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Registration number: 13167133

Obex Holdings Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Obex Holdings Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 33

 

Obex Holdings Ltd

Company Information

Directors

G Francis

R M Francis

R Francis

T Francis

Registered office

Unit 5 Norton Road
Broomhall
Worcester
Worcestershire
WR5 2QR

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Obex Holdings Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is the sale of weatherproofing membranes, fire rated membranes, adhesive tapes, sheathing boards and associated products within the United Kingdom, Europe and Australia. Creating safer buildings with through-wall & façade innovations. The principal activity of the company is that of a holding company.

Fair review of the business

The results for the year are set out in the Profit and Loss account on page 8. Turnover was £42,067,282 (2023: £36,256,698) and the Profit before Tax was £6,707,973 (2023: £7,261,484). On 31 December 2024 the group had net assets of £46,816,827 (2023: £43,994,267).

The Group’s achievements reflect our commitment not only to strong financial performance, but also to supporting the construction industry. Our products serve a critical role in protecting buildings by reducing the spread of fire and preventing catastrophic events—a purpose that drives every decision we make.

Our ongoing investment in research and development is fundamental to our mission. By working closely with customers and suppliers, we continuously enhance our product range and bring innovative solutions to the construction industry. These efforts ensure that buildings become safer and more resilient for everyone, underlining our focus on long-term industry improvement rather than short-term gains.

In addition to technological innovation, we are actively exploring opportunities in overseas markets. We continue to expand our presence globally allowing us to share our innovative solutions with new territories, contributing significantly to building safety worldwide. This international focus also reinforces our commitment to sustainable growth.

Investing in People and Communities
Our growth strategy is deeply intertwined with a dedication to our workforce and local communities. We continually invest in training and development to ensure that our team provides top-tier client service and innovative solutions. Equally, our commitment to supporting the local community—including robust charitable initiatives—reflects our belief in giving back. While these vital contributions have led to a reduction in EBITDA for the current year, they are key to building a resilient and socially responsible future.

Outlook for the Future
The directors are confident that by reinvesting in R&D, developing new products, expanding into overseas markets, and deepening our commitment to people and communities, the company is well-positioned for further substantial growth in the coming financial year. Our balanced approach ensures that we continue to lead in innovation and safety while enhancing the overall well-being of those we serve.

The directors are pleased with the significant improvement in the performance of the group and acknowledge that the expansion this year has been achieved by the high service standards and the dedication and support of the management team and the staff.

Future Developments
The directors are confident that the group will generate further substantial growth and strong performance in the current financial year. The continuing growth and performance comes from the investment by the group in both its new product development and into growing and expanding new markets and territories for these products.

 

Obex Holdings Ltd

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

The directors have considered the key risks facing the business and concluded as follows:

Liquidity risk
The directors monitor cash flows to ensure the Group is able to meet its operational requirements. The financial statements have been prepared on a going concern basis and the directors are confident that the Group will meet its financial obligations over the next 12 months and beyond. It is expected that the Group will continue in business for the foreseeable future and continued growth is anticipated.

Credit risk
Credit terms are offered to certain customers after an assessment has been made of customer credit ratings in order to ensure that all group companies are not excessively exposed to major credit risk.

Foreign exchange risk
All Group trading companies trade in various currencies, purchasing and selling sterling, the US Dollar, Euros, and the Australian Dollar. The Group has also provided funding for its non-UK domiciled subsidiaries. Fluctuations in exchange rates are carefully monitored by the directors in order to assess the impact on cash and profits.

Financial instruments

The group's financial instruments comprise borrowings, cash and liquid resources, and various other items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the group.

The group is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages these through credit control procedures. The nature of these financial instruments means they are not subject to price risk or liquidity risk.

Approved by the Board on 19 August 2025 and signed on its behalf by:


R Francis
Director

 

Obex Holdings Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

G Francis

R M Francis

R Francis

T Francis

Research and development

The Company continues to invest in research and development to broaden and to enhance its product range, and with working with its customers and suppliers continues to bring new and innovative products to the construction industry to create safer buildings.

Information included in the Strategic Report

Disclosure regarding future developments and financial instruments is covered in the Strategic Report.

Going concern

The directors have prepared detailed cash flow forecasts for the company and the Group covering a period of more than 12 months from the approval of these financial statements. These forecasts consider the general economic environment and its potential impact on the business. The forecasts indicate the group can operate within its facilities and meet its liabilities as they fall due and accordingly are satisfied that it is appropriate to prepare the financial statements on a going concern basis.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hazlewoods LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 19 August 2025 and signed on its behalf by:


R Francis
Director

 

Obex Holdings Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' 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 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; and

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

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

 

Obex Holdings Ltd

Independent Auditor's Report to the Members of Obex Holdings Ltd

Opinion

We have audited the financial statements of Obex Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

 

Obex Holdings Ltd

Independent Auditor's Report to the Members of Obex Holdings Ltd

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

adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page 5, 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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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

We considered the nature of the group's and company’s industry and their control environment and reviewed the group's and company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group and company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's and company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

 

Obex Holdings Ltd

Independent Auditor's Report to the Members of Obex Holdings Ltd

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.





Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

19 August 2025

 

Obex Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£ 000

2023
£ 000

Turnover

3

42,067

36,257

Cost of sales

 

(20,176)

(17,629)

Gross profit

 

21,891

18,627

Administrative expenses

 

(14,631)

(11,085)

Other operating income

4

16

15

Operating profit

5

7,276

7,557

Other interest receivable and similar income

214

19

Interest payable and similar expenses

6

(782)

(314)

Profit before tax

 

6,708

7,261

Tax on profit

10

(2,904)

(2,690)

Profit for the financial year

 

3,804

4,571

Profit/(loss) attributable to:

 

Owners of the company

 

3,804

4,571

The above results were derived from continuing operations.

 

Obex Holdings Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

Year ended 31 December
2024
£ 000

1 September 2021 to 31 December
2023
£ 000

Profit for the period

3,804

4,571

Foreign currency translation losses

(216)

(65)

Total comprehensive income for the period

3,587

4,506

Total comprehensive income attributable to:

Owners of the company

3,587

4,506

 

Obex Holdings Ltd

(Registration number: 13167133)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£ 000

2023
£ 000

Fixed assets

 

Intangible assets

11

27,536

31,661

Tangible assets

12

3,792

2,711

Investment property

13

1,421

1,421

 

32,749

35,793

Current assets

 

Stocks

15

5,946

4,690

Debtors

16

7,270

6,360

Cash at bank and in hand

 

7,142

5,448

 

20,357

16,498

Creditors: Amounts falling due within one year

18

(5,744)

(7,780)

Net current assets

 

14,613

8,718

Total assets less current liabilities

 

47,363

44,511

Creditors: Amounts falling due after more than one year

18

(204)

(155)

Provisions for liabilities

20

(341)

(362)

Net assets

 

46,817

43,994

Capital and reserves

 

Called up share capital

22

Capital redemption reserve

23

782

782

Other reserves

23

34,650

34,650

Retained earnings

23

11,385

8,563

Equity attributable to owners of the company

 

46,817

43,994

Shareholders' funds

 

46,817

43,994

Approved and authorised by the Board on 19 August 2025 and signed on its behalf by:
 



 

R Francis
Director

 

Obex Holdings Ltd

(Registration number: 13167133)
Balance Sheet as at 31 December 2024

Note

2024
£ 000

2023
£ 000

Fixed assets

 

Investment property

13

769

769

Investments

14

50,298

50,298

 

51,067

51,067

Current assets

 

Debtors

16

1,608

-

Cash at bank and in hand

 

80

32

 

1,687

32

Creditors: Amounts falling due within one year

18

(1,908)

(8,710)

Net current liabilities

 

(220)

(8,678)

Net assets

 

50,847

42,389

Capital and reserves

 

Called up share capital

22

Capital redemption reserve

782

782

Other reserves

34,650

34,650

Retained earnings

15,415

6,958

Shareholders' funds

 

50,847

42,389

The company made a profit after tax for the financial year of £9,222,613 (2023 - loss of £119,710).

Approved and authorised by the Board on 19 August 2025 and signed on its behalf by:
 



 

R Francis
Director

 

Obex Holdings Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£ 000

Capital redemption reserve
£ 000

Merger reserve
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2023

1,845

34,650

4,005

40,500

Profit for the year

-

-

-

4,571

4,571

Other comprehensive income

-

-

-

(65)

(65)

Total comprehensive income

-

-

-

4,506

4,506

Dividends

-

-

-

(260)

(260)

Capital contribution eliminated upon redemption of loan notes

-

(752)

-

-

(752)

Unwinding of capital contribution on loan notes

-

(311)

-

311

-

At 31 December 2023

782

34,650

8,563

43,994

Share capital
£ 000

Capital redemption reserve
£ 000

Merger reserve
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2024

782

34,650

8,563

43,994

Profit for the year

-

-

-

3,804

3,804

Other comprehensive income

-

-

-

(216)

(216)

Total comprehensive income

-

-

-

3,587

3,587

Dividends

-

-

-

(765)

(765)

At 31 December 2024

782

34,650

11,385

46,817

 

Obex Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£ 000

Capital redemption reserve
£ 000

Merger reserve
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2023

1,845

34,650

7,026

43,521

Loss for the year

-

-

-

(120)

(120)

Dividends

-

-

-

(260)

(260)

Other capital redemption reserve movements

-

(752)

-

-

(752)

Unwinding of capital contribution on loan notes

-

(311)

-

311

-

At 31 December 2023

782

34,650

6,958

42,389

Share capital
£ 000

Capital redemption reserve
£ 000

Merger reserve
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 January 2024

782

34,650

6,958

42,389

Profit for the year

-

-

-

9,223

9,223

Dividends

-

-

-

(765)

(765)

At 31 December 2024

782

34,650

15,415

50,847

 

Obex Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£ 000

2023
£ 000

Cash flows from operating activities

Profit for the year

 

3,804

4,571

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

4,483

4,534

Loss on disposal of tangible assets

5

2

Finance income

(214)

(19)

Finance costs

6

782

314

Income tax expense

10

2,904

2,690

Foreign exchange gains/losses

 

(167)

(42)

 

11,597

12,051

Working capital adjustments

 

Increase in stocks

15

(1,256)

(1,178)

(Increase)/decrease in trade debtors

16

(1,276)

440

Increase in trade creditors

18

749

290

Cash generated from operations

 

9,815

11,603

Income taxes paid

10

(2,575)

(3,405)

Net cash flow from operating activities

 

7,240

8,198

Cash flows from investing activities

 

Interest received

230

9

Acquisitions of tangible assets

(1,501)

(1,344)

Proceeds from sale of tangible assets

 

8

11

Net cash flows from investing activities

 

(1,263)

(1,324)

Cash flows from financing activities

 

Interest paid

6

(782)

(3)

Repayment of other borrowing

 

(2,704)

(4,076)

Receipts from finance lease debtors

 

1

-

Payments to finance lease creditors

 

(33)

(48)

Dividends paid

(765)

(260)

Net cash flows from financing activities

 

(4,282)

(4,386)

Net increase in cash and cash equivalents

 

1,694

2,488

Cash and cash equivalents at 1 January

 

5,448

2,959

Cash and cash equivalents at 31 December

 

7,142

5,448

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 Norton Road
Broomhall
Worcester
Worcestershire
WR5 2QR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions available to qualifying entities in preparing its separate financial statements, as permitted by FRS 102:
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 33 Related Party Disclosures paragraph 33.7; and
• the requirements of certain paragraphs within Sections 11 and 12 relating to Financial Instruments..

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

The directors do not consider there to be a material movement in the fair value of the investment properties held, as detailed in note 12 to these financial statements. The directors assess fair value through the application of market rent yields. Where those indicate a material movement in fair value, formal valuations are obtained.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% on reducing balance

Fixtures and fittings

33% on reducing balance

Motor vehicles

33% on cost

Computer equipment

33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost and 10% on cost

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Non-interest bearing borrowings are initially measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument, and are subsequently measured at amortised cost.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The analysis of the group's Turnover for the period from continuing operations is as follows:

2024
£ 000

2023
£ 000

Sale of goods

42,067

36,257

The analysis of the group's Turnover for the period by market is as follows:

2024
£ 000

2023
£ 000

UK

38,355

33,372

Europe

2,160

1,961

Rest of world

1,552

924

42,067

36,257

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

4

Other operating income

The analysis of the group's other operating income for the period is as follows:

2024
£ 000

2023
£ 000

Rental income

16

15

 

5

Operating profit

Arrived at after charging/(crediting)

2024
£ 000

2023
£ 000

Depreciation expense

365

408

Amortisation expense

4,126

4,126

Research and development cost

785

456

Foreign exchange (gains)/losses

(105)

120

Operating lease expense - property

187

321

Operating lease expense - plant and machinery

8

21

Operating lease expense - other

217

129

 

6

Interest payable and similar expenses

2024
£ 000

2023
£ 000

Interest on obligations under finance leases and hire purchase contracts

-

3

Interest expense on other finance liabilities

782

311

782

314

 

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£ 000

2023
£ 000

Wages and salaries

6,891

3,943

Social security costs

836

432

Pension costs, defined contribution scheme

68

39

Other employee expense

101

67

7,896

4,482

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Production and Warehouse

22

18

Technical and Customer support

9

10

Sales, Office and Administration

45

36

76

64

Company
The only employees of the company are the directors, who are remunerated by a group company.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

8

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£ 000

2023
£ 000

Remuneration

1,755

227

Contributions paid to money purchase schemes

2

-

1,757

227

In respect of the highest paid director:

2024
£ 000

2023
£ 000

Remuneration

566

62

Company contributions to money purchase pension schemes

2

-

 

9

Auditors' remuneration

2024
£ 000

2023
£ 000

Audit of these financial statements

15

11

Audit of the financial statements of subsidiaries of the company pursuant to legislation

19

18

34

29


 

 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£ 000

2023
£ 000

Current taxation

UK corporation tax

2,924

2,675

UK corporation tax adjustment to prior periods

1

(69)

2,925

2,606

Deferred taxation

Arising from origination and reversal of timing differences

(20)

85

Tax expense in the income statement

2,904

2,690

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

10

Taxation (continued)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).

The differences are reconciled below:

2024
£ 000

2023
£ 000

Profit before tax

6,708

7,261

Corporation tax at standard rate

1,677

1,706

Effect of expense not deductible in determining taxable profit (tax loss)

1,225

1,053

Effect of tax losses

-

12

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

1

(69)

Tax increase from effect of capital allowances and depreciation

1

-

Chargeable gains/(losses)

-

(12)

Total tax charge

2,904

2,690

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£ 000

Fixed asset timing differences

362

Short term timing differences

(21)

341

2023

Liability
£ 000

Fixed asset timing differences

363

Short term timing differences

(1)

362

An increase in the UK corporation tax rate to 25%, effective from April 2023, was announced and substantively enacted on 24 May 2021. The deferred liability as at 31 December 2023 and 2024 has been calculated based on the rate of 25%.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

11

Intangible assets

Group

Goodwill
 £ 000

Cost

At 1 January 2024

41,254

At 31 December 2024

41,254

Amortisation

At 1 January 2024

9,593

Amortisation charge

4,125

At 31 December 2024

13,718

Carrying amount

At 31 December 2024

27,536

At 31 December 2023

31,661

At 31 December 2024, the remaining amortisation periods for goodwill, with carrying values of £27,535,695 (2023: £31,660,928) and £Nil (2023: £493) were 6 years and 8 months and 4 years and 8 months respectively.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

12

Tangible assets

Group

Land and buildings
£ 000

Furniture, fittings and equipment
 £ 000

Motor vehicles
 £ 000

Assets under construction
£ 000

Total
£ 000

Cost

At 1 January 2024

1,554

1,266

410

-

3,229

Additions

-

125

195

1,181

1,501

Disposals

-

(78)

(5)

-

(83)

Foreign exchange movements

(26)

(1)

(24)

-

(51)

At 31 December 2024

1,527

1,311

576

1,181

4,596

Depreciation

At 1 January 2024

214

207

97

-

518

Charge for the year

122

144

93

-

358

Eliminated on disposal

-

(65)

(5)

-

(70)

Foreign exchange movements

-

-

(2)

-

(2)

At 31 December 2024

336

285

183

-

803

Carrying amount

At 31 December 2024

1,192

1,026

394

1,181

3,792

At 31 December 2023

1,339

1,059

313

-

2,711

Included within the net book value of land and buildings above is £1,191,776 (2023 - £1,339,374) in respect of freehold land and buildings.
 

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

12

Tangible assets (continued)

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£ 000

2023
£ 000

Motor Vehicles

93

138

   
 

13

Investment properties

Group

2024
£ 000

At 1 January 2024 and at 31 December 2024

1,421

Company

2024
£ 000

At 1 January 2024 and at 31 December 2024

769

The directors consider that the value of the investment properties have not changed significantly since acquisition and are reflective of their fair value.

 

14

Investments

Company

2024
£ 000

2023
£ 000

Investments in subsidiaries

50,298

50,298

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Obex Protection Ltd

Unit 5 Norton Road, Broomhall, Worcester, WR5 2QR United Kingdom

Ordinary

100%

100%

Obex Protection Pty Ltd

Unit 8-13 Lyell St, Mittagong, NSW 2575, Australia

Ordinary

100%

100%

Obex Protection France

37 Rue Ambroise Paré, 83100 Toulon, France

Ordinary

100%

100%

Obex Property Company Australia PTY Ltd

Unit 8-13 Lyell St, Mittagong, NSW 2575, Australia

Ordinary

100%

100%

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

14

Investments (continued)

Subsidiary undertakings

Obex Protection Ltd

The principal activity of Obex Protection Ltd is the sale of weatherproofing membranes, fire rated membranes, adhesive tapes and associated products within the United Kingdom and Europe.

Obex Protection Pty Ltd

The principal activity of Obex Protection Pty Ltd is the sale of weatherproofing membranes, fire rated membranes, adhesive tapes and associated products within Australia.

Obex Protection France

The principal activity of Obex Protection France is the sale of weatherproofing membranes, fire rated membranes, adhesive tapes and associated products within France.

Obex Property Company Australia PTY Ltd

The principal activity of Obex Property Company Australia PTY Ltd is the holding of property.

 

15

Stocks

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Goods for resale

5,946

4,690

-

-

 

16

Debtors

   

Group

Company

Note

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Trade debtors

 

5,815

4,808

-

-

Amounts owed by related parties

27

-

-

1,594

-

Other debtors

 

533

466

13

-

Prepayments

 

581

379

1

-

Corporation tax asset

10

341

707

-

-

 

7,270

6,360

1,608

-

 

17

Cash and cash equivalents

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Cash at bank

7,142

5,448

80

32

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

18

Creditors

   

Group

Company

Note

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Due within one year

 

Loans and borrowings

19

1,922

4,652

1,908

4,590

Trade creditors

 

1,478

1,494

-

-

Amounts due to related parties

27

-

-

-

4,119

Social security and other taxes

 

2,053

1,210

-

-

Outstanding defined contribution pension costs

 

18

-

-

-

Other payables

 

172

213

-

-

Accruals

 

101

211

-

-

 

5,744

7,780

1,908

8,710

Due after one year

 

Loans and borrowings

19

64

70

-

-

Other non-current financial liabilities

 

140

85

-

-

 

204

155

-

-

 

19

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Hire purchase contracts

15

40

-

-

Other borrowings

1,908

4,611

1,908

4,590

1,922

4,652

1,908

4,590

Non-current loans and borrowings

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Hire purchase contracts

64

70

-

-


Hire purchase and finance lease liabilities
Obligations under hire purchase and finance lease liabilities are secured over the assets to which they relate.

Other borrowings
As part of an acquisition £12,550,000 zero coupon loan notes were issued as part of the transaction. These loan notes were initially recorded by discounting the expected cash flows using a market rate of interest of 5.5% and are subsequently measured at amortised cost. The carrying amount of these loan notes at the end of the year was £Nil (2023 - £4,368,299) and the capital contribution element was £Nil (2023 - £781,701). The loan notes were repayable on or before 31 December 2026.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

20

Provisions for liabilities

Group

Deferred tax
£ 000

Total
£ 000

At 1 January 2024

362

362

Increase (decrease) in existing provisions

(20)

(20)

At 31 December 2024

341

341

 

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £68,342 (2023 - £39,362).

Contributions totalling £18,211 (2023 - £9,456) were payable to the scheme at the end of the year and are included in creditors.

 

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

5

5

5

5

B Ordinary shares of £1 each

5

5

5

5

C Ordinary shares of £1 each

10

10

10

10

D Ordinary shares of £1 each

10

10

10

10

E Ordinary shares of £1 each

10

10

10

10

F Ordinary shares of £1 each

10

10

10

10

G Ordinary shares of £1 each

10

10

10

10

H Ordinary shares of £1 each

10

10

10

10

I1 Ordinary shares of £1 each

1

1

1

1

I2 Ordinary shares of £1 each

1

1

1

1

I3 Ordinary shares of £1 each

1

1

1

1

I4 Ordinary shares of £1 each

1

1

1

1

J1 Ordinary shares of £1 each

1

1

1

1

J2 Ordinary shares of £1 each

1

1

1

1

J3 Ordinary shares of £1 each

1

1

1

1

J4 Ordinary shares of £1 each

1

1

1

1

J5 Ordinary shares of £1 each

1

1

1

1

J6 Ordinary shares of £1 each

1

1

1

1

80

80

80

80

Share classes rank pari passu in all respects save for:

Dividend rights
I1 - I4 and J1 - J6 shares shall not be entitled to attend or vote at any general meeting of the Company or on any written resolution of the Company;
I1 - I4 shares on exit shall only be entitled to an amount equal to 1% of the exit proceeds; and
J1 - J6 shares on exit shall only be entitled to the amount credited as paid up on each share.

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

23

Reserves

Reserves of the group and company represent the following:

Called up share capital
This represents the nominal value of the issued equity share capital.

Capital contribution reserve
This represents the effect of imputing a market rate of interest to loan notes issued with a zero coupon net of the unwinding of that interest.

Profit and loss account
Cumulative profit and loss net of distributions to owners.

The directors are recommending the following final dividends: £4m. This has not been accrued for in the financial statements but had been agreed and paid by the Directors before the approval of the financial statements. See the Statement of Changes in Equity for the dividends paid in the year.

Merger reserve
In 2022 the acquisition of Obex Protection Limited was undertaken using an arrangement involving the issue of equity shares that took the interest in Obex Protection Limited to above a 90% equity holding. Consequently, in accordance with the requirements of Section 612 of the Companies Act 2016, a share premium reserve has not been recognised on the issue of the shares and the company has instead elected to record a merger reserve to reflect the value of the shares issued as a result of the transaction.

 

24

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£ 000

2023
£ 000

Not later than one year

20

48

Later than one year and not later than five years

68

96

88

144

Operating leases

The total of future minimum lease payments is as follows:

2024
£ 000

2023
£ 000

Not later than one year

647

677

Later than one year and not later than five years

1,659

1,793

Later than five years

1,386

1,781

3,692

4,251

The amount of non-cancellable operating lease payments recognised as an expense during the year was £678,532 (2023 - £406,411).

 

25

Dividends

2024
 £ 000

2023
 £ 000

Dividends paid

765

260

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

26

Analysis of changes in net debt

Group

At 1 January 2024
£ 000

Cash flows
£ 000

At 31 December 2024
£ 000

Cash and cash equivalents

Cash

5,448

1,694

7,142

Borrowings

Long term borrowings

(4,611)

2,704

(1,908)

Lease liabilities

(111)

32

(79)

(4,722)

2,736

(1,986)

 

726

4,430

5,155

 

27

Related party transactions

Group

Summary of transactions with other related parties

Transactions with group entities have been eliminated on consolidation.
 

Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 8 to the financial statements.

Other transactions with directors

Amounts due to the directors
At the balance sheet date, the amounts owing to the directorsof the company amounted to £1,907,643 (2023: £221,984)

 

Obex Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

28

Financial instruments

Group

Items of income, expense, gains or losses

2024

Income
£ 000

Expense
£ 000

Net gains
£ 000

Net losses
£ 000

Financial assets measured at amortised cost

4

-

-

-

Financial liabilities measured at amortised cost

-

782

-

-

4

782

-

-

2023

Income
£ 000

Expense
£ 000

Net gains
£ 000

Net losses
£ 000

Financial assets measured at amortised cost

9

-

-

-

Financial liabilities measured at amortised cost

-

314

-

-

9

314

-

-

The total interest income for financial assets not measured at fair value through profit or loss is £3,703 (2023 - £8,513). The total interest expense for financial liabilities not measured at fair value through profit or loss is £781,702 (2023 - £314,026).