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REGISTERED NUMBER: 00317800 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024

FOR

OUZLEDALE FOUNDRY COMPANY LIMITED

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


OUZLEDALE FOUNDRY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: Mr M Ashby
Mr J Ashby
Mrs C Ashby





SECRETARY: Mrs A L Ashby





REGISTERED OFFICE: Ouzledale Foundry
Long Ing Lane
Barnoldswick
Lancashire
BB18 6BJ





REGISTERED NUMBER: 00317800 (England and Wales)





AUDITORS: Ainsworths Limited
Chartered Accountants
and Statutory Auditors
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30th June 2024.

REVIEW OF BUSINESS
The principal activity of the group is property, plant and vehicle hire and the manufacture of heating appliances.

The group's main trading activity is that of Esse Engineering Limited (Esse). Esse began back in 1854 with a simple mission: to create the cleanest-burning, highest quality stoves and range cookers. ESSEs have been relied upon in some of the world's most demanding environments - from the kitchens of the Savoy, to Scottish bothies and royal residences, and they are still built here in the UK.

In addition to Esse, the group owns and manages a portfolio of investment properties.

The directors consider the results achieved by the group to be satisfactory in view of the UK economy and instability caused by the covid pandemic and the cost of living crisis.

The group's key performance indicators during the year were as follows:

2023/24 2022/23

Turnover £4,179,081 £7,464,784
Gross profit margin% 45.52% 43.73%
Net profit margins % 11.25% 18.80%

During the prior year, turnover and profit margins of the heating appliances were both under pressure and had affected the group as a whole. The directors' have closely monitored the heating appliances throughout the year, making and implementing changes to restore the heating appliances performance.

The position of the group remains very strong with over £11.2m in net assets, slightly decreasing from £11.3m in the prior year.

No major future changes are planned for the group. The directors intend to continue to reinvest profits of the group back into the development of new product ranges as well as any other opportunities that arise.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal commercial risks and uncertainties faced by the group include the general economic climate, seasonal weather factors, competition and rising costs. The directors monitor these risks in order to respond and react to changes in the marketplace.

FINANCIAL RISK MANAGEMENT
The group's operations expose it to a variety of financial risks that include the effects of credit, currency, interest rate and liquidity risk. The directors actively manage these risks by monitoring levels of risk and related costs of mitigating these.

EMPLOYEES
The directors continue to develop employees using both external and in house resources. Programmes are developed around both business needs and personal development. The group continues to appraise all systems and staff wellbeing to actively promote a positive group culture.


OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JUNE 2024

RESEARCH AND DEVELOPMENT
The group continues to develop improved products.

ON BEHALF OF THE BOARD:





Mr J Ashby - Director


26th November 2024

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of property, plant and vehicle hire and manufacture of heating appliances.

DIVIDENDS
An interim dividend of 367.65 per share on the Ordinary A £1 shares was paid on 21st February 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30th June 2024 will be £ 500,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

Mr M Ashby
Mr J Ashby
Mrs C Ashby

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JUNE 2024


AUDITORS
The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J Ashby - Director


26th November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OUZLEDALE FOUNDRY COMPANY LIMITED


Opinion
We have audited the financial statements of Ouzledale Foundry Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th June 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OUZLEDALE FOUNDRY COMPANY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OUZLEDALE FOUNDRY COMPANY LIMITED


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, we considered the following:
- the nature of the industry and sector, control environment and business performance including the key drivers for
directors' remuneration and bonus levels;
- results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
- any matters we identified having made enquiries of management about their policies and procedures relating to:

> identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;

> detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
> the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate.

Audit response to risks identified
As a result of performing the above our procedures to respond to the risks identified included the following:
- reviewing the financial statements disclosure and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management about actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of
material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual
or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OUZLEDALE FOUNDRY COMPANY LIMITED


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 a Report of the Auditors 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.




Mark Sunter FCA (Senior Statutory Auditor)
for and on behalf of Ainsworths Limited
Chartered Accountants
and Statutory Auditors
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

26th November 2024

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   

TURNOVER 3 4,179,081 7,464,784

Cost of sales 2,276,556 4,200,776
GROSS PROFIT 1,902,525 3,264,008

Distribution costs 332,905 427,515
Administrative expenses 1,265,057 1,525,117
1,597,962 1,952,632
304,563 1,311,376

Other operating income 26,200 39,188
OPERATING PROFIT 5 330,763 1,350,564

Interest receivable and similar income 139,223 52,760
PROFIT BEFORE TAXATION 469,986 1,403,324

Tax on profit 6 100,266 344,962
PROFIT FOR THE FINANCIAL YEAR 369,720 1,058,362
Profit attributable to:
Owners of the parent 369,720 1,058,362

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH JUNE 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 369,720 1,058,362


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

369,720

1,058,362

Total comprehensive income attributable to:
Owners of the parent 369,720 1,058,362

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

CONSOLIDATED BALANCE SHEET
30TH JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,525,235 1,591,618
Investments 11 27,947 27,947
Investment property 12 4,251,879 4,251,879
5,805,061 5,871,444

CURRENT ASSETS
Stocks 13 1,699,470 1,822,894
Debtors 14 896,878 1,421,729
Cash at bank and in hand 4,314,130 4,434,535
6,910,478 7,679,158
CREDITORS
Amounts falling due within one year 15 1,345,430 2,034,544
NET CURRENT ASSETS 5,565,048 5,644,614
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,370,109

11,516,058

PROVISIONS FOR LIABILITIES 17 131,982 147,651
NET ASSETS 11,238,127 11,368,407

CAPITAL AND RESERVES
Called up share capital 18 5,000 5,000
Capital redemption reserve 19 60,000 60,000
Retained earnings 19 11,173,127 11,303,407
SHAREHOLDERS' FUNDS 11,238,127 11,368,407

The financial statements were approved by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by:





Mr J Ashby - Director


OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

COMPANY BALANCE SHEET
30TH JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,330,957 1,348,922
Investments 11 28,007 28,007
Investment property 12 4,251,879 4,251,879
5,610,843 5,628,808

CURRENT ASSETS
Debtors 14 1,524,064 1,903,913
Cash at bank 2,820,589 2,978,046
4,344,653 4,881,959
CREDITORS
Amounts falling due within one year 15 748,251 1,220,819
NET CURRENT ASSETS 3,596,402 3,661,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,207,245

9,289,948

PROVISIONS FOR LIABILITIES 17 87,082 91,573
NET ASSETS 9,120,163 9,198,375

CAPITAL AND RESERVES
Called up share capital 18 5,000 5,000
Capital redemption reserve 19 60,000 60,000
Retained earnings 19 9,055,163 9,133,375
SHAREHOLDERS' FUNDS 9,120,163 9,198,375

Company's profit for the financial year 421,788 869,441

The financial statements were approved by the Board of Directors and authorised for issue on 26th November 2024 and were signed on its behalf by:





Mr J Ashby - Director


OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JUNE 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st July 2022 5,000 10,745,045 60,000 10,810,045

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 1,058,362 - 1,058,362
Balance at 30th June 2023 5,000 11,303,407 60,000 11,368,407

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 369,720 - 369,720
Balance at 30th June 2024 5,000 11,173,127 60,000 11,238,127

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JUNE 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st July 2022 5,000 8,763,934 60,000 8,828,934

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 869,441 - 869,441
Balance at 30th June 2023 5,000 9,133,375 60,000 9,198,375

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 421,788 - 421,788
Balance at 30th June 2024 5,000 9,055,163 60,000 9,120,163

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 607,387 552,528
Tax paid (268,770 ) (144,385 )
Net cash from operating activities 338,617 408,143

Cash flows from investing activities
Purchase of tangible fixed assets (112,945 ) (356,263 )
Sale of tangible fixed assets 14,700 -
Interest received 139,223 52,760
Net cash from investing activities 40,978 (303,503 )

Cash flows from financing activities
Amount owed to directors - 60,000
Equity dividends paid (500,000 ) (500,000 )
Net cash from financing activities (500,000 ) (440,000 )

Decrease in cash and cash equivalents (120,405 ) (335,360 )
Cash and cash equivalents at beginning of
year

2

4,434,535

4,769,895

Cash and cash equivalents at end of year 2 4,314,130 4,434,535

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JUNE 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
£    £   
Profit before taxation 469,986 1,403,324
Depreciation charges 179,328 145,716
Profit on disposal of fixed assets (14,700 ) -
Finance income (139,223 ) (52,760 )
495,391 1,496,280
Decrease/(increase) in stocks 123,424 (465,193 )
Decrease/(increase) in trade and other debtors 524,851 (479,437 )
(Decrease)/increase in trade and other creditors (536,279 ) 878
Cash generated from operations 607,387 552,528

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 4,314,130 4,434,535
Year ended 30th June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 4,434,535 4,769,895


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 4,434,535 (120,405 ) 4,314,130
4,434,535 (120,405 ) 4,314,130
Total 4,434,535 (120,405 ) 4,314,130

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. STATUTORY INFORMATION

Ouzledale Foundry Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the company and its subsidiary undertakings. Balances from undertakings in a foreign currency are translated using the closing and average exchange rates.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The estimates and underlying assumptions are reviewed by management on an ongoing basis. The following are the key sources of estimation uncertainty:

Revaluation of investment property
In making their judgment, the directors consider external property market databases and their knowledge of the local property market.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from rental income, farm management fees and interest receivable are recognised in the period which it relates to. Where income is invoiced in advance the income is deferred. Where income is invoiced in arrears the income is accrued.

Grant income is recognised when the company has entitlement to the grant, it is probable that the income will be received, and the amount of income can be measured reliably. Grant income is released to the income statement in the period to which it relates.

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 25% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost and 20% to 33.33% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are initially recognised at cost. In addition to the above depreciation provisions an annual impairment review of assets is undertaken.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to Consolidated Income Statement in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

30.6.24 30.6.23
£    £   
Sale of heating appliances 3,548,612 6,888,180
Rental income 630,469 576,604
4,179,081 7,464,784

An analysis of turnover by geographical market is given below:

30.6.24 30.6.23
£    £   
United Kingdom 2,914,208 4,767,670
Rest of the world 1,264,873 2,697,114
4,179,081 7,464,784

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 1,166,088 1,666,191
Social security costs 89,965 154,420
Other pension costs 16,704 28,686
1,272,757 1,849,297

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.24 30.6.23

Production and sales 33 51
Administration and management 13 12
46 63

30.6.24 30.6.23
£    £   
Directors' remuneration 81,526 80,516

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.24 30.6.23
£    £   
Hire of plant and machinery 2,082 1,973
Depreciation - owned assets 179,328 145,716
Profit on disposal of fixed assets (14,700 ) -
Foreign exchange differences - (332 )
Auditors remuneration 15,100 15,100

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 115,935 268,770

Deferred tax (15,669 ) 76,192
Tax on profit 100,266 344,962

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Profit before tax 469,986 1,403,324
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

117,497

350,831

Effects of:

Super deduction - (3,219 )
Consolidation adjustments (17,231 ) -
Change in tax rate - (2,650 )
Total tax charge 100,266 344,962

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary A shares of £1 each
Interim 500,000 500,000

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1st July 2023
and 30th June 2024 25,000
AMORTISATION
At 1st July 2023
and 30th June 2024 25,000
NET BOOK VALUE
At 30th June 2024 -
At 30th June 2023 -

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st July 2023 1,676,812 16,218 3,171,122
Additions - - 10,687
Disposals - - -
At 30th June 2024 1,676,812 16,218 3,181,809
DEPRECIATION
At 1st July 2023 642,765 16,218 2,696,044
Charge for year - - 126,951
Eliminated on disposal - - -
At 30th June 2024 642,765 16,218 2,822,995
NET BOOK VALUE
At 30th June 2024 1,034,047 - 358,814
At 30th June 2023 1,034,047 - 475,078

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st July 2023 433,667 381,130 5,678,949
Additions 1,289 100,969 112,945
Disposals - (68,905 ) (68,905 )
At 30th June 2024 434,956 413,194 5,722,989
DEPRECIATION
At 1st July 2023 417,043 315,261 4,087,331
Charge for year 5,613 46,764 179,328
Eliminated on disposal - (68,905 ) (68,905 )
At 30th June 2024 422,656 293,120 4,197,754
NET BOOK VALUE
At 30th June 2024 12,300 120,074 1,525,235
At 30th June 2023 16,624 65,869 1,591,618

Included in cost of land and buildings is freehold land of £1,034,047 (2023 - £1,034,047) which is not depreciated.

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st July 2023 1,676,812 2,644,356 87,564 103,352 4,512,084
Additions - 4,975 1,289 73,896 80,160
Disposals - - - (10,200 ) (10,200 )
At 30th June 2024 1,676,812 2,649,331 88,853 167,048 4,582,044
DEPRECIATION
At 1st July 2023 642,765 2,364,455 85,543 70,399 3,163,162
Charge for year - 69,506 1,078 27,541 98,125
Eliminated on disposal - - - (10,200 ) (10,200 )
At 30th June 2024 642,765 2,433,961 86,621 87,740 3,251,087
NET BOOK VALUE
At 30th June 2024 1,034,047 215,370 2,232 79,308 1,330,957
At 30th June 2023 1,034,047 279,901 2,021 32,953 1,348,922

Included in cost of land and buildings is freehold land of £ 1,034,047 (2023 - £ 1,034,047 ) which is not depreciated.

11. FIXED ASSET INVESTMENTS

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Shares in group undertakings - - 60 60
Other investments not loans 27,947 27,947 27,947 27,947
27,947 27,947 28,007 28,007

Additional information is as follows:

Group

Investments (neither listed nor unlisted) were as follows:
30.6.24 30.6.23
£    £   
Motor vehicle 27,947 27,947

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1st July 2023
and 30th June 2024 60
NET BOOK VALUE
At 30th June 2024 60
At 30th June 2023 60

Investments (neither listed nor unlisted) were as follows:
30.6.24 30.6.23
£    £   
Motor vehicle 27,947 27,947

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Esse Engineering Limited
Registered office: Long Ing Lane, Barnoldswick, Lancashire, BB18 6BJ
Nature of business: Manufacture of heating appliances
%
Class of shares: holding
Ordinary 100.00

Esse Australia PTY Limited
Registered office: 234-238 Moorabool Street, Geelong, Vic 3220, Australia
Nature of business: Retail of heating appliances
%
Class of shares: holding
Ordinary 100.00


Fixed asset investments are included at cost. In the opinion of the directors the motor vehicle cost reasonably reflects the fair value as at 30th June 2024.

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st July 2023
and 30th June 2024 4,251,879
NET BOOK VALUE
At 30th June 2024 4,251,879
At 30th June 2023 4,251,879

Fair value at 30th June 2024 is represented by:
£   
Valuation in 2024 4,251,879

If investment property had not been revalued it would have been included at the following historical cost:

30.6.24 30.6.23
£    £   
Cost 3,451,822 3,451,822

Investment property was valued on a fair value basis basis on 30th June 2024 by the directors .

Company
Total
£   
FAIR VALUE
At 1st July 2023
and 30th June 2024 4,251,879
NET BOOK VALUE
At 30th June 2024 4,251,879
At 30th June 2023 4,251,879

Fair value at 30th June 2024 is represented by:
£   
Valuation in 2024 4,251,879

If investment properties had not been revalued they would have been included at the following historical cost:

30.6.24 30.6.23
£    £   
Cost 3,451,822 3,451,822

Investment properties were valued on a fair value basis on 30th June 2024 by the directors .

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


13. STOCKS

Group
30.6.24 30.6.23
£    £   
Raw materials 905,869 851,616
Finished goods 793,601 971,278
1,699,470 1,822,894

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 659,069 1,067,436 95,377 39,987
Amounts owed by group undertakings - - 1,237,782 1,607,683
Other debtors - 451 - -
VAT 79,956 61,729 73,988 -
Prepayments 157,853 292,113 116,917 256,243
896,878 1,421,729 1,524,064 1,903,913

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade creditors 463,372 745,719 46,941 329,090
Tax 115,935 268,770 115,935 186,072
Social security and other taxes 18,491 28,475 - -
VAT - - - 138,349
Other creditors 3,364 4,890 - -
Directors' current accounts 560,049 560,049 560,049 560,049
Accrued expenses 184,219 426,641 25,326 7,259
1,345,430 2,034,544 748,251 1,220,819

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 16,533 1,285
Between one and five years 2,756 -
19,289 1,285

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 16,533 1,285
Between one and five years 2,756 -
19,289 1,285

17. PROVISIONS FOR LIABILITIES

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 131,982 147,651 87,082 91,573

Group
Deferred
tax
£   
Balance at 1st July 2023 147,651
Provided during year (15,669 )
Balance at 30th June 2024 131,982

Company
Deferred
tax
£   
Balance at 1st July 2023 91,573
Provided during year (4,491 )
Balance at 30th June 2024 87,082

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
3,640 Ordinary £1 3,640 3,640
1,360 Ordinary A £1 1,360 1,360
5,000 5,000

OUZLEDALE FOUNDRY COMPANY LIMITED (REGISTERED NUMBER: 00317800)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st July 2023 11,303,407 60,000 11,363,407
Profit for the year 369,720 369,720
Dividends (500,000 ) (500,000 )
At 30th June 2024 11,173,127 60,000 11,233,127

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st July 2023 9,133,375 60,000 9,193,375
Profit for the year 421,788 421,788
Dividends (500,000 ) (500,000 )
At 30th June 2024 9,055,163 60,000 9,115,163


20. RELATED PARTY DISCLOSURES

A company in which M and J Ashby are shareholders
30.6.24 30.6.23
£    £   
Sales 58,500 58,500

21. ULTIMATE CONTROLLING PARTY

Ultimate control of the company is with the trustees of a trust.