2023-03-012024-02-292024-02-29false10018497Obbyco Ltd.2024-11-06iso4217:GBPxbrli:pure100184972023-03-01100184972024-02-29100184972023-03-012024-02-29100184972022-03-01100184972023-02-28100184972022-03-012023-02-2810018497bus:SmallEntities2023-03-012024-02-2910018497bus:AuditExempt-NoAccountantsReport2023-03-012024-02-2910018497bus:FullAccounts2023-03-012024-02-2910018497bus:PrivateLimitedCompanyLtd2023-03-012024-02-2910018497core:WithinOneYear2024-02-2910018497core:AfterOneYear2024-02-2910018497core:WithinOneYear2023-02-2810018497core:AfterOneYear2023-02-2810018497core:ShareCapital2024-02-2910018497core:SharePremium2024-02-2910018497core:RevaluationReserve2024-02-2910018497core:OtherReservesSubtotal2024-02-2910018497core:RetainedEarningsAccumulatedLosses2024-02-2910018497core:ShareCapital2023-02-2810018497core:SharePremium2023-02-2810018497core:RevaluationReserve2023-02-2810018497core:OtherReservesSubtotal2023-02-2810018497core:RetainedEarningsAccumulatedLosses2023-02-2810018497core:LandBuildings2024-02-2910018497core:PlantMachinery2024-02-2910018497core:Vehicles2024-02-2910018497core:FurnitureFittings2024-02-2910018497core:OfficeEquipment2024-02-2910018497core:NetGoodwill2024-02-2910018497core:IntangibleAssetsOtherThanGoodwill2024-02-2910018497core:ListedExchangeTraded2024-02-2910018497core:UnlistedNon-exchangeTraded2024-02-2910018497core:LandBuildings2023-02-2810018497core:PlantMachinery2023-02-2810018497core:Vehicles2023-02-2810018497core:FurnitureFittings2023-02-2810018497core:OfficeEquipment2023-02-2810018497core:NetGoodwill2023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2023-02-2810018497core:ListedExchangeTraded2023-02-2810018497core:UnlistedNon-exchangeTraded2023-02-2810018497core:LandBuildings2023-03-012024-02-2910018497core:PlantMachinery2023-03-012024-02-2910018497core:Vehicles2023-03-012024-02-2910018497core:FurnitureFittings2023-03-012024-02-2910018497core:OfficeEquipment2023-03-012024-02-2910018497core:NetGoodwill2023-03-012024-02-2910018497core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2910018497core:ListedExchangeTraded2023-03-012024-02-2910018497core:UnlistedNon-exchangeTraded2023-03-012024-02-2910018497core:MoreThanFiveYears2023-03-012024-02-2910018497core:Non-currentFinancialInstruments2024-02-2910018497core:Non-currentFinancialInstruments2023-02-2810018497dpl:CostSales2023-03-012024-02-2910018497dpl:DistributionCosts2023-03-012024-02-2910018497core:LandBuildings2023-03-012024-02-2910018497core:PlantMachinery2023-03-012024-02-2910018497core:Vehicles2023-03-012024-02-2910018497core:FurnitureFittings2023-03-012024-02-2910018497core:OfficeEquipment2023-03-012024-02-2910018497dpl:AdministrativeExpenses2023-03-012024-02-2910018497core:NetGoodwill2023-03-012024-02-2910018497core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2910018497dpl:GroupUndertakings2023-03-012024-02-2910018497dpl:ParticipatingInterests2023-03-012024-02-2910018497dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-2910018497core:ListedExchangeTraded2023-03-012024-02-2910018497dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-2910018497core:UnlistedNon-exchangeTraded2023-03-012024-02-2910018497dpl:CostSales2022-03-012023-02-2810018497dpl:DistributionCosts2022-03-012023-02-2810018497core:LandBuildings2022-03-012023-02-2810018497core:PlantMachinery2022-03-012023-02-2810018497core:Vehicles2022-03-012023-02-2810018497core:FurnitureFittings2022-03-012023-02-2810018497core:OfficeEquipment2022-03-012023-02-2810018497dpl:AdministrativeExpenses2022-03-012023-02-2810018497core:NetGoodwill2022-03-012023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-2810018497dpl:GroupUndertakings2022-03-012023-02-2810018497dpl:ParticipatingInterests2022-03-012023-02-2810018497dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-2810018497core:ListedExchangeTraded2022-03-012023-02-2810018497dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-2810018497core:UnlistedNon-exchangeTraded2022-03-012023-02-2810018497core:NetGoodwill2024-02-2910018497core:IntangibleAssetsOtherThanGoodwill2024-02-2910018497core:LandBuildings2024-02-2910018497core:PlantMachinery2024-02-2910018497core:Vehicles2024-02-2910018497core:FurnitureFittings2024-02-2910018497core:OfficeEquipment2024-02-2910018497core:AfterOneYear2024-02-2910018497core:WithinOneYear2024-02-2910018497core:ListedExchangeTraded2024-02-2910018497core:UnlistedNon-exchangeTraded2024-02-2910018497core:ShareCapital2024-02-2910018497core:SharePremium2024-02-2910018497core:RevaluationReserve2024-02-2910018497core:OtherReservesSubtotal2024-02-2910018497core:RetainedEarningsAccumulatedLosses2024-02-2910018497core:NetGoodwill2023-02-2810018497core:IntangibleAssetsOtherThanGoodwill2023-02-2810018497core:LandBuildings2023-02-2810018497core:PlantMachinery2023-02-2810018497core:Vehicles2023-02-2810018497core:FurnitureFittings2023-02-2810018497core:OfficeEquipment2023-02-2810018497core:AfterOneYear2023-02-2810018497core:WithinOneYear2023-02-2810018497core:ListedExchangeTraded2023-02-2810018497core:UnlistedNon-exchangeTraded2023-02-2810018497core:ShareCapital2023-02-2810018497core:SharePremium2023-02-2810018497core:RevaluationReserve2023-02-2810018497core:OtherReservesSubtotal2023-02-2810018497core:RetainedEarningsAccumulatedLosses2023-02-2810018497core:NetGoodwill2022-03-0110018497core:IntangibleAssetsOtherThanGoodwill2022-03-0110018497core:LandBuildings2022-03-0110018497core:PlantMachinery2022-03-0110018497core:Vehicles2022-03-0110018497core:FurnitureFittings2022-03-0110018497core:OfficeEquipment2022-03-0110018497core:AfterOneYear2022-03-0110018497core:WithinOneYear2022-03-0110018497core:ListedExchangeTraded2022-03-0110018497core:UnlistedNon-exchangeTraded2022-03-0110018497core:ShareCapital2022-03-0110018497core:SharePremium2022-03-0110018497core:RevaluationReserve2022-03-0110018497core:OtherReservesSubtotal2022-03-0110018497core:RetainedEarningsAccumulatedLosses2022-03-0110018497core:AfterOneYear2023-03-012024-02-2910018497core:WithinOneYear2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:CostValuation2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-03-012024-02-2910018497core:Non-currentFinancialInstrumentscore:CostValuation2024-02-2910018497core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-02-2910018497core:Non-currentFinancialInstrumentscore:CostValuation2023-02-2810018497core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-02-2810018497core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-02-2810018497bus:Director12023-03-012024-02-29

Obbyco Ltd.

Registered Number
10018497
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Obbyco Ltd.
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

T C Batting

Registered Address

Building 423 - Sky View (Ro) Argosy Road
East Midlands Airport
Derby
DE74 2SA

Registered Number

10018497 (England and Wales)
Obbyco Ltd.
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets459,019107,073
Tangible assets56726,224
59,691113,297
Current assets
Stocks6-19,928
Debtors7-36,445
Cash at bank and on hand333,625829,741
333,625886,114
Creditors amounts falling due within one year8(278,523)(493,746)
Net current assets (liabilities)55,102392,368
Total assets less current liabilities114,793505,665
Creditors amounts falling due after one year9(26,296)(30,745)
Net assets88,497474,920
Capital and reserves
Called up share capital1,9051,903
Share premium3,224,2023,223,256
Other reserves-39,980
Profit and loss account(3,137,610)(2,790,219)
Shareholders' funds88,497474,920
The financial statements were approved and authorised for issue by the Director on 6 November 2024, and are signed on its behalf by:
T C Batting
Director
Registered Company No. 10018497
Obbyco Ltd.
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
Obbyco Ltd. 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.
Statement of compliance
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Going concern
The financial statements have been prepared on a going concern basis. The company incurred trading losses during the year however the director believes the company has sufficient cash resources to meet its future obligations, if and when, they fall due. For this reason, the director is of the opinion that the company should continue to adopt the going concern basis in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Share-based payments
The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current 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 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. Tax credits shown on the Income Statement represent tax credits received from HMRC as a result of claims made under HMRC's R&D tax relief schemes.
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. Intangible assets are amortised on straight line basis over a period of 10 years.
Research and development
Revenue expenditure on research and development is written off in the year in which it is incurred. The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss making, as a Corporation Tax credit.
Tangible fixed assets and depreciation
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
2.Staff Costs
The company operates an EMI qualifying share option scheme for its employees. As at the Statement of Financial Position date, the company had granted 7,792 (2023: 7,792) EMI qualifying share options to employees with an average weighted exercise price of £4.68 per share (2023: £4.68). During the year 3,632 share options vested (2023: 2,789) and at the year end date; - 7,792 share options had vested (2023: 4,160), - 0 share options had yet to vest (2023: 3,632). Of the vested share options; - 7,592 share options had lapsed (2023: 1,119) - 200 share options had been exercised (2023: 0) Share options typically vest over 4 years from the date of employment, with a 1 year cliff. An amount of £Nil (2023: £16,140) has been charged to the income statement in respect of the share option scheme.
3.Average number of employees

20242023
Average number of employees during the year39
4.Intangible assets
Other intangible assets consist of Intellectual Property acquired.

Goodwill

Other

Total

£££
Cost or valuation
At 01 March 2316,900120,310137,210
Disposals(16,900)(27,400)(44,300)
At 29 February 24-92,91092,910
Amortisation and impairment
At 01 March 232,11228,02530,137
Charge for year98710,88911,876
On disposals(3,099)(5,023)(8,122)
At 29 February 24-33,89133,891
Net book value
At 29 February 24-59,01959,019
At 28 February 2314,78892,285107,073
5.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 March 2316,32516,325
Disposals(7,600)(7,600)
At 29 February 248,7258,725
Depreciation and impairment
At 01 March 2310,10110,101
Charge for year2,5962,596
On disposals(4,644)(4,644)
At 29 February 248,0538,053
Net book value
At 29 February 24672672
At 28 February 236,2246,224
6.Stocks

2024

2023

££
Other stocks-19,928
Total-19,928
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-2,276
Other debtors-7,576
Prepayments and accrued income-26,593
Total-36,445
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,35125,053
Bank borrowings and overdrafts5,8914,444
Taxation and social security4,86819,696
Other creditors194,128378,891
Accrued liabilities and deferred income68,28565,662
Total278,523493,746
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts26,29630,745
Total26,29630,745
The company's total bank borrowings and overdrafts, split across creditors due within one year and creditors due after one year, are guaranteed by the UK government under the Bounce Back Loan scheme.
10.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £Nil (2023: £13,958) Between one and five years: £Nil (2023: £Nil) The operating lease was terminated on 28 September 2023.
11.Controlling party
The directors are of the opinion that there is no ultimate controlling party.