| REGISTERED NUMBER: 00578980 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| OLMAR INVESTMENTS LIMITED |
| REGISTERED NUMBER: 00578980 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| OLMAR INVESTMENTS LIMITED |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Profit or Loss | 9 |
| Consolidated Statement of Profit or Loss and Other Comprehensive Income |
10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 13 |
| Consolidated Statement of Changes in Equity | 15 |
| Company Statement of Changes in Equity | 16 |
| Consolidated Statement of Cash Flows | 17 |
| Notes to the Consolidated Statement of Cash Flows | 18 |
| Notes to the Consolidated Financial Statements | 19 |
| OLMAR INVESTMENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| Statutory Auditor |
| Eagle House |
| 28 Billing Road |
| Northampton |
| Northamptonshire |
| NN1 5AJ |
| BANKERS: | HSBC |
| 19 Midsummer Place |
| Milton Keynes |
| MK9 3GB |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| The investment in James & Son Argentina S.A. ("Argentina") has continued to build on previous years and reported another successive year of increased turnover and profits. The investment in Castlegate James Australasia Pty Ltd ("Australia") has reported a marginal reduction in turnover but improved profit margins and a significantly reduced pre-tax loss compared to the prior year. |
| The group reported an operating profit for the year of £2,106k (2023: £1,667k). Despite the losses in Australia, the group performed well overall thanks to the increased profitability of Argentina. |
| Australia reported an operating profit of AUS$ 897k (£467k) compared to an operating loss of AUS$ 295k (£165k) in the prior year. This represents a continued improvement in the results for Australia following the measures put in place in 2021. |
| Argentina reported an operating profit of ARG$ 1,345.529m (£2.139m) compared to ARG$ 416.153m (£2.014m) in the prior year, reflecting the continued demand for product and favourable prices. |
| After tax, pension costs and exchange rate losses, the group reported a retained profit of £23k (2023: £231k loss) with a corresponding increase in shareholders funds from £2.987m to £3.010m. Despite the underlying operating profitability, the group continues to be impacted by movements in the Australian Dollar and Argentinian Peso. Non-monetary losses on translation of overseas operations amounted to £2.575m in the year (2023: £1.718m). |
| Group revenue on continuing operations, as reported in the Consolidated Statement of Profit or Loss, decreased by 12.4%, driven by an underlying reduction in turnover in Australia and the worsening exchange rate in Argentina (despite an underlying increase in turnover). |
| Turnover for Australia decreased by 20% to AUS$ 125.856m (£65.52m). Australia reported a net loss before tax of AUS$ 358k (£186k) compared to a AUS$ 1,161k (£650k) loss in the prior year, after taking into account higher borrowing costs. There were no dividends from Australia in the year. |
| Turnover for Argentina increased by 150% (mainly fuelled by high inflation) to ARG$ 8,454.608m (£13.443m). Net profit before tax increased by 301% to ARG$ 1,813.391m (£2.883m). Argentina paid dividends of ARG$ 180m (£217k) in the year to 30 June 2024. |
| Gross sales tonnes in Australia increased by 5.8% to 570,508, however lower prices contributed to a reduction in revenues. Gross sales tonnes in Argentina increased by 3.3% to 224,966 which, along with high inflation and better prices, contributed to increased revenues. |
| The volatility of the Argentinian Peso continues to present a risk to the value of returns to the UK, as highlighted above. The Directors have sought to mitigate this risk by holding funds in other currencies and in high yield investments. This strategy continues to work well and funds are periodically remitted to the UK. The increase in profitability in Argentina has resulted in greater returns to the UK. |
| While the group has continued to be challenged by market conditions and disruption to operations, the trading results for 2023/24 reflect continued improvement. This improvement continues into the 2024/25 financial year with further profits in Argentina and improved profitability in Australia. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The principal risks to the group are:- |
| - the war in Ukraine and the impact on grain and commodity prices |
| - worsening market conditions, labour shortages and rising fuel costs |
| - extreme weather events |
| - the trading performance of the Australian business, following a period of operational and management issues |
| - the political climate in Argentina |
| - the volatility of the Pound against the Australian Dollar and Argentinian Peso |
| BUSINESS RISK AND KEY PERFORMANCE INDICATORS |
| The directors consider that sales tonnes, gross profit per tonne and net profit before tax are the key financial performance indicators of the business. These key performance indicators are commercially sensitive and are closely monitored internally. |
| Non-financial key performance indicators include the retention of sustainable customer relationships, on which the business depends to maintain volumes and revenue. |
| MARKET VALUE OF LAND AND BUILDINGS |
| In the opinion of the directors, the value of the land and buildings as shown in the financial statements is not substantially different from the market value on 30 June 2024. |
| SIGNED BY ORDER OF THE DIRECTORS: |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
| These financial statements cover both the separate financial statements of Olmar Investments Limited as an individual entity and the consolidated financial statements for the consolidated entity consisting of Olmar Investments Limited and its subsidiaries and investments. The financial statements are presented in Pound Sterling (£). |
| Olmar Investments Limited is a company limited by shares, incorporated and domiciled in the UK. Its principal place of business is the registered office. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the procuring, marketing, processing and distribution of animal feeds to farmer and wholesale customers in Australia, New Zealand and Argentina. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 June 2024. |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| SIGNED BY ORDER OF THE DIRECTORS: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OLMAR INVESTMENTS LIMITED |
| Opinion |
| We have audited the financial statements of Olmar Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK. |
| 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 profit for the year then ended; |
| - | the group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK; |
| - | the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and |
| - | the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OLMAR INVESTMENTS LIMITED |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals along with complex transactions. We discussed these risks with client management, designed audit procedures to test the timing of commercial revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OLMAR INVESTMENTS LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants |
| Statutory Auditor |
| Eagle House |
| 28 Billing Road |
| Northampton |
| Northamptonshire |
| NN1 5AJ |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| CONTINUING OPERATIONS |
| Revenue | 46,455 | 53,013 |
| Cost of sales | (39,921 | ) | (46,636 | ) |
| GROSS PROFIT | 6,534 | 6,377 |
| Other operating income | 3 | 72 | 133 |
| Administrative expenses | (4,500 | ) | (4,843 | ) |
| OPERATING PROFIT | 2,106 | 1,667 |
| Finance costs | 5 | (553 | ) | (430 | ) |
| Finance income | 5 | 969 | 347 |
| PROFIT BEFORE INCOME TAX | 6 | 2,522 | 1,584 |
| Income tax | 8 | (231 | ) | (487 | ) |
| PROFIT FOR THE YEAR |
| Profit attributable to: |
| Owners of the parent | 2,291 | 1,097 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| £'000 | £'000 |
| PROFIT FOR THE YEAR | 2,291 | 1,097 |
| OTHER COMPREHENSIVE INCOME |
| Item that will not be reclassified to profit or loss: |
| Exchange differences on translation of foreign operations |
(2,575 |
) |
(1,718 |
) |
| Income tax relating to item that will not be reclassified to profit or loss |
- |
- |
| (2,575 | ) | (1,718 | ) |
| Item that may be reclassified subsequently to profit or loss: |
| Actuarial gains (losses) relating to defined benefit scheme |
307 |
390 |
| Income tax relating to item that may be reclassified subsequently to profit or loss |
- |
- |
| 307 | 390 |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(2,268 |
) |
(1,328 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
23 |
(231 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 23 | (231 | ) |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| ASSETS |
| NON-CURRENT ASSETS |
| Owned |
| Intangible assets | 10 | - | - |
| Property, plant and equipment | 11 | 2,797 | 2,872 |
| Right-of-use |
| Property, plant and equipment | 11, 22 | 1,571 | 1,977 |
| Investments | 12 | - | - |
| Pension asset | 25 | 72 | - |
| Deferred tax | 24 | 62 | 140 |
| 4,502 | 4,989 |
| CURRENT ASSETS |
| Inventories | 13 | 1,388 | 1,481 |
| Trade and other receivables | 14 | 5,442 | 7,505 |
| Investments | 15 | 1,354 | 229 |
| Cash and cash equivalents | 16 | 600 | 1,491 |
| 8,784 | 10,706 |
| TOTAL ASSETS | 13,286 | 15,695 |
| EQUITY |
| SHAREHOLDERS' EQUITY |
| Called up share capital | 17 | 17 | 17 |
| Share premium | 18 | 44 | 44 |
| Translation reserve | 18 | (8,921 | ) | (6,346 | ) |
| Other reserves | 18 | 28 | 28 |
| Retained earnings | 18 | 11,842 | 9,244 |
| TOTAL EQUITY | 3,010 | 2,987 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| LIABILITIES |
| NON-CURRENT LIABILITIES |
| Financial liabilities - borrowings |
| Lease liabilities | 21, 22 | 1,680 | 2,179 |
| Pension liability | 25 | - | 147 |
| Provisions | 23 | 19 | 39 |
| 1,699 | 2,365 |
| CURRENT LIABILITIES |
| Trade and other payables | 19 | 5,803 | 6,708 |
| Financial liabilities - borrowings |
| Lease liabilities | 21, 22 | 2,376 | 2,981 |
| Tax payable | 20 | 44 | 304 |
| Provisions | 23 | 354 | 350 |
| 8,577 | 10,343 |
| TOTAL LIABILITIES | 10,276 | 12,708 |
| TOTAL EQUITY AND LIABILITIES | 13,286 | 15,695 |
| The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by: |
| R W Hall - Director |
| L F Dato - Director |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| COMPANY STATEMENT OF FINANCIAL POSITION |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| ASSETS |
| NON-CURRENT ASSETS |
| Owned |
| Intangible assets | 10 |
| Property, plant and equipment | 11 |
| Right-of-use |
| Investments | 12 | 836 | 1,010 |
| Pension asset | 25 | 72 | - |
| CURRENT ASSETS |
| Trade and other receivables | 14 |
| Cash and cash equivalents | 16 |
| TOTAL ASSETS |
| EQUITY |
| SHAREHOLDERS' EQUITY |
| Called up share capital | 17 | 17 | 17 |
| Share premium | 18 | 44 | 44 |
| Retained earnings | 18 | 1,059 | 991 |
| TOTAL EQUITY | 1,120 | 1,052 |
| LIABILITIES |
| NON-CURRENT LIABILITIES |
| Financial liabilities - borrowings |
| Lease liabilities | 21, 22 |
| Pension liability | 25 | - | 147 |
| CURRENT LIABILITIES |
| Trade and other payables | 19 |
| Financial liabilities - borrowings |
| Lease liabilities | 21, 22 |
| TOTAL LIABILITIES |
| TOTAL EQUITY AND LIABILITIES | 1,337 | 1,496 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| COMPANY STATEMENT OF FINANCIAL POSITION - continued |
| 30 JUNE 2024 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £'000 | £'000 | £'000 |
| Balance at 1 July 2022 | 17 | 7,757 | 44 |
| Changes in equity |
| Total comprehensive income | - | 1,487 | - |
| Balance at 30 June 2023 | 17 | 9,244 | 44 |
| Changes in equity |
| Total comprehensive income | - | 2,598 | - |
| Balance at 30 June 2024 | 17 | 11,842 | 44 |
| Translation | Other | Total |
| reserve | reserves | equity |
| £'000 | £'000 | £'000 |
| Balance at 1 July 2022 | (4,628 | ) | 28 | 3,218 |
| Changes in equity |
| Total comprehensive income | (1,718 | ) | - | (231 | ) |
| Balance at 30 June 2023 | (6,346 | ) | 28 | 2,987 |
| Changes in equity |
| Total comprehensive income | (2,575 | ) | - | 23 |
| Balance at 30 June 2024 | (8,921 | ) | 28 | 3,010 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £'000 | £'000 | £'000 | £'000 |
| Balance at 1 July 2022 | 17 | 1,261 | 44 | 1,322 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 30 June 2023 | 17 | 991 | 44 | 1,052 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 30 June 2024 | 17 | 1,059 | 44 | 1,120 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| £'000 | £'000 |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,857 | 1,119 |
| Interest paid | (194 | ) | (120 | ) |
| Lease interest paid | (146 | ) | (137 | ) |
| Tax paid | (491 | ) | (527 | ) |
| Net cash from operating activities | 1,026 | 335 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (529 | ) | (2,097 | ) |
| Sale of tangible fixed assets | 76 | 94 |
| Sale of current asset investments | - | 163 |
| Purchase of current asset investments | (1,125 | ) | - |
| Interest received | 765 | 191 |
| Net cash from investing activities | (813 | ) | (1,649 | ) |
| Cash flows from financing activities |
| Bank loan repayments | (624 | ) | - |
| Increase in bank loans | - | 602 |
| Increase/(decrease) in lease liabilities | (231 | ) | 1,075 |
| Insurance borrowings | (156 | ) | 13 |
| Loan note issue | - | 186 |
| Loan note repayment | (93 | ) | - |
| Net cash from financing activities | (1,104 | ) | 1,876 |
| (Decrease)/increase in cash and cash equivalents | (891 | ) | 562 |
| Cash and cash equivalents at beginning of year |
2 |
1,491 |
929 |
| Cash and cash equivalents at end of year |
2 |
600 |
1,491 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit before income tax | 2,522 | 1,584 |
| Depreciation charges | 953 | 1,019 |
| Profit on disposal of fixed assets | (37 | ) | (57 | ) |
| Non cash translation reserve movement | (2,495 | ) | (1,345 | ) |
| Adjustment for pension funding | 79 | 50 |
| Finance costs | 553 | 430 |
| Finance income | (969 | ) | (347 | ) |
| 606 | 1,334 |
| Decrease/(increase) in inventories | 93 | (413 | ) |
| Decrease/(increase) in trade and other receivables | 2,063 | (1,024 | ) |
| (Decrease)/increase in trade and other payables | (905 | ) | 1,222 |
| Cash generated from operations | 1,857 | 1,119 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 June 2024 |
| 30/6/24 | 1/7/23 |
| £'000 | £'000 |
| Cash and cash equivalents | 600 | 1,491 |
| Year ended 30 June 2023 |
| 30/6/23 | 1/7/22 |
| £'000 | £'000 |
| Cash and cash equivalents | 1,491 | 929 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| Olmar Investments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| The group has reported a profit after tax of £2.291m, which reflects the continuing improvements in performance of the underlying trading assets. The modest increase in group net assets from £2.987m to £3.010m is after translation losses of £2.575m, resulting from the continuing devaluation of the Argentinian Peso, however these losses are unrealised. The group continues to manage cash flow and operate within its banking facilities. |
| The group is dependent on continuing support from its bankers in Australia and its shareholders to maintain operations. The groups' borrowing facilities with National Australia Bank were successfully renewed in August 2024, with the next renew scheduled for July 2025. |
| The group are forecasting further improvements to profitability during the financial year ending 30 June 2025, and are continuing with the business recovery measures in Australia. The profitability of the Argentina operations continues to improve with profits and cash generation significantly ahead of budget. |
| The financial statements are therefore prepared on a going concern basis. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries and joint ventures) made up to 30 June each period. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
| i) Subsidiaries |
| Subsidiaries are fully consolidated from the date on which control is transferred to the group and de-consolidated from the date that control ceases. |
| Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. |
| ii) Joint Ventures |
| Joint ventures are accounted for using proportionate consolidation, whereby the venturers share of each of the assets, liabilities, income and expenses of the jointly controlled entity are combined line by line with similar items in the venturers financial statements. The venturer discontinues to use the proportionate consolidation from the date on which it ceases to have joint control over the jointly controlled entity. This would occur on disposal of the interest or when such external restrictions are placed on the jointly controlled entity that the venturer no longer has joint control. |
| Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the group. |
| The consolidated financial statements incorporate the assets, liabilities and results of the following entities in accordance with the accounting policy described above: |
Name of entity |
Country of incorporation |
Class ofshares held |
Equity holding % |
| Operating entities | 2024 | 2023 |
| James and Son Argentina S.A | Argentina | Ordinary | 100 | 100 |
| Castlegate James Australasia Pty Limited | Australia | Ordinary | 50 | 50 |
| Mi-Feed Pty Ltd | Australia | Ordinary | 50 | 50 |
| James & Son (New Zealand) Pty Ltd | Australia | Ordinary | 50 | 50 |
| Non-operating entities |
| International Consultancy Development Pty Ltd |
Australia |
Ordinary |
50 |
50 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| Certain accounting estimates include assumptions concerning the future, which, by definition, will seldom represent actual results. Estimates and assumptions based on future events have a significant inherent risk, and where future events are not as anticipated there could be a material impact on the carrying amounts of the assets and liabilities discussed below: |
| Income tax |
| Income tax benefits are based on the assumption that no adverse change will occur in the income tax legislation and the anticipation that the group will derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the law. Deferred tax assets are recognised for deductible temporary differences as management considers that it is probable that future taxable profits will be available to utilise those temporary differences. |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. |
| Sales of goods are recognised when goods are delivered and title has passed. |
| Interest income is accrued by reference to the principal outstanding and at the effective interest rate applicable. |
| Dividend income is recognised when the right to receive payment is established. |
| Cash and cash equivalents |
| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value. |
| In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position. |
| Property, plant and equipment |
| Freehold property | - |
| Plant and machinery | - |
| Inventories |
| Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date. |
| Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. |
| Foreign currencies |
| i) Functional and presentation currency |
| Items included in the financial statements of each of the group's entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Pound Sterling (£), which is the company's functional and the group's presentation currency. |
| ii) Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of profit or loss. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of profit or loss within 'finance income or cost'. All other foreign exchange gains and losses are presented in the statement of profit or loss within 'other (losses)/gains' - net. |
| ii) Group companies |
| The result and financial position of all the group entities (none of which has the currency of a hyper-inflationary economy) that have functional currency different from the presentation currency are translated into the presentation currency as follows: |
| Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. |
| Income and expenses for each item in the statement of profit or loss and statement of other comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and; |
| All resulting exchange differences are recognised in other comprehensive income. |
| On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designed as hedges of such investments, are recognised in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, a proportionate share of such exchange difference is reclassified to profit or loss, as part of the gain or loss on sale where applicable. |
| Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Leases |
| Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
| Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefit costs |
| i) Pension obligations |
| Group companies operate various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. |
| Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. |
| The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for unrecognised past-service costs, if any arise. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms of maturity approximating to the terms of the related pension liability. |
| Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in the statement of other comprehensive income in the period in which they arise. |
| Past-service costs are recognised immediately in income, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the vesting period. |
| For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. |
| ii) Profit-sharing and bonus plans |
| The group recognises a liability and an expense for bonuses and profit-sharing, based on a formula that takes into consideration the profit attributable to the company's shareholders after certain adjustments. The group has accrued for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation. |
| iii) Provisions |
| Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, and it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using cash flows estimated to settle the present obligations, its carrying amount is the present value of those cash flows, where material. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Government grants are recognised when there is reasonable certainty that the grant will be received and all grant conditions are met. Grants relating to expense items are recognised as income over the periods necessary to match the grant to the costs they are compensating. |
| Bank borrowings |
| Interest-bearing bank loans and overdrafts are initially recorded at the fair value of the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis to the statement of profit or loss using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. |
| 3. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £'000 | £'000 |
| Sundry receipts | 72 | 133 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £'000 | £'000 |
| Wages and salaries | 3,460 | 3,536 |
| Social security costs | 259 | 244 |
| Other pension costs | 239 | 231 |
| 3,958 | 4,011 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors and managers | 25 | 25 |
| Admin (including sales) | 52 | 53 |
| Distribution, logistics & manufacturing | 53 | 47 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 307,936 | 337,633 |
| Directors' pension contributions to money purchase schemes | 19,909 | 22,512 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 6 | 6 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 83,722 | 86,145 |
| Pension contributions to money purchase schemes | 1,818 | 1,865 |
| 5. | NET FINANCE INCOME |
| 2024 | 2023 |
| £'000 | £'000 |
| Finance income: |
| Deposit account interest | 764 | 191 |
| Other interest receivable | 1 | - |
| Interest income on pension scheme assets | 204 | 156 |
| 969 | 347 |
| Finance costs: |
| Bank loan interest | 164 | 105 |
| Other interest payable | 11 | - |
| Loan | 19 | 15 |
| Hire purchase interest | 29 | 15 |
| Leasing | 117 | 122 |
| Interest on pension scheme liabilities | 213 | 173 |
| 553 | 430 |
| Net finance income | 416 | (83 | ) |
| 6. | PROFIT BEFORE INCOME TAX |
| The profit before income tax is stated after charging/(crediting): |
| 2024 | 2023 |
| £'000 | £'000 |
| Cost of inventories recognised as expense | 39,921 | 46,636 |
| Depreciation - owned assets | 539 | 601 |
| Depreciation - assets on hire purchase contracts and finance leases | 414 | 423 |
| Profit on disposal of fixed assets | (37 | ) | (57 | ) |
| Foreign exchange differences | (104 | ) | (29 | ) |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 7. | AUDITORS' REMUNERATION |
| During the period the following fees were paid or payable for services provided by the auditor of the parent , its entity related practices and non-related audit firms: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Shaw Gibbs (Audit) Limited |
| Audit and other services |
| Audit of company and consolidated accounts | 15 | 14 | 15 | 14 |
| Total remuneration of Shaw Gibbs (Audit) Limited | 15 | 14 | 15 | 14 |
| Shaw Gibbs Limited |
| Other services |
| Non-audit services | 37 | 36 | 37 | 36 |
| Tax compliance services | 1 | 1 | 1 | 1 |
| Total remuneration of Shaw Gibbs Limited | 38 | 37 | 38 | 37 |
| Pitcher Partners |
| Audit and other services |
| Audit of company and consolidated accounts | 46 | 45 | - | - |
| Non-audit services | - | - | - | - |
| Taxation services |
| Tax compliance services | 4 | 4 | - | - |
| Total remuneration of Pitcher Partners | 50 | 49 | - | - |
| Estudio Burgues |
| Audit and other services |
| Audit of company and consolidated accounts | 5 | 5 | - | - |
| Non-audit services | 5 | 3 | - | - |
| Taxation | 1 | - | - |
| Total remuneration of Estudio Burgues | 10 | 9 | - | - |
| Total auditor's remuneration | 113 | 109 | 53 | 51 |
| 8. | INCOME TAX |
| Analysis of tax expense |
| 2024 | 2023 |
| £'000 | £'000 |
| Current tax: |
| Tax | 231 | 487 |
| Total tax expense in consolidated statement of profit or loss | 231 | 487 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 8. | INCOME TAX - continued |
| The effective rate of tax in foreign territories is as follows: |
| - Australia 30% |
| - New Zealand 28% |
| - Argentina 35% |
| 9. | LOSS OF PARENT COMPANY |
| As permitted by Section 408 of the Companies Act 2006, the statement of comprehensive income of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £(239,218) (2023 - £(660,063)). |
| 10. | INTANGIBLE ASSETS |
| Group |
| Computer |
| software |
| £'000 |
| COST |
| At 1 July 2023 | 439 |
| Exchange differences | 3 |
| At 30 June 2024 | 442 |
| AMORTISATION |
| At 1 July 2023 | 439 |
| Exchange differences | 3 |
| At 30 June 2024 | 442 |
| NET BOOK VALUE |
| At 30 June 2024 | - |
| At 30 June 2023 | - |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 11. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Freehold | Right-of-use | Plant and |
| property | assets | machinery | Totals |
| £'000 | £'000 | £'000 | £'000 |
| COST |
| At 1 July 2023 | 919 | 3,054 | 6,909 | 10,882 |
| Additions | 4 | 2 | 523 | 529 |
| Disposals | - | - | (39 | ) | (39 | ) |
| Exchange differences | 6 | 15 | (197 | ) | (176 | ) |
| At 30 June 2024 | 929 | 3,071 | 7,196 | 11,196 |
| DEPRECIATION |
| At 1 July 2023 | 496 | 1,077 | 4,460 | 6,033 |
| Charge for year | 49 | 414 | 490 | 953 |
| Exchange differences | 4 | 9 | (171 | ) | (158 | ) |
| At 30 June 2024 | 549 | 1,500 | 4,779 | 6,828 |
| NET BOOK VALUE |
| At 30 June 2024 | 380 | 1,571 | 2,417 | 4,368 |
| At 30 June 2023 | 423 | 1,977 | 2,449 | 4,849 |
| Right-of-use assets represent leasehold property that was previously recognised as operating leases in the Profit and Loss Account. Due to a change in Accounting Standards these leases are now recognised as fixed assets with a corresponding lease obligation in current and non-current liabilities. |
| 12. | INVESTMENTS |
| Company |
| Shares in | Interest |
| group | in joint |
| undertakings | venture | Totals |
| £'000 | £'000 | £'000 |
| COST |
| At 1 July 2023 |
| and 30 June 2024 | 8 | 7,366 | 7,374 |
| PROVISIONS |
| At 1 July 2023 | - | 6,364 | 6,364 |
| Provision for year | - | 174 | 174 |
| At 30 June 2024 | - | 6,538 | 6,538 |
| NET BOOK VALUE |
| At 30 June 2024 | 8 | 828 | 836 |
| At 30 June 2023 | 8 | 1,002 | 1,010 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 12. | INVESTMENTS - continued |
| Company |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Av. San Martin 166, Balcarce, Buenos Aires, Argentina |
| Nature of business: |
| % |
| Class of shares: | holding |
| £'000 | £'000 |
| Aggregate capital and reserves |
| Profit for the year |
| Joint venture |
| Registered office: Office 1, Central West Business Park, Braybrook, Vic 3019, Australia |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £'000 | £'000 |
| Aggregate capital and reserves |
| Loss for the year | ( |
) | ( |
) |
| 13. | INVENTORIES |
| Group |
| 2024 | 2023 |
| £'000 | £'000 |
| Stocks | 1,371 | 1,469 |
| Work-in-progress | 17 | 12 |
| 1,388 | 1,481 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 14. | TRADE AND OTHER RECEIVABLES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Current: |
| Trade debtors | 5,286 | 7,147 |
| Provision for doubtful debts | (109 | ) | (128 | ) | - | - |
| Amounts owed by participating interests | - | - |
| Other debtors | 164 | 248 | - | - |
| Prepayments and accrued income | 101 | 238 | 9 | 9 |
| 5,442 | 7,505 |
| 15. | INVESTMENTS |
| Group |
| 2024 | 2023 |
| £'000 | £'000 |
| Unlisted investments | 1,354 | 229 |
| 16. | CASH AND CASH EQUIVALENTS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Cash in hand | 1 | 3 |
| Bank accounts | 599 | 1,488 |
| 600 | 1,491 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Share capital | £1 | 17,000 | 17,000 |
| Fully paid ordinary shares, which have par value of £1 each, carry one vote per share and carry the right to dividends. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 18. | RESERVES |
| Group |
| Retained | Share | Translation | Other |
| earnings | premium | reserve | reserves | Totals |
| £'000 | £'000 | £'000 | £'000 | £'000 |
| At 1 July 2023 | 9,244 | 44 | (6,346 | ) | 28 | 2,970 |
| Profit for the year | 2,291 | 2,291 |
| Movement for year | - | - | (2,575 | ) | - | (2,575 | ) |
| Actuarial gains/(losses) |
| recognised in the year | 307 | - | - | - | 307 |
| At 30 June 2024 | 11,842 | 44 | (8,921 | ) | 28 | 2,993 |
| Company |
| Retained | Share |
| earnings | premium | Totals |
| £'000 | £'000 | £'000 |
| At 1 July 2023 | 1,035 |
| Deficit for the year | ( |
) | - | ( |
) |
| Actuarial gains/(losses) |
| recognised in the year | 307 | - | 307 |
| At 30 June 2024 | 1,103 |
| 19. | TRADE AND OTHER PAYABLES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Current: |
| Trade creditors | 2,967 | 5,065 |
| Social security and other taxes | 194 | 131 | ( |
) |
| Other creditors | 320 | 232 |
| Accruals and deferred income | 2,285 | 1,230 |
| VAT | 37 | 50 | - | - |
| 5,803 | 6,708 |
| 20. | TAX |
| Tax liabilities |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Income tax payable | 44 | 304 | - | - |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 21. | FINANCIAL LIABILITIES - BORROWINGS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Current: |
| Bank loans | 1,663 | 2,287 |
| Other loans | 186 | 249 | 186 | 93 |
| Leases (see note 22) | 527 | 445 | - | - |
| 2,376 | 2,981 |
| Non-current: |
| Other loans - 1-2 years | - | 186 | - | 186 |
| Leases (see note 22) | 1,680 | 1,993 | - | - |
| 1,680 | 2,179 |
| Terms and debt repayment schedule |
| Group |
| 1 year or |
| less | 1-2 years | Totals |
| £'000 | £'000 | £'000 |
| Bank loans | 1,663 | - | 1,663 |
| Other loans | 186 | - | 186 |
| Leases | 527 | 1,680 | 2,207 |
| 2,376 | 1,680 | 4,056 |
| Company |
| 1 year or |
| less |
| £'000 |
| Other loans | 186 |
| Lease liabilities are secured on the underlying assets. The borrowings are a mix of variable and fixed interest rate debt. |
| The bank loan and insurance borrowings are secured by fixed and floating charges over the assets of Castlegate James Australasia Pty Ltd and its subsidiaries. Cross guarantees have been given by all entities in that group. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 22. | LEASING |
| Group |
| Right-of-use assets |
| Property, plant and equipment |
| 2024 | 2023 |
| £'000 | £'000 |
| COST |
| At 1 July 2023 | 3,054 | 1,943 |
| Additions | 2 | 1,521 |
| Exchange differences | 15 | (410 | ) |
| 3,071 | 3,054 |
| DEPRECIATION |
| At 1 July 2023 | 1,077 | 932 |
| Charge for year | 414 | 423 |
| Exchange differences | 9 | (278 | ) |
| 1,500 | 1,077 |
| NET BOOK VALUE | 1,571 | 1,977 |
| Group |
| Lease liabilities |
| Minimum lease payments fall due as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Gross obligations repayable: |
| Within one year | 527 | 445 |
| Between one and five years | 1,680 | 1,993 |
| 2,207 | 2,438 |
| Finance charges repayable: |
| Net obligations repayable: |
| Within one year | 527 | 445 |
| Between one and five years | 1,680 | 1,993 |
| 2,207 | 2,438 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 23. | PROVISIONS |
| Current provisions |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Employee benefits | 339 | 350 | - | - |
| Onerous contracts | 15 | - | - | - |
| Total | 354 | 350 | - | - |
| Movements in provisions |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Carrying amount at 1 July 2023 | 350 | 342 | - | - |
| Charged/(credited) to profit and loss |
| - additional provisions recognised | 4 | 8 | - | - |
| - amounts used during the period | - | - | - | - |
| Carrying amount at 30 June 2024 | 354 | 350 | - | - |
| Non current provisions |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Employee benefits | 19 | 39 | - | - |
| 19 | 39 | - | - |
| Movements in provisions |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Carrying amount at 1 July 2023 | 39 | 45 | - | - |
| Charged/(credited) to profit and loss | - | - | - | - |
| - additional provisions recognised | - | - |
| - amounts used during the period | (20 | ) | (6 | ) | - | - |
| Carrying amount at 30 June 2024 | 19 | 39 | - | - |
| A provision has been recognised for employee benefits relating to annual and long service for employees. In calculating the value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon historical data. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 24. | DEFERRED TAX |
| Group |
| 2024 | 2023 |
| £'000 | £'000 |
| Balance at 1 July | (140 | ) | (101 | ) |
| Employee benefits | 8 | (9 | ) |
| Accelerated capital allowances | (7 | ) | 74 |
| Other | 77 | (104 | ) |
| Balance at 30 June | (62 | ) | (140 | ) |
| Deferred tax assets |
| The balance comprises temporary differences attributable to: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Provisions and liabilities | 235 | 304 | - | - |
| Tax losses | - | - | - | - |
| Net deferred tax asset | 235 | 304 | - | - |
| Deferred tax liabilities |
| The balance comprises temporary differences attributable to: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Property plant and equipment | 173 | 164 | - | - |
| Net deferred tax liability | 173 | 164 | - | - |
| Recognition of deferred tax on unused tax losses |
| Tax losses totalling £5,403,472, and their corresponding deferred tax asset of £1,641,871 have not been recognised based on expected forecast results of the Australian operations. Subject to improved operating results, these losses can be reinstated. |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 25. | EMPLOYEE BENEFIT OBLIGATIONS |
| The amounts recognised in the statement of financial position are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Present value of funded obligations | (4,021 | ) | (4,404 | ) |
| Fair value of plan assets | 4,093 | 4,257 |
| 72 | (147 | ) |
| Present value of unfunded obligations | - | - |
| Surplus/(Deficit) | 72 | (147 | ) |
| Net asset/(liability) | 72 | (147 | ) |
| The amounts recognised in profit or loss are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Current service cost | - | - |
| Net interest from net defined benefit asset/liability |
9 |
17 |
| Past service cost | - | - |
| 9 | 17 |
| Actual return on plan assets | 264 | (151 | ) |
| Changes in the present value of the defined benefit obligation are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Opening defined benefit obligation | 4,404 | 5,286 |
| Interest cost | 213 | 173 |
| Actuarial losses/(gains) | (247 | ) | (697 | ) |
| Benefits paid | (349 | ) | (358 | ) |
| 4,021 | 4,404 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 25. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| Changes in the fair value of scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Opening fair value of scheme assets | 4,257 | 4,816 |
| Contributions by employer | 35 | 72 |
| Scheme expenses and PPF levy | (114 | ) | (122 | ) |
| Interest income | 204 | 156 |
| Actuarial gains/(losses) | 60 | (307 | ) |
| Benefits paid | (349 | ) | (358 | ) |
| 4,093 | 4,257 |
| The amounts recognised in other comprehensive income are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| Actuarial gains/(losses) recognised in the year |
307 |
390 |
| 307 | 390 |
| The major categories of scheme assets as amounts of total scheme assets are as follows: |
| Defined benefit |
| pension plans |
| 2024 | 2023 |
| £'000 | £'000 |
| UK Equities | 497 | 486 |
| Corporate Bonds | 2,312 | 2,329 |
| Cash | 52 | - |
| Secured pensions in payment | 730 | 942 |
| Diversified Growth Funds | 502 | 500 |
| 4,093 | 4,257 |
| Principal actuarial assumptions at the statement of financial position date (expressed as weighted averages): |
| 2024 | 2023 |
| Discount rate | 5.10% | 5.04% |
| Retail price inflation | 3.00% | 3.30% |
| Consumer price inflation to 2030 | 2.30% | 2.80% |
| Consumer price inflation from 2030 | 3.00% | 3.15% |
| Pension increases in line with price inflation limited to 5 percent pa | 2.91% | 3.15% |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 25. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
| The most recent actuarial valuation was at 31 March 2021. |
| Mortality rate |
| Assumptions regarding future mortality experience are set based on advice in accordance with published statistics in each territory. |
| The average life expectancy in years of a pensioner retiring at age 65 on the balance sheet date are as follows: |
| 2024 | 2023 | 2022 |
| Male | 21.1 | 21.7 | 21.8 |
| Female | 23.6 | 23.9 | 24.1 |
| The average life expectancy in years of a pensioner retiring at age 65, 20 years after the balance sheet date, are as follows: |
| 2024 | 2023 | 2022 |
| Male | 22.0 | 22.7 | 22.7 |
| Female | 24.7 | 25.0 | 25.3 |
| Expected contributions in the forthcoming year |
| 2025 | 2024 |
| £'000 | £'000 |
| Company contributions | 26 | 36 |
| Employee contributions | 0 | 0 |
| 26. | CONTINGENT LIABILITIES |
| A contingent liability exists relative to any future claims which may be made against the group. |
| Estimates of the maximum amounts of contingent liabilities that may become payable on bank guarantees amount to £59,311. |
| 27. | RELATED PARTY DISCLOSURES |
| Group |
| Transactions between Olmar Investments Limited and its subsidiaries and joint ventures, which are related parties, have been eliminated on consolidation. |
| Key Management Personnel Compensation |
| 2024 | 2023 |
| £'000 | £'000 |
| Compensation payable to key management personnel of the Group | 1,074 | 1,081 |
| OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 28. | EVENTS AFTER THE REPORTING PERIOD |
| On 28 August 2024, the Group executed a facility agreement with the National Australia Bank. The loan |
| contains covenants stating 45 days after the end of each quarter, the Group is required to have a capital |
| adequacy ratio of 12%, otherwise the loan will be repayable on demand. The facility termination date is 31 |
| July 2025. |
| 29. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
| Group |
| 2024 | 2023 |
| £'000 | £'000 |
| Profit for the financial year | 2,291 | 1,097 |
| Other comprehensive income relating to the year (net) |
(2,268 |
) |
(1,328 |
) |
| Net addition/(reduction) to shareholders' funds | 23 | (231 | ) |
| Opening shareholders' funds | 2,987 | 3,218 |
| Closing shareholders' funds | 3,010 | 2,987 |
| Company |
| 2024 | 2023 |
| £'000 | £'000 |
| Loss for the financial year | ( |
) | ( |
) |
| Other comprehensive income relating to the year (net) |
307 |
390 |
| Net addition/(reduction) to shareholders' funds | 68 | (270 | ) |
| Opening shareholders' funds | 1,052 | 1,322 |
| Closing shareholders' funds | 1,120 | 1,052 |