Registration number:
for the
Year Ended 31 December 2025
Obex Holdings Ltd
Contents
|
Company Information |
|
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
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 |
|
|
Notes to the Financial Statements |
Obex Holdings Ltd
Company Information
|
Directors |
G Francis R M Francis R Francis T Francis |
|
Registered office |
|
|
Auditors |
|
Obex Holdings Ltd
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
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 9. Turnover was £41,028,000 (2024: £42,067,000) and the Profit before Tax was £5,758,000 (2024: £6,708,000). On 31 December 2025 the group had net assets of £40,840,000 (2024: £46,817,000).
The group’s achievements represent a robust financial performance given considerable external challenges in the period. 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 continually exploring opportunities in overseas markets and new sectors. 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.
Key Performance Indicators (KPIs)
We monitor performance against the delivery of our strategic goals using both financial and non-financial key performance indicators (KPIs). Financial KPIs include orders and sales, margins and cash conversions. Non-financial KPIs include customer and employee engagement, delivery performance and accident rates.
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 result in a reduction in EBITDA, they are key to building a resilient and socially responsible future, and are aligned to the company's core values.
Outlook for the Future
The directors are confident that by reinvesting in R&D, developing new products, expanding into overseas markets, exploring new sectors 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.
While turnover and profit saw a modest dip in the year, the directors are encouraged by the progress made towards the company’s long-term objectives. Significant investment has continued across the business to support its growth ambitions and its goal of delivering the highest service standards in the industry.
Future Developments
The directors are confident that the group will generate considerable 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 2025
Principal risks and uncertainties
Risk management is a high priority with processes designed to identify, mitigate and manage risk.
The directors have considered the key risks facing the business and concluded as follows:
Trading risk
The successful launch of new products and expansion into new markets, territories and applications is key to obtaining growth. The company invests considerably in R&D and Sustaining to ensure that our products are at the forefront of market requirements. The company continually monitors market trends and customer requirements to ensure the Company’s products remain competitive and meet or exceed customer expectations.
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 future growth is anticipated.
Credit risk
Credit risk refers to a risk that a counterparty will default on its contractual obligations resulting in a financial loss to the group. 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. The amounts recognised in the Balance Sheet are net of appropriate allowances for doubtful receivables. Due to a diverse customer base, the company is not exposed to material concentrations of credit risk on its receivables.
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.
Obex Holdings Ltd
Strategic Report for the Year Ended 31 December 2025
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 credit risk arising from the possibility that customers may fail to settle amounts due. This risk is managed through established credit control procedures, including regular monitoring of outstanding receivables and customer creditworthiness.
The group is also exposed to cash flow risk, principally in relation to the timing of customer receipts and the availability of sufficient funds to meet its liabilities as they fall due. This risk is managed through ongoing cash flow forecasting and monitoring of liquidity requirements.
Given the nature of the group's financial instruments and operations, the group is not exposed to significant price risk and does not consider its liquidity risk to be significant.
Regulatory and Compliance risk
The company operates within a regulatory framework that includes company law, tax legislation, employment regulations and industry-specific requirements. Failure to comply with applicable laws and regulations could result in financial penalties, operational disruption or reputational damage.
The company maintains policies and procedures designed to promote compliance and regularly reviews changes in relevant legislation.
Cybersecurity and Information Technology
The company relies on information technology systems to support its operations and customer service activities. A cyberattack, data breach or significant systems failure could disrupt operations, lead to loss of data and damage to the company’s reputation.
Appropriate security controls, backup procedures, monitoring processes and employee training are maintained to reduce the likelihood and impact of such incidents.
Approved by the
Director
Obex Holdings Ltd
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
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 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
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
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 2025, 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 2025 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 6, 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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Obex Holdings Ltd
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
- |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit attributable to: |
|||
|
Owners of the company |
|
|
The above results were derived from continuing operations.
Obex Holdings Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Foreign currency translation losses |
( |
( |
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
Obex Holdings Ltd
(Registration number: 13167133)
Consolidated Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
- |
- |
|
|
Capital redemption reserve |
782 |
782 |
|
|
Merger reserve |
34,650 |
34,650 |
|
|
Retained earnings |
5,408 |
11,385 |
|
|
Equity attributable to owners of the company |
40,840 |
46,817 |
|
|
Shareholders' funds |
40,840 |
46,817 |
Approved and authorised by the
Director
Obex Holdings Ltd
(Registration number: 13167133)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
- |
- |
|
|
Capital redemption reserve |
782 |
782 |
|
|
Other reserves |
34,650 |
34,650 |
|
|
Retained earnings |
17,939 |
15,415 |
|
|
Shareholders' funds |
53,370 |
50,847 |
The company made a profit after tax for the financial year of £11,977,000 (2024 - profit of £9,223,000).
Approved and authorised by the
Director
Obex Holdings Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
782 |
34,650 |
11,385 |
46,817 |
|
Share capital |
Capital redemption reserve |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Obex Holdings Ltd
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Capital redemption reserve |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
782 |
34,650 |
15,415 |
50,847 |
|
Share capital |
Capital redemption reserve |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Obex Holdings Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
3,555 |
3,804 |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
4,692 |
4,483 |
|
|
Loss on disposal of tangible assets |
3 |
5 |
|
|
Finance income |
(177) |
(214) |
|
|
Finance costs |
- |
782 |
|
|
Income tax expense |
2,203 |
2,904 |
|
|
Foreign exchange gains/losses |
(83) |
(167) |
|
|
10,194 |
11,597 |
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
93 |
(1,256) |
|
|
Decrease/(increase) in trade debtors |
381 |
(1,276) |
|
|
(Decrease)/increase in trade creditors |
(1,461) |
749 |
|
|
Cash generated from operations |
9,206 |
9,815 |
|
|
Income taxes paid |
(2,263) |
(2,575) |
|
|
Net cash flow from operating activities |
6,943 |
7,240 |
|
|
Cash flows from investing activities |
|||
|
Interest received |
126 |
230 |
|
|
Acquisitions of tangible assets |
(3,037) |
(1,501) |
|
|
Proceeds from sale of tangible assets |
104 |
8 |
|
|
Net cash flows from investing activities |
(2,807) |
(1,263) |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
(782) |
|
|
Proceeds from other borrowing draw downs |
3,057 |
- |
|
|
Repayment of other borrowing |
(2,704) |
||
|
Receipts from finance lease debtors |
- |
1 |
|
|
Payments to finance lease creditors |
(79) |
(33) |
|
|
Dividends paid |
(9,454) |
(765) |
|
|
Net cash flows from financing activities |
(6,476) |
(4,282) |
|
|
Net (decrease)/increase in cash and cash equivalents |
(2,340) |
1,694 |
|
|
Cash and cash equivalents at 1 January |
7,142 |
5,448 |
|
|
Cash and cash equivalents at 31 December |
4,802 |
7,142 |
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
|
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 thousand 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 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 2025.
No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2 |
Accounting policies (continued) |
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.
Group reorganisations, where applicable UK Accounting Standards allow, are accounted for by applying the principles of merger accounting, under which the carrying values of the assets and liabilities of the acquired subsidiaries are not required to be adjusted to fair value.
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.
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 group’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.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2 |
Accounting policies (continued) |
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 13 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 group.
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
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Research and development
Research and development expenditure is charged to the profit and loss account as incurred. Any related tax credits are recognised in accordance with the company's accounting policy for government grants or taxation, as appropriate.
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 |
|
Leasehold property improvements |
3 - 10 years straight line or over the term of the lease |
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2 |
Accounting policies (continued) |
|
Fixtures and fittings |
3 - 10 years straight line |
|
Computer equipment |
3 - 5 years straight line |
|
Office equipment |
3 - 5 years straight line |
|
Motor vehicles |
3 - 5 years straight line |
|
Plant and machinery |
3 - 10 years straight line |
Investment property
Following initial recognition, investment property is measured at fair value at each reporting date, where fair value can be measured reliably without undue cost or effort. Changes in fair value are recognised in profit or loss in the period in which they arise.
Fair values are determined by the directors using available market evidence and other relevant information. Independent external valuations are obtained periodically but are not necessarily performed annually. In years where an external valuation is not obtained, the directors assess whether there have been any material changes in fair value since the most recent valuation.
The directors review the carrying value of investment property annually and are satisfied that the carrying value is not materially different from fair value at the reporting date.
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 |
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.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2 |
Accounting policies (continued) |
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.
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.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2 |
Accounting policies (continued) |
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
Recognition and measurement
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
2 |
Accounting policies (continued) |
Impairment
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.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rental income |
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense (included in administrative expenses) |
|
|
|
Research and development cost |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest expense on other finance liabilities |
- |
|
|
Staff costs |
Group
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production and Warehouse |
|
|
|
Technical and Customer support |
|
|
|
Sales, Office and Administration |
|
|
|
|
|
Company
The company has no employees and therefore incurred no staff costs.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
- |
|
|
380 |
1,757 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
- |
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
- |
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
16 |
15 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
20 |
19 |
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
|
|
2,180 |
2,925 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the consolidated profit and loss account |
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
The deferred liability as at 31 December 2025 and 2024 has been calculated based on the enacted tax rate of 25%.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
Group
|
Goodwill |
|
|
Cost |
|
|
At 1 January 2025 |
|
|
At 31 December 2025 |
|
|
Amortisation |
|
|
At 1 January 2025 |
|
|
Amortisation charge |
|
|
At 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
At 31 December 2025, the remaining amortisation period for goodwill, with carrying value of £23,411,000 (2024: £27,536,000) was 5 years and 8 months.
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Assets under construction |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
( |
( |
( |
- |
( |
|
Transfers |
|
- |
- |
( |
- |
|
Foreign exchange movements |
|
- |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
- |
|
|
Charge for the year |
|
|
|
- |
|
|
Eliminated on disposal |
- |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
- |
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
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:
|
2025 |
2024 |
|
|
Motor Vehicles |
- |
93 |
|
Investment properties |
Group
|
2025 |
|
|
At 1 January 2025 and at 31 December 2025 |
|
Company
|
2025 |
|
|
At 1 January 2025 and at 31 December 2025 |
|
The directors consider that the value of the investment properties have not changed significantly since acquisition and are reflective of their fair value.
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
Investments in subsidiaries are stated at cost. The carrying value of the investments at 31 December 2025 represents cost, and there were no additions, disposals or impairments during the year.
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 |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Unit 5 Norton Road, Broomhall, Worcester, WR5 2QR United Kingdom |
|
|
|
|
|
Unit 8-13 Lyell St, Mittagong, NSW 2575, Australia |
|
|
|
|
|
37 Rue Ambroise Paré, 83100 Toulon, France |
|
|
|
|
|
Unit 8-13 Lyell St, Mittagong, NSW 2575, Australia |
|
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
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 |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Unit 5 Norton Road, Broomhall, Worcester, WR5 2QR United Kingdom |
|
|
|
|
|
Unit 8-13 Lyell St, Mittagong, NSW 2575, Australia |
|
|
|
|
|
37 Rue Ambroise Paré, 83100 Toulon, France |
|
|
|
|
|
Unit 8-13 Lyell St, Mittagong, NSW 2575, Australia |
|
|
|
|
Stocks |
|
Group |
||
|
2025 |
2024 |
|
|
Goods for resale |
|
|
|
Debtors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Corporation tax asset |
|
|
- |
- |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other payables |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
- |
|
- |
- |
|
|
Other creditors |
|
|
- |
- |
|
|
|
|
- |
- |
||
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Hire purchase contracts |
- |
|
- |
- |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Hire purchase contracts |
- |
|
- |
- |
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2025 |
|
|
|
|
||
|
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 £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5 |
|
5 |
|
|
|
5 |
|
5 |
|
|
|
10 |
|
10 |
|
|
|
10 |
|
10 |
|
|
|
10 |
|
10 |
|
|
|
10 |
|
10 |
|
|
|
10 |
|
10 |
|
|
|
10 |
|
10 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
|
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
23 |
Share capital (continued) |
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.
|
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.
Retained earnings
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.
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
- |
|
|
Later than one year and not later than five years |
- |
|
|
- |
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Obex Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2025
|
25 |
Obligations under leases and hire purchase contracts (continued) |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
9,454 |
765 |
|
Related party transactions |
Group
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.
|
Financial instruments |
Group
Items of income, expense, gains or losses
|
2025 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
6 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
- |
- |
- |
|
6 |
- |
- |
- |
|
2024 |
Income |
Expense |
Net gains |
Net losses |
|
Financial assets measured at amortised cost |
4 |
- |
- |
- |
|
Financial liabilities measured at amortised cost |
- |
782 |
- |
- |
|
4 |
782 |
- |
- |
The total interest income for financial assets not measured at fair value through profit or loss is £6,000 (2024 - £4,000). The total interest expense for financial liabilities not measured at fair value through profit or loss is £Nil (2024 - £782,000).