Obex Protection Ltd - Period Ending 2021-12-31

OBEX PROTECTION LTD - Company Information

Obex Protection Ltd 09157067 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is the sale of adhesive tape converts. 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Registration number: 09157067

Obex Protection Ltd

Annual Report and Audited Financial Statements

for the Year Ended 31 December 2021

Obex Protection Ltd

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 to 24

Obex Protection Ltd

Company Information

Directors

G Francis

R M Francis

R Francis

T Francis

Registered office

Unit 12 Horn Hill Road
Nunnery Park
Worcester
Worcestershire
WR4 0SX

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

Obex Protection Ltd

Strategic Report for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

Principal activity

The principal activity of the company is the sale of adhesive tape converts.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £20,619,375 (2020 - £16,026,835) and a pre-tax profit of £7,683,463 (2020 - £4,846,109). On 31 December 2021 the company had net assets of £11,578,620 (2020 - £6,016,945). The directors consider the performance for the year and the financial position at the year-end to be satisfactory.

Future Developments
The directors are confident that the company will report continued growth and strong future performance.

Principal risks and uncertainties

Liquidity risk
The directors monitor cash flows to ensure the company 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 company will meet its financial obligations over the next 12 months and beyond. It is expected that the company will continue in business for the foreseeable future and continued growth is anticipated.

Credit risk
The company offers certain of its customers credit. Before credit terms are agreed, an assessment of the customer's credit rating is undertaken to ensure the company is not exposed to major credit risk. Credit limits are set accordingly.

Foreign exchange risk
A number of the company's sales and purchases are transacted in non-sterling currencies. As a result, exchange rate fluctuations impact on the results and cash flows of the company. Fluctuations in exchange rates are carefully monitored by the directors.

Approved by the Board on 27 July 2022 and signed on its behalf by:

R M Francis
Director

Obex Protection Ltd

Directors' Report for the Year Ended 31 December 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors of the company

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

G Francis

R M Francis

R Francis

T Francis

Financial instruments

The company'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 company.

The company 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.

Information included in the Strategic Report

Disclosure regarding future developments is covered in the strategic report.

Going concern

The directors have prepared detailed cash flow forecasts for the company for more than 12 months from the approval of these financial statements, which consider the current COVID-19 outbreak and its potential impact on the business. The forecasts indicate the company 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 auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are 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 27 July 2022 and signed on its behalf by:

R M Francis
Director

Obex Protection 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 company and of the profit or loss of the company 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 has 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Obex Protection Ltd

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

Opinion

We have audited the financial statements of Obex Protection Ltd (the 'company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 December 2021 and of its 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company'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.

Obex Protection Ltd

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

Matters on which we are required to report by exception

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

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, or returns adequate for our audit have not been received from branches not visited by us; or
•	the 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 4, 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 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 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.

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:

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included United Kingdom Generally Accepted Accounting Practice, UK Companies Act 2006 and taxation laws;

• We understood how the company is complying with those legal and regulatory frameworks by making enquiries of the management and those responsible for legal and compliance procedures.

• We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

• identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

• understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

• challenging assumptions and judgements made by management in its significant accounting estimates;
and

• identifying and testing journal entries, in particular any journal entries with unusual characteristics.

Obex Protection Ltd

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

•	identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•	understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•	challenging assumptions and judgements made by management in its significant accounting estimates; and
•	identifying and testing journal entries, in particular any journal entries with unusual characteristics.

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 this 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

27 July 2022

Obex Protection Ltd

Profit and Loss Account for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Turnover	3	20,619,375	16,026,835
Cost of sales		(10,156,316)	(8,999,438)
Gross profit		10,463,059	7,027,397
Administrative expenses		(2,784,206)	(2,260,913)
Other operating income	4	13,437	87,608
Operating profit	5	7,692,290	4,854,092
Interest payable and similar charges	6	(8,827)	(7,983)
Profit before tax		7,683,463	4,846,109
Taxation	10	(1,436,188)	(748,463)
Profit for the financial year		6,247,275	4,097,646

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

Obex Protection Ltd

(Registration number: 09157067)
Balance Sheet as at 31 December 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	11	1,701	1,890
Tangible assets	12	1,335,152	1,131,912
Investment property	13	651,519	651,519
		1,988,372	1,785,321
Current assets
Stocks	14	2,852,727	1,494,050
Debtors	15	8,120,783	3,403,101
Cash at bank and in hand		1,753,257	2,188,302
		12,726,767	7,085,453
Creditors: Amounts falling due within one year	16	(2,772,117)	(2,518,533)
Net current assets		9,954,650	4,566,920
Total assets less current liabilities		11,943,022	6,352,241
Creditors: Amounts falling due after more than one year	16	(73,581)	(150,504)
Provisions for liabilities	10	(290,821)	(184,792)
Net assets		11,578,620	6,016,945
Capital and reserves
Called up share capital	19	106	106
Profit and loss account		11,578,514	6,016,839
Total equity		11,578,620	6,016,945

Approved and authorised by the Board on 27 July 2022 and signed on its behalf by:

R M Francis
Director

Obex Protection Ltd

Statement of Changes in Equity for the Year Ended 31 December 2021

	Share capital £	Profit and loss account £	Total £
At 1 January 2020	106	3,196,493	3,196,599
Profit for the year	-	4,097,646	4,097,646
Dividends	-	(1,277,300)	(1,277,300)
At 31 December 2020	106	6,016,839	6,016,945

	Share capital £	Profit and loss account £	Total £
At 1 January 2021	106	6,016,839	6,016,945
Profit for the year	-	6,247,275	6,247,275
Dividends	-	(685,600)	(685,600)
At 31 December 2021	106	11,578,514	11,578,620

Obex Protection Ltd

Statement of Cash Flows for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Cash flows from operating activities
Profit for the year		6,247,275	4,097,646
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	129,110	92,048
Profit on disposal of tangible assets		(5,149)	(727)
Finance costs	6	8,827	7,983
Income tax expense	10	1,436,188	748,463
		7,816,251	4,945,413
Working capital adjustments
Increase in stocks		(1,358,677)	(478,165)
Increase in trade debtors		(4,717,682)	(663,038)
(Decrease)/increase in trade creditors		(77,192)	407,419
Cash generated from operations		1,662,700	4,211,629
Income taxes paid		(1,034,656)	(412,809)
Net cash flow from operating activities		628,044	3,798,820
Cash flows from investing activities
Acquisitions of tangible assets		(285,892)	(667,338)
Proceeds from sale of tangible assets		10,875	-
Acquisition of investment properties		-	(651,519)
Net cash flows from investing activities		(275,017)	(1,318,857)
Cash flows from financing activities
Interest paid		(8,827)	(7,983)
Payments to finance lease creditors		(93,645)	(57,830)
Dividends paid		(685,600)	(1,277,300)
Net cash flows from financing activities		(788,072)	(1,343,113)
Net (decrease)/increase in cash and cash equivalents		(435,045)	1,136,850
Cash and cash equivalents at 1 January		2,188,302	1,051,452
Cash and cash equivalents at 31 December		1,753,257	2,188,302

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

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 12 Horn Hill Road
Nunnery Park
Worcester
Worcestershire
WR4 0SX

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company 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

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue whent he 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 company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

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 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 company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’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.

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

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 reducing balance

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the statement of financial position 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	10% on reducing balance
Fixtures and fittings	10% 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 external valuers. 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise 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 company 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 company 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.

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

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 company’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 company 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 Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Financial instruments (continued)

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.

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

	2021 £	2020 £
Sale of goods	20,619,375	16,026,835

The analysis of the company's turnover for the year by market is as follows:

	2021 £	2020 £
UK	19,398,713	14,733,154
Europe	1,043,084	977,571
Rest of world	177,578	316,110
	20,619,375	16,026,835

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Other operating income

The analysis of the company's other operating income for the year is as follows:

	2021 £	2020 £
Government grants	13,437	87,608

The company received grants in relation to the Coronavirus Job Retention Scheme (CJRS) which are accounted under the accrual model as revenue grants. £13,437 (2020 - £87,608) was credited to the profit and loss account in relation to this grant.

The company did not directly or indirectly benefit from any other forms of government assistance.

Operating profit

Arrived at after charging:

	2021 £	2020 £
Depreciation expense	128,921	89,038
Amortisation expense	189	210
Research and development cost	103,638	25,133
Foreign exchange losses	3,881	19,558
Operating lease expense - property	137,720	114,556
Operating lease expense - plant and machinery	12,652	14,451
Operating lease expense - other	86,465	91,961
Profit on disposal of property, plant and equipment	(5,149)	(727)

Interest payable and similar expenses

	2021 £	2020 £
Interest on obligations under finance leases and hire purchase contracts	8,827	7,983

Staff costs

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

	2021 £	2020 £
Wages and salaries	1,783,863	1,322,645
Social security costs	225,775	162,819
Pension costs, defined contribution scheme	22,090	16,378
	2,031,728	1,501,842

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

	2021 No.	2020 No.
Production	10	10
Administration and support	16	14
Technical support	10	9
	36	33

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Directors' remuneration

The directors' remuneration for the year was as follows:

	2021 £	2020 £
Remuneration	35,280	44,860

Auditors' remuneration

	2021 £	2020 £
Audit of the financial statements	14,600	13,500

Taxation

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

	2021 £	2020 £
Current taxation
UK corporation tax	1,335,826	668,161
UK corporation tax adjustment to prior periods	(5,667)	-
	1,330,159	668,161
Deferred taxation
Arising from origination and reversal of timing differences	47,674	80,302
Arising from changes in tax rates and laws	58,355	-
Total deferred taxation	106,029	80,302
Tax expense in the income statement	1,436,188	748,463

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2020 - lower than the standard rate of corporation tax in the UK) of 19% (2020 - 19%).

The differences are reconciled below:

	2021 £	2020 £
Profit before tax	7,683,463	4,846,109
Corporation tax at standard rate	1,459,858	920,761
Effect of expense not deductible in determining taxable profit (tax loss)	2,980	2,649
Deferred tax expense relating to changes in tax rates or laws	58,355	-
Decrease in UK and foreign current tax from adjustment for prior periods	(5,667)	-
Tax (decrease)/increase from effect of capital allowances and depreciation	(17,306)	2,959
Tax decrease from effect of adjustment in research and development tax credit	(73,475)	(177,906)
Other tax effects for reconciliation between accounting profit and tax expense (income)	11,443	-
Total tax charge	1,436,188	748,463

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2021	Liability £
Fixed asset timing differences	295,390
Short term timing differences	(4,569)
	290,821

2020	Liability £
Fixed asset timing differences	185,151
Short term timing differences	(359)
	184,792

Deferred tax liabilities as at 31 December 2020 are calculated at 19%, being the substantively enacted tax rate from 1 July 2020. 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 2021 has been calculated based on the rate of 25%.

Intangible assets

	Goodwill £
Cost
At 1 January 2021	254,750
At 31 December 2021	254,750
Amortisation
At 1 January 2021	252,860
Amortisation charge	189
At 31 December 2021	253,049
Carrying amount
At 31 December 2021	1,701
At 31 December 2020	1,890

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Tangible assets

	Leasehold property £	Fixtures and fittings £	Motor vehicles £	Total £
Cost
At 1 January 2021	511,481	761,449	148,781	1,421,711
Additions	-	276,974	60,913	337,887
Disposals	-	(11,000)	(102,630)	(113,630)
At 31 December 2021	511,481	1,027,423	107,064	1,645,968
Depreciation
At 1 January 2021	-	232,763	57,036	289,799
Charge for the year	-	69,978	58,943	128,921
Eliminated on disposal	-	(5,274)	(102,630)	(107,904)
At 31 December 2021	-	297,467	13,349	310,816
Carrying amount
At 31 December 2021	511,481	729,956	93,715	1,335,152
At 31 December 2020	511,481	528,686	91,745	1,131,912

Included within the net book value of land and buildings above is £511,481 (2020 - £511,481) in respect of leasehold property.

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:

	2021 £	2020 £
Plant and Machinery	184,169	204,633
Motor Vehicles	61,546	87,709
	245,715	292,342

Investment properties

	£
At 1 January 2021 and as at 31 December 2021	651,519

Since the date of acquisition, the directors believe the value at the year end represents the market value of the property.

Stocks

	2021 £	2020 £
Finished goods	2,852,727	1,494,050

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Debtors

	Note	2021 £	2020 £
Trade debtors		3,318,891	2,498,394
Amounts owed by related parties	21	4,303,773	560,664
Other debtors		390,602	263,300
Prepayments		107,517	80,743
		8,120,783	3,403,101

Creditors

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	17	86,455	65,528
Trade creditors		901,123	1,105,031
Social security and other taxes		522,022	702,484
Other creditors		147,994	104,898
Accrued expenses		434,360	155,931
Corporation tax liability	10	680,163	384,661
		2,772,117	2,518,533
Due after one year
Hire purchase contracts	17	37,718	100,295
Other creditors		35,863	50,209
		73,581	150,504

Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
HP and finance lease liabilities	86,455	65,528

	2021 £	2020 £
Non-current loans and borrowings
HP and finance lease liabilities	37,718	100,295

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

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £22,090 (2020 - £16,378).

Contributions totalling £5,315 (2020 - £4,408) were payable to the scheme at the end of the year and are included in creditors.

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
A Ordinary shares of £0 (2020 - £1) each	-	-	18	18
B Ordinary shares of £0 (2020 - £1) each	-	-	18	18
C Ordinary shares of £0 (2020 - £1) each	-	-	10	10
D Ordinary shares of £0 (2020 - £1) each	-	-	10	10
E Ordinary shares of £0 (2020 - £1) each	-	-	10	10
F Ordinary shares of £0 (2020 - £1) each	-	-	10	10
G Ordinary shares of £0 (2020 - £1) each	-	-	10	10
H Ordinary shares of £0 (2020 - £1) each	-	-	10	10
S1 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
S2 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
S3 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
S4 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
W1 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
W2 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
W3 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
W4 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
W5 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
W6 Ordinary shares of £0 (2020 - £1) each	-	-	1	1
Ordinary shares of £1 (2020 - £0) each	106	106	-	-
	106	106	106	106

Redesignation of shares
In 2021, 18 A ordinary shares, 18 B ordinary shares, 10 C ordinary shares, 10 D ordinary shares, 10 E ordinary shares, 10 F ordinary shares, 10 G ordinary shares, 10 H ordinary shares, 1 S1 ordinary shares, 1 S2 ordinary shares, 1 S3 ordinary shares, 1 S4 ordinary shares, 1 W1 ordinary shares, 1 W2 ordinary shares, 1 W3 ordinary shares, 1 W4 ordinary shares, 1 W5 ordinary shares and 1 W6 ordinary shares in the capital, all of £1 each, have reclassified as ordinary shares of £1 each. The ordinary shares have full voting rights, full dividend rights and full capital rights.

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Rights, preferences and restrictions (prior to redesignation)

Ordinary A, B, C, D and E shares have the following rights, preferences and restrictions:
There are 66 ordinary A, B, C, D and E shares of £1 each in issue. These shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll each member shall have one vote per share held. Each share ranks equally for any dividend declared distribution rights on winding up and each share ranks equallty for any distribution made on winding up. The shares are not redeemable.

Ordinary F, G and H shares have the following rights, preferences and restrictions:
There are 30 ordinary F, G and H shares of £1 each in issue. The holders of the F shares collectively to exercise 10% of the total voting rights in the company (pro rata to the number of F shares held). The dividends equal to such sum as shall be determined by the directors of the company (basic dividend) plus an additional dividend as is more specifically detailed in the articles of association of the company. The capital amount credited as paid up on each share less any additional dividend received plus any amount elected not to be entitled to in respect of the basic dividend plus such percentage of the 'current value' figure as set out and defined in the articles of association of the company plus such share of the assets remaining available for distribution to the shareholders as is set out in the articled of associating of the company. The shares have no redemption rights.

Ordinary S1, S2, S3 and S4 shares have the following rights, preferences and restrictions:
There are 4 ordinary S1, S2, S3 and S4 shares of £1 each in issue. The holders of these shares no right to vote or attend or receive notice of any general meeting. The holders of these shares have no right to vote or attend or receive notice of any general meeting. The dividends equal to such sum as shall be determined by the directors of the company (basic dividend) plus an additional dividend as is more specifically detailed in the articles of association of the company. The capital amount credited as paid up on each share less any additional dividend received plus any amount elected not to be entitled to in respect of the basic dividend plus such percentage of the 'remaining assets' as is set out and defined in the articles of association of the company. The shares have no redemption rights.

Ordinary W1, W2, W3, W4, W5 and W6 shares have the following rights, preferences and restrictions:
There are 6 ordinary W1, W2, W3, W4, W5 and W6 shares of £1 each in issue. The holders of these shares have no right to vote or attend or receive notice of any general meeting. The holders of these shares have no right to vote or attend or receive notice of any general meeting. The dividends equal to such sum as shall be determined by the directors of the company (basic dividend) plus an additional dividend as is more specifically detailed in the articles of association of the company. The capital amount credited as paid up on each share less any additional dividend received plus any amount elected not to be entitled to in respect of the basic dividend plus such percentage of the 'remaining assets' as is set out and defined in the articles of association of the company. The shares have no redemption rights.

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

	2021 £	2020 £
Not later than one year	86,455	65,528
Later than one year and not later than five years	37,718	100,295
	124,173	165,823

Operating leases

The total of future minimum lease payments is as follows:

	2021 £	2020 £
Not later than one year	201,974	225,158
Later than one year and not later than five years	490,649	651,169
	692,623	876,327

The amount of non-cancellable operating lease payments recognised as an expense during the year was £184,062 (2020 - £178,676).

Obex Protection Ltd

Notes to the Financial Statements for the Year Ended 31 December 2021

Related party transactions

Key management personnel
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.

Amounts due to directors
At the balance sheet date, the amounts owing to the directors of the company amounted to £1,457 (2020 - £1,458).

Summary of transactions with other related parties

Obex AU Trust
(a trust under common control)
During the year loan funding of £142,905 (2020 - £83,481) was advanced to Obex AU Trust. This loan is interest free and has no fixed repayment terms. Repayments of £nil (2020 - £54,658) were made by Obex AU Trust during the year. At the balance sheet date the amount due from Obex AU Trust in respect of this loan was £703,670 (2020 - £560,664).

Obex Holdings Ltd
The company is party to a cross guarantee with the parent company in respect of loans held by that company, which as at the year end total £12,550,000 (2020 - £nil).

Country Fresh Limited
At the balance sheet date the amount due from Country Fresh Limited amounted to £210,640 (2020 - £nil).

Parent and ultimate parent undertaking

Further to a group reorganisation on 7 September 2021, the immediate and ultimate parent is Obex Holdings Ltd, incorporated in England and Wales.