REGISTERED NUMBER: |
S3 ID LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 DECEMBER 2023 |
REGISTERED NUMBER: |
S3 ID LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 DECEMBER 2023 |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
S3 ID LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
S3 ID Limited is a |
The company's principal activities are disclosed in the Directors' Report. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Going concern |
The directors have made a detailed assessment of the going concern requirements to ensure the company has adequate resources to continue in operational existence for the foreseeable future. As a result of this review the directors are confident that, given; the current value of orders in and the cash balances in the bank, the Company has sufficient resources to continue trading. |
Turnover |
Turnover is recognised at the fair value of consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts and settlement discounts. Turnover is shown net of Value Added Tax. |
Turnover from contracts for the provision of 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, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Intangible fixed assets- goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is capitalised and written off evenly over 10 years as in the opinion of the directors, this represents the period over which the goodwill is expected to give rise to economic benefits. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less that the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets other than goodwill |
The company capitalises development expenditure as an intangible asset when it is able to demonstrate all of the following; |
(a) The technical feasibility of completing the development so the intangible asset will be available for use or sale. |
(b) Its intention to complete the development and to use or sell the intangible asset. |
(c) Its ability to use or sell the intangible asset. |
(d) How the intangible asset will generate probable future economic benefits. |
(e) The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible assets. |
(f) Its ability to measure reliably the expenditure attributable to the intangible asset during its development. |
Capitalised development expenditure is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
All research and development expenditure that does not meet the above conditions is expensed as incurred. |
Intangible assets purchased other than in a business combination are recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. |
Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised to profit or loss on a straight-line basis over their useful lives, as follows: |
Software | 3-5 years straight line |
Research and development | 3-5 years straight line |
Product development | 3-5 years straight line |
Amortisation is revised prospectively for any significant change in useful life or residual value. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write the cost of assets less their residual values over their useful lives on the following bases: |
Fixtures & fittings | 5 years straight line/ remaining period of lease |
Computer equipment | 3 years 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 recognised in the statement of comprehensive income. |
Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life. |
Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less that its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reversed, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
At each reporting date, the company assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock 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. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic Grant income relating to revenue is recognised on an accruals basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. |
Cash and cash equivalents |
Cash and cash equivalents 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. |
Financial instruments |
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. |
Financial assets |
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. |
Basic financial assets, which include trade, group and other debtors (including accrued income) and cash and bank balances, initially measured at transaction price including transaction costs and are subsequently carried at amortised costs 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. Other financial assets classified as fair value through profit or loss are measured at fair value. |
Interest is recognised by applying the effective interest rate, except for short-term debtors when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Classification of financial liabilities |
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contracts that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilities |
Basic financial liabilities including trade and other creditors and amounts due to fellow group undertakings are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised cost using the effective interest method. |
Derivatives |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured to fair value, at each reporting date. Fair value gains and losses are recognised in profit or loss. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. |
Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity. |
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period. |
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is not discounted. |
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that is probably that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. |
Provisions |
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
Provisions for restructuring costs are recognised when the company has a legal obligation or a constructive obligation arising from a detailed formal plan for the restructuring which has been notified to affected parties. |
Provisions are recognised for expected warranty claims on products sold during the last 2 years. It is expected that a proportion of these costs will be incurred in the next financial year and all will have been incurred within 3 years of the balance sheet date. |
Warranty and restructuring provisions are classified within Other creditors. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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. |
Retirement benefits |
For defined contribution schemes the amount charges to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
Rental income from assets leased under operating leases is recognised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the rental income and recognised on a straight-line basis over the lease term. |
Foreign exchange |
Transactions in currencies other than the functional currency (foreign currency) are initial recorded at the exchange rate prevailing on the date of the transaction. |
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date or the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related transaction gain or loss is also recognised in other comprehensive income. |
Critical accounting estimates and judgements |
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 which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The estimates and judgements which are considered to have the most significant impact on the carrying amount of assets and liabilities are outlined below: |
Contract revenue |
Revenue from contracts is recognised so as to ensure that an appropriate level of profit is recognised based on the stage of completion of the contract. Profit is only recognised once a final forecast profit on a contract can be reliably estimated. Where a contract is expected to be loss making, that loss is recognised in full. |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Bad debt provision |
Trade debtors are stated at recoverable amounts, after appropriate provision from bad and doubtful debts. Calculation of the bad debt provision requires judgement from the directors, based on the creditworthiness of the customer. |
Intangible assets |
Determining whether intangible assets will present future economic benefits requires judgement from the directors, based on the expected viability of assets capitalised. |
Leasing |
Inc categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have been transferred to the Company as a lessee, or the lessee, where the Company is a lessor. |
Depreciation |
The assessment of the useful economic lives and the method of depreciating fixed assets requires judgement. Depreciation is charged to the profit or loss based on the useful economic life selected, which requires and estimation of the period and profile over which the Company expects to consume the future economic benefits embodied in the assets. |
Warranty provision |
Provisions are recognised for expected warranty claims on products sold during the last 2 years. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
Goodwill | costs | Software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 | ( |
) |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Gross amounts due from contrac |
t customers |
Government grants | 38,683 | 38,683 |
Other debtors | - | 1,174 |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 926 | 5,070 |
Other creditors |
Customer deposits |
Accruals and deferred income |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | LEASING AGREEMENTS |
Lessee |
Operating lease payments represent rentals payable by the Company in respect of its office and workshop premises. The lease is for a term of 7 years and extends to 31 December 2030, with a break clause at 31 December 2028. |
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due follows: |
2023 | 2022 |
Amounts due: | £ | £ |
Within one year | 55,000 | 115,000 |
Between two and five years | 220,000 | - |
After five years | - | - |
275,000 | 115,000 |
Lessor |
At the prior year end date, the Company had contracted with tenants, under non-cancellable operating leases, for the following future minimum lease payments the lease extending to 30 December 2023. |
2022 |
Amounts due: | £ |
Within one year | 60,000 |
Between two and five years | - |
After five years | - |
120,000 |
The tenant has not renewed the lease following. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 410,000 | 410,000 |
Redeemable preference | £1 | 340,000 | 340,000 |
750,000 | 750,000 |
S3 ID LIMITED (REGISTERED NUMBER: 06446851) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | CALLED UP SHARE CAPITAL - continued |
Ordinary shares |
The ordinary shares, which carry no right to fixed issue, each carry the right to one vote at general meetings of the company. |
Preference shares |
The redeemable preference shares do not carry any voting rights and are entitled to no share in any excess on winding up. The company has not paid a dividend on the preference shares in the current year or prior periods. The redeemable preference shares are non-cumulative and can only be redeemed at the discretion of the company. |
Profit and loss reserves |
Cumulative profit and loss net of distributions to owners |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 | ( |
) |
13. | RELATED PARTY DISCLOSURES |
During the year, the Company rented its head office premises from D Gennard and E Fredrikson who are/were directors of S3 ID Group Limited, the company's immediate parent undertaking. Rental costs during the year totalled £115,000 (2022: £115,000) and amount totalling £16,500 (2022: £34,500) were outstanding at the year end and are included within trade creditors. |
During the year, the company made sales of £1,800 to Hogen Systems Ltd (2022: £1,800), a company in which D Gennard is a director. No amounts were outstanding at the year-end. |
During the year the company made purchases of £22,419 (2022: £20,000) from S3 ID Pte Limited, a company in which Tan Mok Koon is a director and beneficial owner. No amounts were outstanding to the entity at the year end. |
14. | CONTROLLING PARTY |
The company's immediate parent undertaking is S3 ID Group Limited, a company incorporated in England and Wales and is the smallest and largest in group in which consolidated accounts are available including S3 ID Limited. The consolidated accounts are available from Companies House. |
Tan Mok Koon (an individual resident in Singapore) controls S3 ID Group Limited by virtue of their interest in S3 ID PTE Limited which holds 81.5% of the voting rights in S3 ID Group Ltd. The directors therefore consider Tan Mok Koon to be the ultimate controlling party. |