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Registered number: 03833656









UK Point of Sale Group









Annual report and financial statements

For the Year Ended 31 December 2023

 
UK Point of Sale Group
 
 
Company Information


Directors
J S  Leslie 
D L Jamieson 
P Koose 
C Mamisch 
G Johnson (appointed 5 April 2023)




Company secretary
Oakwood Corporate Secretary Limited



Registered number
03833656



Registered office
Horsfield Way
Bredbury Park Industrial Estate

Bredbury

Stockport

SK6 2TD




Independent auditors
Hurst Accountants Limited
Chartered Accountants

Lancashire Gate

21 Tiviot Dale

Stockport

SK1 1TD




Bankers
Barclays Bank
3 Hardman Street

Manchester

M3 3AX





 
UK Point of Sale Group
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10
Notes to the financial statements
 
11 - 24


 
UK Point of Sale Group
 
 
Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their Strategic Report for the 12 months ended 31 December 2023.

Business review
 
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.

Principal risks and uncertainties
 
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

 
UK Point of Sale Group
 

Strategic Report (continued)
For the Year Ended 31 December 2023

Financial key performance indicators
 
The Directors monitor the performance of the business through financial key performance indicators including:
 

31 December 2023
31 December 2022



Revenue
£13,939,542
£13,508,462
Net worth
£10,209,579
£8,386,497
Current assets
£11,769,501
£9,821,510
Current liabilities
£2,090,447
£2,030,454



This report was approved by the board and signed on its behalf.



G Johnson
Director

Date: 9 April 2024

Page 2

 
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.

Directors

The directors who served during the year were:

J S  Leslie 
D L Jamieson 
P Koose 
C Mamisch 
G Johnson (appointed 5 April 2023)

Results and dividends

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. 

Directors' responsibilities statement

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 2006They 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.

Future developments

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.

Page 3

 
UK Point of Sale Group
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

Engagement with employees

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.

Matters covered in the Strategic Report

Financial Risk Management is deemed to be of strategic importance and is therefore included in the strategic report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill 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.
 



G Johnson
Director

Date: 9 April 2024

Page 4

 
UK Point of Sale Group
 
 
 
Independent auditors' report to the members of UK Point of Sale Group
 

Opinion


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 policiesThe 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 December 2023 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.


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 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.


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 information


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.


Page 5

 
UK Point of Sale Group
 
 
 
Independent auditors' report to the members of UK Point of Sale Group (continued)


Opinion 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 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.


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 directors' 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 set out on page 3, 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.


Page 6

 
UK Point of Sale Group
 
 
 
Independent auditors' report to the members of UK Point of Sale Group (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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.


 
Page 7

 
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.


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 2006Our 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.





John Glover (Senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Lancashire Gate
21 Tiviot Dale
Stockport
SK1 1TD

9 April 2024
Page 8

 
UK Point of Sale Group
 
 
Statement of Income and Retained Earnings
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,939,542
13,508,462

Cost of sales
  
(6,329,078)
(6,525,355)

Gross profit
  
7,610,464
6,983,107

Administrative expenses
  
(3,596,037)
(3,395,040)

Operating profit
 5 
4,014,427
3,588,067

Interest receivable and similar income
 9 
355,873
85,790

Profit before tax
  
4,370,300
3,673,857

Tax on profit
 10 
(1,062,220)
(703,867)

Profit after tax
  
3,308,080
2,969,990

  

  

Retained earnings at the beginning of the year
  
8,386,396
6,590,212

  
8,386,396
6,590,212

Profit for the year
  
3,308,080
2,969,990

Dividends declared and paid
  
(1,484,998)
(1,173,806)

Retained earnings at the end of the year
  
10,209,478
8,386,396

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 24 form part of these financial statements.

Page 9

 
UK Point of Sale Group
Registered number: 03833656

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
946
1,547

Tangible assets
 13 
600,946
673,521

Investments
 14 
208
208

  
602,100
675,276

Current assets
  

Stocks
 15 
2,040,538
2,152,327

Debtors: amounts falling due within one year
 16 
1,210,145
1,188,015

Cash at bank and in hand
 17 
8,545,818
6,481,168

  
11,796,501
9,821,510

Creditors: amounts falling due within one year
 18 
(2,090,447)
(2,030,454)

Net current assets
  
 
 
9,706,054
 
 
7,791,056

Total assets less current liabilities
  
10,308,154
8,466,332

Provisions for liabilities
  

Deferred tax
 19 
(98,575)
(79,835)

  
 
 
(98,575)
 
 
(79,835)

Net assets
  
10,209,579
8,386,497


Capital and reserves
  

Called up share capital 
 20 
54
54

Capital redemption reserve
 21 
47
47

Profit and loss account
 21 
10,209,478
8,386,396

  
10,209,579
8,386,497


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Johnson
Director

Date: 9 April 2024

The notes on pages 11 to 24 form part of these financial statements.

Page 10

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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).
 

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

Page 11

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

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

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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.

 
2.9

Intangible assets

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.

Page 13

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
Not depreciated
Long-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
20-33% straight line and reducing balance
Motor vehicles
-
20-33% straight line and reducing balance
Fixtures and fittings
-
20-33% straight line and reducing balance
Computer equipment
-
20-33% straight line and reducing balance

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. 
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.

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholder.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that affect the amounts  reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimates means that actual outcomes could  differ from those estimates. 
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.


4.


Turnover

The whole of the turnover is attributable to the provision of visual display solutions.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(3,005)
(23,977)

Other operating lease rentals
270,767
240,731

Page 15

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
14,500
13,750

Fees payable to the Company's auditors and their associates in connection with the Company's pension scheme(s) in respect of:

Taxation compliance services
2,250
2,000

All non-audit services not included above
750
750


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,036,993
2,086,858

Social security costs
261,822
246,266

Cost of defined contribution scheme
62,978
68,369

2,361,793
2,401,493


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration and Sales
54
56

Page 16

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
347,769
185,353

Company contributions to defined contribution pension schemes
13,042
-

360,811
185,353


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £173,353 (2022 - £173,353).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £110 (2022 - £NIL).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
355,873
85,790


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,043,480
721,873


Total current tax
1,043,480
721,873

Deferred tax


Origination and reversal of timing differences
18,740
(18,006)

Total deferred tax
18,740
(18,006)


Taxation on profit on ordinary activities
1,062,220
703,867
Page 17

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,370,300
3,673,857


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
1,092,575
698,033

Effects of:


Expenses not deductible for tax purposes
2,092
-

Other timing differences leading to an increase in taxation
(32,447)
5,834

Total tax charge for the year
1,062,220
703,867


11.


Dividends

2023
2022
£
£


Dividend paid on equity capital
1,484,998
1,173,806

Page 18

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
256,017



At 31 December 2023

256,017



Amortisation


At 1 January 2023
254,470


Charge for the year on owned assets
601



At 31 December 2023

255,071



Net book value



At 31 December 2023
946



At 31 December 2022
1,547



Page 19

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost 


At 1 January 2023
122,445
909,006
781,333
6,100
577,536
684,317
3,080,737


Additions
-
-
58,699
-
8,395
3,914
71,008



At 31 December 2023

122,445
909,006
840,032
6,100
585,931
688,231
3,151,745



Depreciation


At 1 January 2023
122,445
503,849
671,302
6,100
484,026
619,494
2,407,216


Charge for the year
-
64,142
26,895
-
20,127
32,419
143,583



At 31 December 2023

122,445
567,991
698,197
6,100
504,153
651,913
2,550,799



Net book value



At 31 December 2023
-
341,015
141,835
-
81,778
36,318
600,946



At 31 December 2022
-
405,157
110,031
-
93,510
64,823
673,521

Page 20

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
208



At 31 December 2023
208





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

UK Point of Sale Limited
*
Ordinary
100%
UK Point of Purchase Limited
*
Ordinary
100%
UK Displays Limited
*
Ordinary
100%
UK Trade Displays Limited
*
Ordinary
100%
UK POS Limited
*
Ordinary
100%
Supervue Limited
*
Ordinary
100%
Clipable Limited
*
Ordinary
100%
The Chalkboard Company International Limited
*
Ordinary
100%

* The registered office of all subsidiaries is the same as the Company. All subsidiaries are dormant.


15.


Stocks

2023
2022
£
£

Raw materials and consumables
65,692
76,648

Finished goods and goods for resale
1,974,846
2,075,679

2,040,538
2,152,327


Page 21

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

16.


Debtors

2023
2022
£
£


Trade debtors
657,493
894,653

Other debtors
368,419
126,812

Prepayments and accrued income
184,233
166,550

1,210,145
1,188,015



17.


Cash

2023
2022
£
£

Cash at bank and in hand
8,545,818
6,481,168



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
600,194
679,152

Corporation tax
573,026
401,419

Other taxation and social security
147,214
154,609

Other creditors
531,687
560,350

Accruals and deferred income
238,326
234,924

2,090,447
2,030,454


Page 22

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

19.


Deferred taxation




2023


£






At beginning of year
(79,835)


Charged to profit or loss
(18,740)



At end of year
(98,575)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(98,575)
(79,835)

(98,575)
(79,835)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,074 (2019-4,074) Ordinary 'A' preferred shares of £0.01 each
41
41
1,358 (2022 - 1,358) Ordinary 'B' shares of £0.01 each
13
13

54

54


All shares rank pari passu in all respects.



21.


Reserves

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. 

Page 23

 
UK Point of Sale Group
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

22.


Pension commitments

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.


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
274,573
225,235

Later than 1 year and not later than 5 years
1,121,174
1,126,177

Later than 5 years
-
18,770

1,395,747
1,370,182


24.


Related party transactions

The company pays rents to entities with common directors and shareholders. During the period, rental and other property cost of £284,906 (2022: £240,731) were made to these entities. Management charges of £36,377 (2022: £38,007) were made during the period to such entities. 
Key management are considered to be the directors, their remuneration is disclosed in note 9 to the financial statements.


25.


Controlling party

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.

 
Page 24