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REGISTERED NUMBER: 07697065 (England and Wales)













Strategic Report, Report of the Directors and

Audited Financial Statements

for the Period 1 April 2022 to 31 December 2022

for

Ox Products Group UK Limited

Ox Products Group UK Limited (Registered number: 07697065)






Contents of the Financial Statements
for the Period 1 April 2022 to 31 December 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


Ox Products Group UK Limited

Company Information
for the Period 1 April 2022 to 31 December 2022







DIRECTORS: Mr J P Hazell
Mr L D Hazell
Mr D J Payne



REGISTERED OFFICE: Osprey House
Crayfield Business Park
New Mill Rd
Orpington
Kent
BR5 3QJ



REGISTERED NUMBER: 07697065 (England and Wales)



AUDITORS: Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: HSBC
Stonebow
221 High Street
LINCOLN
Lincolnshire
LN1 1TS



SOLICITORS: Wilkin Chapman
The Maltings
11-15 Brayford Wharf East
LINCOLN
LN5 7AY

Ox Products Group UK Limited (Registered number: 07697065)

Strategic Report
for the Period 1 April 2022 to 31 December 2022

The nine months to 31 December 2022 saw a return to more typical operational and trading conditions after two years which were dominated by the impact of COVID. There were, however, significant changes which lasted into the current year, most notably with fluctuation in production and delivery schedules, international shipping costs and macroeconomic factors such as movements in exchange rates. However OX continues to focus on developing, sourcing and marketing high quality products which are attractive to end users and working with our network of suppliers and customers to deliver value.

Turnover of £21.566m reflected the change in the company's year-end from March to December and was broadly in line with the prior year. The table below draws out key performance measures.

December 2022 March 2022 March 2021 March 2020
Turnover 21,556,200 28,730,864 31,035,031 21,410,618
EBITDA 1,634,251 4,494,374 5,901,225 1,443,778
Net assets 11,398,535 10,408,884 8,473,041 4,723,895
Cash movement (915,372 ) (3,480,140 ) 3,552,069 191,515

The company continued to develop brand awareness, improve customer service and was able to expand its product range and its customer base.

The impact of the stronger USD and higher freight costs was a notable feature of the period and impacted on the gross margin achieved. The company seeks to mitigate the impact of these external factors through maintaining a wide range of supplier relationships and maintaining a significant inventory balance, in order to supply its customers. At the end of the period the company had approximately £12.8m of inventory, an increase of £0.6m.

The company continues to invest in sustainability, primarily though the development of more environmentally-friendly product packaging, reducing the proportion of plastic used, and increasing the use of electric vehicles in the company's fleet.

The company also continues to invest in research and development activities and to seek out partners to bring innovative products to market in the UK.

Net profit for the period was £1.194m (March 2022: £3.036m).

The investment in inventory was funded by an increase in the company's borrowings and cash reduced in the period by £0.018m.


Ox Products Group UK Limited (Registered number: 07697065)

Strategic Report
for the Period 1 April 2022 to 31 December 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The company is mindful of the challenges of maintaining margins and operational stability as the market emerges from the COVID period. The company has experienced volatile supply chains and is focused on managing the risks that a global supplier base can bring. Recent years have underlined the importance of maintaining close links with the user community, supporting our customer base, and in working with responsive suppliers. The fluctuations in production capacity, in shipping costs as well as changes in exchange rates are all prominent factors in the company's business.

Management continues to monitor its broad supplier base, seeking alternative sources where necessary. The company also monitors its future purchasing requirements and undertakes forward currency purchases where necessary. The company does not enter into speculative foreign currency transactions.

Future Developments
The company expects to develop relationships with new customers, and to expand its network of supplier partners from around the globe in order to maintain a robust and efficient supply chains, and in order to bring new products to the market in order to provide attractive offers to our customers and our end users.

ON BEHALF OF THE BOARD:





Mr J P Hazell - Director


28 September 2023

Ox Products Group UK Limited (Registered number: 07697065)

Report of the Directors
for the Period 1 April 2022 to 31 December 2022

The directors present their report with the financial statements of the company for the period 1 April 2022 to 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of retail of diamond blade cutting discs, hand tools and safety equipment for the construction industry. The subsidiary companies were dormant throughout the year.

DIVIDENDS
Interim dividends totalling £2,040 per share were paid during the period. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 31 December 2022 will be £204,000

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr J P Hazell
Mr L D Hazell
Mr D J Payne

As permitted by Schedule 7 of the Accounts and Reports Regulations 2008 SI No. 410, comments relating to future developments have been included in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Ox Products Group UK Limited (Registered number: 07697065)

Report of the Directors
for the Period 1 April 2022 to 31 December 2022


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr J P Hazell - Director


28 September 2023

Report of the Independent Auditors to the Members of
Ox Products Group UK Limited

Opinion
We have audited the financial statements of Ox Products Group UK Limited (the 'company') for the period ended 31 December 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Report of the Independent Auditors to the Members of
Ox Products Group UK Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ox Products Group UK Limited


Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102), the Companies Act 2006 and the relevant tax compliance.

We understood how the company is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing third party correspondence, including any correspondence with HMRC and Companies House.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by inquiring of management as to where they considered there was susceptibility to fraud. We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud and also reviewed how these had operated in the period.

Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk along with procedures to identify non-compliance with such laws and regulations identified in the paragraphs above along with areas where management override of controls may be relevant. These procedures included assessing the appropriateness of presentation of separately disclosed items with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the company. These procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

We also considered the risk associated with completeness and recognition of income, particularly around the period end. Stock valuation was also considered to be an area of heightened risk and testing in this area was extended to support the year end valuation.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were performed by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team.

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 or non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Report of the Independent Auditors to the Members of
Ox Products Group UK Limited

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 Report of the Auditors.

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 a Report of the Auditors 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.




Emma Murray (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

2 October 2023

Ox Products Group UK Limited (Registered number: 07697065)

Statement of Comprehensive
Income
for the Period 1 April 2022 to 31 December 2022

Period
1.4.22
to Year Ended
31.12.22 31.3.22
Notes £    £   

TURNOVER 3 21,556,200 28,730,864

Cost of sales 15,529,188 19,033,023
GROSS PROFIT 6,027,012 9,697,841

Administrative expenses 4,510,757 5,889,497
1,516,255 3,808,344

Other operating income - 23,640
OPERATING PROFIT 5 1,516,255 3,831,984

Interest receivable and similar
income

384

42
1,516,639 3,832,026

Interest payable and similar
expenses

6

90,270

37,630
PROFIT BEFORE TAXATION 1,426,369 3,794,396

Tax on profit 7 232,718 758,553
PROFIT FOR THE FINANCIAL
PERIOD

1,193,651

3,035,843

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,193,651

3,035,843

Ox Products Group UK Limited (Registered number: 07697065)

Statement of Financial Position
31 December 2022

31/12/22 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 105,458 122,114
Tangible assets 10 479,787 444,223
Investments 11 1,165 300
586,410 566,637

CURRENT ASSETS
Stocks 12 12,792,022 12,187,616
Debtors 13 6,876,160 6,973,222
Cash at bank 56,647 74,519
19,724,829 19,235,357
CREDITORS
Amounts falling due within one year 14 8,799,764 9,271,126
NET CURRENT ASSETS 10,925,065 9,964,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,511,475

10,530,868

PROVISIONS FOR LIABILITIES 17 112,940 121,984
NET ASSETS 11,398,535 10,408,884

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 11,398,435 10,408,784
SHAREHOLDERS' FUNDS 11,398,535 10,408,884

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





Mr J P Hazell - Director


Ox Products Group UK Limited (Registered number: 07697065)

Statement of Changes in Equity
for the Period 1 April 2022 to 31 December 2022

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   

Balance at 1 April 2021 100 8,445,135 27,806 8,473,041

Changes in equity
Dividends - (1,100,000 ) - (1,100,000 )
Total comprehensive income - 3,063,649 (27,806 ) 3,035,843
Balance at 31 March 2022 100 10,408,784 - 10,408,884

Changes in equity
Dividends - (204,000 ) - (204,000 )
Total comprehensive income - 1,193,651 - 1,193,651
Balance at 31 December 2022 100 11,398,435 - 11,398,535

Ox Products Group UK Limited (Registered number: 07697065)

Statement of Cash Flows
for the Period 1 April 2022 to 31 December 2022

Period
1.4.22
to Year Ended
31.12.22 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 116,068 (1,118,404 )
Interest paid (90,270 ) (9,823 )
Finance costs paid - (27,807 )
Tax paid (407,980 ) (1,553,148 )
Net cash from operating activities (382,182 ) (2,709,182 )

Cash flows from investing activities
Purchase of intangible fixed assets (9,520 ) (66,477 )
Purchase of tangible fixed assets (127,000 ) (201,705 )
Purchase of fixed asset investments (865 ) -
Interest received 384 42
Net cash from investing activities (137,001 ) (268,140 )

Cash flows from financing activities
Amount introduced by directors - 1,127,806
Movement on directors' loans (192,189 ) (530,624 )
Equity dividends paid (204,000 ) (1,100,000 )
Net cash from financing activities (396,189 ) (502,818 )

Decrease in cash and cash equivalents (915,372 ) (3,480,140 )
Cash and cash equivalents at
beginning of period

2

(1,917,526

)

1,562,614

Cash and cash equivalents at end
of period

2

(2,832,898

)

(1,917,526

)

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Statement of Cash Flows
for the Period 1 April 2022 to 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Profit before taxation 1,426,369 3,794,396
Depreciation charges 94,492 563,632
Loss on disposal of fixed assets 23,120 98,716
Finance costs 90,270 37,630
Finance income (384 ) (42 )
1,633,867 4,494,332
Increase in stocks (604,406 ) (9,286,783 )
Decrease in trade and other debtors 97,062 1,594,246
(Decrease)/increase in trade and other creditors (1,010,455 ) 2,079,801
Cash generated from operations 116,068 (1,118,404 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 December 2022
31.12.22 1.4.22
£    £   
Cash and cash equivalents 56,647 74,519
Bank overdrafts (2,889,545 ) (1,992,045 )
(2,832,898 ) (1,917,526 )
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 74,519 1,562,614
Bank overdrafts (1,992,045 ) -
(1,917,526 ) 1,562,614


Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Statement of Cash Flows
for the Period 1 April 2022 to 31 December 2022

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank 74,519 (17,872 ) 56,647
Bank overdrafts (1,992,045 ) (897,500 ) (2,889,545 )
(1,917,526 ) (915,372 ) (2,832,898 )
Total (1,917,526 ) (915,372 ) (2,832,898 )

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements
for the Period 1 April 2022 to 31 December 2022

1. STATUTORY INFORMATION

Ox Products Group UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Ox Products Group UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405(2) of the Companies Act 2006 from the requirements to prepare consolidated financial statements as inclusion is not material for the purpose of giving a true and fair view.

Critical accounting judgements and key sources of estimation uncertainty
The financial statements are prepared to generally accepted accounting principles which requires management to make estimates and assumptions that affect assets and liabilities. Actual results could be different due to these estimates. The effect of any differences are reported at the time the information becomes available.

Loan notes which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan.
Subsequently, they are measured at amortised cost using the effective interest method.
Loan notes that are receivable within one year are not discounted.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is gross of rebates given.

Goodwill
The basis of amortisation is on usage determined by the sales volume of each independent sales unit.

Where there is evidence of impairment the directors will conduct a full impairment review and if the carrying value of the goodwill is higher than the value determined by the review an adjustment will be made appropriately.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of four years.

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Forward exchange contracts are recognised at fair value using a valuation technique with any gains or losses reported within the Statement of Comprehensive Income. Outstanding forward exchange contracts at the reporting date are included under the appropriate format heading depending on the nature of the derivative.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Interest free loans
Interest free loans have been measured at amortised cost using the effective interest method.

The effective interest on these interest free loans is accounted as interest income or interest expense as appropriate.

Accounting period change
The accounting period has changed from 31 March to 31 December to tie in with the calendar year and be consistent with internal reporting. Therefore the current period covers a 9 month period and so is not directly comparable to the year to 31 March 2022 results.

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
United Kingdom 20,851,125 28,212,874
Europe 511,680 343,735
United States of America 173,780 154,444
Rest of World 19,615 19,811
21,556,200 28,730,864

4. EMPLOYEES AND DIRECTORS
Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Wages and salaries 2,783,082 3,413,843
Social security costs 265,042 368,279
Other pension costs 25,895 30,272
3,074,019 3,812,394

The average number of employees during the period was as follows:
Period
1.4.22
to Year Ended
31.12.22 31.3.22

Directors 3 3
Other employees 61 63
64 66

Pensions

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. Contributions in the period totalled £25,895 (2022 £30,273).
The directors are not part of this scheme.

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

4. EMPLOYEES AND DIRECTORS - continued

Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Directors' remuneration 287,830 374,997

Information regarding the highest paid director is as follows:
Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Emoluments etc 126,830 164,107

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Other operating leases 261,499 284,726
Depreciation - owned assets 68,317 89,633
Loss on disposal of fixed assets 23,120 98,716
Patents and licences amortisation 2,970 3,960
Computer software amortisation 23,205 38,083
Auditors' remuneration 16,000 15,225
Auditors' remuneration for non audit work 25,620 14,012

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Bank and import loan interest 90,270 9,823
Shareholder loan interest - 27,807
90,270 37,630

Shareholder loan interest relates to movement on the notional interest reserve see note 19 Reserves.

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Current tax:
UK corporation tax 318,783 712,281
Previous years tax (77,021 ) -
Total current tax 241,762 712,281

Deferred tax (9,044 ) 46,272
Tax on profit 232,718 758,553

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Profit before tax 1,426,369 3,794,396
Profit multiplied by the standard rate of corporation tax in the
UK of 19% (2022 - 19%)

271,010

720,935

Effects of:
Expenses not deductible for tax purposes 8,921 7,835
Depreciation in excess of capital allowances 2,414 61,035
Deferred tax movement (9,044 ) 46,272
R&D tax provision 36,437 (77,414 )
Prior year tax (77,020 ) (110 )
Total tax charge 232,718 758,553

8. DIVIDENDS
Period
1.4.22
to Year Ended
31.12.22 31.3.22
£    £   
Interim 204,000 1,100,000

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

9. INTANGIBLE FIXED ASSETS
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1 April 2022 1,673,606 19,802 183,644 1,877,052
Additions - - 9,519 9,519
At 31 December 2022 1,673,606 19,802 193,163 1,886,571
AMORTISATION
At 1 April 2022 1,673,606 11,918 69,414 1,754,938
Amortisation for period - 2,970 23,205 26,175
At 31 December 2022 1,673,606 14,888 92,619 1,781,113
NET BOOK VALUE
At 31 December 2022 - 4,914 100,544 105,458
At 31 March 2022 - 7,884 114,230 122,114

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2022 133,159 452,927 253,513 839,599
Additions 74,111 46,499 6,390 127,000
Disposals - (79,376 ) (9,260 ) (88,636 )
At 31 December 2022 207,270 420,050 250,643 877,963
DEPRECIATION
At 1 April 2022 55,151 225,630 114,595 395,376
Charge for period 11,412 40,562 16,343 68,317
Eliminated on disposal - (58,583 ) (6,934 ) (65,517 )
At 31 December 2022 66,563 207,609 124,004 398,176
NET BOOK VALUE
At 31 December 2022 140,707 212,441 126,639 479,787
At 31 March 2022 78,008 227,297 138,918 444,223

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 300
Additions 865
At 31 December 2022 1,165
NET BOOK VALUE
At 31 December 2022 1,165
At 31 March 2022 300

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Ox Products UK Limited
Registered office: United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/3/22
£    £   
Aggregate capital and reserves 100 100

Ox Products Limited
Registered office: United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/3/22
£    £   
Aggregate capital and reserves 100 100

Ox Tools UK Ltd
Registered office: United Kingdom
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/3/22
£    £   
Aggregate capital and reserves 100 100

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

11. FIXED ASSET INVESTMENTS - continued

Sarl OX Tools Europe
Registered office: France
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31/12/22
£   
Aggregate capital and reserves 865

12. STOCKS
31/12/22 31/3/22
£    £   
Finished goods 12,792,022 12,187,616

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/3/22
£    £   
Trade debtors 6,364,555 6,377,934
Other debtors 64,502 55,281
Payments in advance 345,679 381,820
Prepayments 101,424 158,187
6,876,160 6,973,222

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/22 31/3/22
£    £   
Bank loans and overdrafts (see note 15)
2,889,545

1,992,045
Trade creditors 1,978,701 3,067,312
Tax 31,823 198,041
Social security and other taxes 165,081 155,999
VAT 836,150 909,191
Other creditors 303,168 318,987
Directors' current accounts 798,598 990,787
Accrued expenses 1,796,698 1,638,764
8,799,764 9,271,126

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

15. LOANS

An analysis of the maturity of loans is given below:

31/12/22 31/3/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,889,545 1,992,045

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/12/22 31/3/22
£    £   
Within one year 29,936 142,005
Between one and five years 267,388 95,869
297,324 237,874

17. PROVISIONS FOR LIABILITIES
31/12/22 31/3/22
£    £   
Deferred tax 112,940 121,984

Deferred
tax
£   
Balance at 1 April 2022 121,984
Accelerated capital allowances (9,044 )
Balance at 31 December 2022 112,940

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/22 31/3/22
value: £    £   
100 Ordinary £1 100 100

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

19. RESERVES
Retained
earnings
£   

At 1 April 2022 10,408,784
Profit for the period 1,193,651
Dividends (204,000 )
At 31 December 2022 11,398,435

Included within retained earnings is an amount of £nil (2022 : £27,806) which relates to the adjustments made for interest free loans from non-shareholders and forward exchange contracts, these amounts are not distributable.

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

20. RELATED PARTY DISCLOSURES

During the period dividends were paid to directors of £204,000 (2022: £880,000).

At the balance sheet date the company owed the Directors an amount of capital of £798,598 (2022: £990,787) this amount is reflected within the liabilities of the company.

The total amount of interest £nil (2022: £-27,806), has been calculated as a capital contribution and included within other reserves. The notional interest has been charged at a rate of 3.5% per annum.

At the period end there is a balance of £289,081 (2022: £289,081) owed to members of families of directors. Notional interest has been charged at a rate of 3.5% per annum.

All loans from directors and their families are unsecured.

Mr J P Hazell has provided a personal guarantee to the bank with regards to the company overdraft.

Included in turnover and cost of sales are sales and the related purchases at nil margin to companies wholly owned and controlled by a member of key management, worth £nil (2022: £91,603). These sales were made on favourable terms and at the period end the balance owed by these companies was £7,183 (2022: £7,914). Recharges were also made totalling £1,294 (2022: £76,157).

Recharges of £11,376 (2022: £21,959) were also made to a company controlled by a family member of 2 of the directors. Purchases from this company of £13,574 (2022: £37,147) were made in the period. These sales were made on favourable terms and at the period end the company owed £nil (2022: £21,270) and a balance of £871 (2022: £16,271) was owed to it.

During the period the company made a donation of £nil (2022: £32,250) to The Grace Trust, a charity registered with the charity commission. Mr L D Hazell and members of his close family are also Trustees of the charity.

A company that one of the directors provides a key management role for sold services to the company during the period of £26,296 (2022: £47,685). These purchases were under normal trading terms and at the period end the balance within creditors was £5,744 (2022: £6,397).

During the year Key Management Personnel received remuneration of £325.608 (2022: £423,087).

21. ULTIMATE CONTROLLING PARTY

The controlling party is Mr L D Hazell.

Ox Products Group UK Limited (Registered number: 07697065)

Notes to the Financial Statements - continued
for the Period 1 April 2022 to 31 December 2022

22. GOING CONCERN

The directors consider the use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. The directors have considered a period of 12 months from the date of approval of these financial statements.