Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
COMPANY INFORMATION
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OLM SYSTEMS LIMITED
CONTENTS
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OLM SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The principal activity of the Company during the year was the provision of computer and associated services.
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.
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OLM SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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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.
The director who served during the year was:
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).
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
Going forward, the Company will continue to strengthen its capabilities to cross sell across the wider care sector.
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OLM SYSTEMS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Company since the year end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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OLM SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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OLM SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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OLM SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLM SYSTEMS LIMITED (CONTINUED)
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
32 Portland Terrace
NE2 1QP
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OLM SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
REGISTERED NUMBER: 02615716
BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 29 form part of these financial statements.
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OLM SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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.
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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:
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.
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Capital redemption reserve
Profit and loss account
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).
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.
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OLM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 29
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