Company registration number NI036956 (Northern Ireland)
SKIDATA IRELAND LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SKIDATA IRELAND LTD
COMPANY INFORMATION
Directors
Mr M Dale
Mr W Balk
Mr J Toal
Company number
NI036956
Registered office
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
Auditor
GMcG LISBURN
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
Business address
Unit 21B Enterprise Road
Bangor
Co Down
BT19 7TA
Bankers
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
A&L Goodbody Northern Ireland
42-46 Fountain Street
Belfast
BT1 5EF
SKIDATA IRELAND LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 23
SKIDATA IRELAND LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The directors aim to present a balanced and comprehensive review of the development and performance during the year and its position as at 31 December 2023. The directors' review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the company faces.

 

The directors consider the key performance indicators are those that communicate the financial performance and strength of the company, with these being turnover, gross profit margin, operating profit and net assets.

 

The directors are satisfied with the results for the 12 month period which has seen a increase in turnover of 51.9% in the period from £1.55m to £2.35m with a decrease in gross profit margin from 55% to 52%, generating a profit before tax of £87,054 (2022 - £60,023).

 

The company is part of a Limited Risk Distribution (LRD) agreement with other group companies, as a result the company will always generate profits in line with benchmarks expected by the LRD.

 

The company has no borrowings and continues to have a strong cash flow and a continued strong net asset position of £1,122,343 (2022 - £1,033,825).

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties facing the company are:

 

Competitive Forces

The company faces competition throughout UK and Ireland. Whilst competitors are largely competing on price, the company continues to differentiate their offering based on a professional service and prices achieved at sales.

 

Eurozone Transactions

The company operates in Ireland and is exposed to fluctuations in the Euro currency. The company monitors cash requirements in both currencies in which it operates and seeks to take advantage of the best available exchange rates having regard to operational requirements.

 

Information Technology

The company continually maintains and updates both hardware and software to protect against external attack while operating a back up process to allow business to both continue and be restored in the event of accidental or deliberate failure of the IT systems.

On behalf of the board

Mr M Dale
Director
21 August 2024
SKIDATA IRELAND LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the supply and installation of parking systems equipment.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Dale
Mr W Balk
Mr J Toal
Mr L Van der Meijden
(Resigned 12 January 2024)
Post reporting date events

On 22 February 2024, The Kudelski Group announced that it has initiated a strategic review of its SKIDATA business, with the intention to explore a range of strategic alternatives, including a potential sale of this business. One course of action under consideration is a divestiture of the SKIDATA business.

Auditor

The auditor, GMcG LISBURN, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

SKIDATA IRELAND LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M Dale
Director
21 August 2024
SKIDATA IRELAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SKIDATA IRELAND LTD
- 4 -
Opinion

We have audited the financial statements of SKIDATA Ireland Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 101 'Reduced Disclosure Framework'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

SKIDATA IRELAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKIDATA IRELAND LTD
- 5 -

Other information

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:

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 and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

SKIDATA IRELAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKIDATA IRELAND LTD
- 6 -
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.

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

SKIDATA IRELAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKIDATA IRELAND LTD
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

SKIDATA IRELAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKIDATA IRELAND LTD
- 8 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

SKIDATA IRELAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKIDATA IRELAND LTD
- 9 -

The purpose of our audit work and to whom we owe our responsibilities

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.

Mr Stephen Houston FCA
Senior Statutory Auditor
For and on behalf of GMcG LISBURN
21 August 2024
2024-08-27
Chartered Accountants
Statutory Auditor
Century House
40 Crescent Business Park
Lisburn
BT28 2GN
SKIDATA IRELAND LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Revenue
3
2,353,417
1,548,889
Cost of sales
(1,133,966)
(691,146)
Gross profit
1,219,451
857,743
Administrative expenses
(1,174,537)
(1,015,788)
Other operating income
4
37,944
216,197
Operating profit
5
82,858
58,152
Investment income
9
8,938
4,429
Finance costs
10
(4,742)
(2,558)
Profit before taxation
87,054
60,023
Tax on profit
11
1,464
(6,282)
Profit for the financial year
88,518
53,741

The income statement has been prepared on the basis that all operations are continuing operations.

SKIDATA IRELAND LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
146,005
105,780
Current assets
Inventories
13
303,247
317,456
Trade and other receivables
14
898,854
1,105,041
Cash and cash equivalents
374,009
360,707
1,576,110
1,783,204
Current liabilities
15
(516,314)
(819,012)
Net current assets
1,059,796
964,192
Total assets less current liabilities
1,205,801
1,069,972
Non-current liabilities
16
(79,664)
(30,269)
Provisions for liabilities
Deferred tax liability
17
3,794
5,878
(3,794)
(5,878)
Net assets
1,122,343
1,033,825
Equity
Called up share capital
19
200
200
Capital redemption reserve
100
100
Retained earnings
1,122,043
1,033,525
Total equity
1,122,343
1,033,825
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr M Dale
Mr J Toal
Director
Director
Company registration number NI036956 (Northern Ireland)
SKIDATA IRELAND LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Retained earnings
Total
£
£
£
£
Balance at 1 January 2022
200
100
979,784
980,084
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
53,741
53,741
Balance at 31 December 2022
200
100
1,033,525
1,033,825
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
88,518
88,518
Balance at 31 December 2023
200
100
1,122,043
1,122,343
SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Skidata Ireland Ltd. is a private company limited by shares incorporated in Northern Ireland. The registered office is Century House, 40 Crescent Business Park, Lisburn, Co. Antrim, BT28 2GN. The Business address is Unit 21B Enterprise Road, Bangor, BT19 7TA.

 

The principal activity of the company continued to be that of the supply and installation of parking systems equipment.

1.1
Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions under FRS 101:

• the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share based payment

• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m),B64(n)(ii),

B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

• the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and

Discontinued Operations

• the requirements of IFRS 7 Financial Instruments: Disclosures

• the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

• the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present

comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

- paragraphs 76 and 79(d) of IAS 40 Investment Property; and

- paragraph 50 of IAS 41 Agriculture

• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111

and 134-136 of IAS 1 Presentation of Financial Statements

• the requirements of IAS 7 Statement of Cash Flows

• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

• the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions

entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

• the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 14 -
1.3
Revenue recognition

Revenue 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue 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 revenue 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.

Revenue from contracts for the provision of professional services 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 calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Property, plant and equipment

Property, plant and equipment 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 over their useful lives on the following bases:

Right of use property
33.33% Straight line
Leasehold improvements
10% Straight line
Computer equipment
25% Straight line
Fixtures, fittings & equipment
25% Straight line
Right of use motor vehicles
25% Straight line

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.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 15 -
1.7
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
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 income statement 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.

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 16 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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 non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

The company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

1.13
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.

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
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.

Inventories

At each Balance Sheet date the company's stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The assessment of the selling price of such stock involves some estimation uncertainty.

Property, plant and equipment

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included i n accounting policies.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

Valuation of lease liabilities and right-of-use assets

The application of IFRS 16 requires the company to make judgements that affect the valuation of the lease liabilities and the valuation of right-of-use assets. These include: determining contracts in scope of IFRS 16, determining the contract term and determining the interest rate used for the discounting of future cashflows. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate can not be readily determined, the company uses its incremental borrowing rate.

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
3
Revenue

The turnover for the company relates to revenue from contracts with customers.

2023
2022
£
£
Revenue analysed by class of business
Supply and installation of equipment
1,706,415
992,456
Maintenance of equipment
647,002
556,433
2,353,417
1,548,889
2023
2022
£
£
Timing of revenue recognition
At a point in time
1,706,415
992,456
Over time
647,002
556,433
2,353,417
1,548,889
2023
2022
£
£
Revenue analysed by geographical market
UK
764,121
722,281
Republic of Ireland
1,589,296
826,608
2,353,417
1,548,889
4
Other operating income
2023
2022
£
£
Management income receivable
37,944
216,197
37,944
216,197
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
9,702
(30,529)
Depreciation of owned property, plant and equipment
75,145
77,032

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 £9,702 (2022 - £30,529).

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,000
9,000
For other services
All other non-audit services
7,972
8,825
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total employees
16
16

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
778,041
721,581
Social security costs
91,933
90,042
Pension costs
11,717
12,060
881,691
823,683
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
92,045
83,337
Company pension contributions to defined contribution schemes
1,321
1,321
93,366
84,658

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

 

9
Investment income
2023
2022
£
£
Interest income
Interest receivable from group companies
8,938
4,429
SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
4,742
2,558
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
620
7,381
Double tax relief
(620)
(7,381)
Total UK current tax
-
0
-
0
Foreign current tax on profits for the current period
620
7,381
Total current tax
620
7,381
Deferred tax
Origination and reversal of timing differences
(2,084)
(1,099)
Total tax (credit)/charge
(1,464)
6,282

The actual (credit)/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:

2023
2022
£
£
Profit before taxation
87,054
60,023
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
16,540
11,404
Tax effect of expenses that are not deductible in determining taxable profit
5,096
6,097
Double tax relief
(620)
(7,381)
Group relief
(22,480)
(3,838)
Permanent capital allowances in excess of depreciation
(2,084)
(1,099)
Deferred tax adjustments in respect of prior years
2,084
1,099
Taxation (credit)/charge for the year
(1,464)
6,282
SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Property, plant and equipment
Right of use property
Leasehold improvements
Computer equipment
Fixtures, fittings & equipment
Right of use motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
59,036
38,699
41,208
63,029
122,407
324,379
Additions
-
0
-
0
-
0
-
0
115,370
115,370
Disposals
-
0
-
0
(1,282)
(15,556)
(54,865)
(71,703)
At 31 December 2023
59,036
38,699
39,926
47,473
182,912
368,046
Depreciation and impairment
At 1 January 2023
19,421
18,842
37,152
63,029
80,155
218,599
Depreciation charged in the year
29,949
4,730
3,606
-
0
36,860
75,145
Eliminated in respect of disposals
-
0
-
0
(1,282)
(15,556)
(54,865)
(71,703)
At 31 December 2023
49,370
23,572
39,476
47,473
62,150
222,041
Carrying amount
At 31 December 2023
9,666
15,127
450
-
0
120,762
146,005
At 31 December 2022
39,615
19,857
4,056
-
0
42,252
105,780
13
Inventories
2023
2022
£
£
Finished goods and goods for resale
303,247
317,456
14
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
527,298
625,432
Corporation tax recoverable
6,953
4,763
Amounts owed by group undertakings
312,386
448,763
Other receivables
-
0
735
Prepayments and accrued income
52,217
25,348
898,854
1,105,041
SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
15
Current liabilities
2023
2022
£
£
Lease liabilities
49,032
50,096
Trade payables
(72,616)
216,867
Taxation and social security
165,701
115,406
Other payables
359,836
422,494
Accruals
14,361
14,149
516,314
819,012
16
Non-current liabilities
2023
2022
£
£
Lease liabilities
79,664
30,269
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,794
5,878
2023
Movements in the year:
£
Liability at 1 January 2023
5,878
Credit to profit or loss
(2,084)
Liability at 31 December 2023
3,794
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,717
12,060

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.

SKIDATA IRELAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
200
200
200
200
20
Reserves

Capital redemption reserve

The capital redemption reserve reflects the company's purchase of its own shares to reduce its share capital.

 

Profit and loss account

The profit and loss account reflects the retained earnings of the company that are available for distribution.

21
Related party transactions

Remuneration of key management personnel

Key management includes the Board of Directors of the company. The compensation paid or payable to key management for employee services is shown in note 8.

Transactions with related parties

As the company is a wholly owned subsidiary, advantage has been taken of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 101.

22
Ultimate controlling party

The ultimate parent undertaking, controlling party and the largest group in which the results of Skidata Ireland Ltd are consolidated is that of Kudelski SA, which is incorporated in Switzerland. Copies of the Kudelski SA financial statements may be obtained from the corporate headquarters, Kudelski SA, 22-24 Route de Geneve, PO Box 134, 1033 Cheseeaux-sur-Lausanne, Switzerland.

 

The smallest group in which the results of Skidata Ireland Ltd are consolidated, and the immediate parent of the company is Skidata GmbH which is registered in Austria. Copies of the Skidata GmbH financial statements may be obtained from its registered office is Untersbergstrabe 40, 5083 Grodig / Salzburg, Austria.

23
Events after the reporting date

On 22 February 2024, The Kudelski Group announced that it has initiated a strategic review of its SKIDATA business, with the intention to explore a range of strategic alternatives, including a potential sale of this business. One course of action under consideration is a divestiture of the SKIDATA business.

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