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Registered number: 04117552 ORIGIN STORAGE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ORIGIN STORAGE LIMITED COMPANY INFORMATION
Director | Mr S Eling
Registered number | 04117552
Registered office | Unit 2-4
| The Rutherford Centre
| Rutherford Road
| Basingstoke
| Hampshire
| RG24 8PB
Independent auditor | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| 2 Communications Road
| Greenham Business Park
| Greenham
| Newbury
| Berkshire
| RG19 6AB
ORIGIN STORAGE LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditor's Report | 5 - 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 24
ORIGIN STORAGE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The Directors present the Strategic Report for the year ended 31 March 2025.
Business review
The start of FY 2024/2025 brought a continuation of our average margins from the previous quarter; whilst revenues were lower than the previous quarter they were up significantly compared with the previous year, showing a YoY growth of 28%. Into Q2 revenues grew on the previous quarter slightly, but again offered considerable YoY growth and with margins being maintained it was a strong quarter overall. Q3 brought a small growth in revenue against the previous quarter, however, the profitability took a noticeable downturn from an average margin of 19.6% down to 16.5%, owing to the product split across the sales team. Sales in our historically higher margin products weren’t as strong following the summer, alongside aggressive competition driving margin expectations down. Our Gaming brands also started to impact our margins as sales grow significantly in what is its typically busiest period of the year. In what is historically our busiest quarter of the year, Q4 brought with it a 25% growth on the previous quarter, with February and then March being consecutive, record-breaking revenue & profit months. Despite margins being at their lowest across the financial year, the unprecedented sales meant for an extraordinary finish to the year, setting a new record for revenue in Origin’s history. The board was very pleased, given the above results, as to how the business continually grew throughout the year compared with the last FY, seeing growth in each quarter YoY. The board noted that in order to facilitate these increased sales levels that additional resource was needed at varying stages throughout the business across multiple departments leading to an increase in overheads.
Principal risks and uncertainties
Last year we ventured into the Gaming market and this still represents our principle risk given the excessively competitive and volatile nature of the market alongside the demand on stock holding of multiple new brands to facilitate their respective growth in the UK channel. We also do have risks stemming from our traditional SSD and Memory business, there is always competition in this space, however, there is a huge level of uncertainty around pricing and availability of stock with Manufactures constantly battling their production costs and profitability overall.
Cash Flow and Liquidity risk
With an increase in business our stock levels have had to rise in line to ensure we’re maintaining at least 4 weeks worth of stock on our core lines and aren’t gapping out on the SKUs which have high daily run rates. This heightened stock level means more cash is tied up putting a higher demand upon cash flow, this is however balance off with an increase in sales and therefore more availability using our ID facility. Overall, we are in a strong financial position owing to several years of strong results and this increase in stock, whilst needs managing, hasn’t greatly affected our cash flow and liquidity.
Competitive risk
We see competition as healthy, as it ensures complacency is kept to a minimum within the business. There will always be a risk that competitors steal business we believe is locked into Origin, however, mitigating that by being as close to our customers as possible is key and by doing this we are also ensuring any additional opportunities are not overlooked. Our recent venture into Gaming has brought with it new competitors but also new opportunities and again has reinforced our commitment to our Sales process. Page 1
ORIGIN STORAGE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial key performance indicators
| 2025 | 2024
| £000's | £000's
Turnover | 23,993 | 17,324
Gross profit | 4,321 | 4,051
Gross profit % | 18% | 23.4%
Operating profit | 1,297 | 1,438
Profit after tax | 891 | 1,036
Net current assets | 5,728 | 5,180
This report was approved by the board and signed on its behalf.
Mr S Eling Director
Date: 31 October 2025
Page 2
ORIGIN STORAGE LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 The director presents his report and the financial statements for the year ended 31 March 2025.
Director
The director who served during the year was:
Mr S Eling
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Future developments
We’ve seen massive growth this year, from within our traditional business and also from within our Gaming division. The Origin brand is becoming stronger each year and as a result we are attracting more and more brands who want to work with us, so, in the next 12 months we will see a number of new brands appearing in our portfolio across both our traditional VAR business, but also in our Gaming specific categories. These brands are very well thought of in our channels and is a testament to the work the Origin team has been delivering. We will continue our exploration of European business which has gone well this year after a few logistical challenges were resolved. The board are excited to see this area of the business grow in both sales and head count as Origin continues to build its brand across the borders and hopes in time to replicate its UK results in the EU. Page 3
ORIGIN STORAGE LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙he 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's auditor is aware of that information.
Auditor
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr S Eling Director
Date: 31 October 2025
Page 4
ORIGIN STORAGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED
Opinion
We have audited the financial statements of Origin Storage Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its 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 opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
ORIGIN STORAGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)
Opinion 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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Director's 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 obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director's remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Page 6
ORIGIN STORAGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Because of 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 or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work to address the risk of irregularities due to management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 7
ORIGIN STORAGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)
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. Jonathan Baillie BA (Hons) ACA FCCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB 3 November 2025 Page 8
ORIGIN STORAGE LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 23,992,919 | 17,324,490
Cost of sales |  | (19,672,218) | (13,273,883)
Gross profit |  | 4,320,701 | 4,050,607
Administrative expenses |  | (3,023,645) | (2,612,732)
Operating profit | 5 | 1,297,056 | 1,437,875
Interest receivable and similar income | 9 | - | 529
Interest payable and similar expenses | 10 | (130,163) | (83,190)
Profit before tax |  | 1,166,893 | 1,355,214
Tax on profit | 11 | (276,325) | (319,022)
Profit for the financial year |  | 890,568 | 1,036,192
The notes on pages 12 to 24 form part of these financial statements.
Page 9
ORIGIN STORAGE LIMITED REGISTERED NUMBER: 04117552 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 156,113 |  | 185,612
Current assets |  |  |  |  |
Stocks | 14 | 2,526,471 |  | 2,654,317 |
Debtors: amounts falling due within one year | 15 | 8,246,747 |  | 5,958,398 |
Cash at bank and in hand | 16 | 199,812 |  | 489,974 |
|  | 10,973,030 |  | 9,102,689 |
Creditors: amounts falling due within one year | 17 | (5,244,899) |  | (3,922,503) |
Net current assets |  |  | 5,728,131 |  | 5,180,186
Total assets less current liabilities |  |  | 5,884,244 |  | 5,365,798
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (30,339) |  | (37,506) |
|  |  | (30,339) |  | (37,506)
Net assets |  |  | 5,853,905 |  | 5,328,292
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 810 |  | 810
Share premium account | 20 |  | 56,240 |  | 56,240
Foreign exchange reserve | 20 |  | (10,145) |  | 4,810
Profit and loss account | 20 |  | 5,807,000 |  | 5,266,432
|  |  | 5,853,905 |  | 5,328,292
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr S Eling
Director
Date: 31 October 2025
The notes on pages 12 to 24 form part of these financial statements. Page 10
ORIGIN STORAGE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 810 | 56,240 | 4,810 | 5,266,432 | 5,328,292
Profit for the year | - | - | - | 890,568 | 890,568
Dividends: Equity capital | - | - | - | (350,000) | (350,000)
Movement in foreign exchange | - | - | (14,955) | - | (14,955)
At 31 March 2025 | 810 | 56,240 | (10,145) | 5,807,000 | 5,853,905
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 | 810 | 56,240 | 19,391 | 4,705,240 | 4,781,681
Profit for the year | - | - | - | 1,036,192 | 1,036,192
Dividends: Equity capital | - | - | - | (475,000) | (475,000)
Movement in foreign exchange | - | - | (14,581) | - | (14,581)
At 31 March 2024 | 810 | 56,240 | 4,810 | 5,266,432 | 5,328,292
| The notes on pages 12 to 24 form part of these financial statements.
Page 11
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Origin Storage Limited (registered number 04117552) is a private company, limited by shares and registered in England and Wales under the Companies Act. The Company's principal place of trade and registered office is Unit 2-4, The Rutherford Centre, Rutherford Road, Basingstoke, Hampshire, RG24 8PB. 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 following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Origin Storage Group Holdings Limited as at 31 March 2025 and these financial statements may be obtained from its registered office Unit 2-4 The Rutherford Centre, Rutherford Road, Basingstoke, Hampshire, England, RG24 8PB. Page 12
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | 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 the Profit and Loss Account within 'administrative expenses' Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administrative expenses'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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 Company 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 13
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Operating leases
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 2.7 | 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 operates and generates income. 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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. Page 14
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Integral features | - |  | over lease term
|  |  |  | Motor vehicles | - | 25% | per annum
|  |  |  | Fixtures and fittings | - | 25% | per annum
|  |  |  | Office equipment | - | 33% | per annum
|  |  |  | Computer equipment | - | 25% | per annum
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.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | 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.
| 2.11 | 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 15
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks and related parties. Short term debtors and creditors are measured at the transaction price, less any impairment. Other financial instruments 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. Financial liabilities and equity are classified according to the substance of the financial instrument’s contractual obligations, rather than the financial instrument’s legal form.
| 2.13 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities income and expenses. Actual results may differ from the estimates. The items in the financial statements where these judgements and estimates have been made include: Useful economic lives The annual amortisation charge for intangible assets is sensitive to change in the estimated useful economic lives and residual value of the asset. Provisions As part of the identification and measurement of assets and liabilities, the Company has recognised a provision for impaired stock. In determining the fair value of the provision, assumptions and estimates are made in relation to future product sales. Page 16
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of products | 23,992,919 | 17,324,490
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 21,763,891 | 15,198,676
| Rest of Europe | 1,970,643 | 1,817,936
| Rest of the world | 258,385 | 307,878
|  | 23,992,919 | 17,324,490
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Defined contribution and other pension costs | 92,339 | 57,659
| Exchange differences | 9,185 | (7,727)
| Other operating lease rentals | 141,873 | 125,148
| Depreciation | 46,828 | 31,379
Page 17
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 15,435 | 14,700
7. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,472,103 | 1,304,358
| Social security costs | 178,055 | 143,659
| Cost of defined contribution scheme | 92,339 | 57,659
|  | 1,742,497 | 1,505,676
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees and Directors | 34 | 30
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 26,867 | 27,827
| Company contributions to defined contribution pension schemes | 30,000 | 24,660
|  | 56,867 | 52,487
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | - | 529
Page 18
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 111,003 | 68,190
| Finance leases and hire purchase contracts | 19,160 | 15,000
|  | 130,163 | 83,190
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 280,612 | 298,849
| Adjustments in respect of previous periods | 2,880 | (6,524)
|  | 283,492 | 292,325
| Total current tax | 283,492 | 292,325
| Deferred tax |  |
| Origination and reversal of timing differences | (7,167) | 26,697
| Total deferred tax | (7,167) | 26,697
|  | 276,325 | 319,022
Page 19
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,166,893 | 1,355,214
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 291,723 | 338,804
| Effects of: |  |
| Expenses not deductible for tax purposes | 11,877 | 20,619
| Adjustments to tax charge in respect of prior periods | 2,880 | (6,524)
| Group relief | (30,155) | (33,877)
| Total tax charge for the year | 276,325 | 319,022
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 350,000 | 475,000
|  | 350,000 | 475,000
Page 20
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Tangible fixed assets
|  | Integral features | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 April 2024 | 26,724 | 37,288 | 32,092 | 12,135 | 199,863 | 308,102
| Additions | - | 9,000 | 4,534 | 720 | 3,161 | 17,415
| Disposals | - | (2,500) | (4,845) | (1,192) | (33,430) | (41,967)
| At 31 March 2025 | 26,724 | 43,788 | 31,781 | 11,663 | 169,594 | 283,550
| Depreciation |  |  |  |  |  |
| At 1 April 2024 | 5,092 | 4,816 | 17,550 | 8,662 | 86,370 | 122,490
| Charge for the year | 3,720 | 3,574 | 5,607 | 2,261 | 20,260 | 35,422
| Disposals | - | (2,500) | (4,845) | (1,192) | (21,938) | (30,475)
| At 31 March 2025 | 8,812 | 5,890 | 18,312 | 9,731 | 84,692 | 127,437
| Net book value |  |  |  |  |  |
| At 31 March 2025 | 17,912 | 37,898 | 13,469 | 1,932 | 84,902 | 156,113
| At 31 March 2023 | 21,632 | 32,472 | 14,542 | 3,473 | 113,493 | 185,612
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 2,526,471 | 2,654,317
15. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,288,369 | 2,650,712
| Amounts owed by group undertakings | 3,331,761 | 2,982,940
| Other debtors | 35,778 | 16,641
| Prepayments and accrued income | 590,839 | 308,105
|  | 8,246,747 | 5,958,398
Page 21
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 199,812 | 489,974
|  | 199,812 | 489,974
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,733,147 | 1,651,827
| Corporation tax | 104,884 | 156,392
| Other taxation and social security | 743,823 | 378,290
| Other creditors | 1,213,225 | 1,515,553
| Accruals and deferred income | 449,820 | 220,441
|  | 5,244,899 | 3,922,503
| Other creditors includes invoice financing facilities which are secured by fixed and floating charges over the assets of the Company.
18. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (37,506) | (10,809)
| Charged to profit or loss | 7,167 | (26,697)
| At end of year | (30,339) | (37,506)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (32,696) | (39,862)
| Short term timing differences | 2,357 | 2,356
|  | (30,339) | (37,506)
Page 22
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 810 (2024 - 810) Ordinary shares of £1.00 each | 810 | 810
20. | Reserves
Share premium account The share premium account represents the difference between the par value of the shares issued and the issue price. Profit and loss account This reserve records retained earnings and accumulated losses, net of dividends paid.
21. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £92,339 (2024: £57,659). At the year end £12,223 was payable to the pension provider (2024: £13,741).
22. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 182,527 | 154,999
| Later than 1 year and not later than 5 years | 438,103 | 150,686
|  | 620,630 | 305,685
23. | Related party transactions
| The Company is exempt from disclosing related party transactions with other 100% owned members of the Group by virtue of FRS 102 section 33.1A.
Page 23
ORIGIN STORAGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
24. | Controlling party
At the balance sheet date the Company was controlled by Origin Storage Holdings Limited, by virtue of its 100% shareholding, a company incorporated in the United Kingdom. The registered office is Unit 2-4, The Rutherford Centre, Rutherford Road, Basingstoke, Hampshire, RG24 8PB. Origin Storage Holdings Group Limited is the parent of the smallest and largest group to consolidate these financial statements. Copies of these financial statements may be obtained from Companies House. The ultimate controlling party is Mr S Eling.
Page 24