Registered Number 02559027
Tyco Building Services Products (UK) Limited
Annual report and financial statements
for the year ended 30 September 2022
Tyco Building Services Products (UK) Limited
Annual report and financial statements for the year ended
30 September 2022
Contents
Page
Strategic report
1
Directors' report
5
Independent auditors' report to the members of Tyco Building Services Products (UK) Limited
10
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Notes to the financial statements
16
Tyco Building Services Products (UK) Limited
Strategic report
The directors present their Strategic report on the company for the year ended 30 September 2022.
Principal activities of business
The company is a regional sales and distribution office of Tyco Fire Protection Products which delivers an unrivalled range of fire detection and suppression systems, sprinkler systems, valves, piping products and mechanical building products, firefighting equipment and services.
Business review
The results for the year are given in the Statement of comprehensive income. This shows the company's turnover increased by £13.4 million to £68.3 million in 2022 (2021: £54.9 million) driven by an increase in economic activity following the Covid-19 pandemic and therefore an increase in demand for the company's products.
The gross margin achieved for the year was 22.1% compared to 14.3% in the prior year, seeing an increase of 7.8%. During the year revenue increased from £54.8m to £68.3m, seeing an increase of 24.6%. This increase in revenue allowed the company to benefit from efficiencies generated in our cost of sales as a result of our increased buying power with our suppliers. Due to our larger orders with suppliers the company was able to agree lower prices. These lower prices meant that our cost of sales did not increase in line with revenue thus benefiting our gross margin. Furthermore, the company experienced periods of closure in the prior year as a result of local COVID-19 responses which meant we had idle time that impacted our gross margin in the prior year. This has not continued into the year ended 30 September 2022, when the company was fully operational.
Net liabilities as at 30 September 2022 are £10.2m (2021: £14.4m). The decrease in net liabilities is directly attributable to the profit recorded for the year. Notwithstanding the net liabilities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as it has committed support from a group entity. We thus continue to adopt the going concern basis in preparing the financial statements, further details of which can be found in the accounting policies note in the financial statements.
The directors do not consider, at the date of this report, any likely changes in the activities in the next year.
Key performance indicators
The company's key performance indicators during the year were:
2022
2021
Turnover
£68.3m
£54.9m
Gross profit percentage
22.1%
14.3%
Profit (Loss) before tax
£4.2m
(£0.7m)
Total equity
(£10.2m)
(£14.4m)
Business environment and strategy
The market continues to be highly competitive in all areas of operation of the company. The company will continue to focus on providing excellent quality products, being responsive to our customer's lead time requirements, whilst striving to reduce product costs through modern manufacturing methods and increased capital expenditure. The fire protection products are generally sold with the purpose of protecting life and property and the company with the support of the parent company, Johnson Controls International plc's, product research and development facilities continues to invest in and market products that meet rigorous product approval standards.
1
Tyco Building Services Products (UK) Limited
Strategic report (cont'd)
Principal risks and uncertainties
Any of the following could materially and adversely impact the results of operations of our business, delays or difficulties in new product development; the introduction of similar or superior technologies; financial instability or market declines of our major customers or component suppliers; a significant decline in the construction of new commercial buildings requiring interior control systems; changes in energy costs or governmental regulations that would decrease the incentive for customers to update or improve their interior control systems and increased energy efficiency legislation requirements. All of these are mitigated through regular review by the directors.
The company requires risk management and operational policies and procedures to be implemented in all areas of the business. Furthermore, there is a robust supervision structure which allows management to account for the delivery of the company's contracts and to oversee relationships with its key stakeholders.
The directors consider cybersecurity threats and incidents range from individual attempts to gain unauthorised access to IT systems to advanced persistent threats, directed at the company, our products, customers and/or third party service providers. The potential consequences of a material cybersecurity incident include financial loss, reputational damage, litigation with third parties, theft of intellectual property, fines levied by the authority and increased protection and remediation costs. This could adversely affect competitiveness and results of operations of the business.
The company deploys measures to deter, prevent, detect, respond to and mitigate these threats, including identity and access controls, data protection, product software designs, continuous monitoring of IT networks and systems and maintenance of backup and protective systems. Subsequent to the year ended 30 September 2022, the company was informed by the parent entity, Johnson Controls International plc (“JCI”), that disruptions were experienced in portions of its internal information technology infrastructure and applications resulting from a cybersecurity incident. For further information on this matter please see         note 19.
The business is directly impacted by the effects of climate change. The directors recognise that timely adoption of comprehensive energy and climate legislation will reduce economic and regulatory uncertainty and allow the company to better manage both risks and opportunities related to climate change. These uncertainties include emission reduction requirements, energy price volatility, energy-intensive materials pricing, and the impact of building efficiency codes, standards and incentives.
The highest priority action put in place by the group as a whole is to improve energy efficiency in buildings and vehicles which represent the fastest, cleanest and most cost-effective way to reduce greenhouse gas emissions. Our products and services involve promoting energy efficiency and fire and security in buildings; and helping our customers find ways to improve their energy consumption. This encourages consumer behaviour changes to better appreciate the benefits of such products and services. In addition the company continues to support a variety of market-based approaches to regulating carbon emission.
The directors do not foresee any substantial impact on business operations from the ongoing conflict between Russia and Ukraine. However they will continue to monitor the situation and take appropriate action if required.
2
Tyco Building Services Products (UK) Limited
Strategic report (cont'd)
Section 172(1) Statement
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this section 172 requires directors to have regard to, amongst other matters, the:
likely consequences of any decisions in the long-term;
interests of the company's employees;
need to foster the company's business relationships with suppliers, customers and others;
impact of the company's operations on the community and environment;
desirability of the company maintaining a reputation for high standards of business conduct; and
need to act fairly as between members of the company.
In discharging our section 172 duties, we have regard to the matters set out above. In addition, we also have regard to other factors which we consider relevant to the decision being made. Those factors, for example, include our relationship with our key stakeholders and society. By considering the company's purpose, vision and values together with its strategic priorities and having a process in place for decision making, we aim to make sure that our decisions are consistent and predictable.
Meetings are held periodically where the directors consider the company's activities and make decisions. As a part of those meetings, the directors receive information in a range of different formats to ensure that they have regard to section 172 matters when making relevant decisions.
The company's key stakeholders are its workforce, customers, suppliers, the local communities in which it operates, regulators, Government agencies, and non-governmental organisations. The views of and the impact of the company's activities on those stakeholders are an important consideration for the directors when making relevant decisions. The size and spread of both the company's stakeholders and the company means that generally our stakeholder engagement takes place at an operational and JCI group level. We find that as well as being a more efficient and effective approach, this also helps us achieve a greater positive impact on environmental, social and other issues than by working alone as an individual company. For details of the engagement that takes place with the Group's stakeholders so as to encourage the directors to understand the issues to which they must have regard, please see pages 11 to 26 of the non-financial disclosure report 2022 within JCI Group's 2022 Annual Reporting which is publicly available on our website at Annual Meeting Materials | Johnson Controls Inc.
At a company level, there are quarterly calls for all senior staff across the business (‘all-hands calls') in which business development, corporate acquisitions, employee health & safety and other pertinent issues are discussed. Weekly emails are sent to all staff in respect of corporate development and performance but with a specific focus on sustainability. Periodic emails are also sent out to encourage staff to consider their own mental health, and access available resources should these be required.
The company continuously innovates to make its products more eco-friendly, liaising with customers to ensure their needs are met in a sustainable yet profitable way. The company undertakes pre-qualification questionnaires with its suppliers to ensure that high and sustainable standards are maintained throughout all lines of business.
We set out below some examples of how we have had regard to the matters set out in section 172(1)(a)-(f) when discharging our section 172 duty and the effect of that on decisions taken by us:.
3
Tyco Building Services Products (UK) Limited
Strategic report (cont'd)
Section 172(1) Statement (cont'd)
The company ensured that it was following the various targets that JCI Group had fixed in terms of sustainable development, and the company was notably incentivised to do so via the implementation of sustainable development factors (such as vehicle fuel consumption reduction, waste management, health & safety, sustainability evaluation of suppliers) in the calculation of the annual bonuses.
Audits of ISO 14001 Environmental Management System and ISO 50001 Energy Management system were undertaken on JCI Group.
Our environmental and energy systems provide assurance to company management and employees, as well as external stakeholders, that our environmental impacts are being measured and improved upon. We have been able to retain these certifications, notably thanks to everyone's co-operation and support.
The Tyco Building Services Products (UK) Limited board considered and agreed upon the implementation of mental health and well-being programmes. The Board's decision-making process included discussions in relation to protecting the mental health of its workforce and reducing absence rates. The Board concluded that ongoing investment in the workforce would help deliver long-term success to the company.
Health and safety is critical to our success as a company. We are committed to a safe and healthy work environment for our employees, our customers and contractors, our visitors, and our communities. We launched a multi-part campaign to promote our vision of Zero Harm to people and the environment. We recognize that our leaders, employees, customers, and communities expect us to work safely and protect the environment. Our Zero Harm vision includes specific pillars around employee safety, health and wellness, and the environment. One example of action implementing this vision is our Distracted Driving Policy, which prohibits all employees and contractors from using any mobile device when driving while on company business.
On behalf of the board
J Shaw
Director
Date: 10 November 2023
4
Tyco Building Services Products (UK) Limited
Directors' report
The directors present their report and the audited financial statements of the company for the year ended 30 September 2022.
Future developments
The future developments of the company are noted in the Strategic report.
Post balance sheet events
Subsequent to the year ended 30 September 2022, the company was informed by the parent entity, Johnson Controls International plc (“JCI”), that disruptions were experienced in portions of its internal information technology infrastructure and applications resulting from a cybersecurity incident. Promptly after detecting the issue, JCI began investigation with assistance from leading external cybersecurity experts and is also coordinating with its insurers. JCI continues to assess what information was impacted and is executing its incident management and protection plan, including implementing remediation measures to mitigate the impact of the incident, and will continue taking additional steps as appropriate. To date, many of JCI's applications are largely unaffected and remain operational. To the extend possible, and in line with its business continuity plans, JCI implemented workarounds for certain operations to mitigate disruption and continue servicing its customers. However, the incident has caused, and is expected to continue to cause, disruption to parts of the JCI's business operations.
Dividends
The directors do not recommend payment of a dividend (2021: nil).
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as it has committed support from an appropriate entity within the Johnson Controls group for 12 months from the date of signing these financial statements. Thus they continue to adopt the going concern basis in preparing the financial statements, further details of which can be found in the accounting policies note in the financial statements (note 3).
Financial risk management objectives and policies
The company's activities expose it to a number of financial risks including credit risk, exchange rate risk, price risk, interest rate risk and liquidity risk.
Credit risk
The company's policy is that the credit-worthiness of any prospective client, contractor, subcontractor, vendor, joint venture partner or any entity engaging in an economic transaction with the company must be evaluated to ascertain whether it has the financial capacity to enter into and perform its obligations under such transactions. This process is undertaken to ensure from a financial standpoint that any third party has the financial stability and strength necessary to fulfil its commitments to the company. The extent of the credit evaluation must be commensurate with the level of risk associated with the inability of the counterparty to perform under the contract.
The company's policy is to use financial institutions authorised by Johnson Controls International plc who actively manage the global banking facilities. All cash held on deposit is pooled at a European level to mitigate risk.
Exchange rate risk
Potential exposure to currency exchange rate fluctuations is managed internally within the Group treasury function. The Group enter into forward exchange contracts on behalf of the company to the value of its future multi currency cash flows. Consequently exchange rate risk is not significant.
5
Tyco Building Services Products (UK) Limited
Directors' report(cont'd)
Financial risk management objectives and policies (cont'd)
Price risk
The directors recognise the price risk associated with the fire market and in particular product costs that are effected by changing foreign exchange rates and global commodity prices. The business will look to change selling prices to reflect market conditions where possible.
Liquidity and interest rate risk
Cash balances held with external institutions form part of the Johnson Controls International plc group global cash pool arrangement which minimises any interest rate exposure. If funding is required then this is achieved by either an internal loan from a Johnson Controls International plc group company or through cash pooling arrangements. As a result interest rate risk is largely managed as there is no external funding requirement at year end.
All Group risk is closely managed by the corporate risk management team, which is controlled by the ultimate parent company Johnson Controls International plc.
Environmental, health and safety matters
Johnson Controls International plc is a global market leader and therefore has adopted a uniform approach to managing Environmental, Health and Safety (“EHS”) matters by following the principles and guidance contained in both international standards ISO 14001 and OHSAS 18001. All parts of the corporation are expected to demonstrate that the requirements of these two key standards are covered in their country based EHS management system.
The organisation has clear management and functional lines with detailed responsibilities at all levels, which ensure hazards and risks are properly identified and controlled through effective management processes and performance related objectives and targets.
Employment policies
It is the policy of the company that there should be no unfair discrimination in considering applications for employment, based on equal opportunities for all, irrespective of sex, race, colour, disability or marital status.  The company gives full and fair consideration to applications for employment from disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the group.  If members of staff become disabled the company continues employment, either in the same or an alternative position, with appropriate retraining being given if necessary.
The company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the company is encouraged, achieving a common awareness on the part of all employees of the financial and economic factors affecting the group. The company encourages the involvement of employees by means of an employee share purchase scheme, regular employee briefings, annual global employee survey and regular awareness days on different topics for company specific matters.
6
Tyco Building Services Products (UK) Limited
Directors' report(cont'd)
Directors
The following directors served during the year and up to the date of signing this report, unless otherwise stated:
J Shaw
(appointed 18 August 2023)
A Khanova
(appointed 29 September 2023)
M Ayre
(resigned 18 August 2023)
L Swennenhuis
Directors' indemnities
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The group also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its directors.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” 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 year. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
state whether applicable United Kingdom Accounting Standards, comprising FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements;
make judgements and accounting estimates that are reasonable and prudent; 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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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.
7
Tyco Building Services Products (UK) Limited
Directors' report(cont'd)
Streamlined energy and carbon reporting
Global energy consumption and greenhouse gas emissions for the period from 1 October 2021 to 30 September 2022 is as follows:
2021-2022
2020-2021
UK and Offshore
UK and Offshore
Energy consumption used to calculate emissions:
/kWh
160,237
158,844
Emissions from combustion of gas tCO2e (Scope 1)
0
0
Emissions from combustion of fuel for transport purposes (Scope 1)
39
42
Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel (Scope 3)
**
**
Emissions from purchased electricity (Scope 2, location-based)
0
0
Total gross CO2e based on above
39
42
Intensity ratio: tCO2e gross figure based from mandatory fields above
0.07
0.08
**Emissions from business travel in rental cars or employee-owned vehicles where the company is responsible for purchasing fuel are minimal (Scope 3).
Methodology
Tyco Building Services Products (UK) Limited is required to report its global and UK energy use and carbon emissions in accordance with the Companies (Directors' report) and limited liability partnerships (energy and carbon report) regulations 2018. The data detailed in these tables represent emissions and energy use for which the company is responsible. To calculate the emissions, fuel and electricity emissions are calculated based on invoice data and estimation. For significant energy users (manufacturing), energy invoices are used to calculate energy use. For office spaces, an estimate utilizing floor space and energy density are used to calculate fuel and electricity consumption. Vehicle fleet energy and emissions are calculated based on fuel spend reports. Emissions are calculated based on: greenhouse gas reporting conversion factors 2022; Department for Business, Energy & Industrial Strategy and Department for Environment Food & Rural Affairs.
Energy efficiency
We are continuously seeking to improve operational efficiency. Johnson Controls group is committed to identifying and prioritising environmental elements arising from our business activities, products and services. The results of the energy assessments conducted in accordance with the Energy Savings Opportunity Scheme (ESOS) and internal energy hunts have been utilised to determine appropriate actions necessary to reduce the impact of our activities on the environment.
8
Tyco Building Services Products (UK) Limited
Directors' report(cont'd)
Streamlined energy and carbon reporting (cont'd)
Energy efficiency (cont'd)
Nearly a third of our greenhouse gas emissions come from our vehicle fleet. We have a specific vehicle emissions reduction workgroup at a JCI group level to analyse emissions data and ensure we achieve emissions reductions throughout our fleet. We annually analyse our transportation supply chain to improve cost structure and reduce energy use. Over time, we are systematically changing our fleet vehicles, utilizing higher fuel economy and electric vehicles where appropriate. We also optimize our logistics and our packaging in order to decrease weight and increase load factors and to include the use of other higher miles per gallon vans and trucks, telematics, and implementing a policy which prohibits speeding and encourages fuel-efficient driving techniques.
Since October 2020 electric vehicles (EV) have been offered to employees as a choice alongside internal combustion engine (ICE) vehicles throughout our company car scheme in the UK and the 6 other most EV ready countries in Europe. The policy was revised to incorporate EV's, advising drivers to consider their journey profiles and consider their home charging capabilities prior to deciding to take and EV as a company vehicle, with the range of manufacturers to choose from increased for EV's ensuring a wider choice for our drivers. The personal benefit in kind taxation benefits in the UK if taking an EV over an ICE car are considerable which when coupled with our policy changes have seen an EV take up rate of over 50% for renewal orders since October 2020 in the company car fleet in the UK.
Statement of engagement with suppliers, customers and others in a business relationship with the company
The directors have regard to the need to foster the Company's business relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions taken by the company during the financial year.
Directors' confirmations
In the case of each director in office at the date the Directors' report is approved:
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all 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.
Independent auditors
The auditors, PricewaterhouseCoopers, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the next Directors' Board Meeting.
On behalf of the Board
J Shaw
Director
Date: 10 November 2023
9
Independent auditors' report to the members of Tyco Building Services Products (UK) Limited
Report on the audit of the financial statements
Opinion
In our opinion, Tyco Building Services Products (UK) Limited's financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report and financial statements (the “Annual Report”), which comprise:
the statement of financial position as at 30 September 2022;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended; and
the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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 financial statements are authorised for issue.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.
10
Independent auditors' report to the members of Tyco Building Services Products (UK) Limited (cont'd)
With respect to the Strategic report and Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Strategic report and Directors' Report
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 year ended 30 September 2022 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' Report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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.
Auditors' 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 auditors' 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.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
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.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to;
laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006 and taxation legislation; and
those laws and regulations which do not have a direct effect on the determination of material amounts and disclosures in the financial statements but where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection, employment law and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
11
Independent auditors' report to the members of Tyco Building Services Products (UK) Limited (cont'd)
and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates, transactions outside the normal course of business, and the posting of fraudulent journal entries. Audit procedures performed included:
consideration of fraud risk as part of our audit planning process;
identification of potential risk factors through consideration of the company's business strategies and risks.  This includes discussions with management as well as the those charged with governance regarding their perspectives on fraud and compliance with applicable laws and regulations;
consideration of the overall control environment and the processes and controls in place in the company, including procedures to achieve compliance with relevant laws and regulations;
maintaining professional scepticism throughout the audit;
implementing specific procedures to address risks associated with the management override of controls, including close examination of journal entries and other adjustments, accounting estimates, identifying indicators of possible management bias and significant unusual transactions; and
incorporating unpredictability into our audit process;
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Use of this report
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
we have not obtained all the information and explanations we require for our audit; or
adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
certain disclosures of directors' remuneration specified by law are not made; or
the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Barry O'Halloran (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statutory Auditors
Cork, Ireland
14 November 2023
12
Tyco Building Services Products (UK) Limited
Statement of comprehensive income for the year ended 30 September 2022
2022
2021
Note
£'000
£'000
Turnover
5
68,302
54,880
Cost of sales
(53,220)
(47,048)
Gross profit
15,082
7,832
Administrative expenses
(10,776)
(8,485)
Other operating income
16
Operating profit / (loss)
6
4,306
(637)
Interest receivable and similar income
7
1
3
Interest payable and similar expenses
8
(107)
(93)
Profit / (loss) before taxation
4,200
(727)
Tax on profit / (loss)
9
Profit / (loss) for the financial year
4,200
(727)
Total comprehensive income / (expense) for the year
4,200
(727)
All amounts relate to continuing operations.
13
Tyco Building Services Products (UK) Limited
Statement of financial position as at 30 September 2022
2022
2021
Note
£'000
£'000
Fixed assets
Tangible assets
11
22
47
22
47
Current assets
Inventories
12
1,799
2,077
Debtors - amount falling due within one year
13
30,330
24,819
Cash at bank and in hand
129
32,129
27,025
Creditors - amounts falling due within one year
14
(42,367)
(41,488)
Net current liabilities
(10,238)
(14,463)
Total assets less current liabilities
(10,216)
(14,416)
Net liabilities
(10,216)
(14,416)
Capital and reserves
Called up share capital
15
501
501
Accumulated losses
(10,717)
(14,917)
Total equity
(10,216)
(14,416)
The notes on pages 16 to 28  are an integral part of these financial statements.
The financial statements on pages 13 to 28 were approved by the Board of directors on
10 November 2023
10 November 2023
and were signed on its behalf by:
J Shaw
Director
Tyco Building Services Products (UK) Limited
Registered Number 02559027
14
Tyco Building Services Products (UK) Limited
Statement of changes in equity for the year ended 30 September 2022
Called up share capital
Accumulated losses
Total equity
£'000
£'000
£'000
Balance as at 1 October 2020
501
(14,190)
(13,689)
Loss for the financial year
(727)
(727)
Balance as at 30 September 2021
501
(14,917)
(14,416)
Profit for the financial year and total
4,200
4,200
Balance as at 30 September 2022
501
(10,717)
(10,216)
Accumulated losses represents accumulated comprehensive loss for the current financial year and prior financial years.
15
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022
1    General information
Tyco Building Services Products (UK) Limited is a company domiciled and incorporated in the United Kingdom under the Companies Act 2006. The address of its registered office is Security House, The Summit, Hanworth Road, Sunbury On Thames, Middlesex, England, TW16 5DB.
The principal activity of the company is to act as a regional sales and distribution office of Tyco Fire Protection Products which delivers fire detection and suppressions systems, sprinkler systems, valves, piping products and mechanical building products, firefighting equipment and services.
2    Statement of compliance
These financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and in accordance with the Companies Act 2006.
3    Summary of significant accounting policies
The principal accounting policies, which have been applied in the preparation of these financial statements are set out below. These policies have been consistently applied to both the years presented, unless otherwise stated. The company has applied FRS 102 in these financial statements.
Basis of preparation
The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of £10.2m (2021: £14.4m) which the directors believe to be appropriate for the following reason: Johnson Controls International PLC. has provided the company with an undertaking that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to settle obligations as they fall due.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant in these financial statements are disclosed in note 4.
Reduced disclosures
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements on the basis that the information is provided in the consolidated financial statements of Johnson Controls International plc, which is registered in Cork Ireland.  Johnson Controls International plc prepares consolidated financial statements which are publicly available and can be obtained from the address given in note 20.
Section 4 ‘Statement of Financial Position'
Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows'
Presentation of a Statement of Cash Flow and related notes and disclosures;
16
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
3    Summary of significant accounting policies (cont'd)
Reduced disclosures(cont'd)
Section 11 ‘Basic Financial Instruments' & Section 12 ‘Other Financial Instrument Issues'
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in the statement of comprehensive income;
Section 33 ‘Related Party Disclosures'
Paragraphs 33.7 and 33.1A, Disclosure of compensation for key management personnel and related party transactions.
Revenue recognition
Turnover represents the amount receivable for goods supplied, net of discounts and value added taxes. Turnover from the sale of goods is recognised in accordance with the shipping terms of the customer agreements.
Functional and presentational currency
The company's functional and presentational currency is the pound sterling because the majority of its' economic flows are in pound sterling.
Foreign currencies
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
17
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
3    Summary of significant accounting policies (cont'd)
Taxation
The tax charge represents the sum of the current tax charge and deferred tax charge.
Current tax
Current tax is the amount of income tax payable in respect of the taxable profits for the year or prior years at the standard effective rate of corporation tax in the UK.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date, unless it is not considered probable that deferred tax assets will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Tangible assets and depreciation
Tangible assets are stated at cost, which is the original purchase price plus incidental expenses, less accumulated depreciation. Depreciation is calculated to write off the cost, less estimated residual value of each asset evenly over its expected useful economic life, as follows:
Asset class
Amortisation method and rate
Furniture and fittings
straight-line 10% to 33% per annum
Plant and machinery
straight-line 10% to 25% per annum
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
Assets under construction are stated at cost and not depreciated until they are brought into service.
Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  There are no holiday periods on these operating leases. Payments under operating leases are charged to the Statement of comprehensive income on a straight line basis over the period of the lease.
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on the first in first out method and includes the purchase price, including taxes, duties, transport and handling directly attributable to the bringing the inventory into its present location and condition.
At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, it is reduced to its estimated selling price less costs to complete and sell and an impairment charge is recognised in the Statement of comprehensive income. Where an impairment charge is reversed, up to the original impairment loss, a credit is recognised in the Statement of comprehensive income.
18
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
3    Summary of significant accounting policies (cont'd)
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts.  Bank overdrafts are shown in creditors due within one year.
Bank overdrafts
Bank overdrafts are shown in creditors due within one year and include cash held on deposit with banks and bank overdrafts. Both cash held on deposit and bank overdrafts are with one external bank and so these balances are offset. Where the overdrafts exceed the cash held on deposit the net balance is shown as bank overdrafts. When the deposits exceed the overdrafts the net balance is shown as cash and cash equivalents in current assets.
Financial instruments
Financial assets
Basic financial assets, including debtors, cash and bank balances and amounts owed by group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest rate method and are assessed annually for objective evidence of impairment. Any impairment loss or reversal of an impairment loss is recognised in the Statement of comprehensive income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, the control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade creditors and other payables, bank loans and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such debt instruments are subsequently carried at amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classed as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the liability is extinguished,that is when the contractual obligation is discharged, cancelled or expires.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
19
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
3    Summary of significant accounting policies (cont'd)
Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements, defined contribution pension plans. Short term benefits, including annual bonus, holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Annual bonus plan
The company operates an annual bonus plan for employees. An expense is recognised in the Statement of comprehensive income in the financial year for which the bonus is payable, when a reliable estimate of the obligation can be made.
Defined contribution pension plan
The company operates a defined contribution pension scheme for the benefit of its employees, the assets of which are held separately from those of the company in independently administered funds. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Statement of financial position.
Defined benefit pension plan
The company is a member of a group wide defined benefit scheme. As it is not possible to accurately allocate the assets and liabilities by member company, the company accounts for its contributions to this group wide scheme on a defined contribution basis. Details of the position of the group wide defined benefit scheme are disclosed in the financial statements of Tyco Holdings (U.K) Limited, which are publicly available.
Interest receivable and similar income
Interest income is recognised in the period to which it relates regardless of when it is received.
Related party transactions
The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
4    Critical accounting judgements and estimation uncertainty
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying value of assets and liabilities with the next financial year are addressed below:
There are no critical accounting estimates or judgements within the company.
20
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
5    Turnover
2022
2021
Turnover by destination
£'000
£'000
United Kingdom
31,083
22,405
Europe
2,281
1,794
Middle East
30,174
26,105
Africa
4,618
4,341
Rest of the world
146
235
68,302
54,880
All of the company's turnover is attributable to the company's main activity which is the sale and distribution of fire protection and mechanical related products and components for the fire sprinkler and mechanical industry.
6    Operating profit / (loss)
2022
2021
£'000
£'000
Operating profit / (loss) is stated after charging/(crediting)
Staff costs
wages and salaries
4,863
4,414
social security costs
518
465
other pension costs (note 18)
178
178
Total staff costs charged to statement of comprehensive income
5,559
5,057
Depreciation of tangible assets (note 11)
25
28
Operating lease expense - plant & machinery
101
84
Operating lease expense - buildings
379
380
Auditors remuneration - for audit services
42
42
Foreign exchange gain/(loss)
331
(133)
21
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
7    Interest receivable and similar income
2022
2021
£'000
£'000
Bank interest receivable
1
3
1
3
8    Interest payable and similar expenses
2022
2021
£'000
£'000
Bank interest
107
19
Interest payable to group undertakings
74
107
93
22
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
9    Tax on profit / (loss)
2022
2021
£'000
£'000
Current Tax
UK Corporation tax at 19% (2021:19%)
Total current tax
Deferred tax
Origination and reversal of timing differences
Total deferred tax
Total tax on profit / (loss)
There is no tax charge for the current or prior financial year.
Reconciliation of tax charge
The tax assessed for the year is lower (2021: lower) than the standard rate of corporation tax in the United Kingdom of 19% (2021:19%). The differences are explained below:
2022
2021
£'000
£'000
Profit / (loss) before taxation
4,200
(727)
Profit / (loss) before taxation multiplied by the standard rate of corporation tax of 19% (2021: 19%)
798
(138)
Expenses not deductible for tax purposes
29
30
Group relief (received) / surrendered for nil consideration
(825)
111
Impact of change in corporation tax rate on timing differences
(2)
(3)
Total tax credit for the year
The rate of UK corporation tax is currently 19%. In its 2021 spring budget, the UK government announced that from 1 April 2023, the corporation tax rate will increase to 25%. This was substantively enacted for UK GAAP purposes on 10 June 2021.
Temporary differences at the Statement of financial position have been measured using the enacted deferred tax rate of 25% and reflected in these financial statements.
23
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
10    Directors and employees
2022
2021
Directors' emoluments
£'000
£'000
Aggregate emoluments
18
26
18
26
The above disclosures relate to one director. The other director received no remuneration (2021: £nil) in respect of their services to the company during the year as their services as director of the company were incidental to the other services within the Johnson Controls International plc group of companies. It is not possible to determine an allocation of costs to this company. Director's remuneration costs are borne by other members of the Johnson Controls International plc group of companies.
Staff numbers
The average monthly number of employees, including executive directors, during the year, analysed by category, was as follows:
2022
2021
Selling and distribution
42
44
Administration
2
2
Production
13
13
57
59
11    Tangible assets
Plant and machinery
Fixtures and fittings
Total
£'000
£'000
£'000
Cost
At 1 October 2021
433
156
589
At 30 September 2022
433
156
589
Accumulated
depreciation
At 1 October 2021
398
144
542
Charge for the year
21
4
25
At 30 September 2022
419
148
567
Net book value
At 30 September 2022
14
8
22
At 30 September 2021
35
12
47
24
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
12    Inventories
2022
2021
£'000
£'000
Finished goods
1,799
2,077
1,799
2,077
There is no significant difference between the replacement cost of the inventories and the carrying amount
in the Statement of financial position.
Inventories are stated after provisions of £437,000 (2021: £486,000)
13    Debtors - amount falling due within one year
2022
2021
£'000
£'000
Trade debtors
25,798
15,701
Amounts owed by group undertakings
4,176
8,943
Other debtors
10
Forward exchange contracts (note 17)
340
102
Prepayments
6
73
30,330
24,819
Included in amounts owed by group undertakings is £nil (2021: £6,070,000) in relation to amounts under a zero balance pooled bank agreement with Barclays Bank Plc. As at 30 September 2022 this balance is a creditor and thus included in amounts owed to group undertakings. Please see note 14 for more information. Other amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Trade debtors are stated net of provision of £126,000 (2021: £15,000)
25
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
14    Creditors – amounts falling due within one year
2022
2021
£'000
£'000
Bank overdrafts
16,938
794
Trade creditors
452
749
Amounts owed to group undertakings
22,146
38,390
Taxation and social security
1,077
332
Other creditors
               109
Forward exchange contracts (note 17)
353
113
Accruals
1,401
1,001
42,367
41,488
Included in amounts owed to group undertakings is £7,307,000 (2021: debtor balance as seen in note 13) in relation to amounts under a zero balance pooled bank agreement with Barclays Bank Plc in which interest may arise at +0.83% above bank rate. Each member of the pooled bank group is jointly and severally liable to the bank for overdrawn balances within the pool, the net positive position of which was £1,374,007,952 (2021: £624,358,931) on 30 September 2022. Other amounts owed to group undertakings are insecure, interest free and repayable on demand.
The Johnson Controls International plc group has a cash pooling arrangement with Bank Mendes Gans
("BMG") which manages the funding requirement for EMEA group companies. The bank overdrafts form part of this cash pooling arrangement. BMG balances are unsecured, repayable on demand and interest rates are set and calculated daily for each currency. Overdraft rates are equal to overnight base rates + 0.98% margin.
15    Called up share capital
2022
2021
Allotted, called-up and fully paid
£'000
£'000
501,000 (2021: 501,000) ordinary shares of £1 each
501
501
501
501
16    Operating lease commitments
The company had no future minimum lease payments under non-cancellable operating leases. The company is recharged certain building and vehicle charges from other group companies, and there are no internal lease obligations for these costs with all amounts being charged on a rolling monthly basis.
26
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
17    Financial instruments
The company entered into forward exchange currency contracts during the year to mitigate the exchange
rate risk for the foreign currency transactions. As at the year end the company had agreements in place to
buy EUR 3.0 million in exchange for £2.5 million, $2.9 million in exchange for £2.4 million (2021:buy $6.5 million in exchange for £4.7 million). The contracts are held at fair values of a £0.3 million debtor and a £0.4 million creditor (2021: £0.1 million debtor and £0.1 million creditor) as shown in notes 13 and 14 with any changes charged or credited to the Statement of comprehensive income.
18    Pension costs
Tyco Building Services Products (UK) Limited participated in a number of pension schemes; a defined contribution scheme - Tyco UK Group Pension Scheme (‘Tyco UKGPS').
New employees joining the company are auto enrolled and offered membership of the Tyco UKGPS, which is a defined contribution scheme. The cost of contributions in the period was £178,000 (2021: £178,000).
Tyco Building Services Products (UK) Limited is in a group where an intermediate parent company, Tyco Holdings (U.K) Limited, operates a legacy defined benefit pension plan. This scheme has no active members and the company is not a sponsoring employer. As it is not possible for the company to determine the assets and liabilities of a defined benefit pension plan to individual companies within the group; as permitted by FRS102, the company has accounted for this defined benefit plan as a defined contribution scheme.
Tyco Holdings (U.K) Limited is the sponsoring employer of the Tyco UK Holdings CARE Pension Scheme, a defined benefit plan providing career average revalued earnings benefits, which is now closed to new entrants. The CARE Scheme has been closed to future accrual since 30 April 2010. The assets are held in a separate trustee administered fund. The assets and liabilities of the Tyco UK Group Pension Scheme (ex-Glynwed) were transferred into the Tyco Holdings (U.K) Limited CARE Pension Scheme on 28 September 2015 and are now included within that scheme. The last funding valuation of the Scheme was carried out by a qualified actuary as at 1 October 2016.
19    Post balance sheet events
Subsequent to the year ended 30 September 2022, the company was informed by the parent entity, Johnson Controls International plc (“JCI”), that disruptions were experienced in portions of its internal information technology infrastructure and applications resulting from a cybersecurity incident. Promptly after detecting the issue, JCI began investigation with assistance from leading external cybersecurity experts and is also coordinating with its insurers. JCI continues to assess what information was impacted and is executing its incident management and protection plan, including implementing remediation measures to mitigate the impact of the incident, and will continue taking additional steps as appropriate. To date, many of JCI's application are largely unaffected and remain operational. To the extend possible, and in line with its business continuity plans, JCI implemented workarounds for certain operations to mitigate disruption and continue servicing its customers. However, the incident has caused, and is expected to continue to cause, disruption to parts of the JCI's business operations.
27
Tyco Building Services Products (UK) Limited
Notes to the financial statements for the year ended 30 September 2022 (cont'd)
20   Ultimate parent undertaking and controlling party
The company's immediate parent undertaking is Tyco Building Services Products B.V., a company incorporated in the Netherlands.
The ultimate parent undertaking and controlling party is Johnson Controls International plc, a company incorporated in Cork, Ireland.  Johnson Controls International plc is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements for the year ended 30 September 2022. The consolidated financial statements of Johnson Controls International plc are available from:
Johnson Controls International plc
1 Albert Quay
Cork
Ireland
28
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