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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: R W Hall
L F Dato
T A Hall



REGISTERED OFFICE: Eagle House
28 Billing Road
Northampton
NN1 5AJ



REGISTERED NUMBER: 00578980 (England and Wales)



AUDITORS: Shaw Gibbs (Audit) Limited
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:





R W Hall - Director


30 April 2025

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.

R W Hall
L F Dato
T A Hall

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:





R W Hall - Director


30 April 2025

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.




Robyn Liddell (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

2 May 2025

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 2,291 1,097
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 -
908 1,010
CURRENT ASSETS
Trade and other receivables 14 275 275
Cash and cash equivalents 16 154 211
429 486
TOTAL ASSETS 1,337 1,496
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 - 186
Pension liability 25 - 147
- 333
CURRENT LIABILITIES
Trade and other payables 19 31 18
Financial liabilities - borrowings
Lease liabilities 21, 22 186 93
217 111
TOTAL LIABILITIES 217 444
TOTAL EQUITY AND LIABILITIES 1,337 1,496


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:




OLMAR INVESTMENTS LIMITED (REGISTERED NUMBER: 00578980)

COMPANY STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


R W Hall - Director



L F Dato - Director


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 - (270 ) - (270 )
Balance at 30 June 2023 17 991 44 1,052

Changes in equity
Total comprehensive income - 68 - 68
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - 2% on cost
Plant and machinery - 10% - 40% on reducing balance

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
130 125

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

James & Son Argentina S.A.
Registered office: Av. San Martin 166, Balcarce, Buenos Aires, Argentina
Nature of business: Production of animal feeds
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£'000 £'000
Aggregate capital and reserves 2,032 2,038
Profit for the year 2,748 1,857

Joint venture

Castlegate James Australasia Pty Ltd
Registered office: Office 1, Central West Business Park, Braybrook, Vic 3019, Australia
Nature of business: Production of animal feeds
%
Class of shares: holding
Ordinary 50.00
2024 2023
£'000 £'000
Aggregate capital and reserves 1,657 2,006
Loss for the year (370 ) (953 )

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 - - 266 266
Other debtors 164 248 - -
Prepayments and accrued income 101 238 9 9
5,442 7,505 275 275

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 1,488 154 211
600 1,491 154 211

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
17,000 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 991 44 1,035
Deficit for the year (239 ) - (239 )
Actuarial gains/(losses)
recognised in the year 307 - 307
At 30 June 2024 1,059 44 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 - (4 )
Other creditors 320 232 - -
Accruals and deferred income 2,285 1,230 31 22
VAT 37 50 - -
5,803 6,708 31 18

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 2,981 186 93

Non-current:
Other loans - 1-2 years - 186 - 186
Leases (see note 22) 1,680 1,993 - -
1,680 2,179 - 186


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 (239 ) (660 )
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