Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAXTON ACCESS GROUP LIMITED
COMPANY INFORMATION
Directors
A Stroud
S Brotherton-Ratcliffe
A Clements
(Appointed 1 January 2024)
A Brotherton-Ratcliffe
(Appointed 1 January 2025)
Secretary
A Clements
Company number
05480765
Registered office
Paxton House
Home Farm Road
Brighton
East Sussex
BN1 9HU
Auditor
Humphrey & Co Audit Services Ltd
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Business address
Paxton House
Home Farm Road
Brighton
East Sussex
BN1 9HU
Bankers
HSBC Bank plc
153 North Street
Brighton
East Sussex
BN1 1SW
PAXTON ACCESS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 41
PAXTON ACCESS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
Despite a challenging market, 2024 has been another successful year for Paxton group.
In brief, the group grew during the year, with turnover increasing by 0.7% (2023: 7.2%) and gross profit by 9.7% (2023: 18.8%). At the same time administrative expenses increased by 8.6% (2023: 5.0%) and net profit for the year before tax ended up at £4,732,941 (2023: £3,092,610). The group's net worth at the end of the year was £33,267,008 (2023: £28,564,136).
Paxton operates in a highly competitive market. In order to maintain and improve its position in this market substantial investment has continued to be made by the group in Research and Development. This investment goes to improving existing products and creating new innovative products for the market with a focus on providing returns over the longer term.
The group did not enter any new markets in the year, instead looking to cultivate the overseas markets already entered into, with particular focus on the US.
Environmental matters
The group is committed to being environmentally responsible and has shown this in achieving the ISO 14001:2015 accreditation for its manufacturing facility in Eastbourne (originally in February 2018) and passing the audit for this in the years since. The group continuously reviews its policies and capital to see where environmental improvements can be made and has installed charge-points for plug in hybrid cars to encourage the use of low emission vehicles. As well as this, Paxton has a cross company environmental group to track and report on environmental initiatives.
Social and community issues
The group takes social and community issues seriously and has arranged multiple charity days through the year to generate donation income for selected charities.
Principal risks and uncertainties
The group's business is partly speculative, in that it is not known which new products will succeed, even though sales trends for existing products are known. The Directors cannot give any undertaking as to the success or otherwise of new products yielded by its research and development work. There is therefore a significant risk inherent with expenditure related to this.
The Directors are not privy to new products currently in development by the group's competitors; there is therefore a risk that sales of its own products may suffer in the future as a result of unknown improvements in competitors' products.
The group is typical of many businesses of its type in that it is heavily reliant on IT systems. Whilst the Directors diligently review and improve measures for ensuring resilience of its systems and back up of its data, they cannot absolutely ensure that failures will not damage the group's business at some point. In order to mitigate this risk the group continues to invest heavily in its IT infrastructure.
Sales to the group's customers are made on a credit basis. Trade debtors amount to a substantial sum. Mindful of the current credit conditions affecting all companies, including our customers, there is an increased awareness regarding the importance of adherence to our credit terms. The Board has satisfied itself that its customers are financially sound and will continue to be able to fund their debt for the foreseeable future. There is continued focus on strong credit management to ensure timely payment from customers and a healthy corporate liquidity position.
As a group with a global presence, we are aware of the risk posed by worldwide geo-political instability. To mitigate this, we always take this under consideration whenever looking to expand into new markets and when sourcing new materials, as well as keeping our current positions under ongoing review.
PAXTON ACCESS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Section 172 Statement
Duty to promote the success of the company and group
The Directors consider the successful running of the company and group in terms of achieving its long-term strategy which centres on building a resilient company and group that is great to work for and known for the quality of our products. The ongoing success of the company and group centres around positively engaging all stakeholders of the company. The Directors remain mindful of the long term consequences of key commercial decisions and determined that these were in the interests of the company and group’s owner, employees, agency staff, contractors, customers, installers, suppliers and local community.
The principal decisions made in the year were:
Invest in plastic injection moulding machines to provide resilience and greater production efficiency, whilst also having a positive impact on our carbon emissions.
Continued focus on our impact to the environment through our cross departmental Paxton Green Team, achieving carbon neutral status, through a combination of procedural changes and carbon offsetting initiatives.
Moved into our new bespoke office and factory space in Greenville, SC, to facilitate our growth in the US.
Applied for and achieved ISO 27001 certification for the security of our IT infrastructure.
Following the stabilisation of the electronic component market, making a concerted effort to reduce stock holding whilst providing the same service to our distribution network and installers worldwide.
Continuous investment in new products and systems for future release.
As set out in the Directors’ report, the company and group takes employee involvement very seriously and we ensure we engage with our teams at all levels on a wide range of matters. The company and group regularly engages with its distributors, installers, and suppliers to seek feedback and maintain these important relationships.
The Directors confirm that throughout the year they have acted in the way they consider in good faith, to be most likely to promote the continued success of the company and group for the benefit of its members.
A Stroud
Director
30 May 2025
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
Paxton Access Group Limited is a holding company whose principal activity, carried on through subsidiary undertakings, is the manufacture and distribution of electronic goods and software development.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £280,000. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements unless otherwise stated were as follows:
A Stroud
S Brotherton-Ratcliffe
A Clements
(Appointed 1 January 2024)
A Brotherton-Ratcliffe
(Appointed 1 January 2025)
Financial instruments
Treasury operations and financial instruments
The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The group’s principal financial instruments are cash balances. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
Interest rate risk arises from cash balances, bank overdrafts and loans. The directors continually review the group's exposure to interest rates and take action to ensure that the risk is appropriate in relation to the financial results of the group.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. Dollar and Euro bank accounts are maintained in order to try and mitigate foreign currency risk.
Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. In addition the company has insured its risk of debtor irrecoverability.
Research and development
The group is heavily committed to research and development activities. During the year the group concentrated its research and development activities on both continuous improvement on its current product portfolio as well as diversification into other market sectors.
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group is conscious of the need to keep employees informed regarding the progress and future plans of the group and the mutual benefit that can be engendered by good internal communications. This is achieved through regular meetings with managers and staff and an open forum in which a two way flow of comment and ideas is encouraged. An example of this is the Paxton Exchange which offers senior management the opportunity to communicate the group goals and achievements to all members of staff. A significant amount of time and money is invested in employee training in the group and is available to all levels of staff. The Paxton Seagull, the staff newsletter, is a further commitment to the concept of improving communications within the group. The group is committed to providing a fantastic company culture for all its staff members. In July 2022 the decision was made by the directors to offer all staff an increase to their base salaries to help with the cost of living challenged faced both in the UK and the markets we operate in overseas.
Business relationships
The directors consider the fostering of good relationships with all stakeholders as essential for the ongoing success of the company. In that regard they have always considered the impact on the suppliers, customers, end users, staff and others of all decisions made. Key decisions, and their impact on specific groups, have been summarised in the s172 statement included on both our website and in the strategic report.
Future developments
The group is continuing to develop its overseas marketing and sales strategy and the directors expect that this will contribute to an increase in profitability.
Auditor
The auditor, Humphrey & Co Audit Services Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Energy and Greenhouse Gas report
Paxton Access Group Limited has appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its UK Greenhouse Gas (GHG) emissions in accordance with the UK Government's ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance'.
The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2022 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the dual reporting approach for assessing Scope 2 emissions from electricity usage. The financial control approach has been used.
The table below summarises the GHG emissions for reporting year: 1st January 2023 to 31st December 2023.
Location-Based (tCO₂e)
Market-Based (tCO₂e)
Scope
Emission Source
1
Natural Gas
46.45
46.45
1
Company vehicles (fuel)
7.60
7.60
Scope 1
Subtotal
54.05
54.05
2
Electricity
222.26
0.00
2
Company vehicles (EV) charging
3.63
6.22
Scope 2
Subtotal
225.90
6.22
3.6
Grey Fleet (fuel)
17.85
17.85
3.6
Grey Fleet EV charging
0.09
0.15
Scope 3
Subtotal
17.94
18.00
All
Total tCO₂e
297.89
78.28
All
Total tCO₂e per employee (FTE)
0.92
0.24
All
Total tCO₂e per £M turnover
4.52
1.19
SECR
Total energy consumption (kWh)*
1,479,937
*Includes SECR mandatory elements only (UK electricity, natural gas, employee car mileage & company owned cars).
Measures taken during 2023 to improve energy efficiency:
• 96,400w solar panels installed (456m²).
• We have moved 98% of our fleet cars to fully electric.
• Installed 6 car charging facilities across Brighton and Eastbourne.
• Replaced 100% warehouse high beam lighting to LED.
• VRF system installed at our electronic centre. Heat pump technology to heat our hot water.
• Green policy launched.
• Taken on a carbon consultant Carbon Footprint to help us calculate and reduce our Scope 1&2 emissions.
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Measures taken during 2024 to improve energy efficiency:
• Completed building management temperature changes to server rooms across Unit 3 & 4 Home Farm Road
• Completed zoning of building areas, adjusting timing and temperatures to match occupancy and usage levels across Units 3 & 4 Home Farm Road. Total running hours on mechanical equipment were reduced by 460 hours across these sites.
• Committed and submitted an ESOS action plan.
Activity
2023
2022
Total energy consumed (kWh)*
1,479,937
1,224,474
Total Gross Location-Based Emissions (tCO₂e)*
297.89
329.13
Total Gross Market-Based Emissions (tCO₂e)*
78.28
499.20
Intensity ratio: tCO₂e (gross market-based) per employee
0.24
1.50
Intensity ratio: tCO₂e (gross market-based) per £M turnover
1.19
8.13
*Includes SECR mandatory elements only (UK electricity, natural gas, employee car mileage & company owned cars).
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
A Stroud
Director
30 May 2025
PAXTON ACCESS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 8 -
Opinion
We have audited the financial statements of Paxton Access Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We obtained an understanding of the group and the laws and regulations that could reasonably be expected to have a direct effect on the financial statements through discussion with the directors and management and the application of our knowledge and experience. We discussed with management whether there were any known or suspected instances of fraud and/or non-compliance with relevant laws and regulations. We also obtained an understanding of the company's and group's accounting systems and internal controls.
We audited the risk of management override of controls, by testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Our other group audit procedures included, but were not limited to, attending a year end stock count, carrying out detailed substantive testing of a sample of income and expenditure transactions arising in the year and a sample of balance sheet items such as fixed assets, debtors, creditors, etc. We also reviewed the financial statements and checked disclosures to supporting documentation to assess compliance with applicable law and regulation.
Because of the inherent risk of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 10 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mrs Emily Smith (Senior Statutory Auditor)
For and on behalf of Humphrey & Co Audit Services Ltd, Statutory Auditor
Chartered Accountants
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
30 May 2025
PAXTON ACCESS GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
66,868,923
66,400,225
Cost of sales
(26,151,429)
(29,023,296)
Gross profit
40,717,494
37,376,929
Administrative expenses
(35,689,065)
(33,119,420)
Other operating income
719,720
736,011
Operating profit
4
5,748,149
4,993,520
Interest receivable and similar income
8
288
2,111
Interest payable and similar expenses
9
(1,016,529)
(1,093,021)
Profit before taxation
4,731,908
3,902,610
Tax on profit
10
400,061
(17,022)
Profit for the financial year
27
5,131,969
3,885,588
Profit for the financial year is all attributable to the owners of the parent company.
The income statement has been prepared on the basis that all operations are continuing operations.
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
£
£
Profit for the year
5,131,969
3,885,588
Other comprehensive income
Currency translation loss taken to retained earnings
(149,097)
(24,774)
Total comprehensive income for the year
4,982,872
3,860,814
Total comprehensive income for the year is all attributable to the owners of the parent company.
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
80,463
119,348
Tangible assets
13
26,057,079
24,228,349
26,137,542
24,347,697
Current assets
Stocks
16
7,660,147
8,745,121
Debtors falling due after more than one year
17
2,766,839
2,403,958
Debtors falling due within one year
17
14,078,546
17,060,154
Cash at bank and in hand
6,731,451
3,128,095
31,236,983
31,337,328
Creditors: amounts falling due within one year
18
(14,251,921)
(17,331,322)
Net current assets
16,985,062
14,006,006
Total assets less current liabilities
43,122,604
38,353,703
Creditors: amounts falling due after more than one year
19
(9,370,596)
(9,304,567)
Provisions for liabilities
Provisions
22
485,000
485,000
(485,000)
(485,000)
Net assets
33,267,008
28,564,136
Capital and reserves
Called up share capital
25
1,211,002
1,211,002
Merger reserve
26
57,450
57,450
Profit and loss reserves
27
31,998,556
27,295,684
Total equity
33,267,008
28,564,136
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
A Stroud
Director
Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
20,735,024
20,987,237
Investments
14
1,607,178
234,073
22,342,202
21,221,310
Current assets
Debtors
17
1,188,870
1,260,490
Cash at bank and in hand
2,609,978
456,646
3,798,848
1,717,136
Creditors: amounts falling due within one year
18
(16,269,791)
(12,937,236)
Net current liabilities
(12,470,943)
(11,220,100)
Total assets less current liabilities
9,871,259
10,001,210
Creditors: amounts falling due after more than one year
19
(8,149,578)
(8,440,044)
Provisions for liabilities
Deferred tax liability
23
189,161
310,042
(189,161)
(310,042)
Net assets
1,532,520
1,251,124
Capital and reserves
Called up share capital
25
1,211,002
1,211,002
Profit and loss reserves
27
321,518
40,122
Total equity
1,532,520
1,251,124
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £561,396 (2023 - £43,599 profit).
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
A Stroud
Director
Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,211,002
57,450
23,684,870
24,953,322
Year ended 31 December 2023:
Profit for the year
-
-
3,885,588
3,885,588
Other comprehensive income:
Currency translation differences
-
-
(24,774)
(24,774)
Total comprehensive income
-
-
3,860,814
3,860,814
Dividends
11
-
-
(250,000)
(250,000)
Balance at 31 December 2023
1,211,002
57,450
27,295,684
28,564,136
Year ended 31 December 2024:
Profit for the year
-
-
5,131,969
5,131,969
Other comprehensive income:
Currency translation differences
-
-
(149,097)
(149,097)
Total comprehensive income
-
-
4,982,872
4,982,872
Dividends
11
-
-
(280,000)
(280,000)
Balance at 31 December 2024
1,211,002
57,450
31,998,556
33,267,008
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,211,002
246,523
1,457,525
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
43,599
43,599
Dividends
11
-
(250,000)
(250,000)
Balance at 31 December 2023
1,211,002
40,122
1,251,124
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
561,396
561,396
Dividends
11
-
(280,000)
(280,000)
Balance at 31 December 2024
1,211,002
321,518
1,532,520
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
10,795,326
7,534,339
Interest paid
(1,016,529)
(1,093,021)
Income taxes refunded/(paid)
71,381
(25,857)
Net cash inflow from operating activities
9,850,178
6,415,461
Investing activities
Purchase of intangible assets
(84,331)
(6,204)
Purchase of tangible fixed assets
(2,739,825)
(3,960,747)
Proceeds from disposal of tangible fixed assets
77,480
76,365
Interest received
288
2,111
Net cash used in investing activities
(2,746,388)
(3,888,475)
Financing activities
Repayment of borrowings
-
(84,510)
Proceeds from new bank loans and invoice financing
1,600,000
5,139,601
Repayment of bank loans and invoice financing
(4,391,014)
(1,343,591)
Payment of finance leases obligations
(556,283)
(704,087)
Dividends paid to equity shareholders
(250,000)
Net cash (used in)/generated from financing activities
(3,347,297)
2,757,413
Net increase in cash and cash equivalents
3,756,493
5,284,399
Cash and cash equivalents at beginning of year
3,128,095
(2,141,862)
Effect of foreign exchange rates
(153,137)
(14,442)
Cash and cash equivalents at end of year
6,731,451
3,128,095
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
2,573,479
3,180,975
Interest paid
(693,472)
(546,535)
Net cash inflow from operating activities
1,880,007
2,634,440
Investing activities
Purchase of tangible fixed assets
(79,441)
(3,256,289)
Dividends received
280,000
404,295
Net cash generated from/(used in) investing activities
200,559
(2,851,994)
Financing activities
Repayment of borrowings
-
(84,510)
Proceeds from new bank loans
1,600,000
2,275,821
Repayment of bank loans
(1,527,234)
(1,311,910)
Dividends paid to equity shareholders
-
(250,000)
Net cash generated from financing activities
72,766
629,401
Net increase in cash and cash equivalents
2,153,332
411,847
Cash and cash equivalents at beginning of year
456,646
44,799
Cash and cash equivalents at end of year
2,609,978
456,646
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
1
Accounting policies
Company information
Paxton Access Group Limited (“the Company”) is a limited company by shares domiciled and incorporated in England and Wales. The registered office is Paxton House, Home Farm Road, Brighton, East Sussex, BN1 9HU.
The Group consists of Paxton Access Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Paxton Access Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future extending beyond the next twelve months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
33% reducing balance and 33% straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold properties
1% straight line and no depreciation
Leasehold properties
Straight line over the life of the lease and 20%/33% straight line and 30% reducing balance
Plant and machinery
20%/33% straight line and reducing balance
Fixtures, fittings & equipment
20% reducing balance and 20%/25%/33% straight line
Motor vehicles
33% straight line
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
The cost of stock is based on an average cost basis, where the actual cost of stock purchased to obtain the quantity held is identified and an average cost calculated.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.12
Financial instruments
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.
1.19
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at a fixed rate that is used as an approximation for the actual rate. The fixed rates are reviewed periodically. All differences are taken to profit and loss account.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The critical judgments which have the most significant impact on amounts recognised in the financial statements are as follows:
Stock provisioning
Provision is made where necessary for obsolete, slow moving and defective stocks. The directors review the level of provision based on the level and condition of stock items and their knowledge of the business.
Warranty provisioning
The group provides a 5 year warranty on its products. A provision for expected warranty claims is calculated based on prior experience of levels of warranty claims incurred and future expectations.
Useful life of fixed assets
The directors estimate the expected useful lives of the company's fixed assets which in turn impacts on the amount of depreciation charged in the year.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred tax asset
The directors estimate the amount of deferred tax that is likely to be recovered by the likely availability of future taxable profits. These are based on the current best estimates for allowable research and development expenditure for which a claim is to be finalised. There is annually the potential for a material change in the carrying value of the deferred tax asset which at the time of finalising the financial statements cannot be estimated. The deferred tax asset at the year end is £2,766,839, of which £860,000 relates to the estimate for the R&D claim. The directors consider the estimate to be prudent.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Electronic access control systems
66,868,923
66,400,225
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Turnover analysed by geographical market
UK
43,329,338
43,217,133
Europe
9,314,815
9,286,406
Rest of World
14,224,770
13,896,686
66,868,923
66,400,225
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
25,140
(15,177)
Research and development costs
839,528
711,514
Depreciation of owned tangible fixed assets
1,344,787
1,064,130
Depreciation of tangible fixed assets held under finance leases
524,551
94,937
Profit on disposal of tangible fixed assets
(29,117)
(1,627)
Amortisation of intangible assets
108,841
90,841
Operating lease charges
649,118
586,307
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
3,250
Audit of the financial statements of the company's subsidiaries
35,500
34,500
41,500
37,750
For other services
Taxation compliance services
6,340
4,750
All other non-audit services
6,000
4,750
12,340
9,500
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
314
310
-
-
Production
79
74
-
-
Cleaning
2
2
-
-
Total
395
386
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
20,946,119
19,645,397
Social security costs
2,008,507
1,724,186
-
-
Pension costs
868,060
825,518
23,822,686
22,195,101
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,083,260
684,523
Company pension contributions to defined contribution schemes
34,044
24,690
1,117,304
709,213
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
782,035
552,523
Company pension contributions to defined contribution schemes
17,937
17,658
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
84
2,111
Other interest income
204
-
Total income
288
2,111
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
813,769
958,770
Other interest on financial liabilities
89,196
82,385
902,965
1,041,155
Other finance costs:
Interest on finance leases and hire purchase contracts
113,564
51,674
Other interest
-
192
Total finance costs
1,016,529
1,093,021
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(41,877)
(76,078)
Foreign current tax on profits for the current period
4,697
25,857
Total current tax
(37,180)
(50,221)
Deferred tax
Origination and reversal of timing differences
467,190
425,632
Adjustment in respect of prior periods
(830,071)
(358,389)
Total deferred tax
(362,881)
67,243
Total tax (credit)/charge
(400,061)
17,022
The standard rate of corporation tax in the UK increased from 19% to 25% on 1 April 2023. The average rate for the prior year was 23.5%.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 29 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,731,908
3,902,610
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,182,977
917,113
Tax effect of expenses that are not deductible in determining taxable profit
53,704
23,147
Depreciation on assets not qualifying for tax allowances
95,206
70,978
Research and development tax credit
(860,000)
(559,749)
Under/(over) provided in prior years
(871,948)
(434,467)
Taxation (credit)/charge
(400,061)
17,022
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Dividends paid on ordinary shares
280,000
250,000
12
Intangible fixed assets
Group
Development costs
£
Cost
At 1 January 2024
824,672
Additions - internally developed
84,331
Transfers
(14,375)
At 31 December 2024
894,628
Amortisation and impairment
At 1 January 2024
705,324
Amortisation charged for the year
108,841
At 31 December 2024
814,165
Carrying amount
At 31 December 2024
80,463
At 31 December 2023
119,348
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Intangible fixed assets
(Continued)
- 30 -
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
Included within Intangible Assets is £80,463 for Development Costs. The Development Costs comprise of compliance expenditure needed when releasing products in new markets and were capitalised as the economic benefit of this work will be recognised in future years.
13
Tangible fixed assets
Group
Freehold properties
Leasehold properties
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
2,375,400
21,941,167
6,509,175
2,916,335
26,999
33,769,076
Additions
1,667,155
1,554,758
510,143
3,732,056
Disposals
(188,446)
(17,282)
(439,865)
(645,593)
Transfers
14,375
14,375
At 31 December 2024
2,375,400
23,419,876
8,061,026
2,986,613
26,999
36,869,914
Depreciation and impairment
At 1 January 2024
178,391
2,877,672
3,922,309
2,556,355
6,000
9,540,727
Depreciation charged in the year
17,091
490,830
1,096,328
256,089
9,000
1,869,338
Eliminated in respect of disposals
(142,652)
(15,063)
(439,515)
(597,230)
At 31 December 2024
195,482
3,225,850
5,003,574
2,372,929
15,000
10,812,835
Carrying amount
At 31 December 2024
2,179,918
20,194,026
3,057,452
613,684
11,999
26,057,079
At 31 December 2023
2,197,009
19,063,495
2,586,866
359,980
20,999
24,228,349
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 31 -
Company
Freehold properties
Leasehold properties
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2024
2,370,400
20,683,429
402,351
23,456,180
Additions
79,441
79,441
At 31 December 2024
2,370,400
20,762,870
402,351
23,535,621
Depreciation and impairment
At 1 January 2024
178,391
1,952,455
338,097
2,468,943
Depreciation charged in the year
17,091
292,522
22,041
331,654
At 31 December 2024
195,482
2,244,977
360,138
2,800,597
Carrying amount
At 31 December 2024
2,174,918
18,517,893
42,213
20,735,024
At 31 December 2023
2,192,009
18,730,974
64,254
20,987,237
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
1,663,780
1,245,119
Motor vehicles
11,999
20,999
1,675,779
1,266,118
-
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
1,607,178
234,073
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
234,073
Additions
1,373,105
At 31 December 2024
1,607,178
Carrying amount
At 31 December 2024
1,607,178
At 31 December 2023
234,073
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
General Distribution Limited
Paxton House, Home Farm Road, Brighton, East Sussex
Ordinary
100.00
Paxton Access FZE
Office Number A101-05, 1st Floor, Operations & Facilities Building, Dubai Silicon Oasis, UAE
Ordinary
100.00
Paxton Access GmbH
Bennigsen-Platz 1, 40474 Dusseldorf, Germany
Ordinary
100.00
Paxton Access Inc
155 Global Drive, Greenville, South Carolina, USA
Ordinary
100.00
Paxton Access Limited
Paxton House, Home Farm Road, Brighton, East Sussex
Ordinary
100.00
The investments in subsidiaries are all stated at cost. All subsidiaries have been included within the consolidation.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
204,618
279,264
-
-
Finished goods and goods for resale
7,455,529
8,465,857
7,660,147
8,745,121
-
-
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
12,099,952
14,214,495
154,741
141,600
Corporation tax recoverable
44,647
78,848
Amounts owed by group undertakings
-
-
1,000,000
1,000,000
Other debtors
570,349
143,994
96,424
Prepayments and accrued income
1,363,598
2,622,817
34,129
22,466
14,078,546
17,060,154
1,188,870
1,260,490
Amounts falling due after more than one year:
Deferred tax asset (note 23)
2,766,839
2,403,958
Total debtors
16,845,385
19,464,112
1,188,870
1,260,490
Amounts due from group undertakings are interest free and have no set repayment date.
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
1,691,715
4,192,263
1,691,715
1,328,483
Obligations under finance leases
21
376,659
297,206
Other borrowings
20
141,733
141,733
Trade creditors
5,628,510
7,038,974
1,440
63,730
Amounts owed to group undertakings
11,825,115
8,820,906
Other taxation and social security
1,156,658
1,784,857
19,192
-
Other creditors
2,689,492
2,500,826
2,616,507
2,429,124
Accruals and deferred income
2,708,887
1,375,463
115,822
153,260
14,251,921
17,331,322
16,269,791
12,937,236
Amounts owed to group undertakings are interest free and have no set repayment date.
Included within bank loans is an amount of £Nil (2023: £2,863,780) in respect of the company’s invoice discounting facility. This amount was secured by fixed and floating charges over the company’s assets.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
8,149,578
8,440,044
8,149,578
8,440,044
Obligations under finance leases
21
1,221,018
864,523
9,370,596
9,304,567
8,149,578
8,440,044
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,443,974
1,334,446
2,443,974
1,334,446
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,841,293
12,632,307
9,841,293
9,768,527
Loans from related parties
141,733
141,733
9,841,293
12,774,040
9,841,293
9,910,260
Payable within one year
1,691,715
4,333,996
1,691,715
1,470,216
Payable after one year
8,149,578
8,440,044
8,149,578
8,440,044
Bank loans are secured over the company's freehold and leasehold properties. There is also a debenture in favour of HSBC Bank comprising a fixed and floating charge over all the assets and undertakings of Paxton Access Limited and Paxton Access Inc.
There were eight bank loans at the year end and they are repayable in monthly instalments and are due to be repaid fully between 2025 and 2034. Interest is charged at rates of between 2.35% to 2.75% over the Bank of England base rate.
Included within bank loans is an amount of £Nil (2023: £2,863,780) in respect of the company’s invoice discounting facility. This amount was secured by fixed and floating charges over the company’s assets.
Loans from related parties are detailed further in notes 30 and 31.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
376,659
297,206
In two to five years
1,221,018
864,523
1,597,677
1,161,729
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Warranty repairs
485,000
485,000
-
-
Movements on provisions:
Warranty repairs
Group
£
At 1 January 2024 and 31 December 2024
485,000
The provision for warranty claims is a provision for future product costs arising in the normal course of business from prior year sales. The group provides a 5 year warranty on its products. As this is based on future events, there are inherent uncertainties surrounding both the timing and values of these outflows. The warranty provision has been calculated based on available data, considering quality improvements implemented where appropriate.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
23
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
-
(530,252)
(457,551)
Tax losses
-
-
3,297,091
2,861,509
-
-
2,766,839
2,403,958
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
432,007
394,551
-
-
Tax losses
(242,846)
(84,509)
-
-
189,161
310,042
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
(2,403,958)
310,042
Credit to profit or loss
(362,881)
(120,881)
Liability/(Asset) at 31 December 2024
(2,766,839)
189,161
It is estimated that £130,000 of the deferred tax asset set out above is expected to reverse within the next 12 months.
Deferred tax balances have been measured at 25%.
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
868,060
825,518
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the Balance Sheet date the group had a pension liability of £160,871 (2023 - £155,631).
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £211.002 each
1,000
1,000
211,002
211,002
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
Preference shares classified as equity
1,000,000
1,000,000
Total equity share capital
1,211,002
1,211,002
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
The holders of preference shares are entitled to receive dividends as declared from time to time but the shares do not carry any voting rights. The preference shares are not redeemable and rank ahead of the ordinary shares with regard to the company's residual assets.
26
Merger reserve
2024
2023
Group
£
£
At the beginning and end of the year
57,450
57,450
2024
2023
Company
£
£
At the beginning and end of the year
-
-
Merger Reserve
This reserve was created following a share for share exchange whereby Paxton Access Group Ltd acquired all of the share capital of Paxton Access Inc from Mr A Brotherton-Ratcliffe.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
27
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
27,295,684
23,684,870
40,122
246,523
Profit for the year
5,131,969
3,885,588
561,396
43,599
Dividends
(280,000)
(250,000)
(280,000)
(250,000)
Currency translation differences
(149,097)
(24,774)
At the end of the year
31,998,556
27,295,684
321,518
40,122
28
Operating lease commitments
Lessee
Operating lease rentals consist of rentals payable by the group for motor vehicles, software, equipment and property. The motor vehicle leases are generally for a term of 3 years. Software and equipment leases are generally for a term of 5 years. The property lease is for a term of 15 years ending in 2039.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,224,340
557,106
30,000
30,000
Between two and five years
3,841,033
878,590
986
30,986
In over five years
9,022,151
-
-
-
14,087,524
1,435,696
30,986
60,986
Lessor
The operating lease represents a lease of property to a third party. The lease is over a term of 10 years ending in 2027.
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
472,000
472,000
472,000
472,000
Between two and five years
865,333
1,337,333
865,333
1,337,333
1,337,333
1,809,333
1,337,333
1,809,333
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
29
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
282,738
152,107
-
-
There is a commitment of £282,738 (2023 - £152,107) for property, plant and equipment, which are contracted for but not provided for in the Financial Statements.
30
Related party transactions
Included within group and company other creditors due within one year (note 18), is a joint loan from a shareholder with a controlling interest and his spouse totalling £1,281,649 (2023 - £1,820,860). During the year, repayments of £2,310,150 (2023 - £1,071,861) were made on the loan and advances of £1,436,732 (2023 - £1,397,484) were provided. Interest of £54,487 (2023 - £20,602) was charged on the loan balance. Dividends paid to the shareholder during the year amounted to £279,720 (2023 - £249,750), credited to the loan.
The shareholder is separately owed £26,500 (2023 - £26,500) by the group and company. This amount is included within group and company other creditors due within one year.
Included within group and company other borrowings due within one year (note 18), are loans from a close family member of the controlling shareholder totalling £nil (2023 - £141,733). During the year, repayments of £148,839 (2023 - £438,786) were made on the loans and advances of £Nil (2023 - £348,900) were provided. Interest of £7,106 (2023 - £5,375) was charged on the loan balance.
All loans are repayable on demand. Interest is charged on the loans at a rate equal to the Bank of England base rate.
31
Directors' transactions
Included within group and company other creditors due within one year (note 18), are loans from a director totalling £1,308,357 (2023 - £581,764). The loans are repayable on demand. Interest is charged at a rate equal to the Bank of England base rate.
During the year, repayments of £182,202 (2023 - £374,798) were made on the loan and advances of £881,103 (2023 - £216,641) were provided. Interest of £27,412 (2023 - £13,479) was charged on the loan balance. Dividends paid to the director during the year amounted to £280 (2023 - £250).
32
Controlling party
The ultimate controlling party was A Brotherton-Ratcliffe, a current director of the company.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
33
Cash generated from group operations
2024
2023
£
£
Profit after taxation
5,131,969
3,885,588
Adjustments for:
Taxation (credited)/charged
(400,061)
17,022
Finance costs
1,016,529
1,093,021
Investment income
(288)
(2,111)
Gain on disposal of tangible fixed assets
(29,117)
(1,627)
Amortisation and impairment of intangible assets
108,841
90,841
Depreciation and impairment of tangible fixed assets
1,869,338
1,159,067
Foreign exchange gains on cash equivalents
4,040
14,442
Increase in provisions
-
250,000
Movements in working capital:
Decrease in stocks
1,084,974
2,393,839
Decrease in debtors
2,947,407
999,380
Decrease in creditors
(938,306)
(2,365,123)
Cash generated from operations
10,795,326
7,534,339
34
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
561,396
43,599
Adjustments for:
Taxation (credited)/charged
(120,881)
3,258
Finance costs
693,472
546,535
Investment income
(280,000)
(425,574)
Depreciation and impairment of tangible fixed assets
331,654
331,917
Movements in working capital:
Decrease in debtors
71,620
738,866
Increase in creditors
1,316,218
1,942,374
Cash generated from operations
2,573,479
3,180,975
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 41 -
35
Analysis of changes in net debt - group
1 January 2024
Cash flows
New finance leases
Exchange rate movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
3,128,095
3,756,493
-
(153,137)
6,731,451
Borrowings excluding overdrafts
(12,774,040)
2,932,747
-
-
(9,841,293)
Obligations under finance leases
(1,161,729)
556,283
(992,231)
-
(1,597,677)
(10,807,674)
7,245,523
(992,231)
(153,137)
(4,707,519)
36
Analysis of changes in net debt - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
456,646
2,153,332
2,609,978
Borrowings excluding overdrafts
(9,910,260)
68,967
(9,841,293)
(9,453,614)
2,222,299
(7,231,315)
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