Registration number: 09351718

Owle Limited

Contents

Strategic Report	1 to 2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 10
Consolidated Profit and Loss Account	11
Consolidated Balance Sheet	12
Balance Sheet	13
Consolidated Statement of Changes in Equity	14
Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Financial Statements	17 to 30

Owle Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is the distribution and assembly of hydraulic and electronic components and systems.

The principal activity of the parent company is that of a holding company.

Fair review of the business

The group experienced a 4.8% decline in turnover during the period, which was anticipated due to the downturn in the Irish construction industry. This continues to impact post year end. In the year, the group have focused on gross profit to increase profitability in the period and beyond. The directors are pleased with the increased gross profit margin from 42.5% to 42.8%.

Net assets for the group were £4.5 million at 31 December 2024.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2024	2023
Turnover	£000	10,722	11,259
Gross profit	£000	4,588	4,789
Gross profit margin	%	42.8	42.5

Principal risks and uncertainties

As with any business, the group faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the group to deliver its strategic objectives.

Noted below is a summary of the group’s principal risks and uncertainties.

Control of each of these is critical to the ongoing success of the group. As such, their management is primarily the responsibility of the directors who are supported by the management throughout the group.

Financial risk:
The group’s operations expose it to a variety of financial risks, principally credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations.

Owle Limited

Strategic Report for the Year Ended 31 December 2024

Exchange rate risk:
Foreign exchange rates present a risk for the group as fluctuations can affect the purchase price of the products as well as the sales value for non-UK customers. The risk is mitigated by the continual monitoring of foreign exchange movements, pro-active foreign management via forward purchases and sales of currency.

Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of clients. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the group position in the market place.

Health and safety risk:
The group has procedures and policies in place to minimise health and safety risks. The directors take this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Mr S J Owen Director

Owle Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the group

The directors who held office during the year were as follows:

Mrs J A Hoddinott (resigned 30 April 2025)

Mr S J Owen

Mr J S Lee

Mr B McNulty

Mr A S Lee

The following director was appointed after the year end:

Mr N T Lilburn (appointed 1 September 2025)

Results and dividends

The results for the year are set out on page 11.

Dividends were paid amounting to £400,000. The directors do not recommend payment of a further final dividend.
 

Financial instruments

Objectives and policies

The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the board. Managing risk is seen as a key attribute of the group and the group's debt position is closely scrutinised on a regular basis to ensure that it remains serviceable in conjunction with the long term goals of growth and profitability.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the group's operations.

In respect of bank balances, the liquidity risk is managed by maintaining an invoice finance facility. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Research and development

Through a subsidiary company, the group continues to utilise its technical expertise to make advancements in technology and produce specialist products and services to maximise the performance and capabilities of our customers. We continue to ensure our product development is designed in partnership with our customers to ensure that their exacting performance requirements are met.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Owle Limited

Directors' Report for the Year Ended 31 December 2024

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Mr S J Owen Director

Owle Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 group and the company 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Owle Limited

Independent Auditor's Report to the Members of Owle Limited

Qualified opinion

We have audited the financial statements of Owle Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 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).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion on financial statements

We were not appointed as auditor of the group until after 31 December 2023 and thus did not observe the counting of physical inventories of a subsidiary at the start of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held by the subsidiary at 31 December 2022 of £1,887,805, by using other audit procedures. As a result we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 December 2023. Our audit opinion on the financial statements for the year ended 31 December 2023 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

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 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 qualified opinion.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Owle Limited

Independent Auditor's Report to the Members of Owle Limited

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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.

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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of the subsidiary of £1,887,805 held at 31 December 2022. We have concluded that where the other information refers to the related balances such as cost of sales in the comparative period, it may be materially misstated for the same reason.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Owle Limited

Independent Auditor's Report to the Members of Owle Limited

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.

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, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

•	the nature of the industry and sector, control environment and business performance;
•	the group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;
•	results of our enquiries of management about their own identification and assessment of the risks of irregularities;
•	the key laws and regulations under which the business operates and whether management were aware of any instances of non-compliance;
•	whether the management have knowledge of any actual, suspected or alleged fraud;

Owle Limited

Independent Auditor's Report to the Members of Owle Limited

•	the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
•	the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
	As a result of these procedures, 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: valuation of stock and revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
	We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Tax legislation, and Regulations established by regulators in the key markets in which the company operates.
	We considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the group.
	In addition to the above, our procedures to respond to risks identified included the following:
•	reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;
•	in addressing the risk of fraud through stock costing, we have reviewed the valuation of individual stock items to relevant invoices or appropriate costings where applicable;
•	enquiring of management, concerning any actual and potential litigation and claims;
•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
•	in addressing the risk of fraud in revenue recognition, we have performed transaction testing on revenue and focused testing on trades close to the year-end combined with analytical review procedures to assess accuracy and completeness of revenue recognised; and
•	in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
	We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
	Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Owle Limited

Independent Auditor's Report to the Members of Owle 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 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.

Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

30 September 2025

Owle Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	10,721,637	11,259,060
Cost of sales		(6,133,989)	(6,469,970)
Gross profit		4,587,648	4,789,090
Administrative expenses		(3,949,836)	(3,534,004)
Operating profit	5	637,812	1,255,086
Other interest receivable and similar income	6	1,580	3,213
Interest payable and similar expenses	7	7,068	4,481
		8,648	7,694
Share of profit of equity accounted investees		641	110,533
Profit before tax		647,101	1,373,313
Tax on profit	11	(108,316)	(307,555)
Profit for the financial year		538,785	1,065,758
Profit/(loss) attributable to:
Owners of the company		538,785	1,065,758

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

Owle Limited

(Registration number: 09351718)
Consolidated Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Negative goodwill	12	(476,256)	(541,200)
Intangible assets not including goodwill	12	26,874	39,665
Tangible assets	13	648,925	539,693
Investments	14	1,040,524	1,039,883
		1,716,323	1,619,241
Current assets
Stocks	15	2,397,680	2,491,591
Debtors	16	1,908,388	2,686,245
Cash at bank and in hand	17	189,708	185,757
		4,495,776	5,363,593
Creditors: Amounts falling due within one year	18	(1,178,963)	(1,994,956)
Net current assets		3,316,813	3,368,637
Total assets less current liabilities		4,556,880	4,446,678
Provisions for liabilities	19	(74,971)	(78,554)
Net assets		4,481,909	4,368,124
Capital and reserves
Called up share capital	21	15,836	16,336
Share premium reserve		1,598,654	1,598,654
Capital redemption reserve		500	-
Retained earnings		2,866,919	2,753,134
Equity attributable to owners of the company		4,481,909	4,368,124
Shareholders' funds		4,481,909	4,368,124

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Mr S J Owen Director

Owle Limited

(Registration number: 09351718)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investments	14	2,394,402	2,394,402
Creditors: Amounts falling due within one year	18	(779,412)	(779,412)
Net assets		1,614,990	1,614,990
Capital and reserves
Called up share capital	21	15,836	16,336
Share premium reserve		1,598,654	1,598,654
Capital redemption reserve		500	-
Shareholders' funds		1,614,990	1,614,990

The company made a profit after tax for the financial year of £425,000 (2023 - profit of £400,000).

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

Mr S J Owen Director