Oglaend System (UK) Limited Company accounts

COMPANY REGISTRATION NUMBER: 04130118

Oglaend System (UK) Limited

Financial Statements

31 December 2024

Oglaend System (UK) Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Officers and professional advisers	1

Directors' report	2 to 3

Independent auditor's report to the members	4 to 8

Statement of income and retained earnings	9

Statement of financial position	10

Notes to the financial statements	11 to 15

Oglaend System (UK) Limited

Officers and Professional Advisers

The board of directors	Mr C Ranacher
	Mr R Schindler
	Mrs A L Baxendale
	Mrs V Pshenyshna

Company secretary	Mrs A L Baxendale

Registered office	Unit 6, The Woodsbank Estate
	Woden Road West
	Wednesbury
	WS10 7SU

Auditor	Dean Statham
	Chartered accountants & statutory auditor
	29 King Street
	Newcastle-under-Lyme
	Staffordshire
	ST5 1ER

Bankers	DNB Bank ASA
	8th Floor
	The Walbrook Building
	25 Walbrook
	London
	EC4N 8AF

Solicitors	Beswicks
	Sigma House
	Festival Park
	Stoke-on-Trent
	Staffordshire
	ST1 5RY

Oglaend System (UK) Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the year continued to be that of distributors of cable support systems.

Directors

The directors who served the company during the year were as follows:

Mr C Ranacher
Mr R Schindler
Mrs A L Baxendale
Mrs V Pshenyshna	(Appointed 4 December 2024)
Mr D Lisak	(Resigned 2 December 2024)

Directors' responsibilities statement

The directors are responsible for preparing the directors' report 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

Mr R Schindler	Mrs A L Baxendale
Director	Director

Registered office:

Unit 6, The Woodsbank Estate

Woden Road West

Wednesbury

WS10 7SU

Oglaend System (UK) Limited

Independent Auditor's Report to the Members of Oglaend System (UK) Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Oglaend System (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the business sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates identified as critical were indicative of potential bias; - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's 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.

Andrew Pountney

(Senior Statutory Auditor)

For and on behalf of

Dean Statham

Chartered accountants & statutory auditor

29 King Street

Newcastle-under-Lyme

Staffordshire

ST5 1ER

29 September 2025

Oglaend System (UK) Limited

Statement of Income and Retained Earnings

Year ended 31 December 2024

	2024	2023
Note	£	£
Turnover	4,900,588	4,935,195

Cost of sales	3,139,729	3,781,479
	------------	------------
Gross profit	1,760,859	1,153,716

Administrative expenses	1,367,352	1,310,536
	------------	------------
Operating profit/(loss)	393,507	( 156,820)

Other interest receivable and similar income	17,093	26,255
Interest payable and similar expenses	–	582
	------------	------------
Profit/(loss) before taxation	410,600	( 131,147)

Tax on profit/(loss)	104,344	( 34,753)
	---------	---------
Profit/(loss) for the financial year and total comprehensive income	306,256	( 96,394)
	---------	---------

Retained earnings at the start of the year	1,753,336	1,849,730
	------------	------------
Retained earnings at the end of the year	2,059,592	1,753,336
	------------	------------

All the activities of the company are from continuing operations.

Oglaend System (UK) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		3,170	9,496

Current assets

Stocks	7	655,331	970,771
Debtors	8	1,161,909	1,401,512
Cash at bank and in hand		993,167	420,839
		------------	------------
		2,810,407	2,793,122

Creditors: amounts falling due within one year	9	610,022		905,319
		------------		------------
Net current assets			2,200,385	1,887,803
			------------	------------
Total assets less current liabilities			2,203,555	1,897,299
			------------	------------
Net assets			2,203,555	1,897,299
			------------	------------

Capital and reserves

Called up share capital	61,262	61,262
Share premium account	82,701	82,701
Profit and loss account	2,059,592	1,753,336
	------------	------------
Shareholders funds	2,203,555	1,897,299
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

Mr R Schindler	Mrs A L Baxendale
Director	Director

Company registration number: 04130118

Oglaend System (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6, The Woodsbank Estate, Woden Road West, Wednesbury, WS10 7SU. The company registration number is 04130118 .

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Revenue is recognised on the transfer of economic benefits as paid at the self billing process. Goods are held by third parties and revenue is recognised based on usage of said goods in reference to a monthly usage report.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Transactions in foreign currencies are recorded at a standard company rate. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are taken to profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	33% straight line

Depreciation is charged from the month of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock held by third parties during the year is included in the stock valuation included within the statement of financial position up until the point of sale. This being the receipt of the monthly usage report, as part of the self billing process as described in in the turnover policy.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	12,264	13,003
	--------	--------

5. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	710	109,342	20,962	131,014
	----	---------	--------	---------
Depreciation
At 1 January 2024	710	99,846	20,962	121,518
Charge for the year	–	6,326	–	6,326
	----	---------	--------	---------
At 31 December 2024	710	106,172	20,962	127,844
	----	---------	--------	---------
Carrying amount
At 31 December 2024	–	3,170	–	3,170
	----	---------	--------	---------
At 31 December 2023	–	9,496	–	9,496
	----	---------	--------	---------

7. Stocks

	2024	2023
	£	£
Finished goods and goods for resale	655,331	970,771
	---------	---------

8. Debtors

	2024	2023
	£	£
Trade debtors	872,414	1,064,432
Amounts owed by group undertakings and undertakings in which the company has a participating interest	14,713	36,132
Other debtors	274,782	300,948
	------------	------------
	1,161,909	1,401,512
	------------	------------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	76,008	105,916
Amounts owed to group undertakings and undertakings in which the company has a participating interest	319,807	655,645
Social security and other taxes	85,059	18,498
Other creditors	129,148	125,260
	---------	---------
	610,022	905,319
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	196,852	168,485
Later than 1 year and not later than 5 years	542,736	650,931
	---------	---------
	739,588	819,416
	---------	---------

11. Related party transactions

A guarantee has been provided by Oglaend Industrier AS in respect of an overdraft facility and a VAT guarantee facility with the company's bank. A guarantee has also been provided by Oglaend Industrier AS in respect of the lease for the company's premises . The company has taken advantage of the exemption under FRS1012 Section 1A Related Parties not to report group related party transactions.

12. Controlling party

The company is a wholly owned subsidiary of Oglaend Industrier AS , a company incorporated in Norway. The parent company's registered office address is Engelsbollveien 264, Klepp Stasjon, Norway. The ultimate parent company of the group is Hilti AG , a company incorporated in Liechtenstein. The company's registered office address is Feldkircherstrasse 100, PO Box 333 Schaan, 9494 Liechtenstein . Hilti AG is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2024. Copies of their Annual Report and Financial Statements can be obtained online at reports.hilti.group/2024/.