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Registered number: 03229463










OLM GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
OLM GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
P O'Hara 
M Raeburn 
C Rose 




Company secretary
C Hicks



Registered number
03229463



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 GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 39


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

Introduction
 
The Group is principally engaged in the provision of software products, information services and business consultancy to the UK Care sector across local government, health and providers.

Business review
 
The trading results for the year and the Group and Company’s financial position at the end of the year are shown in the attached financial statements.
The directors use the following key performance indicators to assess the performance of the Group: -
• Operating profit/loss
• Gross profit
• Net profit per employee
Business Overview
The Group offers a unique complimentary range of solutions covering technology infrastructure; business application software; information & data management services; specialist business consultancy; specialist Cyber Security services; and knowledge and learning solutions across the health and care sector. The Group today comprises:
• OLM Systems Limited
• Pavilion Publishing and Media Ltd
• Valuing Care Ltd
OLM Group businesses bring over 33 years’ experience of working across the care sector, demonstrating to our customers our long term commitment to them and our chosen markets. OLM Group offers a range of products and service to over 500 organisations across health, local government and the independent care sector. With demand for care and support services projected to continue to rise, OLM Group strategy is to invest in new products and solutions to respond to the changing nature and structure of the care market in the UK. 
The Group has established a strong market position in the UK care market and continues to expand its customer base across all market segments. Driven by a passion to deliver an unrivalled customer experience, allied to a culture of innovation and creativity, the Group is well positioned to deliver further growth in the coming years. The Group will continue to invest in the business areas that offer improved margin opportunities and stable revenue streams, while aiming to extend OLM’s market reach.
 
Page 1

 
OLM GROUP LIMITED
 

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

Operational and Financial Overview
Continued economic uncertainty and its impact on public expenditure and local government spend continues to have an impact on parts of the business. However, following the launch of its enhanced portfolio of SAAS products, knowledge and content services, OLM Group continued to demonstrate a strong performance overall. 
Pavilion Publishing and Media Ltd has fully transitioned to multi-media business and continues to perform in line with management expectations. While some market sectors were still impacted by financial pressures, the revised strategy put in place the previous year has seen a significant shift to online activity. As expected this has led to a increase in customer and market engagement with a positive impact through the year, demonstrating that these innovations will continue to open new revenue streams going forward. Pavilion’s strategy remains focused on building its Digital Engagement, Content and Data products suite as it adjusts to structural changes impacting the publishing market. This will strengthen the Group's ability to maximise cross selling opportunities across its market sectors. 
Overall, the Group’s performance in the year was in line with the Group's strategy of becoming the leading SAAS solution supplier across the care sector, for both technology and knowledge services. Forward contract values continue to grow with further growth expected on the back of a strengthening pipeline.      
Business Outlook
The Group prides itself on its track record of organic re-investment to grow the business, with no external shareholders the company is able to focus its energies and resources to deliver long term value. The Group will continue to pursue a strategy that focuses on the medium and long-term to position itself across the market. This financial stability allows the Group to direct investment and resources on the future needs of our customers and the shape of the care market. 
The Group will invest in innovative products and services in pursuit of our strategy to grow the business by focusing on high value and high margin solutions across a diverse market of care, health, education and independent sector. The Group remains well positioned to deliver further growth and revenue diversification, as the market continues to evolve in response to the governments reform and digital first agenda. 

Page 2

 
OLM GROUP LIMITED
 

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

Principal risks and uncertainties
 
Overview
The Group and Company uses various financial instruments, which include amounts owed to/from group companies, cash and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations.
The existence of these financial instruments exposes the Group and Company to a number of financial risks, which are described in more detail below. The main risks arising from the financial instruments are liquidity risk, interest risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.
Liquidity risk
The Group and Company seek 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 Group and Company finance operations through a mixture of retained profits and amounts owed to other group companies. Interest is payable on amounts owed to other group companies at bank rate plus 3%. The Group'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 Group and Company's principal financial assets are cash and trade debtors. The credit risk associated with the cash balances is managed by the Group and Company monitoring the financial position of the counter parties involved, therefore the principal credit risk arises from its debtors. This risk is mitigated through the performance of tight credit control procedures and regular review of non-current debt by management.

Financial key performance indicators
 
The trading results for the year and the Group and Company's financial position at the end of the year are shown in the attached financial statements.

Other key performance indicators
 
The directors use the following key performance indicators to assess the performance of the Group:-
- operating profit/(loss) (see statement of comprehensive income)
- gross profit (see statement of comprehensive income)
- net profit/(loss) per employee (see statement of comprehensive income and notes to the financial statements)


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



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

Page 3

 
OLM GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The Group is principally engaged in the provision of software products, information services and business consultancy to the UK Care sector, across local government, health and providers.

Directors

The directors who served during the year were:

P O'Hara 
M Raeburn 
C Rose 

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £747,641 (2023 - £80,659).

The directors do not recommend payment of a dividend (2023 - £Nil).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group'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 Group will continue in business.

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

Future developments

The Group remains well positioned to deliver further growth and revenue diversification, as the market continues to consolidate and reforms to meet the government’s austerity programme and new legislative initiatives.

Page 4

 
OLM GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

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

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

Post balance sheet events

There have been no significant events affecting the Group 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 5

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

Opinion


We have audited the financial statements of OLM Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's 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 Group 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 2.3 in the financial statements. The Group's ability to meet short-term operating cash requirements is reliant upon the renewal of its long-term overdraft facility. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group'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 Group's ability to continue to adopt the going concern basis of accounting included a review.


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


Page 6

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


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' Report.


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


adequate accounting records have not been kept 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.


Page 7

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


Responsibilities of directors
 

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


In preparing the financial statements, the directors are responsible for assessing the 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.


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 Group 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 Group through discussions with directors and    other management, and from our commercial knowledge and experience of the sector in which the    Group 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 Group, including the Companies Act 2006 and     taxation legislation;
• 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  Group  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 8

 
OLM GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM GROUP 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 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 9

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

2024
2023
Note
£
£

  

Turnover
 4 
12,958,415
14,397,046

Cost of sales
  
(1,896,255)
(1,848,820)

Gross profit
  
11,062,160
12,548,226

Administrative expenses
  
(12,441,042)
(13,043,299)

Other operating income
 5 
22,860
15,330

Operating loss
 6 
(1,356,022)
(479,743)

Interest receivable and similar income
 10 
608,336
406,930

Interest payable and similar expenses
  
(4,257)
-

Loss before taxation
  
(751,943)
(72,813)

Tax on loss
 12 
94
(12,126)

Loss for the financial year
  
(751,849)
(84,939)

(Loss) for the year attributable to:
  

Non-controlling interests
  
(4,208)
(4,280)

Owners of the parent Company
  
(747,641)
(80,659)

  
(751,849)
(84,939)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(4,208)
(4,280)

Owners of the parent Company
  
(747,641)
(80,659)

  
(751,849)
(84,939)

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

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

The notes on pages 18 to 39 form part of these financial statements.

Page 10

 
OLM GROUP LIMITED
REGISTERED NUMBER: 03229463

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
2,409,003
1,850,669

Tangible assets
 16 
991,371
1,016,195

Investments
 17 
2,572
2,572

  
3,402,946
2,869,436

Current assets
  

Stocks
 18 
240,387
241,181

Debtors: amounts falling due within one year
 19 
11,378,849
11,219,409

Cash at bank and in hand
 20 
24,150
1,088,317

  
11,643,386
12,548,907

Creditors: amounts falling due within one year
 21 
(11,878,208)
(11,498,276)

Net current (liabilities)/assets
  
 
 
(234,822)
 
 
1,050,631

Total assets less current liabilities
  
3,168,124
3,920,067

Provisions for liabilities
  

Deferred taxation
 23 
(71,670)
(71,764)

  
 
 
(71,670)
 
 
(71,764)

Net assets excluding pension asset
  
3,096,454
3,848,303

Net assets
  
3,096,454
3,848,303

Page 11

 
OLM GROUP LIMITED
REGISTERED NUMBER: 03229463
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
93,421
93,421

Share premium account
 25 
221,786
221,786

Merger reserve
 25 
118
118

Profit and loss account
 25 
2,808,897
3,556,538

Equity attributable to owners of the parent Company
  
3,124,222
3,871,863

Non-controlling interests
  
(27,768)
(23,560)

  
3,096,454
3,848,303


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 18 to 39 form part of these financial statements.

Page 12

 
OLM GROUP LIMITED
REGISTERED NUMBER: 03229463

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
431,107
431,446

Investments
 17 
1,308,855
1,308,855

  
1,739,962
1,740,301

Current assets
  

Debtors: amounts falling due within one year
 19 
7,578,183
7,158,932

Cash at bank and in hand
 20 
10,083
158,407

  
7,588,266
7,317,339

Creditors: amounts falling due within one year
 21 
(16,121,616)
(15,295,996)

Net current liabilities
  
 
 
(8,533,350)
 
 
(7,978,657)

Total assets less current liabilities
  
(6,793,388)
(6,238,356)

  

Provisions for liabilities
  

Deferred taxation
 23 
(29,863)
(29,863)

  
 
 
(29,863)
 
 
(29,863)

Net assets excluding pension asset
  
(6,823,251)
(6,268,219)

Net liabilities
  
(6,823,251)
(6,268,219)


Capital and reserves
  

Called up share capital 
 24 
93,421
93,421

Share premium account
 25 
221,786
221,786

Profit and loss account
 25 
(7,138,458)
(6,583,426)

  
(6,823,251)
(6,268,219)


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 18 to 39 form part of these financial statements.

Page 13
 

 
OLM GROUP LIMITED


 

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



Called up share capital
Share premium account
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 July 2022
93,421
221,786
118
3,637,197
3,952,522
(19,280)
3,933,242





Loss for the year
-
-
-
(80,659)
(80,659)
(4,280)
(84,939)





At 1 July 2023
93,421
221,786
118
3,556,538
3,871,863
(23,560)
3,848,303





Loss for the year
-
-
-
(747,641)
(747,641)
(4,208)
(751,849)



At 30 June 2024
93,421
221,786
118
2,808,897
3,124,222
(27,768)
3,096,454



The notes on pages 18 to 39 form part of these financial statements.

Page 14
 
OLM GROUP LIMITED
 

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


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

£
£
£
£


At 1 July 2022
93,421
221,786
(5,931,756)
(5,616,549)



Loss for the year
-
-
(651,670)
(651,670)



At 1 July 2023
93,421
221,786
(6,583,426)
(6,268,219)



Loss for the year
-
-
(555,032)
(555,032)


At 30 June 2024
93,421
221,786
(7,138,458)
(6,823,251)


The notes on pages 18 to 39 form part of these financial statements.

Page 15

 
OLM GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(751,849)
(84,939)

Adjustments for:

Amortisation of intangible assets
74,916
32,994

Depreciation of tangible assets
33,780
43,409

Interest paid
4,257
-

Interest received
(608,336)
(406,930)

Taxation charge
(94)
12,126

Decrease in stocks
794
10,368

(Increase) in debtors
(159,440)
(599,189)

(Decrease) in creditors
(299,219)
(115,277)

Corporation tax (paid)/received
(440)
-

Net cash generated from operating activities

(1,705,631)
(1,107,438)


Cash flows from investing activities

Purchase of intangible fixed assets
(633,250)
(574,319)

Purchase of tangible fixed assets
(8,955)
(14,912)

Interest received
608,336
406,930

Net cash from investing activities

(33,869)
(182,301)

Cash flows from financing activities

Interest paid
(4,257)
-

Net cash used in financing activities
(4,257)
-

Net (decrease) in cash and cash equivalents
(1,743,757)
(1,289,739)

Cash and cash equivalents at beginning of year
1,088,317
2,378,056

Cash and cash equivalents at the end of year
(655,440)
1,088,317


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
24,150
1,088,317

Bank overdrafts
(679,590)
-

(655,440)
1,088,317


The notes on pages 18 to 39 form part of these financial statements.

Page 16

 
OLM GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

1,088,317

(1,065,175)

23,142

Bank overdrafts

-

(678,582)

(678,582)

Debt due within 1 year

(68,241)

(104,802)

(173,043)


1,020,076
(1,848,559)
(828,483)

The notes on pages 18 to 39 form part of these financial statements.

Page 17

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

1.


General information

The Company is a private limited company, which is incorporated and registered in England and Wales (no. 03229463). The address of the 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 financial statements are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.

Page 18

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

2.Accounting policies (continued)

 
2.3

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Group 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 Group has prepared formal financial statements and cashflow forecasts to 30 June 2026 to support this. The forecasts prepared to date show the Group 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 Group's ability to generate sufficient funds to meet short-term operating cash requirements is reliant upon the Group's ability to sell certain assets it holds, or to obtain alternative financing.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 19

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

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

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, which is 3 years.

 
2.8

Interest income

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

Page 20

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.12

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 and the Group operate and generate 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 21

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

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.14

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
-
20% - 33% straight line
Office & exhibition equipment
-
33% straight line
Computer equipment
-
20% - 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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

Cash and cash equivalents

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

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

 
2.19

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.

 
2.20

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.

 
2.21

Financial instruments

The Group 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.

Page 23

 
OLM GROUP 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
12,476,388
13,636,521

Goods
482,027
760,525

12,958,415
14,397,046


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
9,020
-

Sundry income
13,840
15,330

22,860
15,330


Page 24

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

6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
33,780
43,409

Amortisation of intangible assets, including goodwill
69,445
32,994

Exchange differences
11,099
8,269

Other operating lease rentals
275,110
299,578

Defined contribution pension cost
419,746
436,734


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

15,540
15,300

Fees payable to the Company's auditors in respect of:

Audit-related assurance services
41,055
43,500

Taxation compliance services
7,235
8,750

All other services
108,400
18,300

Page 25

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

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
8,192,431
8,760,286
465,848
469,290

Social security costs
924,877
968,481
57,821
60,915

Cost of defined contribution scheme
419,746
436,734
23,320
23,725

9,537,054
10,165,501
546,989
553,930


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


        2024
        2023
            No.
            No.







Sales and consultancy services
15
15



Technical and production
126
138



Administration
37
39

178
192


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
115,053
115,053

115,053
115,053



10.


Interest receivable

2024
2023
£
£


Other interest receivable
608,336
406,930

608,336
406,930

Page 26

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

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1
-

Other interest payable
4,256
-

4,257
-


12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
11,076


-
11,076


Total current tax
-
11,076

Deferred tax


Origination and reversal of timing differences
(94)
1,050

Total deferred tax
(94)
1,050


Tax on loss
(94)
12,126
Page 27

 
OLM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Loss on ordinary activities before tax
(751,943)
(72,813)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
(187,986)
(14,927)

Effects of:


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

Capital allowances for year in excess of depreciation
1,927
1,494

Utilisation of tax losses
161,626
43,397

Adjustments to tax charge in respect of prior periods
-
11,076

Short term timing difference leading to an increase (decrease) in taxation
(567)
(1,824)

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

Deferred tax charge
(94)
1,050

Total tax charge for the year
(94)
12,126


Factors that may affect future tax charges

At 30 June 2024 the Group had estimated tax losses of £11,446,131 (2023 - £10,348,882) available to carry forward against future taxable profits.


13.


Dividends

The directors do not recommend the payment of a dividend for the year (2023 - £Nil).
At 30 June 2024 £100,000 (2023 - £100,000) of dividends declared remained unpaid.



14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £555,032 (2023 - loss £651,670).
Page 28

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

15.


Intangible assets

Group and Company





Purchased software
Development expenditure
Computer software
Goodwill
Negative goodwill
Total

£
£
£
£
£
£



Cost


At 1 July 2023
59,974
2,420,024
675
1,699,004
(43,585)
4,136,092


Additions
-
633,250
-
-
-
633,250



At 30 June 2024

59,974
3,053,274
675
1,699,004
(43,585)
4,769,342



Amortisation


At 1 July 2023
59,974
616,768
675
1,651,591
(43,585)
2,285,423


Charge for the year on owned assets
-
69,445
-
5,471
-
74,916



At 30 June 2024

59,974
686,213
675
1,657,062
(43,585)
2,360,339



Net book value



At 30 June 2024
-
2,367,061
-
41,942
-
2,409,003



At 30 June 2023
-
1,803,256
-
47,413
-
1,850,669



Page 29

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

16.


Tangible fixed assets

Group






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

£
£
£
£
£
£



Cost or valuation


At 1 July 2023
960,000
108,282
139,317
56,467
2,836,443
4,100,509


Additions
283
-
-
-
8,672
8,955



At 30 June 2024

960,283
108,282
139,317
56,467
2,845,115
4,109,464



Depreciation


At 1 July 2023
-
108,282
132,871
54,959
2,788,202
3,084,314


Charge for the year on owned assets
-
-
622
541
32,616
33,779



At 30 June 2024

-
108,282
133,493
55,500
2,820,818
3,118,093



Net book value



At 30 June 2024
960,283
-
5,824
967
24,297
991,371



At 30 June 2023
960,000
-
6,446
1,508
48,241
1,016,195

Page 30

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

           16.Tangible fixed assets (continued)


Company






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

£
£
£
£
£
£

Cost or valuation


At 1 July 2023
425,000
17,047
40,795
4,399
810,725
1,297,966


Additions
283
-
-
-
-
283



At 30 June 2024

425,283
17,047
40,795
4,399
810,725
1,298,249



Depreciation


At 1 July 2023
-
17,047
34,349
4,399
810,725
866,520


Charge for the year on owned assets
-
-
622
-
-
622



At 30 June 2024

-
17,047
34,971
4,399
810,725
867,142



Net book value



At 30 June 2024
425,283
-
5,824
-
-
431,107



At 30 June 2023
425,000
-
6,445
-
-
431,445






Page 31

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

17.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 July 2023
2,572



At 30 June 2024
2,572






Net book value



At 30 June 2024
2,572



At 30 June 2023
2,572

Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 July 2023
4,399,981
2,572
4,402,553



At 30 June 2024

4,399,981
2,572
4,402,553



Impairment


At 1 July 2023
3,093,698
-
3,093,698



At 30 June 2024

3,093,698
-
3,093,698



Net book value



At 30 June 2024
1,306,283
2,572
1,308,855



At 30 June 2023
1,306,283
2,572
1,308,855

Page 32

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

Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

OLM Systems Limited
Software sales and maintenance
Ordinary
100%
Pavilion Publishing and Media Ltd
Publishing
Ordinary
100%
Hytec Limited
Dormant
Ordinary
100%
Hytec Holdings Limited
Dormant
Ordinary
100%
OLM Professional Services Limited
Dormant
Ordinary
100%
OLM Pavilion Limited
Dormant
Ordinary
100%
Pavilion Exhibitions (Brighton) Limited
Dormant
Ordinary
100%
Valuing Care Ltd
Business consultancy within local government
Ordinary
61%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Hytec Information Security Limited
Dormant
Ordinary
100%
Esprit Technology Limited
Dormant
Ordinary
100%
OLM Scotland Limited
Dormant
Ordinary
100%

The registered office of OLM Scotland Limited is Room 32, 39 St. Vincent Place, Glasgow, Scotland, G1 2ER.
The registered office of all other subsidiaries is Cairns House, 10 Station Road, Teddington, Middlesex, TW11 9AA.


18.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
9,786
3,225

Work in progress (goods to be sold)
24,906
17,599

Finished goods and goods for resale
205,695
220,357

240,387
241,181


Page 33

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

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,336,024
3,582,685
50,670
7,314

Amounts owed by group undertakings
-
-
90,291
173,794

Other debtors
7,531,157
7,047,780
7,426,716
6,968,832

Called up share capital not paid
1,008
1,008
8
8

Prepayments and accrued income
510,660
587,936
10,498
8,984

11,378,849
11,219,409
7,578,183
7,158,932



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
24,150
1,088,317
10,083
158,407

Less: bank overdrafts
(679,590)
-
-
-

(655,440)
1,088,317
10,083
158,407


Page 34

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

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
679,590
-
-
-

Trade creditors
668,900
531,235
56,906
8,671

Amounts owed to group undertakings
-
-
15,777,734
15,073,532

Corporation tax
12,910
13,350
-
440

Other taxation and social security
1,279,066
1,525,104
47,263
65,964

Other creditors
316,449
179,027
194,488
103,488

Accruals and deferred income
8,921,293
9,249,560
45,225
43,901

11,878,208
11,498,276
16,121,616
15,295,996


The Group's bank facilities are secured by the following:
a) Debentures, including fixed and floating charges, over the Group's assets dated 20 December 2011 and 22 February 2010
b) An unlimited multilateral guarantee by the Group dated 22 February 2010
c) A legal mortgage over certain of the Group's leasehold property dated 13 March 2012 
d) Personal guarantees by certain officers of the Group
e) Debentures, including fixed and floating charges, over certain of the Group's assets dated 7 March 2024
The finance lease and hire purchase contracts outstanding are secured against the assets which are being purchased by the agreement. 

Page 35

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

22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
26,722
1,090,889
12,655
160,979

Financial assets measured at amortised cost
11,363,852
11,207,254
7,578,175
7,158,924

11,390,574
12,298,143
7,590,830
7,319,903


Financial liabilities

Financial liabilities measured at amortised cost
(10,586,232)
(9,959,821)
(16,074,350)
(15,229,589)


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


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 bank overdrafts, trade creditors, amounts owed to group undertakings, other creditors and accruals and deferred income.


23.


Deferred taxation


Group



2024


£






At beginning of year
(71,764)


Charged to profit or loss
94



At end of year
(71,670)

Page 36

 
OLM GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
23.Deferred taxation (continued)

Company


2024


£






At beginning of year
(29,863)



At end of year
(29,863)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
8,984
8,890
-
-

Other timing differences
6,997
6,997
-
-

Revaluation of property
(87,651)
(87,651)
(29,863)
(29,863)

(71,670)
(71,764)
(29,863)
(29,863)

Deferred tax assets of £2,747,401 (2023 - £2,587,221) in relation to tax losses carried forward, £8,059 (2023 - £10,131) in relation to accelerated capital allowances and £729 (2023 - £1,295) in relation to other timing differences have not been recognised.
As required by Financial Reporting Standard 102, the deferred tax asset is only recognised to the extent that it is regarded as recoverable in the foreseeable future. Such a tax asset should only be regarded as recoverable to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



9,342,070 Ordinary shares of £0.01 each
93,421
93,421


Page 37

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

25.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Merger Reserve

The movement is this reserve is detailed in the Statement of Changes in Equity.

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 £2,550,570 (2023 - £3,298,212).
The profit and loss account includes a revaluation reserve totalling £258,326 (2023 - £258,326). This relates to the Group's leasehold property, and the value of the property under historical cost accounting rules is £609,683 (2023 - £609,400).


26.


Contingent liabilities

OLM Group Limited has agreed to provide financial support to Nalanda Technology Limited, a company controlled by P O'Hara and C Hicks, for a period of not less than fifteen months from the date of signing of these financial statements.


27.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £419,746 (2023 - £436,734). Contributions totalling £68,893 (2023 - £75,340) were payable to the fund at the balance sheet date and are included in creditors.


28.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
222,866
240,518
306
1,224

Later than 1 year and not later than 5 years
693,782
753,123
-
306

Later than 5 years
253,700
380,550
-
-

1,170,348
1,374,191
306
1,530

Page 38

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

29.


Related party transactions

Included within other debtors is £7,426,716 (2023 - £6,968,832) due from Nalanda Technology Limited. P O'Hara and C Hicks are directors and shareholders of Nalanda Technology Limited. Included within trade debtors is £662,320 (2023 - £427,594) due from Nalanda Technology Limited and included within trade creditors is £16,105 (2023 - £17,508) due to Nalanda Technology Limited. 
During the year the Group made net sales and recharges to Nalanda Technology Limited of £694,858 (2023 - £550,498). During the year Nalanda Technology Limited made net sales and recharges to the Group of £162,418 (2023 - £211,794).
Included within other creditors is an amount of £147,061 (2023 - £Nil) due to certain officers of the Group. These amounts are unsecured, interest-free and repayable on demand.
Key Management Personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals, including employer's national insurance, is £266,123 (2023 - £267,079).


30.


Controlling party

P O'Hara is the Group's controlling party by virtue of his majority shareholding in OLM Group Limited.

 
Page 39