REGISTERED NUMBER: NI046751 (Northern Ireland)

OMAGH ALUMINIUM SYSTEMS LTD

Audited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Brendan Loughran

Dermot Loughran

Eunan Loughran

Enda Loughran

Eilis Donnelly

REGISTERED OFFICE:

Unit 1

Gortrush Industrial Estate

Omagh

Co. Tyrone

BT78 5EJ

REGISTERED NUMBER:

NI046751 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

First Trust Bank

Omagh

Omagh

SOLICITORS:

Logan & Corry

24 Dublin Road,

Omagh

Co. Tyrone

BT78 1HE

NON-CURRENT ASSETS

Intangible assets

5

-

-

Tangible assets

6

410,452

442,459

410,452

442,459

CURRENT ASSETS

Stocks

7

561,930

296,234

Receivables: amounts falling due within one year

8

2,733,767

2,690,938

Cash at bank

730,250

328,980

4,025,947

3,316,152

PAYABLES

Amounts falling due within one year

9

(1,731,314

)

(1,335,768

)

NET CURRENT ASSETS

2,294,633

1,980,384

TOTAL ASSETS LESS CURRENT LIABILITIES

2,705,085

2,422,843

PAYABLES

Amounts falling due after more than one year

10

(116,034

)

(211,951

)

PROVISIONS FOR LIABILITIES

14

(72,184

)

(76,821

)

NET ASSETS

2,516,867

2,134,071

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,516,767

2,133,971

2,516,867

2,134,071

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by:

Eunan Loughran - Director

1.	STATUTORY INFORMATION

Omagh Aluminium Systems Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention modified when necessary to include the revaluation of certain fixed assets. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The accounting policies outlined below have been applied consistently throughout the year.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;

- the company retains no continuing involvement or control over the goods;

- the amount of revenue can be measured reliably;

- it is probable that future economic benefits will flow through the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services and contracting:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and;

- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery - 20% Reducing Balance

Motor Vehicles - 10% Reducing Balance

The carrying values of property, plant and equipment are reviewed annually for impairment in periods even if events or changes in circumstances indicate the carrying value may not be recoverable.

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 comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Hire purchase and leasing commitments

Property, plant and equipment held under leasing and Hire Purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Ordinary share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial

instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and

amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

Finance Costs

Finance costs are charged to the Income Statement over the term of the debt.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 32 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

153,536

AMORTISATION

At 1 January 2024

and 31 December 2024

153,536

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

1,097,452

127,231

1,224,683

Additions

2,985

98,158

101,143

Disposals

(19,040

)

(52,654

)

(71,694

)

At 31 December 2024

1,081,397

172,735

1,254,132

DEPRECIATION

At 1 January 2024

745,298

36,926

782,224

Charge for year

71,028

15,392

86,420

Eliminated on disposal

(6,856

)

(18,108

)

(24,964

)

At 31 December 2024

809,470

34,210

843,680

NET BOOK VALUE

At 31 December 2024

271,927

138,525

410,452

At 31 December 2023

352,154

90,305

442,459

Included above are assets held under finance leases or hire purchase contracts as follows:

2024

2024

2023

2023

Carrying Amount

Depreciation Charge

Carrying Amount

Depreciation Charge

£

£

£

£

Plant and machinery

161,281

40,320

151,894

37,973

Motor vehicles

128,897

14,322

79,607

8,845

7.

STOCKS

2024

2023

£

£

Raw materials

561,930

80,516

Work-in-progress

-

215,718

561,930

296,234

8.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade receivables

1,108,204

1,101,710

Amounts owed by group undertakings

1,502,825

1,496,989

VAT

103,693

62,479

Prepayments and accrued income

19,045

29,760

2,733,767

2,690,938

The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 11)

63,923

102,379

Hire purchase contracts (see note 12)

70,137

65,041

Trade payables

944,563

542,239

Amounts owed to group undertakings

370,000

370,000

Amounts owed to related parties

4,800

4,800

Social security and other taxes

37,238

33,797

Other payables

806

6,193

Accruals and deferred income

239,847

211,319

1,731,314

1,335,768

The amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.

10.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2024

2023

£

£

Bank loans (see note 11)

29,259

107,519

Hire purchase contracts (see note 12)

86,775

104,432

116,034

211,951

11.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

63,923

102,379

Amounts falling due between one and two years:

Bank loans - 1-2 years

29,259

61,977

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

45,542

12.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

£

Net obligations repayable:

Within one year

70,137

65,041

Between one and five years

86,775

104,432

156,912

169,473

13.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

93,182

209,898

Hire purchase contracts

156,912

169,473

250,094

379,371

The bank loan and overdraft has been secured by way of fixed and floating charge over the assets of the company. Hire purchase liabilities are secured on the assets to which they relate.

14.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

72,184

76,821

Deferred tax

£

Balance at 1 January 2024

76,821

Credit to Income Statement during year

(4,637

)

Balance at 31 December 2024

72,184

15.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Desmond Kelly FCA (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

16.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

17.	ULTIMATE CONTROLLING PARTY

BLS Holdings Ltd is regarded by the directors as being the Company's immediate and ultimate parent company. The shareholders of BLS Holdings Ltd are considered to be the Ultimate Controlling Party.