Registered number:
For the Year Ended
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UK Point of Sale Group
Company Information
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UK Point of Sale Group
Contents
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UK Point of Sale Group
Strategic Report
For the Year Ended 31 December 2023
The directors present their Strategic Report for the 12 months ended 31 December 2023.
The Company has once again provided excellent results with turnover increasing 3.2% to £13.9m (2022: £13.5m), with the Company’s net assets increasing to £10.2m (2022: £8.4m).
The Directors are pleased with the Company performance during the financial year, despite the continuing supply chain challenges and rising raw material prices. The Company follows a strategy of investment in its people and its physical and digital infrastructure during current and recent years has provided the Company with a platform for continued growth.
The Board has primary responsibility for identifying the principal risks which the business faces and for developing appropriate policies to manage those risks.
The principal business risks relate to the follow
∙Currency and foreign exchange rate fluctuations
∙Financial risk management such as credit risk and liquidity risk
Credit risk
The Company actively manages its customer relationships and has a broad spectrum of customers to diversify risk, it trades with only recognised credit worthy third parties. It is the Company’s policy that all customers who wish to trade on credit terms are subject to credit vetting procedures and the Company purchases appropriate credit insurance. Balances are monitored on an on-going basis so that the Company’s exposure to bad debt is minimal. Liquidity risk The Company’s objective is to maintain a healthy working capital by monitoring its current assets and liabilities and the timing of cash flows to ensure that the Company can cover all its contractual obligations. Exchange rate risk Fluctuations in currency exchange rates can have a significant impact on the Company’s gross profit margin. The Company mitigates the risk as far as possible through the use of forward exchange contracts.
Page 1
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UK Point of Sale Group
Strategic Report (continued)
For the Year Ended 31 December 2023
The Directors monitor the performance of the business through financial key performance indicators including:
This report was approved by the board and signed on its behalf.
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UK Point of Sale Group
Directors' Report
For the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £3,308,080 (2022 - £2,969,990).
The directors do not recommend the payment of a final dividend.
The directors are responsible for preparing the Strategic Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
The Company’s future success is dependent upon providing a consistent high quality product range at competitive prices to a wide range of customers across our chosen markets. The year ahead will see continued investment in people, systems and manufacturing capability to ensure delivery of the Company’s strategic objectives.
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UK Point of Sale Group
Directors' Report (continued)
For the Year Ended 31 December 2023
The Company seeks to provide a vibrant, enjoyable and respectful working environment for all its staff. We look to invest in our staff to ensure that they have the skills required to deliver future growth. We have outstanding employees and thank them for their on-going support and commitment to the business.
Financial Risk Management is deemed to be of strategic importance and is therefore included in the strategic report.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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UK Point of Sale Group
Independent auditors' report to the members of UK Point of Sale Group
We have audited the financial statements of UK Point of Sale Group (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 Auditors' 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.
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UK Point of Sale Group
Independent auditors' report to the members of UK Point of Sale Group (continued)
In our opinion, based on the work undertaken in the course of the 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.
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.
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UK Point of Sale Group
Independent auditors' report to the members of UK Point of Sale Group (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
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. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business
performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was
aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in thefinancial
statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have
a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the
provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws
and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of
material misstatement due to fraud.
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UK Point of Sale Group
Independent auditors' report to the members of UK Point of Sale Group (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify
accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the
judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the rationale of any significant transactions that are unusual or outside the normal course of business.
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.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws
and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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UK Point of Sale Group
Statement of Income and Retained Earnings
For the Year Ended 31 December 2023
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UK Point of Sale Group
Registered number: 03833656
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 24 form part of these financial statements.
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
UK Point of Sale Group Limited is a company limited by shares incorporated in England and Wales, registered number 03833656. The address of the registered office and principal place of business is Horsfield Way, Bredbury Park Industrial Estate, Bredbury, Stockport, SK6 2TD.
The nature of the company's operation and principal activity is the provision of visual display solutions.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Lifco AB as at 31 December 2023 and these financial statements may be obtained from the Lifco website and the Registrar, under the provisions of section 479A of the Companies Act 2006.
Functional and presentation currency
Transactions and balances
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Revenue from the sale of good is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery to the customer), 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 cost incurred or to be incurred in respect of the transaction can be measured reliably.
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over its useful economic life.
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
At each balance sheet date, 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 impairment loss is recognised immediately in profit or loss.
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
The whole of the turnover is attributable to the provision of visual display solutions.
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 16
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
10.Taxation (continued)
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 19
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 20
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 21
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
Capital redemption reserve
The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares. Profit and loss account The profit and loss account includes all current retained profit and losses.
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UK Point of Sale Group
Notes to the Financial Statements
For the Year Ended 31 December 2023
The company operates a definied contribution pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £62,978 (2022: £68,369). An amount of £8,316 (2022: £41,161) remains payable to the fund at the balance sheet date.
The company's ultimate holding company and ultimate controlling party is Carl Bennet AB, a company incorporated in Sweden.
The largest group of which the company is a member and for which group financial statements are drawn up is that headed by Carl Bennet AB. The smallest group of which the company is a member and for which group financial statements are drawn up is Lifco AB, a company incorporated in Sweden. Lifco AB's principal place of business is Verkmöstraregatan 1, SE-745 85 Enköpitig, Sweden. Carl Bennet AB's principal place of business is Box 10035, S-434 21 Kungsbacka, Sweden. The ultimate controlling party is Carl Bennet, a Swedish Industrialist.
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