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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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ORIGIN STORAGE LIMITED
COMPANY INFORMATION
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ORIGIN STORAGE LIMITED
CONTENTS
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ORIGIN STORAGE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present the Strategic Report for the year ended 31 March 2025.
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.
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.
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.
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.
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ORIGIN STORAGE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
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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.
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
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.
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.
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ORIGIN STORAGE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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.
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ORIGIN STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED
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).
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.
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.
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.
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ORIGIN STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)
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.
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.
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ORIGIN STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)
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.
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ORIGIN STORAGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN STORAGE LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Berkshire
RG19 6AB
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ORIGIN STORAGE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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ORIGIN STORAGE LIMITED
REGISTERED NUMBER: 04117552
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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ORIGIN STORAGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Page 11
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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
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:
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.
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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'.
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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. 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.
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Profit and loss account
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).
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ORIGIN STORAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
At the balance sheet date the Company was controlled by
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.
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