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Registered number: 02612849
Obex Print Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr David Watkins
Mrs Susan Watkins
Secretary Mrs Susan Watkins
Company Number 02612849
Registered Office First Floor, New Barnes Mill
Cottonmill Lane
St Albans
AL1 2HA
Accountants Town & Forest
Chartered Accountants & Statutory Auditors
First Floor, New Barnes Mill
Cottonmill Lane
St Albans
AL1 2HA
Page 1
Page 2
Balance Sheet
Registered number: 02612849
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,901,038 1,901,220
1,901,038 1,901,220
CURRENT ASSETS
Debtors 6 71,106 67,585
Cash at bank and in hand 17,972 9,389
89,078 76,974
Creditors: Amounts Falling Due Within One Year 7 (6,642 ) (8,621 )
NET CURRENT ASSETS (LIABILITIES) 82,436 68,353
TOTAL ASSETS LESS CURRENT LIABILITIES 1,983,474 1,969,573
PROVISIONS FOR LIABILITIES
Deferred Taxation (102,039 ) (77,549 )
NET ASSETS 1,881,435 1,892,024
CAPITAL AND RESERVES
Called up share capital 940,000 940,000
Non-distributable reserve 1,012,793 1,037,282
Profit and Loss Account (71,358 ) (85,258 )
SHAREHOLDERS' FUNDS 1,881,435 1,892,024
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Watkins
Director
12 October 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Obex Print Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02612849 . The registered office is First Floor, New Barnes Mill, Cottonmill Lane, St Albans, AL1 2HA.

2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention as modified by the revaluation of certain assets, and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The presentation currency of the financial statements is the Pound Sterling (£).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services represents gross rents received. Turnover is recognised over the period of rental.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Investment Properties
In accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2.5. Taxation
Taxation expense represents the sum of the tax currently payable and deferred tax.
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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 recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing difference that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in the tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Provisions and accruals
Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Prior Period Adjustment
A prior year adjustment was made in respect of the cash at bank and other creditors. This has resulted in the cash at bank and in hand and other creditors due after more than one year decreasing by £31,311.
5. Tangible Assets
Investment Properties Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 June 2023 1,900,000 22,609 25,315 1,947,924
As at 31 May 2024 1,900,000 22,609 25,315 1,947,924
Depreciation
As at 1 June 2023 - 22,158 24,546 46,704
Provided during the period - 67 115 182
As at 31 May 2024 - 22,225 24,661 46,886
Net Book Value
As at 31 May 2024 1,900,000 384 654 1,901,038
As at 1 June 2023 1,900,000 451 769 1,901,220
The analysis of the cost or valuation of the above assets is as follows:
Investment Properties Plant & Machinery Fixtures & Fittings Total
£ £ £ £
At cost 886,798 22,609 25,315 934,722
At valuation 1,013,202 - - 1,013,202
1,900,000 22,609 25,315 1,947,924
In the opinion of the directors, the market value of the property at the balance sheet date was £1,900,000 on an open market basis.
6. Debtors
2024 2023
as restated
£ £
Due within one year
Corporation tax recoverable assets 20,549 20,549
Directors' loan accounts 50,557 47,036
71,106 67,585
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Corporation tax 3,292 4,472
Other taxes and social security 1,804 2,612
Accruals and deferred income 1,546 1,537
6,642 8,621
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 77,549 77,549
Additions 24,490 24,490
Balance at 31 May 2024 102,039 102,039
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr David Watkins 23,873 40,968 (38,583 ) - 26,258
Mrs Susan Watkins 23,163 40,938 (39,802 ) - 24,299
The above loan is unsecured, interest bearing and repayable on demand.
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