Company registration number 02329112 (England and Wales)
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
COMPANY INFORMATION
Directors
Mr M Ford
Mr N Hogan
Mr L R Skeist
Mr M Skeist
(Appointed 18 August 2023)
Secretary
Mr J Hodge
Company number
02329112
Registered office
Broomers Park
Broomers Hill Lane
Pulborough
West Sussex
RH20 2RY
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 26
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
The year to 31 March 2024 has seen a 5.75% growth in turnover from the prior year. This builds on and consolidates the 27.6% growth in 2023.
Our fiscal year 2024 has been a challenging but largely successful one with record sales despite external constraints and pressures such as high inflation. The Company has worked hard to mitigate these risks. This combined with our long-term collaborative partnerships with our customers enabled us to keep providing advanced high voltage power supplies.
We are cognizant of the responsibilities and grateful for the opportunities to provide the high-voltage power for so many critical applications that progress health, safety, connectivity, and quality of life. High stability, ultra-low noise, fast switching, multiple outputs that are RoHS, CE and UL compliant are a few of our comprehensive range of products’ advanced capabilities that enable our customers’ systems to excel in their markets. Our technology and our team’s focus on delivering to our customers’ demands, enables us to grow organically by developing long-term partnerships. We continue to learn and expand into high-tech market segments by advancing our precision power conversion technology, providing global application and integration support, and leveraging robust, resilient, and flexible global design, manufacturing, and customer service resources to provide exceptional support throughout product life-cycles.
We will continue to build a safe, high-performance organization that protects the environment, supports our communities, and develops our people. The company maintains a high level of investment in its employees, facilities, and R&D. By continuously improving our skills, processes, infrastructure, and products, we add new customers and strengthen our partnerships with existing customers.
The company’s Quality, Environmental and Health & Safety practices, ISO9001:2015, ISO14001:2015 and ISO45001:2018 are accredited by our registrar ISOQAR. The company is also registered with Underwriters Laboratories (UL) Data Acceptance Program (DAP). This affords Spellman and its customers who require UL recognized products increased control over the scheduling of product testing and certification. Spellman has full UK Authorized Economic Operator (AEO) status. The company continues to hold a Low-Risk Rating after completing the Self-Assessment Questionnaire to the Responsible Business Alliance (RBA) Corporate Social Responsibility Program. During the last fiscal year, the company also registered with EcoVadis to benchmark and improve on our sustainability journey. Upon completion of our first assessment, Spellman was awarded a Silver Medal; this result places the Company among the top 25 percent of companies assessed by EcoVadis.
The company continues to innovate our products, processes and services while engaging a workforce with the knowledge, skills, and passion to “Understand and Provide What Our Customers Value”.
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are broadly legal, economic conditions, technology and competitor activity.
Key performance indicators
The following are the financial key performance indicators ('KPIs') used by management to assess and regulate the company's performance:
| | | |
| | | Year on year sales growth expressed as a percentage |
| | | Gross profit margin is the ratio of gross profit to sales expressed as a percentage |
| | | Year end debtors over turnover, multiplied by days in the year |
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Legislation risk
The Company closely monitors legal and regulatory matters at a Group, Company and operational level and consults with external advisors where necessary.
Financial, competitor, economic and technology risk
Competitor activity and developing technology could affect the level of Company revenue and profitability.
The Company is committed to advancing high voltage design and manufacturing technology and devotes significant resource to achieving this goal. The Company strives to continuously improve the features, performance, reliability and cost-effectiveness of its products. The Company seeks to drive long-term growth and profitability by expanding its ability to serve global markets and developing product lines for new high voltage applications. The Company will continue to leverage Spellman Group’s Global resources to remain competitive.
Section 172 Statement
Section 172 of The Companies Act 2006 states that a director of a company must act in the way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.
In doing so a director of a company must have regard (amongst other matters) to:-
The likely consequences of any decision in the long term;
The interests of the company’s employees;
The need to foster the company’s business relationships with suppliers, customers and others;
The impact of the company’s operations on the community and the environment;
The desirability of the company maintaining a reputations for high standards of business conduct; and
The need to act fairly as between members of the company.
The Directors have reviewed their current approach to corporate governance and decision making, engagement with stakeholders and the company’s impact on the environment. The following summarises how the company’s Directors fulfil their duties under Section 172.
Company Strategy and Promotion of Values
The Directors fulfil their duties to act in good faith to promote the success of the company through the implementation of the Spellman High Voltage (HV) Limited Strategic Principles as well as its values, mission and vision. As part of the Spellman HV strategy, they aim to:
Provide Unique Value to our Customers:
Develop deep market insights and partner with high tech system designers and manufacturers to develop the right high-voltage power conversion products for each customer and application.
Provide world-class delivery, quality, and customer support throughout product life cycles. Meeting or exceeding customer expectations ('No Worries') and eliminate unnecessary production costs.
Build a high performance, socially responsible global organisation:
Provide an inclusive, high-performance culture that fosters collaboration and empowers employees to learn and create.
Maintain socially responsible business practices that protect the environment, support our communities, and ensure compliance with all legal requirements and international standards.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Create long-term stakeholder value:
The Directors define the Mission of the company as to:
Understand and provide what our customers value.
Develop high-voltage solutions for advanced technologies and systems.
Provide flexible, resilient, and responsive global operations and customer support.
Build a high-performance organization that protects the environment, supports our communities, and develops our people.
The following values directly support the implementation of the strategic Principles:
People: We are committed to the safety and success of our people. We expect the performance of every person to continually improve with personal initiative and proper support. We strive for a work environment of dignity and respect. To exhibit humility, and to seek out and value others’ opinions and focusing on the needs of others.
Customers: Our customers are the most important person(s) in our business, to be treated with the utmost respect. No business activity, other than safety, is more important than listening, learning, and providing product and service of uncompromised quality.
Integrity: We are all responsible for the long-term success of our business and our people. We are trustworthy and honest, and carry out our work in a professional, ethical, and legal manner. We challenge actions inconsistent with our values.
Innovation & Continuous Improvement: Our company is built on a collection of innovative ideas and a passion for continuous improvement. We challenge the status quo and explore all ideas that improve our performance.
Teamwork: We succeed together, believing unity of purpose and teamwork enables us to do far more than we could individually. We draw strength from each other and speak freely with fairness, candour, respect, and courage; respectfully stating what we think even it if is unpopular. Our collaboration turns interesting ideas into great product and service solutions.
Accountability: We say what we mean, and we honour our commitments. We hold ourselves and each other accountable for our results.
Commitment to Create Enduring Value: Investment in long-term growth over short-term profit is prioritised by striving to create lasting value for our customers, communities, employees, and stakeholders.
Mr N Hogan
Director
1 August 2024
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of the design, manufacture and distribution of high voltage equipment.
Branches
The company operates a small branch in Germany which operate as a sales office in support of the UK operations.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £5,319,713 (2023 - £2,546,359). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Bay
(Resigned 31 October 2023)
Mr M Ford
Mr N Hogan
Mr L R Skeist
Mr M Skeist
(Appointed 18 August 2023)
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The objective of the company's capital management is to minimise the interest cost and to balance the capital needs of the business against the available reserves, securing a mix of debt at fixed and floating rates if necessary to support the activities. In recent years the reserves available have been sufficient to fund the company's operations which has reduced the exposure to interest rate risk.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Research and development
Spellman High Voltage Electronics Limited as a part of the Spellman Group (herein referred to as "Spellman") has become a leading precision engineering technology provider to hi-tech customers in industry, research and medical equipment applications. Spellman had achieved this by working closely with those customers, providing strategic services and a quality product through all the research, design and development stages. The group strategy is to grow our ability to supply customer solutions by increasing our technical capabilities, using our technical knowledge and innovative ideas to develop substantially improved quality devices.
Business relationships
The S172(1) statement in the strategic report details how the directors have had regard to the need to foster business relationships with suppliers, customers and other stakeholders during the year.
Future developments
The directors have presented the future developments of the company in the Strategic Report.
Auditor
In accordance with the company's articles, a resolution proposing that Sumer Audit be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
Spellman High Voltage Ltd operates over two sites. One in Southwater and the other in Pulborough. During the year the company consumed 659,124.9kWh (2023 - 648,192.9 kWh) of energy across both sites. This has been calculated based on invoices from the energy providers at each site.
The company has followed the 2019 HM Government Environmental Reporting Guidelines. It has also used the GHG reporting Protocol – Corporate Standard. The carbon dioxide (and equivalent gasses) emitted by the generation of electricity from the UK grid was 153,668.38 kg (2023 - 151,119.48 kg) CO2e based on a ratio of 0.23314 kg CO2e per kWh. In our calculations, we converted kWh to kg of carbon released based on Greenhouse gas reporting: conversion factors from Department for Business, Energy and Industrial Strategy.
The chosen intensity measurement ration is total gross emissions in kilograms CO2e per sales revenue, the recommended ratio for this sector 0.00232:1. Based on total sales revenue of £52,361,464 (2023 - £49,516,105) this total is 121,478.66 CO2e (2023 - 114,877.36 CO2e).
This year Spellman has globally engaged with a consultancy company-Keramida and we will begin analysing Scope 1 and Scope 2 targets based on data from April 2023 to May 2024. After submitting the data, the consultancy company will take up to 2-3 weeks to analyse it and will then help us develop data improvement plans and other related actions then we will move on to Scope 3 targets.
Spellman High Voltage has chosen suppliers of energy who are actively involved in the production of renewable energy and the elimination of the usage of fossil fuels in the production of energy. In FY 24 Spellman HV ltd was involved in many initiatives to increase the company’s energy efficiencies. This included but not limited to:Spellman High Voltage collaborate with Carbon Footprint Ltd to plant 2 trees in the Southeast of England for every tree used in FY24 which also means we will have off set 42 tonnes of carbon as well, which all helps towards the fight against global warming.
We measured levels of carbon emissions in the UK related to air travel, we currently carbon offset by planting trees which also provides a social benefit as we select projects that are e.g. aimed at educating in schools on wildlife habitats. (in CY 23 126,967kgs CO2 is generated by air business travel, total 774 trees.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr N Hogan
Director
1 August 2024
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
- 8 -
Opinion
We have audited the financial statements of Spellman High Voltage Electronics Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 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.
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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
- 9 -
Matters on which we are required to report by exception
In the light of the 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 or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
- 10 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of the board and senior management.
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisions, warranty provisions and depreciation; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some 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). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Robert Dowling FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
5 August 2024
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
52,361,464
49,516,105
Cost of sales
(35,009,481)
(34,367,754)
Gross profit
17,351,983
15,148,351
Administrative expenses
(8,016,337)
(7,871,499)
Operating profit
4
9,335,646
7,276,852
Fair value gains and losses on investments
20,693
(20,235)
Profit before taxation
9,356,339
7,256,617
Tax on profit
8
(2,411,585)
(1,253,775)
Profit for the financial year
6,944,754
6,002,842
Other comprehensive income
Currency translation differences
(13,442)
34,811
Total comprehensive income for the year
6,931,312
6,037,653
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
251
6,302
Tangible assets
11
1,460,247
1,243,271
Investments
12
544,082
523,389
2,004,580
1,772,962
Current assets
Stocks
13
9,213,264
9,081,628
Debtors
14
12,172,911
12,174,478
Cash at bank and in hand
2,231,827
1,865,738
23,618,002
23,121,844
Creditors: amounts falling due within one year
15
(7,036,977)
(7,774,696)
Net current assets
16,581,025
15,347,148
Total assets less current liabilities
18,585,605
17,120,110
Creditors: amounts falling due after more than one year
16
(10,576)
(12,658)
Provisions for liabilities
18
(410,134)
(554,156)
Net assets
18,164,895
16,553,296
Capital and reserves
Called up share capital
21
250,000
250,000
Profit and loss reserves
17,914,895
16,303,296
Total equity
18,164,895
16,553,296
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mr N Hogan
Director
Company Registration No. 02329112
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
250,000
12,812,002
13,062,002
Year ended 31 March 2023:
Profit for the year
-
6,002,842
6,002,842
Other comprehensive income:
Currency translation differences
-
34,811
34,811
Total comprehensive income for the year
-
6,037,653
6,037,653
Dividends
9
-
(2,546,359)
(2,546,359)
Balance at 31 March 2023
250,000
16,303,296
16,553,296
Year ended 31 March 2024:
Profit for the year
-
6,944,754
6,944,754
Other comprehensive income:
Currency translation differences
-
(13,442)
(13,442)
Total comprehensive income for the year
-
6,931,312
6,931,312
Dividends
9
-
(5,319,713)
(5,319,713)
Balance at 31 March 2024
250,000
17,914,895
18,164,895
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information
Spellman High Voltage Electronics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broomers Park, Broomers Hill Lane, Pulborough, West Sussex, RH20 2RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and 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 profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertaintiestrue, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Turnover derived from long term contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is determined with reference to project milestones and considering costs incurred as a proportion of total costs.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
3 years straight line
Software under development is amortised from the date it is brought into use having been reclassified into the computer software category.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values, of all fixed assets other than items under construction, over their useful lives on the following bases:
Leasehold land and buildings
15% straight line
Plant and equipment
20%-33% straight line
Fixtures, fittings and equipment
20% straight line
Computer equipment
33% straight line
Assets under construction are depreciated from the date they are brought into use having been reclassified into an appropriate category.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of standard cost and estimated selling price less costs to complete and sell after making allowances for obsolete and slow moving stock on a first in first out basis.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock
The directors have made key assumptions in determining the appropriate impairment provision against stock items held at the end of the reporting period. At the financial reporting date, the carrying amount of stock was £9,213,264 (2023 - £9,081,628).
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
47,902,806
46,036,673
Rendering of services
4,458,658
3,479,432
52,361,464
49,516,105
2024
2023
£
£
Turnover analysed by geographical market
UK
10,134,698
8,705,293
Overseas
42,226,766
40,810,812
52,361,464
49,516,105
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
424,726
533,970
Loss on disposal of tangible fixed assets
4,703
4,097
Amortisation of intangible assets
6,051
33,616
Operating lease charges
119,554
122,243
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £169,151 profit (2023 - £153,823 loss).
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,150
22,000
For other services
Audit-related assurance services
1,050
1,000
Other assurance services
4,050
3,850
Taxation compliance services
2,625
2,500
7,725
7,350
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
929,924
698,271
Company pension contributions to defined contribution schemes
90,264
114,783
1,020,188
813,054
The number of directors for whom retirement benefits are accruing under defined contribution pension schemes amounted to 2 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
321,605
278,128
Company pension contributions to defined contribution schemes
44,537
43,001
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
3
3
Production
108
86
Design
56
56
Sales and administration
30
29
Total
197
174
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
8,533,849
7,466,945
Social security costs
765,416
791,832
Pension costs
829,830
883,167
10,129,095
9,141,944
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,300,000
1,377,000
Adjustments in respect of prior periods
1,722
(93,187)
Total UK current tax
2,301,722
1,283,813
Foreign current tax on profits for the current period
(26,737)
13,362
Total current tax
2,274,985
1,297,175
Deferred tax
Origination and reversal of timing differences
136,600
(32,800)
Changes in tax rates
(10,600)
Total deferred tax
136,600
(43,400)
Total tax charge
2,411,585
1,253,775
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
9,356,339
7,256,617
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
2,339,085
1,378,757
Tax effect of expenses that are not deductible in determining taxable profit
305
3,976
Tax effect of income not taxable in determining taxable profit
(5,173)
Adjustments in respect of prior years
1,722
(93,187)
Effect of change in corporation tax rate
(10,600)
Permanent capital allowances in excess of depreciation
(18,110)
Depreciation on assets not qualifying for tax allowances
13,558
6,962
Research and development tax credit
(143,279)
Effect of revaluations of investments
907
Deferred tax adjustments in respect of prior years
(13,000)
Rounding
204,460
(1,023)
Taxation charge for the year
2,411,585
1,253,775
9
Dividends
2024
2023
£
£
Final paid
5,319,713
2,546,359
10
Intangible fixed assets
Computer software
£
Cost
At 1 April 2023 and 31 March 2024
828,159
Amortisation and impairment
At 1 April 2023
821,857
Amortisation charged for the year
6,051
At 31 March 2024
827,908
Carrying amount
At 31 March 2024
251
At 31 March 2023
6,302
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
11
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,871,922
212,453
5,453,010
193,167
948,050
8,678,602
Additions
213,464
183,032
160,441
13,966
71,208
642,111
Disposals
(23,425)
(428)
(9,165)
(33,018)
Transfers
(164,455)
164,455
At 31 March 2024
2,085,386
231,030
5,754,481
206,705
1,010,093
9,287,695
Depreciation and impairment
At 1 April 2023
1,673,386
4,749,898
190,099
821,948
7,435,331
Depreciation charged in the year
75,448
265,541
2,166
81,571
424,726
Eliminated in respect of disposals
(23,425)
(428)
(8,756)
(32,609)
At 31 March 2024
1,748,834
4,992,014
191,837
894,763
7,827,448
Carrying amount
At 31 March 2024
336,552
231,030
762,467
14,868
115,330
1,460,247
At 31 March 2023
198,536
212,453
703,112
3,068
126,102
1,243,271
12
Fixed asset investments
2024
2023
£
£
Listed investments
544,082
523,389
Fixed asset investments revalued
The company holds investments in a number of listed funds through an investment advisor. These funds are publicly traded and the fair value is based on a market report provided at the reporting date.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023
523,389
Fair value movement
20,693
At 31 March 2024
544,082
Carrying amount
At 31 March 2024
544,082
At 31 March 2023
523,389
13
Stocks
2024
2023
£
£
Raw materials and consumables
4,717,328
5,539,173
Work in progress
3,018,083
2,178,517
Finished goods and goods for resale
1,477,853
1,363,938
9,213,264
9,081,628
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,940,485
5,491,152
Amounts owed by group undertakings
4,511,074
5,807,214
Other debtors
275,880
412,064
Prepayments and accrued income
364,772
330,248
12,092,211
12,040,678
Deferred tax asset (note 19)
80,700
133,800
12,172,911
12,174,478
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
10,543
8,461
Trade creditors
3,315,668
3,294,360
Amounts owed to group undertakings
141,140
330,895
Corporation tax
5,320
544,710
Other taxation and social security
234,469
255,564
Deferred income
1,566,941
845,567
Other creditors
125,689
556,131
Accruals
1,637,207
1,939,008
7,036,977
7,774,696
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
10,576
12,658
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
10,543
8,461
In two to five years
10,576
12,658
21,119
21,119
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance leases are secured against the assets to which they relate.
18
Provisions for liabilities
2024
2023
Notes
£
£
Warranty provision
237,034
464,556
Deferred tax liabilities
19
173,100
89,600
410,134
554,156
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions apart from deferred tax liabilities:
Warranty provision
£
At 1 April 2023
464,556
Reversal of provision
(227,522)
At 31 March 2024
237,034
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
173,100
89,600
-
-
Retirement benefit obligations
-
-
-
133,800
Provisions and pension creditor
-
-
80,700
-
173,100
89,600
80,700
133,800
2024
Movements in the year:
£
Asset at 1 April 2023
(44,200)
Charge to profit or loss
136,600
Liability at 31 March 2024
92,400
The deferred tax balances set out above are linked to the tangible and intangible fixed assets held by the company, the year end pension creditor and the level of the warranty provision. The deferred tax balances will reverse as the related balances are released.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
829,830
883,167
Included in current liabilities is an amount of £80,151 (2023 - £70,725) due to defined contribution schemes.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
SPELLMAN HIGH VOLTAGE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,000
250,000
250,000
250,000
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company undertook the following transactions with fellow group undertakings:
Sales of goods to group undertakings - £10,802,079 (2023 - £5,650,752)
Expenses and commissions recharged to group undertakings - £523,885 (2023 - £368,505)
Purchase of goods from group undertakings - £6,721,864 (2023 - £8,678,244)
Expenses and commissions paid to group undertakings - £102,576 (2023 - £126,509)
At the reporting date the company was owed £4,511,074 (2023 - £5,806,616) from group undertakings and the company owed £157,309 (2023 - £333,149) to group undertakings. These balances are interest-free and repayable on demand.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
355,729
361,591
Between two and five years
1,160,512
1,225,395
In over five years
750,000
1,020,833
2,266,241
2,607,819
24
Ultimate controlling party
The immediate parent company is Start Spellman Holdings Limited, a company registered in Broomers Park, Broomers Hill Lane, Pulborough, West Sussex, United Kingdom, RH20 2RY. Start Spellman Holdings Limited prepares consolidated financial statements, copies of which are available from Companies House.
The ultimate controlling party is Spellman High Voltage Electronics Corporation, a company registered in the United States of America. Copies of the group financial statements of Spellman High Voltage Electronics Corporation can be obtained from 475 Wireless Blvd, Hauppauge, New York 11788, USA.
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