the financiers or there was insufficient working capital for the Company to continue as a going concern adjustments may have to be made to reduce the value of assets to their recoverable amount, to provide further liabilities that might arise and to reclassify  fixed  assets  and  long  term  liabilities  as  current  assets  and  liabilities  respectively,  both adjustments having a consequent effect on the profit and loss account. It is not practical to quantify these potential adjustments which are not included in these financial statements.

Page 3

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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.

 
2.5

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.

Page 4

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company contributes to 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 5

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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:

Short-term leasehold property
-
Over the period of the lease
Plant and machinery
-
6.66% - 33% Straight line
Motor vehicles
-
20% - 25% Straight line
Fixtures and fittings
-
20% Straight line
Office equipment
-
20% 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.

Page 6

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
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.


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 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.

Page 7

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 52 (2023 - 47).


5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery etc
Total

£
£
£



Cost or valuation


At 1 June 2023
499,619
2,889,783
3,389,402


Additions
332,493
274,368
606,861



At 31 May 2024

832,112
3,164,151
3,996,263



Depreciation


At 1 June 2023
108,249
1,176,339
1,284,588


Charge for the year on owned assets
81,916
295,509
377,425



At 31 May 2024

190,165
1,471,848
1,662,013



Net book value



At 31 May 2024
641,947
1,692,303
2,334,250



At 31 May 2023
391,369
1,713,444
2,104,813


6.


Stocks

2024
2023
£
£

Raw materials and consumables
399,909
339,545

Finished goods and goods for resale
239,387
312,354

639,296
651,899


Page 8

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Debtors

2024
2023
£
£


Trade debtors
987,286
949,784

Other debtors
366
674

Prepayments and accrued income
88,679
86,206

1,076,331
1,036,664



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
330,705
159,165

330,705
159,165


Page 9

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
87,677
122,217

Trade creditors
312,916
376,994

Amounts owed to group undertakings
2,406,271
2,511,702

Other taxation and social security
162,496
87,330

Other creditors
7,174
5,000

Accruals and deferred income
586,582
364,221

3,563,116
3,467,464


The following liabilities were secured:

2024
2023
£
£



Chattels mortgage
87,677
122,217

87,677
122,217

Details of security provided:

Invoice finance loan is secured with a legal charge over the trade receivables of the Company.
Chattels mortgage loan is secured with a legal charge over specific assets of the Company.
HSBC UK Bank PLC, hold a debenture over the Company, including a fixed charge over all book and other debts, both present and future; together with a floating charge over all assets and undertakings, both present and future.
The above security also includes an unlimited Multilateral Guarantee dated 29 November 2023, 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 10

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
458,133
545,741

458,133
545,741


The following liabilities were secured:

2024
2023
£
£



Chattels mortgage
458,133
545,741

458,133
545,741

Details of security provided:

Chattels mortgage loan is secured with a legal charge over specific assets of the Company.
HSBC UK Bank PLC, hold a debenture over the Company, including a fixed charge over all book and other debts, both present and future; together with a floating charge over all assets and undertakings, both present and future.
The above security also includes an unlimited Multilateral Guarantee dated 29 November 2023, 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 11

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
87,677
122,217


87,677
122,217

Amounts falling due 1-2 years

Bank loans
93,145
87,606


93,145
87,606

Amounts falling due 2-5 years

Bank loans
316,278
297,472


316,278
297,472

Amounts falling due after more than 5 years

Bank loans
48,710
160,661

48,710
160,661

545,810
667,956


Page 12

 
OGM (SW) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Deferred taxation




2024


£






At beginning of year
(239,600)


Charged to profit or loss
(167,036)



At end of year
(406,636)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(406,636)
(239,600)

(406,636)
(239,600)


13.


Pension commitments

The  Company  contributes  into  a  defined  benefit  pension  scheme.  The  assets  of  the  scheme  are separate 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 £42,805 (2023: £38,469). At the balance sheet date the company owed £7,010 (2023: £5,001) to the scheme.


14.


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.


15.


Controlling party

The parent undertaking is Owen Greenings & Mumford Limited. The ultimate parent undertaking is Owen Greenings & Mumford (Holdings) Limited, with registered office Unit 1 Mead Road, Oxford Industrial Park, Yarnton, Oxford, OX5 1QU, and registered number 06259950. Owen Greenings & Mumford (Holdings) Limited is the parent of the smallest group for which consolidated financial statements will be prepared.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 18 October 2024 by Mr Matthew Wyatt (Senior statutory auditor) on behalf of Wellers.

Page 13