Caseware UK (AP4) 2023.0.135 2023.0.135 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. 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. 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies for the Group's financial statements and then 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; 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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. 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Consolidated Financial Statements OCO Global Limited For the year ended 31 March 2024 Registered number: NI045268
OCO Global Limited
Company Information
Directors | Gareth Hagan
| Mark O'Connell
Company secretary | William Fitzpatrick (resigned 2 June 2025)
Registered number | NI045268
Registered office | 6 Citylink Business Park
| Belfast
| BT12 4HB
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Bank of Ireland
| 4-8 High Street
| Belfast
| BT1 2BA
Solicitors | Tughans LLP
| The Ewart
| 3 Bedford Square
| Belfast
| BT2 7EP
OCO Global Limited
Contents
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditor's report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated balance sheet | 11 - 12
Company balance sheet | 13 - 14
Consolidated statement of changes in equity | 15
Company statement of changes in equity | 16
Consolidated statement of cash flows | 17
Consolidated analysis of net debt | 18
Notes to the financial statements | 19 - 40
OCO Global Limited
Group strategic report For the year ended 31 March 2024
Introduction
The directors present their report and the audited financial statements of the Group for the year ended 31 March 2024.
Business review
The Group made a profit for the year after taxation amounting to £955,666 (2023: £1,749,609). The directors are satisfied with the performance during the year.
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties faced by the Group are in the following categories: Economic The Group is exposed to the risk of foreign exchange losses, increased interest rates and or inflation having an adverse impact on served markets. All economic risks are closely monitored by the directors. Competitor The directors of the Group manage competition through close attention to market research, benchmarking with competition, and recruitment of highly skilled professional staff. Currency risk The Group is exposed to translation and transaction foreign exchange risk. The Group does not currently hedge foreign exchange exposures, but this policy is kept under review. The Group's overseas subsidiaries all have natural hedges in place as they sell services and incur costs in local currencies. As a result, the Group's exposure is in the main limited to its equity investment in overseas subsidiaries, and the translation of overseas earnings. Financial The Group prepares regular cash flow forecasts to review liquidity requirements, and has prepared detailed plans covering the next 12 months of trading. The plan is updated on a regular basis as and when new information becomes available. The directors have financial reporting procedures to manage credit, liquidity and other financial risk.
Financial key performance indicators
The key financial performance indicators of the business are Turnover, EBITDA and Employee numbers. The directors are satisfied with the result.
| 2024 | 2023
Turnover | £19,500,750 | £17,326,477
EBITDA | £1,763,216 | £1,796,296
Employee Numbers | 169 | 158
Page 1
OCO Global Limited
Group strategic report (continued) For the year ended 31 March 2024 This report was approved by the board on 5 November 2025 and signed on its behalf.
................................................ Mark O'Connell Director
Page 2
OCO Global Limited
Directors' report For the year ended 31 March 2024 The directors present their report and the financial statements for the year ended 31 March 2024.
Directors' responsibilities statement
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. 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then 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; ∙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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
Results and dividends
The profit for the year, after taxation, amounted to £955,666 (2023 - £1,749,609). The directors recommended a dividend of £547,760 (2023: £837,487).
Directors
The directors who served during the year were:
Gareth Hagan
Mark O'Connell
Page 3
OCO Global Limited
Directors' report (continued) For the year ended 31 March 2024
Future developments
The external commercial environment is expected to remain competitive during the 2025 financial year. The directors' acknowledge the challenges in respect of the external market, particularly in respect of cost increases and availability of resource, but are satisfied that there are sufficient measures in place to ensure that the Group continues to trade in a robust matter.
Going concern
At the time of approving the financial statements, and based on the comments within the strategic report, the directors have reasonable expectation that the Company has adequate resources to meet the ongoing costs to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The group meets its day to day working capital requirements through a combination of operating cash inflows and a bank overdraft facility. The group and the company's performance in the year ended 31 March 2024 and up to the date these finanical statements have been signed have been impacted by difficult trading conditions as detailed below. Post year end the group and the company incurred an event of default under the current bank facilities, triggered by a breach of financial covenant, which gives Bank of Ireland the right to accelerate repayment and under FRS 102, this would mean the debt being shown as repayable on demand as the group would not be able to unconditionally defer payment. The group received a covenant waiver from their bankers for the covenant breach post year end. In addition to considerations made above, the directors' have prepared a going concern assessment which includes the preparation of forecasts, modelling various sensitivities and outcomes for a period of 12 months from the date of these financial statements. These forecasts demonstrate that the group has sufficient headroom to meet their financial obligations as they fall due with the continued financial support of the shareholders. Accordingly, the directors' have concluded that the going concern basis is appropriate.
Branches outside the United Kingdom
The Group operates a number of branches outside of the United Kingdom which include Dubai, France, and United States. The Group also operate a number of subsidiaries outside the United Kingdom.
Matters covered in the Group strategic report
Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008", the Company has elected to disclose the following Directors report information in the Strategic report: −Business review and future developments; −Principal risks and uncertainties; and −Key financial performance indicators.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information. Page 4
OCO Global Limited
Directors' report (continued) For the year ended 31 March 2024
Post balance sheet events
Post year end, the company breached a financial covenant relating to its overdraft facility with Bank of Ireland. A covenant waiver has been provided. In addition, during the 31 March 2026 year end, the company has undergone a restructuring exercise. The costs associated with this exercise are approximately £300,000. No further post balance sheet events have occurred.
Auditor
The auditor, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 5 November 2025 and signed on its behalf.
................................................ Mark O'Connell Director
Page 5
Independent auditor's report to the members of OCO Global Limited
Opinion
We have audited the financial statements of OCO Global Limited (the 'parent Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Profit and loss account, the Consolidated and Company Balance sheet, the Consolidated Statement of cash flow, the Consolidated and Company Statement of changes in equity for the financial year ended 31 March 2024, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the 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, OCO Global Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group's and the Company as at 31 March 2024 and of the Group financial performance and cash flows for the financial year then ended; and ∙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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from the date 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. Page 6
Independent auditor's report to the members of OCO Global Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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 and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 7
Independent auditor's report to the members of OCO Global Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to Employment Law, Environmental Regulations, Health and Safety Laws and Data Protection Laws and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and applicable tax law. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation.We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. Page 8
Independent auditor's report to the members of OCO Global Limited (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Group and Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating the useful lives of depreciable assets, estimating an allowance for the impairment of trade and other debtors and valuation of work in progress. ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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. Louise Kelly FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast 5 November 2025 Page 9
OCO Global Limited
Consolidated statement of comprehensive income For the year ended 31 March 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 19,500,750 | 17,326,477
Cost of sales |  | (14,300,393) | (11,899,213)
Gross profit |  | 5,200,357 | 5,427,264
Administrative expenses |  | (3,893,151) | (3,730,347)
Operating profit | 6 | 1,307,206 | 1,696,917
Interest payable and similar expenses | 5 | (85,432) | (29,293)
Profit before taxation |  | 1,221,774 | 1,667,624
Tax on profit | 10 | (266,108) | 81,985
Profit for the financial year |  | 955,666 | 1,749,609
Currency translation differences |  | 8,316 | (5,583)
Other comprehensive income/(loss) for the year |  | 8,316 | (5,583)
Total comprehensive income for the year |  | 963,982 | 1,744,026
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 955,666 | 1,749,609
Total comprehensive income for the year attributable to: |  |  |
Owners of the parent Company |  | 963,982 | 1,744,026
All amounts relate to continuing operations.
The notes on pages 19 to 40 form part of these financial statements.
Page 10
OCO Global Limited Registered number:NI045268
Consolidated balance sheet As at 31 March 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets | 12 |  | 707,521 |  | 649,341
Tangible assets | 11 |  | 1,102,548 |  | 1,111,325
Investments | 13 |  | 40,434 |  | 40,434
|  |  | 1,850,503 |  | 1,801,100
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 15 | 25,004 |  | 115,973 |
Debtors: amounts falling due within one year | 15 | 6,920,926 |  | 6,216,953 |
Cash at bank and in hand | 16 | 2,072,292 |  | 1,679,122 |
|  | 9,018,222 |  | 8,012,048 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (4,445,956) |  | (4,640,904) |
Net current assets |  |  | 4,572,266 |  | 3,371,144
Total assets less current liabilities |  |  | 6,422,769 |  | 5,172,244
Creditors: amounts falling due after more than one year | 18 |  | (1,421,230) |  | (586,927)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (17,408) |  | (17,408) |
|  |  | (17,408) |  | (17,408)
Net assets |  |  | 4,984,131 |  | 4,567,909
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 244,240 |  | 244,240
Share premium account | 22 |  | 75,050 |  | 75,050
Foreign exchange reserve | 22 |  | (17,754) |  | (26,070)
Profit and loss account | 22 |  | 4,682,595 |  | 4,274,689
Shareholders' funds |  |  | 4,984,131 |  | 4,567,909
Page 11
OCO Global Limited Registered number:NI045268
Consolidated balance sheet (continued) As at 31 March 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 November 2025.
................................................ Mark O'Connell
Director
The notes on pages 19 to 40 form part of these financial statements. Page 12
OCO Global Limited Registered number:NI045268
Company balance sheet As at 31 March 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 1,080,013 |  | 1,092,304
Intangible assets | 12 |  | 587,671 |  | 649,341
Investments | 13 |  | 72,227 |  | 72,227
|  |  | 1,739,911 |  | 1,813,872
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 15 | - |  | 98,573 |
Debtors: amounts falling due within one year | 15 | 6,734,684 |  | 6,067,630 |
Cash at bank and in hand | 16 | 1,455,404 |  | 1,002,369 |
|  | 8,190,088 |  | 7,168,572 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (4,128,101) |  | (3,449,042) |
Net current assets |  |  | 4,061,987 |  | 3,719,530
Total assets less current liabilities |  |  | 5,801,898 |  | 5,533,402
Creditors: amounts falling due after more than one year | 18 |  | (1,264,816) |  | (436,156)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (17,408) |  | (17,408) |
|  |  | (17,408) |  | (17,408)
Net assets |  |  | 4,519,674 |  | 5,079,838
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 244,240 |  | 244,240
Share premium account | 22 |  | 75,050 |  | 75,050
Foreign exchange reserve | 22 |  | 15,306 |  | -
Profit and loss account | 22 |  | 4,185,078 |  | 4,760,548
Shareholders' funds |  |  | 4,519,674 |  | 5,079,838
Page 13
OCO Global Limited Registered number:NI045268
Company balance sheet (continued) As at 31 March 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 November 2025.
................................................ Mark O'Connell
Director
The notes on pages 19 to 40 form part of these financial statements. Page 14
OCO Global Limited
Consolidated statement of changes in equity For the year ended 31 March 2024
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 | 244,240 | 75,050 | (26,070) | 4,274,689 | 4,567,909
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 955,666 | 955,666
Currency translation differences | - | - | 8,316 | - | 8,316
Dividends: Equity capital | - | - | - | (547,760) | (547,760)
At 31 March 2024 | 244,240 | 75,050 | (17,754) | 4,682,595 | 4,984,131
Consolidated statement of changes in equity For the year ended 31 March 2023
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2022 | 244,240 | 75,050 | (20,487) | 3,362,567 | 3,661,370
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 1,749,609 | 1,749,609
Currency translation differences | - | - | (5,583) | - | (5,583)
Dividends: Equity capital | - | - | - | (837,487) | (837,487)
At 31 March 2023 | 244,240 | 75,050 | (26,070) | 4,274,689 | 4,567,909
| The notes on pages 19 to 40 form part of these financial statements.
Page 15
OCO Global Limited
Company statement of changes in equity For the year ended 31 March 2024
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2023 | 244,240 | 75,050 | - | 4,760,548 | 5,079,838
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (27,710) | (27,710)
Currency translation differences | - | - | 15,306 | - | 15,306
Dividends: Equity capital | - | - | - | (547,760) | (547,760)
At 31 March 2024 | 244,240 | 75,050 | 15,306 | 4,185,078 | 4,519,674
Company statement of changes in equity For the year ended 31 March 2023
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2022 | 244,240 | 75,050 | 2,938,930 | 3,258,220
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,659,105 | 2,659,105
Dividends: Equity capital | - | - | (837,487) | (837,487)
At 31 March 2023 | 244,240 | 75,050 | 4,760,548 | 5,079,838
| The notes on pages 19 to 40 form part of these financial statements.
Page 16
OCO Global Limited
Consolidated statement of cash flows For the year ended 31 March 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 955,666 | 1,749,609
Adjustments for: |  |
Amortisation of intangible assets | 143,800 | 37,998
Depreciation of tangible assets | 42,149 | 53,076
Interest paid | 85,432 | 29,293
Taxation charge | 266,108 | (81,985)
(Increase) in debtors | (447,258) | (2,659,354)
(Decrease)/increase in creditors | (468,555) | 1,724,726
Corporation tax (paid) | (266,108) | (297,000)
Net cash generated from operating activities | 311,234 | 556,363
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (201,980) | (437,330)
Purchase of tangible fixed assets | (21,645) | (57,594)
Purchase of share in joint ventures | - | (40,434)
Net cash from investing activities | (223,625) | (535,358)
Cash flows from financing activities |  |
Repayment of loans | 933,110 | (50,564)
Dividends paid | (547,760) | (837,487)
Interest paid | (85,432) | (29,293)
Movement in government grants | 5,643 | -
Net cash used in financing activities | 305,561 | (917,344)
Net increase/(decrease) in cash and cash equivalents | 393,170 | (896,339)
Cash and cash equivalents at beginning of year | 1,679,122 | 2,575,461
Cash and cash equivalents at the end of year | 2,072,292 | 1,679,122
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,072,292 | 1,679,122
The notes on pages 19 to 40 form part of these financial statements.
Page 17
OCO Global Limited
Consolidated Analysis of Net Debt For the year ended 31 March 2024
|  | At 1 April 2023 | Cash flows | At 31 March 2024
|  | £ | £ | £
Cash at bank and in hand | 1,679,122 | 393,170 | 2,072,292
Debt due after 1 year | (436,156) | (828,660) | (1,264,816)
Debt due within 1 year | (46,690) | (104,450) | (151,140)
| 1,196,276 | (539,940) | 656,336
The notes on pages 19 to 40 form part of these financial statements.
Page 18
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
1. | General information
OCO Global Limited is a company limited by shares and is registered office is 6 Citylink, Belfast, BT12 4HB. The Company's principal activity is the provision of consultancy services to the public and private sectors. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 19
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.3 | Going concern
At the time of approving the financial statements, and based on the comments within the strategic report, the directors have reasonable expectation that the Company has adequate resources to meet the ongoing costs to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The group meets its day to day working capital requirements through a combination of operating cash inflows and a bank overdraft facility. The group and the company's performance in the year ended 31 March 2024 and up to the date these finanical statements have been signed have been impacted by difficult trading conditions as detailed below. Post year end the group and the company incurred an event of default under the current bank facilities, triggered by a breach of financial covenant, which gives Bank of Ireland the right to accelerate repayment and under FRS 102, this would mean the debt being shown as repayable on demand as the group would not be able to unconditionally defer payment. The group received a covenant waiver from their bankers for the covenant breach post year end. In addition to considerations made above, the directors' have prepared a going concern assessment which includes the preparation of forecasts, modelling various sensitivities and outcomes for a period of 12 months from the date of these financial statements. These forecasts demonstrate that the group has sufficient headroom to meet their financial obligations as they fall due with the continued financial support of the shareholders. Accordingly, the directors' have concluded that the going concern basis is appropriate. Page 20
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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: Rendering of services 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 Group will receive the 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. Page 21
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Page 22
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 23
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
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:
|  |  |  | Freehold property | - | over the period of the lease
|  |  |  | Fixtures and fittings | - | 10% Straight line
|  |  |  | Office equipment | - | 10% Straight line
|  |  |  | Computer equipment | - | 20% Straight line
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.
| 2.13 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 24
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.15 | Associates and joint ventures
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 25
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 2.Accounting policies (continued)
| 2.20 | Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: ∙at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably; ∙at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 26
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: a) Recoverability of debtors Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered. b) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated 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 future investments, economic utilisation and the physical condition of the assets. c) Valuation of amount recoverable on contracts Estimates are made in respect of the valuation of amounts recoverable on contracts at the year end. When assessing the level of provisions required, factors including current trading experience, historical experience and ageing of debt are considered.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 15,903,726 | 15,581,222
| Europe | 2,969,891 | 1,167,522
| Asia and Rest of the World | 627,133 | 577,733
|  | 19,500,750 | 17,326,477
5. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loan interest payable | 85,432 | 29,293
Page 27
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Depreciation charges | 39,156 | 53,076
| Auditors remuneration | 69,650 | 30,000
| Fees paid for non audit services | 12,500 | 17,500
| Amortisation | 123,711 | 37,998
| Exchange differences | 195,987 | 67,225
| Other operating lease rentals | 382,316 | 343,835
7. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 169 | 158
Staff costs were as follows:
|  | Group | Group | Company
|  | 2024 | 2023 | 2024
|  | £ | £ | £
| Wages and salaries | 9,518,708 | 8,693,345 | -
| Social security costs | 489,596 | 424,519 | 433,133
| Cost of defined contribution scheme | 138,099 | 131,133 | 138,099
|  | 10,146,403 | 9,248,997 | 571,232
8. | Directors remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 171,369 | 160,195
| Group Contributions to defined contribution pension schemes | 4,875 | 34,582
|  | 176,244 | 194,777
Page 28
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
9. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £27,710 (2023 - profit £2,659,105).
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 266,108 | 10,775
| Adjustments in respect of previous periods | - | (55,282)
| Deferred tax |  |
| Origination and reversal of timing differences | - | (37,478)
| Taxation on profit/(loss) on ordinary activities | 266,108 | (81,985)
Page 29
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,221,774 | 1,667,624
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%) | 305,444 | 316,849
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 36,410 | 30,670
| Fixed asset timing differences | 9,846 | -
| Losses not recognised | - | 8,074
| Adjustments in respect of prior periods | 26,340 | (55,282)
| Adjustments in respect of prior periods - deferred tax | 70,727 | -
| Group relief | - | (1,947)
| Foreign tax adjustments | (125,016) | -
| Other foreign tax adjustments | (58,210) | -
| Foreign PE exemption | - | (380,349)
| Other permanent differences | 567 | -
| Total tax charge for the year | 266,108 | (81,985)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 30
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
11. | Tangible fixed assets
| Group
|  | Freehold property | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2023 | 962,375 | 235,361 | 497,661 | 1,695,397
| Additions | 2,457 | 12,902 | 6,286 | 21,645
| Exchange adjustments | - | - | (46,922) | (46,922)
| At 31 March 2024 | 964,832 | 248,263 | 457,025 | 1,670,120
| Depreciation |  |  |  |
| At 1 April 2023 | 29,780 | 117,409 | 436,883 | 584,072
| Charge for the year | 7,738 | 16,348 | 18,063 | 42,149
| Exchange adjustments | (6,565) | (17,813) | (34,271) | (58,649)
| At 31 March 2024 | 30,953 | 115,944 | 420,675 | 567,572
| Net book value |  |  |  |
| At 31 March 2024 | 933,879 | 132,319 | 36,350 | 1,102,548
| At 31 March 2023 | 932,595 | 117,952 | 60,778 | 1,111,325
Page 31
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 11.Tangible fixed assets (continued)
| Company
|  | Freehold property | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2023 | 955,000 | 211,988 | 450,739 | 1,617,727
| Additions | - | 23,571 | 6,286 | 29,857
| At 31 March 2024 | 955,000 | 235,559 | 457,025 | 1,647,584
| Depreciation |  |  |  |
| At 1 April 2023 | 23,215 | 99,596 | 402,612 | 525,423
| Charge for the year | 7,738 | 16,348 | 18,063 | 42,149
| At 31 March 2024 | 30,953 | 115,944 | 420,675 | 567,572
| Net book value |  |  |  |
| At 31 March 2024 | 924,047 | 119,615 | 36,350 | 1,080,012
| At 31 March 2023 | 931,785 | 112,392 | 48,127 | 1,092,304
| The Group and the Company had no capital commitments at 31 March 2024 (2023: £Nil). Certain tangible assets are pledged as security for the Group’s borrowings (see note 19).
Page 32
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
12. | Intangible assets
| Group
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2023 | 897,640 | - | 897,640
| Additions | 82,130 | 119,850 | 201,980
| At 31 March 2024 | 979,770 | 119,850 | 1,099,620
| Amortisation |  |  |
| At 1 April 2023 | 248,299 | - | 248,299
| Charge for the year | 143,800 | - | 143,800
| At 31 March 2024 | 392,099 | - | 392,099
| Net book value |  |  |
| At 31 March 2024 | 587,671 | 119,850 | 707,521
| At 31 March 2023 | 649,341 | - | 649,341
Page 33
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 12.Intangible assets (continued)
| Company |
|  | Computer software
|  | £
| Cost |
| At 1 April 2023 | 897,640
| Additions | 82,130
| At 31 March 2024 | 979,770
| Amortisation |
| At 1 April 2023 | 248,299
| Charge for the year | 143,800
| At 31 March 2024 | 392,099
| Net book value |
| At 31 March 2024 | 587,671
| At 31 March 2023 | 649,341
Page 34
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies | Investment in joint ventures | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2023 | 31,793 | 40,434 | 72,227
| At 31 March 2024 | 31,793 | 40,434 | 72,227
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| OCO Global Australia PTY | Australia | Ordinary | 100%
| OCO Consulting LLC | USA | Ordinary | 100%
| OCO Global GmBH | Germany | Ordinary | 100%
| OCO Global Trade and Advisory Services Limited | Ireland | Ordinary | 100%
| British Centre for Business Overseas Limited | UK | Ordinary | 100%
| OCO Global Mena Limited | Abu Dhabi | Ordinary | 100%
| OCO Hong Kong Ltd | Hong Kong | Ordinary | 100%
| OCO (Shanghai) Business Consulting Co Ltd | China | Ordinary | 100%
| C Studios | Netherlands | Ordinary | 50%
| Bizzyou | Spain | Ordinary | 100%
| The principal activity of the above subsidiaries are that of providing consulting services in support of the groups customers.
14. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends paid | 547,760 | 837,487
Page 35
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
15. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 25,004 | 115,973 | - | 98,573
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 4,430,494 | 4,577,472 | 3,451,226 | 3,727,475
| Amounts owed by group undertakings | - | - | 919,177 | 821,818
| Other debtors | 1,788,239 | 975,743 | 1,734,781 | 854,599
| Prepayments and accrued income | 702,193 | 663,738 | 629,500 | 663,738
|  | 6,920,926 | 6,216,953 | 6,734,684 | 6,067,630
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand. Amounts owed to related parties included within other debtors has been disclosed in note 25.
16. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,072,292 | 1,679,122 | 1,455,404 | 1,002,369
17. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank loans | 151,140 | 46,690 | 151,140 | 46,690
| Trade creditors | 1,040,272 | 829,059 | 836,907 | 759,434
| Amounts owed to group undertakings | - | - | 946,150 | 278,015
| Other taxation and social security | 400,578 | 364,612 | 156,876 | 300,099
| Other creditors | 1,243,316 | 330,510 | 1,113,457 | 300,084
| Accruals and deferred income | 1,610,650 | 3,070,033 | 923,571 | 1,764,720
|  | 4,445,956 | 4,640,904 | 4,128,101 | 3,449,042
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Page 36
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
18. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank loans | 1,264,816 | 436,156 | 1,264,816 | 436,156
| Accruals and deferred income | 156,414 | 150,771 | - | -
|  | 1,421,230 | 586,927 | 1,264,816 | 436,156
19. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 151,140 | 46,690 | 151,140 | 46,690
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 151,700 | 46,690 | 151,700 | 46,690
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 453,420 | 140,071 | 453,420 | 140,071
| Amounts falling due after more than 5 years |  |  |  |
| Bank loans | 659,696 | 249,395 | 659,696 | 249,395
|  | 1,415,956 | 482,846 | 1,415,956 | 482,846
| The bank loan is secured by ∙Certain property of the Group with a net book value of £924k (note 11); and ∙Letters of guarantee from one of the directors amounting to £339k The bank loans carry interest at a rate of approximately 4% per annum and are repayable in installments of approximately £80,000 per annum which includes capital and interest. The loan will be repaid during 2030.
Page 37
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
20. | Deferred taxation
| Group
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (17,408) | (17,771)
| Charged to profit or loss | - | 363
| At end of year | (17,408) | (17,408)
| Company
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (17,408) | (17,771)
| Charged to profit or loss | - | 363
| At end of year | (17,408) | (17,408)
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Fixed asset timing | (21,632) | (21,632) | (21,632) | (21,632)
| Short term timing | 4,224 | 4,224 | 4,224 | 4,224
21. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,611,984 (2023 - 1,611,984) Ordinary A shares of £0.10 each | 161,198 | 161,198
|  | 708,296 (2023 - 708,296) Ordinary B shares of £0.10 each | 70,830 | 70,830
|  | 122,120 (2023 - 122,120) Ordinary D shares of £0.10 each | 12,212 | 12,212
|  |  | 244,240 | 244,240
Page 38
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024
22. | Reserves
Share premium account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Foreign exchange reserve Foreign exchange translation reserve comprises translation differences arising from the translation of financial statements of the Group's foreign entities into the presentational currency. Profit and loss account This reserve includes all current and prior period retained profits and losses.
23. | Business combinations
On 20th March 2024, the Company acquired the trade and assets of Bizzyou.io.
| Acquisition of Bizzyou.io
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value adjustments
|  |  |  |  | £ | £
| Current Assets |  |
| Debtors | 4,690 | (4,690)
| Total Assets | 4,690 | (4,690)
| Total Identifiable net assets | 4,690 | (4,690)
| Goodwill | 119,850
| Total purchase consideration | 119,850
| Consideration
|  |  |  |  | £
| Cash | 119,850
| Total purchase consideration | 119,850
Page 39
OCO Global Limited
Notes to the financial statements For the year ended 31 March 2024 23.Business combinations (continued)
| Cash outflow on acquisition
|  |  |  |  | £
| Purchase consideration settled in cash, as above | 119,850
| Net cash outflow on acquisition | 119,850
| The total revenue and profit attributable to the current year amounts to £Nil.
24. | Commitments under operating leases
| At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 601,323 | 451,560
|  | 601,323 | 451,560
25. | Related party transactions
| The Company is exempt from disclosing transactions with group relates parties under Section 33 FRS 102 "Related Party Disclosures", as it is wholly controlled within the Group. Included in other debtors is a balance due from a director of £727,975 (2023: £367,957).
26. | Post balance sheet event
Post year end, the company breached a financial covenant relating to its overdraft facility with Bank of Ireland. A covenant waiver has been provided. In addition, during the 31 March 2026 year end, the company has undergone a restructuring exercise. The costs associated with this exercise are approximately £300,000. No further post balance sheet events have occurred.
27. | Controlling party
The ultimate controlling parties are the shareholders.
Page 40