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Registered number: 10016773









OBEX GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
OBEX GROUP LIMITED
 
 
COMPANY INFORMATION


Director
S Bhandal 




Registered number
10016773



Registered office
105-111 High Street
Houghton Regis

Dunstable

LU5 5BJ





 
OBEX GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 5
Independent Auditors' Report
6 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13 - 14
Consolidated Statement of Changes in Equity
15
Company Statement of Changes in Equity
16
Consolidated Statement of Cash Flows
17 - 18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 42


 
OBEX GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present the strategic report for the period ended 31 March 2024.

Business review
 
The principal activity of the company and group continued to be that of the provision of dental services. The dental care market remains a fragmented but consolidating sector. The Board foresees continued expansion. This will be achieved through continuing to focus on both NHS and private dentistry, in many cases incorporating both types of business in a single practice, and extending this lead by growth through acquisition and organic growth.
Group turnover for the period was £17,412,657 (2023: £16,226,381) with an operating profit before exceptional items of £1,092,248 (2023: £1,155,400). Earnings before interest, tax, depreciation and amortisation ("EBITDA") is a key indicator for management. In the period, EBITDA before exceptional items for the group was £1,642,424 (2023: £1,623,614). After the servicing of external finance costs, the closing cash balance was £1,567,096 (2023: £133,080).
 

Principal risks and uncertainties
 
Principal risks to the business would be that of the following: 
Human Resources
  
The long term investment in the well being and development of the Operational Team has helped increase retention and performance of the self employed dentists. The business has benefited from a reduction in recruitment costs and attracted new dentist recruits by word of mouth. 
Implementation of skills mix has continued to reduce the pressure on the dentists, allowing them to enjoy their work and focus on clinical excellence and innovation.
Investment has been made in the strategic planning for the business with an expanded board from Q1 of 2024/25.
Acquisitions
Resources have been invested in an expansion plan. A new site will be acquired in the first half of FY 2024/25 as well as adding new surgeries to existing practices throughout 2024/25.

Page 1

 
OBEX GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
As noted above, one of the key performance indicators ("KPIs") which the director monitors is EBITDA. This is
reviewed in absolute terms, in relation to budget and prior periods comparatives and by reference to the group's debt position. The director is working with an external consultant to develop the Group’s Finance Function (including automation) to enhance the monitoring of Financial KPIs.

Other key performance indicators
 
Other KPIs used by the group include dentist retention and NHS activity performance against target. The director considers this information to be commercially sensitive and as a consequence details are not disclosed within this report.


This report was approved by the board and signed on its behalf.





S Bhandal
Director

Date: 11 October 2024

Page 2

 
OBEX GROUP LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
OBEX GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Results and dividends

The profit for the year, after taxation, amounted to £438,969 (2023 - £727,839).

The results for the period are set out on page 11.
Dividends of £2,005,000 
(2022: £725,000) were paid. The directors do not recommend payment of a further dividend.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Financial instruments
The group operates a treasury function which is responsible for managing the liquidity, interest and credit risks associated with the group's activities.
The group's principal financial instruments includes financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. The company and group do not use derivatives to hedge risk. 
Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group manages its cash and borrowing requirements in order to ensure that the group has sufficient liquid resources to meet its operating needs.
Interest rate risk
The group and company have loans that would be affected by any increase in the interest rate as they are not fixed rate borrowings. This is mitigated by regular rate review by the board.
Credit risk
Credit risk is the risk of financial loss to the group if a customer fails to meet its contractual obligations. The nature of the group's contracts with the NHS means that credit risk is minimised for a significant proportion of group revenue. The group has limited exposure to debts due from any individual customer and where large-value treatments are to be undertaken with an individual, payment is taken in advance or in stages as the work progresses.

Director

The director who served during the year was:

S Bhandal 

Future developments

The group intends to continue to grow and expand by seeking out and purchasing new subsidiaries with the support of Natwest Bank.

Page 4

 
OBEX GROUP LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S Bhandal
Director

Date: 11 October 2024

Page 5

 
OBEX GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OBEX GROUP LIMITED
 

Opinion


We have audited the financial statements of Obex Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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 director with respect to going concern are described in the relevant sections of this report.


Page 6

 
OBEX GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OBEX GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
OBEX GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OBEX GROUP LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational requirements, trade compliance, environmental regulations, health and safety legislation, employment law and data protection.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' Report.


Page 8

 
OBEX GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OBEX GROUP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.





Graham Wintle (Senior Statutory Auditor)
  
for and on behalf of
WMT
 
Chartered Accountants
  
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

11 October 2024
Page 9

 
OBEX GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,412,657
16,226,381

Cost of sales
  
(8,587,845)
(7,667,678)

Gross profit
  
8,824,812
8,558,703

Administrative expenses
  
(7,769,012)
(7,433,837)

Exceptional administrative expenses
  
(320,976)
(92,783)

Other operating income
 5 
36,448
30,534

Operating profit
 6 
771,272
1,062,617

Interest receivable and similar income
 10 
100,089
99,007

Interest payable and similar expenses
 11 
(216,591)
(230,141)

Profit before taxation
  
654,770
931,483

Tax on profit
 12 
(215,801)
(203,644)

Profit for the financial year
  
438,969
727,839

Profit for the year attributable to:
  

Owners of the parent Company
  
438,969
727,839

  
438,969
727,839

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
438,969
727,839

  
438,969
727,839

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 42 form part of these financial statements.

Page 10

 
OBEX GROUP LIMITED
REGISTERED NUMBER: 10016773

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 16 
20,387
70,791

Tangible assets
 17 
3,989,441
3,825,483

  
4,009,828
3,896,274

Current assets
  

Stocks
 19 
271,762
271,762

Debtors: amounts falling due after more than one year
 20 
288,000
-

Debtors: amounts falling due within one year
 20 
5,667,474
7,077,399

Cash at bank and in hand
 21 
2,026,889
2,042,085

  
8,254,125
9,391,246

Creditors: amounts falling due within one year
 22 
(6,228,267)
(5,307,296)

Net current assets
  
 
 
2,025,858
 
 
4,083,950

Total assets less current liabilities
  
6,035,686
7,980,224

Creditors: amounts falling due after more than one year
 23 
(5,821,552)
(6,232,549)

Provisions for liabilities
  

Deferred taxation
 26 
(337,219)
(304,729)

  
 
 
(337,219)
 
 
(304,729)

Net (liabilities)/assets
  
(123,085)
1,442,946


Capital and reserves
  

Called up share capital 
  
150
150

Profit and loss account
  
(123,235)
1,442,796

Equity attributable to owners of the parent Company
  
(123,085)
1,442,946

  
(123,085)
1,442,946


Page 11

 
OBEX GROUP LIMITED
REGISTERED NUMBER: 10016773
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Bhandal
Director

Date: 11 October 2024

The notes on pages 20 to 42 form part of these financial statements.

Page 12

 
OBEX GROUP LIMITED
REGISTERED NUMBER: 10016773

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 17 
413,759
459,061

Investments
 18 
1,048,629
1,048,629

  
1,462,388
1,507,690

Current assets
  

Stocks
 19 
3,874
3,874

Debtors: amounts falling due after more than one year
 20 
288,000
-

Debtors: amounts falling due within one year
 20 
7,636,184
10,307,231

Cash at bank and in hand
 21 
1,567,096
133,080

  
9,495,154
10,444,185

Creditors: amounts falling due within one year
 22 
(4,879,020)
(3,331,097)

Net current assets
  
 
 
4,616,134
 
 
7,113,088

Total assets less current liabilities
  
6,078,522
8,620,778

  

Creditors: amounts falling due after more than one year
 23 
(5,821,552)
(6,232,549)

Provisions for liabilities
  

Deferred taxation
 26 
(84,723)
(112,692)

  
 
 
(84,723)
 
 
(112,692)

Net assets
  
172,247
2,275,537

Page 13

 
OBEX GROUP LIMITED
REGISTERED NUMBER: 10016773
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
  
150
150

Profit and loss account brought forward
  
2,275,387
2,646,529

Loss/(profit) for the year
  
(98,290)
353,858

Other changes in the profit and loss account

  

(2,005,000)
(725,000)

Profit and loss account carried forward
  
172,097
2,275,387

  
172,247
2,275,537


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

S Bhandal
Director

Date: 11 October 2024

The notes on pages 20 to 42 form part of these financial statements.

Page 14

 
OBEX GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2022
150
1,439,957
1,440,107
1,440,107


Comprehensive income for the year

Profit for the year
-
727,839
727,839
727,839


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
727,839
727,839
727,839


Contributions by and distributions to owners

Dividends: Equity capital
-
(725,000)
(725,000)
(725,000)


Total transactions with owners
-
(725,000)
(725,000)
(725,000)



At 1 April 2023
150
1,442,796
1,442,946
1,442,946


Comprehensive income for the year

Profit for the year
-
438,969
438,969
438,969


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
438,969
438,969
438,969


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,005,000)
(2,005,000)
(2,005,000)


Total transactions with owners
-
(2,005,000)
(2,005,000)
(2,005,000)


At 31 March 2024
150
(123,235)
(123,085)
(123,085)


The notes on pages 20 to 42 form part of these financial statements.

Page 15

 
OBEX GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 23 April 2022
150
2,646,529
2,646,679


Comprehensive income for the year

Profit for the year

-
353,858
353,858


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
353,858
353,858


Contributions by and distributions to owners

Dividends: Equity capital
-
(725,000)
(725,000)


Total transactions with owners
-
(725,000)
(725,000)



At 1 April 2023
150
2,275,387
2,275,537


Comprehensive income for the year

Loss for the year

-
(98,290)
(98,290)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(98,290)
(98,290)


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,005,000)
(2,005,000)


Total transactions with owners
-
(2,005,000)
(2,005,000)


At 31 March 2024
150
172,097
172,247


The notes on pages 20 to 42 form part of these financial statements.

Page 16

 
OBEX GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
438,969
727,839

Adjustments for:

Amortisation of intangible assets
50,404
80,420

Depreciation of tangible assets
529,238
387,795

Loss on disposal of tangible assets
22,533
-

Interest paid
216,591
230,141

Interest received
(100,089)
(99,007)

Taxation charge
215,801
203,644

Decrease/(increase) in stocks
-
(44,131)

Decrease/(increase) in debtors
3,763,979
(1,049,362)

(Increase) in amounts owed by groups
(2,715,412)
(333,827)

Increase in creditors
798,744
1,474,994

Corporation tax (paid)
(43,972)
(360,086)

Net cash generated from operating activities

3,176,786
1,218,420


Cash flows from investing activities

Purchase of tangible fixed assets
(715,730)
(816,124)

Sale of tangible fixed assets
-
10,385

Interest received
100,089
99,007

Net cash from investing activities

(615,641)
(706,732)

Cash flows from financing activities

Repayment of loans
(397,100)
(597,965)

Repayment of/new finance leases
(12,650)
63,997

Dividends paid
(1,950,000)
-

Interest paid
(216,591)
(230,141)

Net cash used in financing activities
(2,576,341)
(764,109)

Net (decrease) in cash and cash equivalents
(15,196)
(252,421)

Cash and cash equivalents at beginning of year
2,042,085
2,294,506

Cash and cash equivalents at the end of year
2,026,889
2,042,085


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,026,889
2,042,085
Page 17

 
OBEX GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


2,026,889
2,042,085


The notes on pages 20 to 42 form part of these financial statements.

Page 18

 
OBEX GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024





At 1 April 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 March 2024
£

£

£

£

Cash at bank and in hand

2,042,085

(15,196)

-

2,026,889

Debt due after 1 year

(6,049,634)

396,379

-

(5,653,255)

Debt due within 1 year

(610,586)

721

-

(609,865)

Finance leases

(248,711)

42,502

(29,852)

(236,061)


(4,866,846)
424,406
(29,852)
(4,472,292)

The notes on pages 20 to 42 form part of these financial statements.

Page 19

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Obex Group Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given on the company information page. The nature of the Company's operations and it's principal activities are disclosed in the strategic report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

Page 20

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.2

Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled.  The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated financial statements incorporate those of Obex Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).  Subsidiaries acquired during the year are consolidated using the purchase method.  Their results are incorporated from the date that control passes.
All financial statements are made up to 31 March 2024. 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.
All subsidiaries have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of all subsidiaries for the period from their acquisition. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and the directors continue will continue to support the group for at least the next 12 months.  Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements

Page 21

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 22

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 23

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Over the useful life of the property
Long-term leasehold property
-
Over the term of the lease
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 24

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

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.
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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

Page 25

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 26

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial liabilities

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

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Provision of dental services
17,412,657
16,226,381

17,412,657
16,226,381


All turnover arose within the United Kingdom.

Page 27

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Net rents receivable
36,448
30,534

36,448
30,534



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
204,308
219,640


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,500
32,250

Page 28

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,634,977
4,141,358
771,514
727,618

Social security costs
395,105
357,041
84,640
80,119

Cost of defined contribution scheme
81,379
69,500
10,973
9,151

5,111,461
4,567,899
867,127
816,888


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
194
143
16
20


9.


Director's remuneration

2024
2023
£
£

Director's emoluments
39,237
34,336

39,237
34,336



10.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
-
99,007

Other interest receivable
100,089
-

100,089
99,007

Page 29

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
216,591
230,141

216,591
230,141


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
187,408
86,470

Adjustments in respect of previous periods
(4,097)
(5,297)


183,311
81,173


Total current tax
183,311
81,173

Deferred tax


Origination and reversal of timing differences
32,490
122,471

Total deferred tax
32,490
122,471


Tax on profit
215,801
203,644
Page 30

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
654,770
931,483


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
163,693
176,982

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
31,682
6,353

Capital allowances for year in excess of depreciation
13,249
(20,830)

Adjustments to tax charge in respect of prior periods
(4,097)
(5,297)

Other differences leading to an increase (decrease) in the tax charge
40,268
47,853

Group relief
(28,994)
(1,417)

Total tax charge for the year
215,801
203,644


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
2,005,000
725,000

2,005,000
725,000

Page 31

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Exceptional items

2024
2023
£
£


Exceptional items
320,976
92,783

320,976
92,783

Exceptional items include employee costs £177,020, renegotiation of leases £121,414 and legal fees for potential acquisition £22,542.  Exceptional costs in the prior year related to consultancy fees £6,000 and £86,783 for renegotiation of leases.


15.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £98,290 (2023 - profit £353,858).


16.


Intangible assets

Group 





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 April 2023
9,149,686
(3,708,328)
5,441,358



At 31 March 2024

9,149,686
(3,708,328)
5,441,358



Amortisation


At 1 April 2023
9,078,895
(3,708,328)
5,370,567


Charge for the year on owned assets
50,404
-
50,404



At 31 March 2024

9,129,299
(3,708,328)
5,420,971



Net book value



At 31 March 2024
20,387
-
20,387



At 31 March 2023
70,791
-
70,791



Page 32

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 April 2023
2,405,700
24,991
2,284,615
107,876
705,168


Additions
-
-
403,407
83,210
22,296


Disposals
-
-
-
(52,000)
-



At 31 March 2024

2,405,700
24,991
2,688,022
139,086
727,464



Depreciation


At 1 April 2023
355
10,881
1,647,845
31,523
471,303


Charge for the year on owned assets
-
-
324,331
-
26,501


Charge for the year on financed assets
-
-
-
23,384
-


Disposals
-
-
-
(29,467)
-



At 31 March 2024

355
10,881
1,972,176
25,440
497,804



Net book value



At 31 March 2024
2,405,345
14,110
715,846
113,646
229,660



At 31 March 2023
2,405,345
14,110
636,770
76,353
233,865
Page 33

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           17.Tangible fixed assets (continued)


Computer equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 April 2023
756,528
107,000
6,391,878


Additions
206,817
-
715,730


Disposals
-
-
(52,000)



At 31 March 2024

963,345
107,000
7,055,608



Depreciation


At 1 April 2023
393,788
10,700
2,566,395


Charge for the year on owned assets
91,746
10,700
453,278


Charge for the year on financed assets
52,577
-
75,961


Disposals
-
-
(29,467)



At 31 March 2024

538,111
21,400
3,066,167



Net book value



At 31 March 2024
425,234
85,600
3,989,441



At 31 March 2023
362,740
96,300
3,825,483




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
2,405,345
2,405,345

Long leasehold
14,110
14,110

2,419,455
2,419,455


Page 34

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           17.Tangible fixed assets (continued)


Company






Motor vehicles
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
107,876
108,334
458,245
107,000
781,455


Additions
83,210
684
27,148
-
111,042


Disposals
(52,000)
-
-
-
(52,000)



At 31 March 2024

139,086
109,018
485,393
107,000
840,497



Depreciation


At 1 April 2023
31,523
76,970
203,201
10,700
322,394


Charge for the year on owned assets
-
12,819
34,331
10,700
57,850


Charge for the year on financed assets
23,384
-
52,577
-
75,961


Disposals
(29,467)
-
-
-
(29,467)



At 31 March 2024

25,440
89,789
290,109
21,400
426,738



Net book value



At 31 March 2024
113,646
19,229
195,284
85,600
413,759



At 31 March 2023
76,353
31,364
255,044
96,300
459,061






Page 35

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
1,048,629



At 31 March 2024
1,048,629





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Aestcom Limited
Ordinary
100%
Conation Partners Limited
Ordinary
100%
Distal Point Limited
Ordinary
100%
Hemel Centre Limited
Ordinary
100%
Hertfordshire Centre Limited
Ordinary
100%
Luton Centre Limited
Ordinary
100%
Obex Associates Limited
Ordinary
100%
Palladium Services Limited
Ordinary
100%
Tooth Matters Limited
Ordinary
100%
Harvey Longcroft Limited
Ordinary
100%

The subsidiary undertakings listed above have taken the audit exemption available under section 479A of the Companies Act 2006.  Under section 479C Obex Group Limited has provided a guarantee for each subsidiary undertakings liability outstanding as at 31 March 2024.  
All subsidiary companies' registered offices are 105-111 High Street, Houghton Regis, Dunstable, England, LU5 5BJ.

Page 36

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Aestcom Limited
105,950
415,625

Conation Partners Limited
105,846
445,227

Distal Point Limited
132,337
316,853

Hemel Centre Limited
(151,809)
615,218

Hertfordshire Centre Limited
106,185
(15,875)

Luton Centre Limited
68,817
560,304

Obex Associates Limited
105,629
52,679

Palladium Services Limited
106,263
95,019

Tooth Matters Limited
100,596
130,205

Harvey Longcroft Limited
103,496
197,008


19.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
271,762
271,762
3,874
3,874

271,762
271,762
3,874
3,874


Page 37

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
288,000
-
288,000
-

288,000
-
288,000
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
478,444
206,062
-
5,912

Amounts owed by group undertakings
3,847,999
1,187,587
6,651,098
4,922,558

Other debtors
943,448
5,200,778
876,440
5,118,926

Prepayments and accrued income
397,583
482,972
108,646
259,835

5,667,474
7,077,399
7,636,184
10,307,231



21.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,026,889
2,042,085
1,567,096
133,080

2,026,889
2,042,085
1,567,096
133,080


Page 38

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
609,865
610,586
609,865
610,586

Trade creditors
4,550,310
3,852,589
249,070
231,426

Amounts owed to group undertakings
-
-
3,699,445
2,278,199

Corporation tax
317,308
196,328
-
-

Other taxation and social security
206,056
165,322
67,184
22,426

Obligations under finance lease and hire purchase contracts
67,764
65,796
67,764
65,796

Other creditors
439,231
313,629
153,148
44,724

Accruals and deferred income
37,733
103,046
32,544
77,940

6,228,267
5,307,296
4,879,020
3,331,097


Details of security provided:
The bank loans and overdrafts are secured by a fixed and floating charge over all the assets of the company and those of its subsidiary undertakings together with cross guarantees throughout the group and an assignment over the director's life and pension policies.


23.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
5,653,255
6,049,634
5,653,255
6,049,634

Net obligations under finance leases and hire purchase contracts
168,297
182,915
168,297
182,915

5,821,552
6,232,549
5,821,552
6,232,549


Details of security provided:
The bank loans are secured by a fixed and floating charge over all the assets of the company and those of its subsidiary undertakings together with cross guarantees throughout the group and an assignment over the director's life and pension policies.

Bank loans are repayable over a period of 15 years and and have covenants attached. Interest is charged at 2.85-3.25% above Bank of England base rate. 

Page 39

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Loans


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
609,865
610,586
609,865
610,586


609,865
610,586
609,865
610,586

Amounts falling due 1-2 years

Bank loans
609,865
610,585
609,865
610,585


609,865
610,585
609,865
610,585

Amounts falling due 2-5 years

Bank loans
1,829,595
1,831,755
1,829,595
1,831,755


1,829,595
1,831,755
1,829,595
1,831,755

Amounts falling due after more than 5 years

Bank loans
3,213,795
3,607,294
3,213,795
3,607,294

3,213,795
3,607,294
3,213,795
3,607,294

6,263,120
6,660,220
6,263,120
6,660,220



25.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at amortised cost
2,026,889
6,994,026
10,431,263
9,991,079


Financial liabilities


26.


Deferred taxation

Page 40

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
26.Deferred taxation (continued)


Group



2024


£






At beginning of year
(304,729)


Charged to profit or loss
(32,490)



At end of year
(337,219)

Company


2024


£






At beginning of year
(112,692)


Charged to profit or loss
27,969



At end of year
(84,723)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(337,219)
(304,729)
(84,723)
(112,692)

(337,219)
(304,729)
(84,723)
(112,692)


27.


Pension commitments

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. The pension cost charge represents contributions payable by the Group to the fund and amounted to £10,973 (2023: £9,151). 

Page 41

 
OBEX GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
248,893
224,306

Later than 1 year and not later than 5 years
971,572
843,572

Later than 5 years
1,222,786
999,179

2,443,251
2,067,057

29.


Related party transactions

The group profit and loss account includes rent charged by the Bhandal Family pension scheme, which is controlled by the director, to the subsidiaries of £60,000 (2023: £60,000)
At the year end the company was owed £3,847,999 
(2023: £1,187,587) by its parent company Obex Group Holdings Limited.
The company has taken advantage of the exemption under FRS102 s33 from the requirement to disclose related party transactions with other group companies on the grounds that 100% of the voting rights are controlled within the group.


30.


Controlling party

The ultimate controlling party is Obex Group Holdings Limited. 

 
Page 42