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REGISTERED NUMBER: 07234035 (England and Wales)















PTI Security Systems Europe Limited

Report of the Directors and

Financial Statements for the Period 1 May 2023 to 31 December 2023






PTI Security Systems Europe Limited (Registered number: 07234035)






Contents of the Financial Statements
for the Period 1 May 2023 to 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Notes to the Financial Statements 10


PTI Security Systems Europe Limited

Company Information
for the Period 1 May 2023 to 31 December 2023







DIRECTORS: Mr D Shaw
Ms S M Bergström
Mr M I Whittaker





REGISTERED OFFICE: Unit 3
57 Windsor Avenue
Wimbledon
London
SW19 2RR





REGISTERED NUMBER: 07234035 (England and Wales)





AUDITORS: Swindells LLP
Chartered Accountants
and Statutory Auditor
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

PTI Security Systems Europe Limited (Registered number: 07234035)

Report of the Directors
for the Period 1 May 2023 to 31 December 2023

The directors present their report with the financial statements of the company for the period 1 May 2023 to 31 December 2023.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 1 May 2023 to the date of this report are as follows:

Mrs S Ordan - appointed 6 November 2023
Mr D Shaw - appointed 6 November 2023
Mr M Valdovinos - appointed 6 November 2023
Mr J O D'Aprano - resigned 6 November 2023

Ms S M Bergström and Mr M I Whittaker were appointed as directors after 31 December 2023 but prior to the date of this report.

Mrs S Ordan and Mr M Valdovinos ceased to be directors after 31 December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PTI Security Systems Europe Limited (Registered number: 07234035)

Report of the Directors
for the Period 1 May 2023 to 31 December 2023


AUDITORS
The auditors, Swindells LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr D Shaw - Director


26 July 2024

Report of the Independent Auditors to the Members of
PTI Security Systems Europe Limited

Qualified opinion
We have audited the financial statements of PTI Security Systems Europe Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We did not observe the physical counting of stock as at 31 December 2023, as this was prior to our appointment as auditor. The value of stock of £87,839 is material to the financial statements and we are unable to satisfy ourselves by alternative means concerning the stock quantities and therefore the value of stock held at 31 December 2023.

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 qualified 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.

Other matter
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

Report of the Independent Auditors to the Members of
PTI Security Systems Europe Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made.
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
PTI Security Systems Europe Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

- the company's internal controls have been discussed and understood prior to our audit testing.
Internal controls have been tested through walkthrough testing, to assess whether controls are
adequate, whether they are being followed, and whether irregularities and fraud are prevented.
- deficiencies in internal controls have been highlighted and explained to management, along with
recommendations as to how deficiencies can be improved and the risk of irregularity and fraud
occurrence minimised.
- representations have been provided by management that there were no identified cases of fraud or
instances of non-compliance during or since the accounting period.
- substantive testing has been carried out to test the validity of transactions, with entries in the
accounting system vouched to corresponding third party documentation and evidence of
appropriate authorisation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
PTI Security Systems Europe Limited


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




Joanna Green BSc FCA (Senior Statutory Auditor)
for and on behalf of Swindells LLP
Chartered Accountants
and Statutory Auditor
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

26 July 2024

PTI Security Systems Europe Limited (Registered number: 07234035)

Income Statement
for the Period 1 May 2023 to 31 December 2023

Period
1.5.23
to Year Ended
31.12.23 30.4.23
Notes £    £   

TURNOVER 2,380,652 3,575,791

Cost of sales 1,615,250 2,501,472
GROSS PROFIT 765,402 1,074,319

Administrative expenses 443,850 568,612
321,552 505,707

Other operating income - 7,699
OPERATING PROFIT 4 321,552 513,406

Interest receivable and similar income - 22
PROFIT BEFORE TAXATION 321,552 513,428

Tax on profit 48,781 96,501
PROFIT FOR THE FINANCIAL PERIOD 272,771 416,927

PTI Security Systems Europe Limited (Registered number: 07234035)

Balance Sheet
31 December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 24,433 31,646

CURRENT ASSETS
Stocks 87,839 101,093
Debtors 6 599,188 537,484
Cash at bank 693,163 860,781
1,380,190 1,499,358
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

689,627

888,779
NET CURRENT ASSETS 690,563 610,579
TOTAL ASSETS LESS CURRENT
LIABILITIES

714,996

642,225

CAPITAL AND RESERVES
Called up share capital 8 100 100
Capital redemption reserve 9 25 25
Retained earnings 9 714,871 642,100
SHAREHOLDERS' FUNDS 714,996 642,225

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





Mr D Shaw - Director


PTI Security Systems Europe Limited (Registered number: 07234035)

Notes to the Financial Statements
for the Period 1 May 2023 to 31 December 2023

1. STATUTORY INFORMATION

PTI Security Systems Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PTI Security Systems Europe Limited (Registered number: 07234035)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 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.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
We have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and thus conclude that the going concern basis remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2023 - 8 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Depreciation - owned assets 7,213 11,396

PTI Security Systems Europe Limited (Registered number: 07234035)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023
and 31 December 2023 16,697 43,277 59,974
DEPRECIATION
At 1 May 2023 16,697 11,631 28,328
Charge for period - 7,213 7,213
At 31 December 2023 16,697 18,844 35,541
NET BOOK VALUE
At 31 December 2023 - 24,433 24,433
At 30 April 2023 - 31,646 31,646

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 540,419 419,232
Other debtors 58,769 118,252
599,188 537,484

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 319,022 479,844
Taxation and social security 155,839 100,975
Other creditors 214,766 307,960
689,627 888,779

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
100 Ordinary £1 100 100

PTI Security Systems Europe Limited (Registered number: 07234035)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 642,100 25 642,125
Profit for the period 272,771 272,771
Dividends (200,000 ) (200,000 )
At 31 December 2023 714,871 25 714,896

10. POST BALANCE SHEET EVENTS

At the beginning of the financial year, the group made an operational decision to merge operations in PTI Security Systems Europe Limited with DS Security Group Limited.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Assa Abloy AB Sweden.

The immediate parent company is PTI Integrated Systems (UK) Ltd.