Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAXTON ACCESS GROUP LIMITED
COMPANY INFORMATION
Directors
A Stroud
S Brotherton-Ratcliffe
Secretary
A Clements
Company number
05480765
Registered office
Paxton House
Home Farm Road
Brighton
East Sussex
BN1 9HU
Auditor
Humphrey & Co Audit Services Ltd
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Business address
Paxton House
Home Farm Road
Brighton
East Sussex
BN1 9HU
Bankers
HSBC Bank plc
153 North Street
Brighton
East Sussex
BN1 1SW
PAXTON ACCESS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 39
PAXTON ACCESS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Fair review of the business

Despite the challenges of 2022, as a group Paxton has very much got back on track.

In brief, the group grew during the year, with turnover increasing by 9.7% (2021: 23.6%) and gross profit by 1.9% (2021: 20.3%). At the same time administrative expenses increased by 20.9% (2021: 7.4%) and net profit for the year before tax ended up at £135,228 (2021: £5,146,915). The group's net worth at the end of the year was £24,953,322 (2021: £24,211,820).

The group operates in a highly competitive market. In order to maintain and improve its position in this market, and substantial investment has continued to be made by the group in research and development. This investment is made both for improving existing products and creating new innovative products for the market with a focus on providing returns over the longer term.

The group did not enter any new markets in the year, instead looking to cultivate the overseas markets already entered into, with particular focus on the US.

Environmental matters

The group is committed to being environmentally responsible and has shown this in achieving the ISO 14001:2015 accreditation for its factory in Eastbourne in February 2018 and passing the audit for this in the past 4 years. The group continuously reviews its policies and capital to see where environmental improvements can be made and has installed charge-points for plug in hybrid cars to encourage the use of low emission vehicles. As well as this, the group has a cross company environmental group to track and report on environmental initiatives. Going forward we are looking to install solar panels on our latest building development as part of ongoing improvements to the environment.

Social and Community Issues

The group take social and community issues seriously and has arranged multiple charity days through the year to generate donation income for selected charities.

Principal risks and uncertainties
  1. The group's business is partly speculative, in that it is not known which new products will succeed, even though sales trends for existing products are known. The directors cannot give any undertaking as to the success or otherwise of new products yielded by its research and development work. There is therefore a significant risk inherent with expenditure related to this.

  2. The directors are not privy to new products currently in development by the group's competitors; there is therefore a risk that sales of its own products may suffer in the future as a result of unknown improvements in competitors' products.

  3. The group is typical of many businesses of its type in that it is heavily reliant on IT systems. Whilst the directors diligently review and improve measures for ensuring resilience of its systems and back up of its data, they cannot absolutely ensure that failures will not damage the group's business at some point. In order to mitigate this risk the group continues to invest heavily in its IT infrastructure.

  4. Sales to the group's customers are made on a credit basis. Trade debtors amount to a substantial sum. Mindful of the current credit conditions affecting all companies, including our customers, there is an increased awareness regarding the importance of adherence to our credit terms. The board has satisfied itself that its customers are financially sound and will continue to be able to fund their debt for the foreseeable future. There is continued focus on strong credit management to ensure timely payment from customers and a healthy corporate liquidity position.

PAXTON ACCESS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Principal risks and uncertainties (continued)
  1. The current global electronic component shortage. As a manufacturer of electronic goods, we are impacted by global demand of electronic components. There has been an ongoing shortage of key components which has affected companies worldwide. In order to mitigate this risk, we are continuously reviewing the components used in our products as well as investing in our Supply Chain team.

  2. As a company with a global presence, we are aware of the risk posed by worldwide geo-political instability. To mitigate this, we always take this under consideration whenever looking to expand into new markets and when sourcing new materials, as well as keeping our current positions under ongoing review.

S172 Statement

Duty to promote the success of the company and group

The directors consider the successful running of the company and group in terms of achieving its long-term strategy which centres on building a resilient company and group that is great to work for and known for the quality of our products. The ongoing success of the company and group centres around positive and effective dealings with all the stakeholders of the group and the directors were mindful of the long terms consequences of key commercial decisions made during the year and determined that these were in the interests of the group’s owner, employees, agency staff, contractors, customers, installers, suppliers, local universities, and other stakeholders, as they were all aligned with the group’s strategy.

The principal decisions made in the year were:

The directors undertook the decisions above fully understanding the short-term impact to the group from a profitability and cash flow perspective. These decisions will ultimately secure the medium- and long-term future of the group.

As set out in the directors’ report, the group takes employee involvement very seriously and we ensure we engage with our staff at all levels on a wide range of matters. The group also regularly engages with its distributors, installers, and suppliers to maintain these important relationships.

The directors confirm that throughout the year they have acted in the way they consider, in good faith, to be most likely to promote the continued success of the company and group for the benefit of its members.

 

On behalf of the board

S Brotherton-Ratcliffe
Director
25 August 2023
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities
Paxton Access Group Limited is a holding company whose principal activity, carried on through subsidiary undertakings, is the manufacture and distribution of electronic goods.
Results and dividends

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

Ordinary dividends were paid amounting to £220,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements unless otherwise stated were as follows:

A Brotherton-Ratcliffe
(Resigned 22 July 2022)
A Stroud
V Parekh
(Resigned 31 December 2022)
S Brotherton-Ratcliffe
Financial instruments
Treasury operations and financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

 

The group’s principal financial instruments are cash balances. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

Interest rate risk arises from cash balances, bank overdrafts and loans. The directors continually review the group's exposure to interest rates and take action to ensure that the risk is appropriate in relation to the financial results of the group.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Dollar and Euro bank accounts are maintained in order to try and mitigate foreign currency risk.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. In addition the company has insured its risk of debtor irrecoverability.

Research and development

The group is heavily committed to research and development activities. During the year the group concentrated its research and development activities on both continuous improvement on its current product portfolio as well as diversification into other market sectors.

PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group is conscious of the need to keep employees informed regarding the progress and future plans of the group and the mutual benefit that can be engendered by good internal communications. This is achieved through regular meetings with managers and staff and an open forum in which a two way flow of comment and ideas is encouraged. An example of this is the Paxton Exchange which offers senior management the opportunity to communicate the group goals and achievements to all members of staff. A significant amount of time and money is invested in employee training in the group and is available to all levels of staff. The Paxton Seagull, the staff newsletter, is a further commitment to the concept of improving communications within the group. The group is committed to providing a fantastic company culture for all its staff members. In July 2022 the decision was made by the directors to offer all staff an increase to their base salaries to help with the cost of living challenged faced both in the UK and the markets we operate in overseas.

 

Business relationships

The directors consider the fostering of good relationships with all stakeholders as essential for the ongoing success of the company. In that regard they have always considered the impact on the suppliers, customers, end users, staff and others of all decisions made. Key decisions, and their impact on specific groups, have been summarised in the s172 statement included on both our website and in the strategic report.

Future developments

The group is continuing to develop its overseas marketing and sales strategy and the directors expect that this will contribute to an increase in profitability.

Auditor

The auditor, Humphrey & Co Audit Services Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The group has consumed more than 40,000 kWh of energy in this reporting period and is required to report on its emissions, energy consumption or energy efficiency activities.

2022
2021
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
129,784
184,749
- Fuel consumed for transport
1,080,664
1,004,457
1,210,448
1,189,206
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2022
2021
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
30.26
37.69
- Fuel consumed for owned transport
214.78
- *
245.04
37.69
Scope 2 - indirect emissions
- Electricity purchased
251.95
228.13
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
8.13
-  *
Total gross emissions
505.12
265.82
Intensity ratio
kWh per sq ft per year and kWh per £k produced
11.05
12.09
* it was not practical to prepare comparative data
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total kilowatt hours per square foot for the offices and total kilowatt hours per £1,000 produced for the factory and warehouse.

 

The ratios for each site were:-

Paxton House - 12.36 kWh per square foot per year

Paxton Technology Centre - 11.43 kWh per square foot per year

Brampton Road - 16.54 kWh per £1,000 produced

Harvington Road - 2.62 kWh per £1,000 produced

Greenville, USA - 12.33 kWh per square foot per year

Measures taken to improve energy efficiency

There was no capacity to introduce energy improvements to our sites in 2022. A full audit of our carbon footprint will be conducted by an independent consultant in 2023.

 

A new environment policy will be launched in 2023 to ensure budgets and objectives relating to energy improvements are part of our group's goals.

 

 

 

 

 

 

PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S Brotherton-Ratcliffe
Director
25 August 2023
PAXTON ACCESS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Paxton Access Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We obtained an understanding of the group and the laws and regulations that could reasonably be expected to have a direct effect on the financial statements through discussion with the directors and management and the application of our knowledge and experience. We discussed with management whether there were any known or suspected instances of fraud and/or non-compliance with relevant laws and regulations. We also obtained an understanding of the company's and group's accounting systems and internal controls.

 

We audited the risk of management override of controls, by testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Our other group audit procedures included, but were not limited to, attending a year end stock count, carrying out detailed substantive testing of a sample of income and expenditure transactions arising in the year and a sample of balance sheet items such as fixed assets, debtors, creditors, etc. We also reviewed the financial statements and checked disclosures to supporting documentation to assess compliance with applicable law and regulation.

 

Because of the inherent risk 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. The 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 greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion omission or misrepresentation.

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

PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 10 -

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.

Mr Michael Macefield (Senior Statutory Auditor)
For and on behalf of Humphrey & Co Audit Services Ltd
25 August 2023
Chartered Accountants
Statutory Auditor
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
PAXTON ACCESS GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
Notes
£
£
Turnover
3
61,956,569
56,457,964
Cost of sales
(30,485,356)
(25,586,784)
Gross profit
31,471,213
30,871,180
Administrative expenses
(31,532,272)
(26,070,730)
Other operating income
550,952
618,299
Operating profit
4
489,893
5,418,749
Interest payable and similar expenses
8
(354,665)
(271,834)
Profit before taxation
135,228
5,146,915
Tax on profit
9
869,174
(454,707)
Profit for the financial year
26
1,004,402
4,692,208
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
2022
2021
£
£
Profit for the year
1,004,402
4,692,208
Other comprehensive income
Currency translation loss taken to retained earnings
(42,900)
(7,807)
Total comprehensive income for the year
961,502
4,684,401
Total comprehensive income for the year is all attributable to the owners of the parent company.
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 13 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
203,985
211,898
Tangible assets
12
20,149,782
20,272,873
20,353,767
20,484,771
Current assets
Stocks
15
11,138,960
7,443,190
Debtors falling due after more than one year
16
2,471,201
1,691,748
Debtors falling due within one year
16
17,983,456
15,432,158
Cash at bank and in hand
535,616
4,990,894
32,129,233
29,557,990
Creditors: amounts falling due within one year
17
(20,084,964)
(17,153,890)
Net current assets
12,044,269
12,404,100
Total assets less current liabilities
32,398,036
32,888,871
Creditors: amounts falling due after more than one year
18
(7,209,714)
(8,442,051)
Provisions for liabilities
Provisions
21
235,000
235,000
(235,000)
(235,000)
Net assets
24,953,322
24,211,820
Capital and reserves
Called up share capital
24
1,211,002
1,211,002
Merger reserve
25
57,450
57,450
Profit and loss reserves
26
23,684,870
22,943,368
Total equity
24,953,322
24,211,820
The financial statements were approved by the board of directors and authorised for issue on 25 August 2023 and are signed on its behalf by:
25 August 2023
S Brotherton-Ratcliffe
Director
Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 14 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
12
18,062,865
18,390,316
Investments
13
234,073
234,073
18,296,938
18,624,389
Current assets
Debtors
16
1,999,356
740,533
Cash at bank and in hand
44,799
173,878
2,044,155
914,411
Creditors: amounts falling due within one year
17
(11,345,791)
(9,347,888)
Net current liabilities
(9,301,636)
(8,433,477)
Total assets less current liabilities
8,995,302
10,190,912
Creditors: amounts falling due after more than one year
18
(7,209,714)
(8,185,884)
Provisions for liabilities
Deferred tax liability
22
328,063
232,516
(328,063)
(232,516)
Net assets
1,457,525
1,772,512
Capital and reserves
Called up share capital
24
1,211,002
1,211,002
Profit and loss reserves
26
246,523
561,510
Total equity
1,457,525
1,772,512

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £94,987 (2021 - £126,581 loss).

The financial statements were approved by the board of directors and authorised for issue on 25 August 2023 and are signed on its behalf by:
25 August 2023
S Brotherton-Ratcliffe
Director
Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
1,211,002
57,450
18,468,967
19,737,419
Year ended 31 December 2021:
Profit for the year
-
-
4,692,208
4,692,208
Other comprehensive income:
Currency translation differences
-
-
(7,807)
(7,807)
Total comprehensive income
-
-
4,684,401
4,684,401
Dividends
10
-
-
(210,000)
(210,000)
Balance at 31 December 2021
1,211,002
57,450
22,943,368
24,211,820
Year ended 31 December 2022:
Profit for the year
-
-
1,004,402
1,004,402
Other comprehensive income:
Currency translation differences
-
-
(42,900)
(42,900)
Total comprehensive income
-
-
961,502
961,502
Dividends
10
-
-
(220,000)
(220,000)
Balance at 31 December 2022
1,211,002
57,450
23,684,870
24,953,322
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
1,211,002
898,091
2,109,093
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(126,581)
(126,581)
Dividends
10
-
(210,000)
(210,000)
Balance at 31 December 2021
1,211,002
561,510
1,772,512
Year ended 31 December 2022:
Profit and total comprehensive income
-
(94,987)
(94,987)
Dividends
10
-
(220,000)
(220,000)
Balance at 31 December 2022
1,211,002
246,523
1,457,525
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(3,540,014)
1,433,297
Interest paid
(354,665)
(271,834)
Income taxes refunded
89,721
115,442
Net cash (outflow)/inflow from operating activities
(3,804,958)
1,276,905
Investing activities
Purchase of intangible assets
(109,791)
(55,173)
Purchase of tangible fixed assets
(815,110)
(2,362,136)
Proceeds from disposal of tangible fixed assets
1,200
-
Net cash used in investing activities
(923,701)
(2,417,309)
Financing activities
Proceeds from borrowings
136,842
-
Repayment of borrowings
(750,000)
(113,197)
Repayment of bank loans
(1,325,106)
(421,986)
Payment of finance leases obligations
(281,453)
(271,874)
Dividends paid to equity shareholders
(220,000)
(210,000)
Net cash used in financing activities
(2,439,717)
(1,017,057)
Net decrease in cash and cash equivalents
(7,168,376)
(2,157,461)
Cash and cash equivalents at beginning of year
4,990,894
7,148,355
Effect of foreign exchange rates
35,620
-
0
Cash and cash equivalents at end of year
(2,141,862)
4,990,894
Relating to:
Cash at bank and in hand
535,616
4,990,894
Bank overdrafts included in creditors payable within one year
(2,677,478)
-
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,190,050
2,593,459
Interest paid
(306,519)
(229,888)
Net cash inflow from operating activities
883,531
2,363,571
Investing activities
Purchase of tangible fixed assets
-
0
(2,021,931)
Net cash used in investing activities
-
(2,021,931)
Financing activities
Proceeds from borrowings
136,842
-
0
Repayment of borrowings
-
(113,197)
Repayment of bank loans
(929,452)
(25,884)
Dividends paid to equity shareholders
(220,000)
(210,000)
Net cash used in financing activities
(1,012,610)
(349,081)
Net decrease in cash and cash equivalents
(129,079)
(7,441)
Cash and cash equivalents at beginning of year
173,878
181,319
Cash and cash equivalents at end of year
44,799
173,878
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
1
Accounting policies
Company information

Paxton Access Group Limited (“the Company”) is a limited company by shares domiciled and incorporated in England and Wales. The registered office is Paxton House, Home Farm Road, Brighton, East Sussex, BN1 9HU.

 

The Group consists of Paxton Access Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Paxton Access Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

During the year the group breached its bank loan covenant in respect of debt service coverage. The bank is aware of the breach and have indicated that they are not taking any further action in respect of the breach at this point in time although they reserve the right to do so in the future should they deem it appropriate. Following discussions with the bank, the directors are confident of the banks continued support for the foreseeable future

 

The group benefits from the support of its owners and financial resilience developed through working with key managerial stakeholders. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources 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.

 

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs
33% reducing balance and 33% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold properties
1% straight line
Leasehold properties
Straight line over the life of the lease
Plant and machinery
20% reducing balance and 33% straight line
Fixtures, fittings & equipment
20% reducing balance and 20%/25%/33% straight line

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

The cost of stock is based on an average cost basis, where the actual cost of stock purchased to obtain the quantity held is identified and an average cost calculated.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 22 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 23 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 24 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 25 -
1.20
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at a fixed rate that is used as an approximation for the actual rate. The fixed rates are reviewed periodically. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The critical judgments which have the most significant impact on amounts recognised in the financial statements are as follows:

Stock provisioning

Provision is made where necessary for obsolete, slow moving and defective stocks. The directors review the level of provision based on the level and condition of stock items and their knowledge of the business.

Warranty provisioning

The group provides a 5 year warranty on its products. A provision for expected warranty claims is calculated based on prior experience of levels of warranty claims incurred and future expectations.

Useful life of fixed assets

The directors estimate the expected useful lives of the company's fixed assets which in turn impacts on the amount of depreciation charged in the year.

Deferred Tax Asset

The directors estimate the amount of deferred tax that is likely to be recovered by the likely availability of future taxable profits.

Key sources of estimation uncertainty

In the opinion of the directors there are no estimates or assumptions which have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the next financial year.

 

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2022
2021
£
£
Turnover analysed by class of business
Electronic access control systems
61,956,569
56,457,964
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 26 -
2022
2021
£
£
Turnover analysed by geographical market
UK
38,815,056
36,264,425
Europe
10,006,711
9,539,268
Rest of World
13,134,802
10,654,271
61,956,569
56,457,964
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(180,565)
22,981
Research and development costs
860,202
521,037
Government grants
-
(64,912)
Compensation for faulty goods
(163,566)
(205,926)
Rent receivable
(315,000)
(315,000)
Depreciation of owned tangible fixed assets
945,267
1,239,384
Loss on disposal of tangible fixed assets
158
97,431
Amortisation of intangible assets
117,704
260,669
Loss on disposal of intangible assets
-
9,196
Operating lease charges
487,826
396,796
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
3,000
Audit of the financial statements of the company's subsidiaries
32,850
29,000
36,350
32,000
For other services
Taxation compliance services
6,000
3,600
All other non-audit services
6,150
7,700
12,150
11,300
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Administration
356
260
-
-
Production
74
63
-
-
Cleaning
2
2
-
-
Total
432
325
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
18,225,080
14,756,045
-
0
-
0
Social security costs
1,681,941
1,325,122
-
-
Pension costs
1,256,200
1,338,712
-
0
-
0
21,163,221
17,419,879
-
0
-
0
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
873,940
1,203,358
Company pension contributions to defined contribution schemes
32,972
41,417
906,912
1,244,775

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
749,702
633,915
Company pension contributions to defined contribution schemes
17,483
16,973
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
315,184
246,801
Other interest on financial liabilities
26,311
2,285
341,495
249,086
Other finance costs:
Interest on finance leases and hire purchase contracts
13,170
22,748
Total finance costs
354,665
271,834
9
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
(94,743)
(124,186)
Foreign current tax on profits for the current period
5,022
8,744
Total current tax
(89,721)
(115,442)
Deferred tax
Origination and reversal of timing differences
(779,453)
570,149
Total tax (credit)/charge
(869,174)
454,707

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
135,228
5,146,915
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
25,693
977,914
Tax effect of expenses that are not deductible in determining taxable profit
8,903
17,972
Tax effect of utilisation of tax losses not previously recognised
(14,661)
-
0
Effect of change in corporation tax rate
(349,186)
(174,015)
Permanent capital allowances in excess of depreciation
(33,678)
-
0
Depreciation on assets not qualifying for tax allowances
56,058
96,030
Research and development tax credit
(562,303)
(463,194)
Taxation (credit)/charge
(869,174)
454,707
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
10
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Final dividends paid on ordinary shares
220,000
210,000
11
Intangible fixed assets
Group
Development Costs
£
Cost
At 1 January 2022
1,075,182
Additions - internally developed
109,791
Disposals
(366,505)
At 31 December 2022
818,468
Amortisation and impairment
At 1 January 2022
863,284
Amortisation charged for the year
117,704
Disposals
(366,505)
At 31 December 2022
614,483
Carrying amount
At 31 December 2022
203,985
At 31 December 2021
211,898
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
12
Tangible fixed assets
Group
Freehold properties
Leasehold properties
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2022
2,375,400
18,516,830
4,551,937
2,404,079
27,848,246
Additions
-
0
155,928
324,006
335,176
815,110
Disposals
-
0
-
0
(10,756)
(1,155)
(11,911)
Exchange adjustments
-
0
21,518
-
0
52,567
74,085
At 31 December 2022
2,375,400
18,694,276
4,865,187
2,790,667
28,725,530
Depreciation and impairment
At 1 January 2022
144,209
2,030,405
3,262,560
2,138,199
7,575,373
Depreciation charged in the year
17,091
407,240
334,998
185,938
945,267
Eliminated in respect of disposals
-
0
-
0
(9,398)
(1,155)
(10,553)
Exchange adjustments
-
0
13,595
-
0
52,066
65,661
At 31 December 2022
161,300
2,451,240
3,588,160
2,375,048
8,575,748
Carrying amount
At 31 December 2022
2,214,100
16,243,036
1,277,027
415,619
20,149,782
At 31 December 2021
2,231,191
16,486,425
1,289,377
265,880
20,272,873
Company
Freehold properties
Leasehold properties
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2022 and 31 December 2022
2,370,400
17,493,262
336,229
20,199,891
Depreciation and impairment
At 1 January 2022
144,209
1,329,137
336,229
1,809,575
Depreciation charged in the year
17,091
310,360
-
0
327,451
At 31 December 2022
161,300
1,639,497
336,229
2,137,026
Carrying amount
At 31 December 2022
2,209,100
15,853,765
-
0
18,062,865
At 31 December 2021
2,226,191
16,164,125
-
0
18,390,316
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Tangible fixed assets
(Continued)
- 31 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2022
2021
2022
2021
£
£
£
£
Plant and machinery
369,553
461,941
-
0
-
0
13
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
234,073
234,073
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
234,073
Carrying amount
At 31 December 2022
234,073
At 31 December 2021
234,073
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
General Distribution Limited
Paxton House, Home Farm Road, Brighton, East Sussex
Ordinary
100.00
Paxton Access FZE
Office Number A101-05, 1st Floor, Operations & Facilities Building, Dubai Silicon Oasis, UAE
Ordinary
100.00
Paxton Access GmbH
Bennigsen-Platz 1, 40474 Dusseldorf, Germany
Ordinary
100.00
Paxton Access Inc
138 Commerce Centre, Greenville, South Carolina, USA
Ordinary
100.00
Paxton Access Limited
Paxton House, Home Farm Road, Brighton, East Sussex
Ordinary
100.00

The investments in subsidiaries are all stated at cost.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 32 -
15
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
141,715
158,456
-
-
Finished goods and goods for resale
10,997,245
7,284,734
-
0
-
0
11,138,960
7,443,190
-
-
16
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
13,632,337
13,902,741
103,458
94,500
Corporation tax recoverable
2,770
2,770
-
0
-
0
Amounts owed by group undertakings
-
-
1,000,000
250,000
Other debtors
91,583
445,549
53,558
352,308
Prepayments and accrued income
4,256,766
1,081,098
842,340
43,725
17,983,456
15,432,158
1,999,356
740,533
Amounts falling due after more than one year:
Deferred tax asset (note 22)
2,471,201
1,691,748
-
0
-
0
Total debtors
20,454,657
17,123,906
1,999,356
740,533
17
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
19
4,304,061
1,952,000
1,594,902
1,548,184
Obligations under finance leases
20
232,649
281,454
-
0
-
0
Other borrowings
19
226,243
839,401
226,243
89,401
Trade creditors
11,201,879
9,646,497
180,685
800
Amounts owed to group undertakings
-
0
-
0
7,289,884
5,332,277
Other taxation and social security
906,760
871,508
-
-
Other creditors
2,026,163
2,336,384
1,977,577
2,300,726
Accruals and deferred income
1,187,209
1,226,646
76,500
76,500
20,084,964
17,153,890
11,345,791
9,347,888
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 33 -
18
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
19
7,209,714
8,209,403
7,209,714
8,185,884
Obligations under finance leases
20
-
0
232,648
-
0
-
0
7,209,714
8,442,051
7,209,714
8,185,884
Amounts included above which fall due after five years are as follows:
Payable by instalments
808,757
1,571,061
808,757
1,571,061
19
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
8,836,297
10,161,403
8,804,616
9,734,068
Bank overdrafts
2,677,478
-
0
-
0
-
0
Directors' loans
1,977,577
2,300,726
1,977,577
2,300,726
Loans from related parties
226,243
839,401
226,243
89,401
13,717,595
13,301,530
11,008,436
12,124,195
Payable within one year
6,507,881
5,092,127
3,798,722
3,938,311
Payable after one year
7,209,714
8,209,403
7,209,714
8,185,884
Amounts included above which fall due after five years:
Payable by instalments
808,757
1,571,061
808,757
1,571,061
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Loans and overdrafts
(Continued)
- 34 -

Bank loans are secured over the company's freehold and leasehold properties. There is also a debenture in favour of HSBC Bank comprising a fixed and floating charge over all the assets and undertakings of Paxton Access Limited and Paxton Inc.

 

There were eight bank loans at the year end and they are repayable in monthly instalments and are due to be repaid fully between 2024 and 2029. Interest is charged at a fixed rate of 3.6% on one of the loans and interest on the other loans is charged at rates of between 2.25% to 2.35% over the Bank of England base rate.

 

Other loans are in respect of loans from close family members of a director and are repayable on demand. Interest is charged on the loans at a rate equal to the Bank of England base rate.

 

Directors' loans are in respect of loans from a director and his wife and are also repayable on demand. Interest is charged at a rate equal to the Bank of England base rate.

 

 

20
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
232,649
281,454
-
0
-
0
In two to five years
-
0
232,648
-
0
-
0
232,649
514,102
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Warranty repairs
235,000
235,000
-
-
Movements on provisions:
Warranty repairs
Group
£
At 1 January 2022 and 31 December 2022
235,000
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
21
Provisions for liabilities
(Continued)
- 35 -

The provision for warranty claims is a provision for future product costs arising in the normal course of business from prior year sales. The group provides a 5 year warranty on its products.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Group
£
£
£
£
Accelerated capital allowances
-
-
(371,881)
(173,312)
Tax losses
-
-
2,843,082
1,865,060
-
-
2,471,201
1,691,748
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Company
£
£
£
£
Accelerated capital allowances
372,501
317,353
-
-
Tax losses
(44,438)
(84,837)
-
-
328,063
232,516
-
-
Group
Company
2022
2022
Movements in the year:
£
£
Liability/(Asset) at 1 January 2022
(1,691,748)
232,516
(Credit)/charge to profit or loss
(779,453)
95,547
Liability/(Asset) at 31 December 2022
(2,471,201)
328,063

It is estimated that £625,000 of the deferred tax asset set out above is expected to reverse within the next 12 months.

Deferred tax balances have been measured at 25% (2021 - 21.25%).

23
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,256,200
1,338,712
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
23
Retirement benefit schemes
(Continued)
- 36 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the Balance Sheet date the group had a pension liability of £146,969 (2021 - £113,760).

24
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £211.002 each
1,000
1,000
211,002
211,002
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
Preference shares classified as equity
1,000,000
1,000,000
Total equity share capital
1,211,002
1,211,002

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

 

The holders of preference shares are entitled to receive dividends as declared from time to time but the shares do not carry any voting rights. The preference shares are not redeemable and rank ahead of the ordinary shares with regard to the company's residual assets.

25
Merger reserve
2022
2021
Group
£
£
At the beginning and end of the year
57,450
57,450
2022
2021
Company
£
£
At the beginning and end of the year
-
-

Merger Reserve

 

This reserve was created following a share for share exchange whereby Paxton Access Group Ltd acquired all of the share capital of Paxton Access Inc from Mr A Brotherton-Ratcliffe.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 37 -
26
Profit and loss reserves
Group
Company
2022
2021
2022
2021
£
£
£
£
At the beginning of the year
22,943,368
18,468,967
561,510
898,091
Profit/(loss) for the year
1,004,402
4,692,208
(94,987)
(126,581)
Dividends
(220,000)
(210,000)
(220,000)
(210,000)
Currency translation differences
(42,900)
(7,807)
-
0
-
0
At the end of the year
23,684,870
22,943,368
246,523
561,510
27
Operating lease commitments
Lessee

Operating lease rentals consist of rentals payable by the group for motor vehicles. The motor vehicle leases are generally for a term of 3 years.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
361,558
208,603
-
-
Between two and five years
439,275
202,281
-
-
800,833
410,884
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2022
2021
2022
2021
£
£
£
£
Acquisition of tangible fixed assets
664,831
-
-
-

There is a commitment of £664,831 (2021 - Nil) for property, plant and equipment, which are contracted for but not provided for in the Financial Statements.

29
Controlling party

The ultimate controlling party is A Brotherton-Ratcliffe, a former director of the company.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 38 -
30
Cash (absorbed by)/generated from group operations
2022
2021
£
£
Profit for the year after tax
1,004,402
4,692,208
Adjustments for:
Taxation (credited)/charged
(869,174)
454,707
Finance costs
354,665
271,834
Loss on disposal of tangible fixed assets
158
97,431
Loss on disposal of intangible assets
-
9,196
Amortisation and impairment of intangible assets
117,704
260,669
Depreciation and impairment of tangible fixed assets
945,267
1,239,384
Foreign exchange gains on cash equivalents
(35,620)
-
Decrease in provisions
-
(8,000)
Movements in working capital:
Increase in stocks
(3,695,770)
(2,747,858)
Increase in debtors
(2,551,298)
(5,531,392)
Increase in creditors
1,189,652
2,695,118
Cash (absorbed by)/generated from operations
(3,540,014)
1,433,297
31
Cash generated from operations - company
2022
2021
£
£
Loss for the year after tax
(94,987)
(126,581)
Adjustments for:
Taxation charged
95,547
135,149
Finance costs
306,519
229,888
Depreciation and impairment of tangible fixed assets
327,451
530,702
Movements in working capital:
Increase in debtors
(1,258,823)
(332,228)
Increase in creditors
1,814,343
2,156,529
Cash generated from operations
1,190,050
2,593,459
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 39 -
32
Analysis of changes in net debt - group
1 January 2022
Cash flows
Exchange rate movements
31 December 2022
£
£
£
£
Cash at bank and in hand
4,990,894
(4,490,898)
35,620
535,616
Bank overdrafts
-
0
(2,677,478)
-
(2,677,478)
4,990,894
(7,168,376)
35,620
(2,141,862)
Borrowings excluding overdrafts
(11,000,804)
1,938,264
-
(9,062,540)
Obligations under finance leases
(514,102)
281,453
-
(232,649)
(6,524,012)
(4,948,659)
35,620
(11,437,051)
33
Analysis of changes in net debt - company
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
173,878
(129,079)
44,799
Borrowings excluding overdrafts
(9,823,469)
792,610
(9,030,859)
(9,649,591)
663,531
(8,986,060)
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