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Registered number: 02615716










OLM SYSTEMS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
OLM SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Director
P O'Hara 




Company secretary
C Hicks



Registered number
02615716



Registered office
Cairns House
10 Station Road

Teddington

Middlesex

TW11 9AA




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP





 
OLM SYSTEMS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 29


 
OLM SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The principal activity of the Company during the year was the provision of computer and associated services.

Business review
 
Founded in 1991, OLM Systems continues to focus on making a difference as a niche specialist business specialising in human services organisations as its core market, to help them achieve better outcomes across the communities they serve.  The business continues to invest to drive product and technical innovation in pursuit of its mission to take complexity out of people’s lives and improve outcomes for citizens who depend on the support social care offers.
With the launch of its next generation SAAS solution, ECLIPSE for person centred care and support, the business has successfully diversified its market reach and now operates in four related market sectors, Local Government social care, Education, Community Health, and the Private & Voluntary sector. ECLIPSE continues to grow its market share as the sector embraces the real benefits of adopting a digital transformation approach to modernise their operations. This year saw continued growth in total registered users, annual SAAS revenues, new customer adoptions and total contract value all increasing. Management believes the number of customers and registered users of the ECLIPSE platform will grow significantly beyond the current plan over the coming years. 
The economic challenges for the UK will continue to be uneven and uncertain, with some sectors recovering slower than others. The charity and voluntary sectors continue to be impacted with a major drop in income from fundraising and commercial activities. Financial pressure on expenditure pressures on Local Authorities over the medium-term has severely impacted demand in the past year. Many planned projects were delayed and pushed back due to pressure on resources and funding with the existing customer base which adversely impacted the businesses performance in the year. 
With continued policy and legislative changes driving the Transformation agenda across Health, Social Care and Education, the business expects there will be significant opportunities arising from technology refreshes as customers move to more cost-effective and agile cloud-based solutions. More importantly customers can realise significant operational savings through the onboarding phases and a significant lower cost of ownership. As a native Digital Platform, ECLIPSE has demonstrated that customers can enhance productivity within their operations, significantly reduce operational costs, improve service outcomes for their community, enable a more agile approach to managing change and significantly improve information sharing and collaboration.
The successful adoption and deployment of the ECLIPSE Platform by customers across all of OLM’s market segments demonstrates OLM’s ability to scale its next generation SAAS solutions and deliver high value returns to its customers. OLM is in a unique position to capitalise on the market changes that will take place in the years ahead as the demand for native cloud solutions grows to replace old legacy solutions that are coming to their end of life. OLM remains focused on delivering the next generation software solutions to help customers deliver more integrated, digitally enabled services to their communities, citizens, and staff. The business core strategic objectives will continue to focus investment on new product and service areas to make a difference to lives of our customers and the people they serve.

Page 1

 
OLM SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Interest rate risk
The Company finances its operations through a mixture of retained profits and amounts owed to other group companies. Amounts due from other group companies bear interest at 3% above base rate. The Company's cash assets are held in floating rate accounts. Trade debtors and creditors do not attract interest and are therefore subject to fair value interest rate risk.
Credit risk
The Company's principal financial assets are cash and trade debtors. The credit risk associated with the cash balances is managed by the company monitoring the financial position of the counterparties involved. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the director sets limits for customers based on payment history.

Financial key performance indicators
 
The Company's key performance indicators for the year were turnover (see statement of comprehensive income) and gross profit margin (see statement of comprehensive income).


This report was approved by the board on 16 December 2024 and signed on its behalf.



................................................
C Hicks
Secretary

Page 2

 
OLM SYSTEMS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the Company during the year was the provision of computer systems and associated services.

Director

The director who served during the year was:

P O'Hara 

Results and dividends

The loss for the year, after taxation, amounted to £180,559 (2023 - profit £583,173).

The director does not recommend the payment of a dividend (2023 - £Nil).
During the year the Company paid dividends of £Nil 
(2023 - £Nil).

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Future developments

Going forward, the Company will continue to strengthen its capabilities to cross sell across the wider care sector.

Page 3

 
OLM SYSTEMS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he 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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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

This report was approved by the board on 16 December 2024 and signed on its behalf.
 





................................................
C Hicks
Secretary

Page 4

 
OLM SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of OLM Systems Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 30 June 2024 and of its loss 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.


Material uncertainty related to going concern


We draw attention to note 2.4 in the financial statements. The Company's ability to meet short-term operating cash requirements is reliant upon the renewal of its long-term overdraft facility. As stated in note 2.4, these events or conditions, along with the other matters as set forth in note 2.4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included a review.


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


Page 5

 
OLM SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS 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 director is 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
OLM SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


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.


The extent to which the audit was considered capable of detecting irregularities including fraud
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:

• the responsible individual ensured that the engagement team collectively had the appropriate                                competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the Company through discussions with directors and   other management, and from our commercial knowledge and experience of the sector in which the    Company operates;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Company, including the Companies Act 2006, taxation   legislation, ISO 9001:2015, ISO/IEC 27001:2022 and the Cyber Essentials and Cyber Essentials Plus   standards;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit. 
We assessed  the  susceptibility  of  the  Company’s  financial  statements to material misstatement, including obtaining an understanding of how fraud might occur, by:  
• making enquiries of management as to where they considered there was susceptibility to fraud and      their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
 
Page 7

 
OLM SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls, we:  
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:  
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC and the Company’s legal advisers where appropriate.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 


A further description of our responsibilities 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.


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.




Andrew Cameron (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

16 December 2024
Page 8

 
OLM SYSTEMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,719,611
13,084,677

Cost of sales
  
(1,650,294)
(1,551,231)

Gross profit
  
10,069,317
11,533,446

Administrative expenses
  
(10,862,869)
(11,355,982)

Other operating income
 5 
9,020
-

Operating (loss)/profit
 6 
(784,532)
177,464

Interest receivable and similar income
 9 
608,229
406,806

Interest paid and similar expenses
  
(4,256)
-

(Loss)/profit before tax
  
(180,559)
584,270

Tax on (loss)/profit
 11 
-
(1,097)

(Loss)/profit for the financial year
  
(180,559)
583,173

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
OLM SYSTEMS LIMITED
REGISTERED NUMBER: 02615716

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
2,265,564
1,724,149

Tangible assets
 13 
556,363
567,806

Investments
 14 
2
2

  
2,821,929
2,291,957

Current assets
  

Stocks
 15 
9,786
3,225

Debtors: amounts falling due within one year
 16 
19,526,707
19,161,969

Cash at bank and in hand
 17 
1,056
875,339

  
19,537,549
20,040,533

Creditors: amounts falling due within one year
 18 
(10,979,930)
(10,772,383)

Net current assets
  
 
 
8,557,619
 
 
9,268,150

Total assets less current liabilities
  
11,379,548
11,560,107

Provisions for liabilities
  

Deferred tax
 20 
(45,058)
(45,058)

  
 
 
(45,058)
 
 
(45,058)

Net assets
  
11,334,490
11,515,049


Capital and reserves
  

Called up share capital 
 21 
50
50

Capital redemption reserve
 22 
50
50

Profit and loss account
 22 
11,334,390
11,514,949

  
11,334,490
11,515,049


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2024.



................................................
P O'Hara
Director

The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
OLM SYSTEMS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
50
50
10,931,776
10,931,876



Profit for the year
-
-
583,173
583,173



At 1 July 2023
50
50
11,514,949
11,515,049



Loss for the year
-
-
(180,559)
(180,559)


At 30 June 2024
50
50
11,334,390
11,334,490


The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

OLM Systems Limited is a private company limited by shares incorporated in England and Wales (no. 02615716). The Company's registered office is Cairns House, 10 Station Road, Teddington, Middlesex, TW11 9AA. The principal activity of the Company is the provision of computer systems and associated services.

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

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of OLM Group Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

Page 12

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Going concern

At the time of approving the financial statements, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements.
The Company meets its day to day working capital requirements through a long-term overdraft facility. The overdraft facility was most recently renewed for a period to 30 June 2025. There is no indication that the current facility can not be serviced, and the Company has prepared formal financial statements and cashflow forecasts to 30 June 2026 to support this. The forecasts prepared to date show the Company to be able to maintain their facilities up to the renewal date.
In addition, the forecasts have been prepared on both an expected case as well as a downside case which builds in the financial impact of downside risk events, including the failure to renew the overdraft facility. Under this scenario, the Company’s ability to generate sufficient funds to meet short-term operating cash requirements is reliant upon the Company’s ability to sell certain assets it holds, or to obtain alternative financing.

 
2.5

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.

Page 13

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

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.

 
2.8

Research and development

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 3 years from the point at which the asset becomes income-generating. 

 
2.9

Interest income

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

Page 14

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Borrowing costs

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

 
2.12

Pensions

Defined contribution pension plan

The Company operates 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.

 
2.13

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 15

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.15

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:

Long-term leasehold property
-
2% straight line
Short-term leasehold property
-
length of the lease
Fixtures and fittings
-
33% straight line
Office equipment
-
33% straight line
Computer equipment
-
33% 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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

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 first in, first out 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.

Page 16

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

 
2.20

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.

 
2.21

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.

 
2.22

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Page 17

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply to cash flows on estimated disposal values to calculate their net present values.
Intangible fixed assets are amortised over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply to cash flows on estimated disposal values to calculate their net present values.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Services
11,639,048
12,713,261

Goods
80,563
371,416

11,719,611
13,084,677


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Rent receivable
9,020
-

9,020
-


Page 18

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating (loss)/profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
20,115
25,426

Amortisation of intangible fixed assets
37,752
-

Exchange differences
11,095
8,265

Fees payable to the Company's auditor and its associates for the audit of
the Company's annual financial statements
33,325
31,750

Other operating lease rentals
202,322
216,850

Defined contribution pension cost
358,776
372,546


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
33,325
31,750

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 19

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
6,803,655
7,290,740

Social security costs
771,944
816,688

Cost of defined contribution scheme
358,776
372,546

7,934,375
8,479,974


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


        2024
        2023
            No.
            No.







Sales
12
12



Technical
126
137



Administration
4
3

142
152


9.


Interest receivable

2024
2023
£
£


Other interest receivable
608,229
406,806

608,229
406,806


10.


Interest paid and similar expenses

2024
2023
£
£


Other interest paid
4,256
-

4,256
-

Page 20

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
-
1,097

Total deferred tax
-
1,097


Tax on (loss)/profit
-
1,097

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(180,559)
584,270


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
(45,140)
119,775

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
25,000
-

Capital allowances for year in excess of depreciation
398
(305)

Utilisation of tax losses
20,150
(28,358)

Short-term timing difference leading to an increase (decrease) in taxation
(408)
(593)

Adjustment in respect of R&D tax credits
-
(28,140)

Group relief
-
(62,379)

Deferred tax charge for the period
-
1,097

Total tax charge for the year
-
1,097


Factors that may affect future tax charges

At 30 June 2024 the Company had estimated tax losses of £1,730,031 (2023 - £1,649,433) available to carry forward against future taxable profits.

Page 21

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Intangible assets




Purchased software
Development expenditure
Total

£
£
£



Cost


At 1 July 2023
44,974
2,301,164
2,346,138


Additions
-
579,167
579,167



At 30 June 2024

44,974
2,880,331
2,925,305



Amortisation


At 1 July 2023
44,974
577,015
621,989


Charge for the year on owned assets
-
37,752
37,752



At 30 June 2024

44,974
614,767
659,741



Net book value



At 30 June 2024
-
2,265,564
2,265,564



At 30 June 2023
-
1,724,149
1,724,149



Page 22

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets





Long-term leasehold property
Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
535,000
91,235
97,639
50,326
1,302,080
2,076,280


Additions
-
-
-
-
8,672
8,672



At 30 June 2024

535,000
91,235
97,639
50,326
1,310,752
2,084,952



Depreciation


At 1 July 2023
-
91,234
97,639
48,817
1,270,784
1,508,474


Charge for the year on owned assets
-
-
-
542
19,573
20,115



At 30 June 2024

-
91,234
97,639
49,359
1,290,357
1,528,589



Net book value



At 30 June 2024
535,000
1
-
967
20,395
556,363



At 30 June 2023
535,000
1
-
1,509
31,296
567,806




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
535,000
535,000

Short leasehold
1
1

535,001
535,001


Page 23

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
2



At 30 June 2024
2





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

OLM Scotland Limited
Room 32, 39 St. Vincent Place, Glasgow, Scotland, G1 2ER
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
 £
Profit/(Loss)
 £

OLM Scotland Limited

2
-


15.


Stocks

2024
2023
£
£

Raw materials and consumables
9,786
3,225

9,786
3,225


Page 24

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Debtors

2024
2023
£
£


Trade debtors
3,099,438
3,471,208

Amounts owed by group undertakings
15,855,507
15,078,878

Other debtors
89,055
55,950

Prepayments and accrued income
482,707
555,933

19,526,707
19,161,969



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,056
875,339

Less: bank overdrafts
(679,590)
-

(678,534)
875,339



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
679,590
-

Trade creditors
543,371
438,598

Amounts owed to group undertakings
-
77,787

Other taxation and social security
1,209,248
1,434,959

Other creditors
84,892
67,962

Accruals and deferred income
8,462,829
8,753,077

10,979,930
10,772,383


The Company's bank facilities are secured by the following:
a) A debenture, including fixed and floating charges, over the Company's assets dated 22 February 2010.
b) A legal mortgage over the Company's leasehold property dated 13 March 2012.
c) An unlimited multilateral guarantee by the Company and OLM Group Limited dated 22 February 2010.

Page 25

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,056
875,339

Financial assets that are debt instruments measured at amortised cost
19,526,709
19,161,970

19,527,765
20,037,309


Financial liabilities


Financial liabilities measured at amortised cost
(9,745,683)
9,337,425


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and prepayments and accrued income.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed by group undertakings, other creditors and accruals and deferred income.

Page 26

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Deferred taxation




2024


£






At beginning of year
(45,058)



At end of year
(45,058)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,733
5,733

Revaluation reserve movements
(57,788)
(57,788)

Other timing differences
6,997
6,997

(45,058)
(45,058)

A deferred tax asset of £432,507 (2023 - £412,359) in relation to tax losses carried forward has not been recognised.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 Ordinary shares of £1.00 each
50
50


Page 27

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Reserves

Capital redemption reserve

This reserve records the nominal value of own shares purchased.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.
Included within the profit and loss account are distributable reserves of £11,161,027 (2023 - £11,341,587).
The profit and loss account includes a revaluation reserve totalling £173,362 (2023 - £173,362) which relates to the Company's leasehold property. The value of the property under historical cost accounting rules is £303,850 (2023 - £303,850).


23.


Pension commitments

The Company operates 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 £358,776 (2023 - £372,546). Contributions totalling £59,520 (2023 - £64,743) were payable to the fund at the balance sheet date and are included in creditors.


24.


Commitments under operating leases

At 30 June 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
189,953
193,773

Later than 1 year and not later than 5 years
634,250
653,353

Later than 5 years
253,700
380,550

1,077,903
1,227,676

Page 28

 
OLM SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Related party transactions

The Company is a member of a group headed by OLM Group Limited. Transactions with wholly owned group undertakings are not disclosed as the Company has taken advantage of the exemption available under FRS 102 on the grounds that the Company is a wholly owned subsidiary of OLM Group Limited.
Included within trade debtors is an amount of £611,650 (2023 - £421,994) due from Nalanda Technology Limited and companies under its control. Included within trade creditors is an amount of £16,105 (2023 - £17,508) due to the same entities. P O'Hara and C Hicks are directors and shareholders of Nalanda Technology Limited. During the year the company made net sales and recharges to Nalanda Technology Limited and companies under its control of £652,255 (2023 - £472,668) and net purchases and recharges of £157,769 (2023 - £209,294).
Included within other creditors is an amount of £25,000 (2023 - £Nil) due to certain directors of the Company. This amount is unsecured, interest-free and repayable on demand.
Key Management Personnel
The Company has elected to take advantage of the key management personnel compensation exemption under FRS 102 paragraph 1.12(e) and 33.7.


26.


Controlling party

The ultimate parent undertaking is OLM Group Limited, a company incorporated in England and Wales.   P O'Hara is the company's ultimate controlling party by virtue of his majority shareholding in OLM Group Limited.

 
Page 29