Company Registration No. 09242579 (England and Wales)
FOR THE YEAR ENDED 31 DECEMBER 2024
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report together with the financial statements of the company for the year ended 31 December 2024.
The principal activity of the company was that of an investment holding company.
The principal activities of the group during the year continued to be the design, manufacture, and installation of aluminium windows, doors and other glazing structures. We work closely with a broad range of customers, including end-users, architects, designers, and contractors. We provide market leading aluminium products that include windows, doors, sliding doors, bi-folding doors, rooflights, glass structures, glass balustrades, awnings and blinds.
The principal activities of the group during the year continued to be the design, manufacture, and installation of aluminium windows, doors and other glazing structures. We work closely with a broad range of customers, including end-users, architects, designers, and contractors. We provide market leading aluminium products that include windows, doors, sliding doors, bi-folding doors, rooflights, glass structures, glass balustrades, awnings and blinds.
Our number one indicator remains the welfare of our employees.
Our next priority is the successful delivery of our projects to our customers and providing a high level of quality customer service experience.
Our key financial targets remain to achieve a steady growth in profit and balance sheet strength and the key financial highlights of the group for the last four years are as follows:
Our next priority is the successful delivery of our projects to our customers and providing a high level of quality customer service experience.
Our key financial targets remain to achieve a steady growth in profit and balance sheet strength and the key financial highlights of the group for the last four years are as follows:
The full profit and loss account of the group for the year is set out on page 10. The results were in line with the expectations of the directors.
The group had another profitable year with sales of £11,936,421 and profit before taxation of £819,883 despite continuing competition, inflation, high interest rates, rising prices, energy and transportation costs.
We continued to invest in our people, training, health & safety, plant and technology and we continue to focus on our core activities.
Our manufacturing facility once again performed well and continues to provide greater certainty over quality and project delivery.
The Directors recognise that the group’s success would not have been possible without our loyal and dedicated workforce and during the year our employees became part owners of the business through the establishment of the ODC Trustee Employee Ownership Trust and will participate in the company’s future growth going forward.
We continued to invest in our people, training, health & safety, plant and technology and we continue to focus on our core activities.
Our manufacturing facility once again performed well and continues to provide greater certainty over quality and project delivery.
The Directors recognise that the group’s success would not have been possible without our loyal and dedicated workforce and during the year our employees became part owners of the business through the establishment of the ODC Trustee Employee Ownership Trust and will participate in the company’s future growth going forward.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The manufacture, sale and installation of door and glass products is a competitive market and there are several uncertainties which could have an impact on the company's performance and could cause results to differ substantially from historical profits and future projections. However, as we enter our 18th year in business we have well established systems and procedures in place to help avoid or minimise risks to the company.
The principal risks for our company include the following:
Credit risk
The group’s credit risks are mainly attributable to the amount’s receivable from its customers for services carried out. Our policy therefore remains to have a good spread of customers amongst homeowners, home builders and building contractors. And we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day-to-day basis.
Liquidity risk
The group finances its operations through a mixture of cash reserves in the bank, trade debtors less creditors and bank loan. The company does not have any complex financial instruments or hedging products. Therefore the directors are confident that they will meet their obligations as they fall due.
Interest rate risk
Interest rates have been higher than desired for the last few years. But the company continues to be profitable and to generate positive cashflow, it has adequate funding arrangements in place and it constantly monitors its customers and debtor book.
Health and safety risk
Manufacturing, assembling and installing door and glass products is a higher risk activity. Therefore, our health and safety policies, procedures and training remains at the top of our business management principles.
Our in house team
The success of the company is dependent on retaining skilled and experienced management, developing knowledgeable and skilled fabricators, installers and support staff and our employment policy is designed to attract, train and retain the best people throughout their working life.
Quality workmanship
All our products have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, fabricators, installers and support staff.
The economy
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success. Our policy therefore remains to maintain a strong and liquid balance sheet capable of funding our activities and meeting our obligations as they fall due.
The principal risks for our company include the following:
Credit risk
The group’s credit risks are mainly attributable to the amount’s receivable from its customers for services carried out. Our policy therefore remains to have a good spread of customers amongst homeowners, home builders and building contractors. And we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day-to-day basis.
Liquidity risk
The group finances its operations through a mixture of cash reserves in the bank, trade debtors less creditors and bank loan. The company does not have any complex financial instruments or hedging products. Therefore the directors are confident that they will meet their obligations as they fall due.
Interest rate risk
Interest rates have been higher than desired for the last few years. But the company continues to be profitable and to generate positive cashflow, it has adequate funding arrangements in place and it constantly monitors its customers and debtor book.
Health and safety risk
Manufacturing, assembling and installing door and glass products is a higher risk activity. Therefore, our health and safety policies, procedures and training remains at the top of our business management principles.
Our in house team
The success of the company is dependent on retaining skilled and experienced management, developing knowledgeable and skilled fabricators, installers and support staff and our employment policy is designed to attract, train and retain the best people throughout their working life.
Quality workmanship
All our products have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, fabricators, installers and support staff.
The economy
The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success. Our policy therefore remains to maintain a strong and liquid balance sheet capable of funding our activities and meeting our obligations as they fall due.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Our current contracts are progressing to programme.
Our order book continues to be strong, as is our new enquiries pipeline. Homeowners’ appetite for continuing to invest in and upgrade their homes is still strong and whilst we saw some negative comments regarding the housing market last year, we are confident that the overall outlook for the continuation of home improvements and new builds in our niche in the market, is extremely positive.
We live in uncertain times where profit margins remain under pressure, and we have the added challenge of a Geo-political crisis throughout the World so caution remains the order of the day.
However, we aim for and project:
a) to continue to invest in our people, training, health & safety, plant and technology
b) which should give us a continuation of steady growth in turnover and profit.
And as we start our 18th year in business we have the team and financial resources to deliver another successful year and to generate profit and positive cashflow going forward.
Our order book continues to be strong, as is our new enquiries pipeline. Homeowners’ appetite for continuing to invest in and upgrade their homes is still strong and whilst we saw some negative comments regarding the housing market last year, we are confident that the overall outlook for the continuation of home improvements and new builds in our niche in the market, is extremely positive.
We live in uncertain times where profit margins remain under pressure, and we have the added challenge of a Geo-political crisis throughout the World so caution remains the order of the day.
However, we aim for and project:
a) to continue to invest in our people, training, health & safety, plant and technology
b) which should give us a continuation of steady growth in turnover and profit.
And as we start our 18th year in business we have the team and financial resources to deliver another successful year and to generate profit and positive cashflow going forward.
The Board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have an experienced team, a satisfactory order book, consistent profits and a strong balance sheet. Thus we continue to adopt the going concern basis in preparing the financial statements.
The Directors look forward with confidence to continue the success of the company into the future.
This report was approved by the board on 17 April 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 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.
The profit for the year, after taxation, amounted to £691,871 (2023 £1,198,974).
Capital distributions to the Employee Ownership Trust ODC Trustee Limited amounting to £2,348,496 were paid during the year. Dividends of £637,859 were paid in the prior year.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Riordan O'Sullivan & Co, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 17 April 2025 and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING LIMITED
We have audited the financial statements of ODC Trading Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
NW10 3JE
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CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 10
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025 .
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025 .
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ODC Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 97 Bollo Lane, London, England W3 8BN.
2.Accounting policies
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost covention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost covention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings using acquisition accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or up to, the effective date of acquisition or disposal. All financial statements are made up to 31 December each year. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the group.
The directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The group operates a defined contribution plan for its employees.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the group in independently administered funds.
The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the group in independently administered funds.
The tax expense for the year comprises current and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Long term contracts
Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and the portion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
Tangible fixed assets
The annual depreciation charges for plant and machinery are sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The group operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost represents contributions payable by the group to the fund and amounted to £43,515 (2023 - £39,549). Contributions totalling £10,831 (2023 - £10,425) was payable to the fund at the balance sheet date.
There were no events since the year end which materially affected the company or group.
Up until 25th October 2024 B J Barrett, T S Hedges and T L Thach were the ultimate controllers of ODC Trading Limited.
On 25th October 2024 the entire share capital was transferred to an Employee Ownership Trust known as ODC Trustee Limited.
On 25th October 2024 the entire share capital was transferred to an Employee Ownership Trust known as ODC Trustee Limited.
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