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REGISTERED NUMBER: 11909658 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BOLTTECH DEVICE PROTECTION (UK) LIMITED

BOLTTECH DEVICE PROTECTION (UK) LIMITED (REGISTERED NUMBER: 11909658)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BOLTTECH DEVICE PROTECTION (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A E Butler
Mrs E L Field





SECRETARY: Elemental Company Secretary Limited





REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 11909658 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

BOLTTECH DEVICE PROTECTION (UK) LIMITED (REGISTERED NUMBER: 11909658)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 4 809,167 449,384
Cash at bank 140,844 68,369
950,011 517,753
CREDITORS
Amounts falling due within one year 5 17,466,112 12,165,238
NET CURRENT LIABILITIES (16,516,101 ) (11,647,485 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(16,516,101

)

(11,647,485

)

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings (16,516,102 ) (11,647,486 )
SHAREHOLDERS' FUNDS (16,516,101 ) (11,647,485 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 4 December 2024 and were signed on its behalf by:





A E Butler - Director


BOLTTECH DEVICE PROTECTION (UK) LIMITED (REGISTERED NUMBER: 11909658)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Bolttech Device Protection (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going Concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The Group has also confirmed it will continue to support the entity for a period of at least 12 months from the date the accounts are approved.

Other income
Other income is recognised in the accounting period to which it relates, which is the same accounting period as the underlying costs are incurred.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.


BOLTTECH DEVICE PROTECTION (UK) LIMITED (REGISTERED NUMBER: 11909658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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

Current or deferred taxation assets and liabilities are not discounted.

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

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Share-based compensation
The Group operates an equity-settled, share-based compensation plan, under which the Group awards restricted share units ("RSUs") to eligible persons of the Group. The cost of equity-settled transactions is measured by reference to the fair value at the date at which the RSUs are granted.

The total amount to be expensed over the vesting period is determined by reference to the fair value of the RSUs awarded on respective grant dates, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in the assumptions about the number of RSUs that are expected to vest. At the end of each reporting period, the Group revises its estimate of the number of RSUs that are expected to vest. Any impact of the revisions to original estimates is recognised in profit or loss, with a corresponding adjustment to equity over the remaining vesting period. Where awards of share-based payment arrangements have graded vesting terms, each tranche is recognised as a separate award and the fair value is recognised over the applicable vesting period.

Where modification or cancellation of an equity-settled share-based compensation plan occurs, the grant date fair value continues to be recognised, together with any incremental value arising on the date of modification, if non-market conditions are met.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

BOLTTECH DEVICE PROTECTION (UK) LIMITED (REGISTERED NUMBER: 11909658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 26,678 66,944
Amounts owed by group undertakings 349,065 30,765
Other debtors 433,424 351,675
809,167 449,384

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors - 9,327
Amounts owed to group undertakings 16,226,583 11,329,079
Other creditors 1,239,529 826,832
17,466,112 12,165,238

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year - 88,214

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary $1 1 1

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

9. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company. The pension cost charge represents contributions payable by the Company to the fund of £176,015 (2022 - £168,983). Contributions totalling £29,109 (2022 - £31,012) were payable to the fund at the balance sheet date.

10. RELATED PARTY DISCLOSURES

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

BOLTTECH DEVICE PROTECTION (UK) LIMITED (REGISTERED NUMBER: 11909658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. ULTIMATE CONTROLLING PARTY

The immediate parent company is Bolttech Holdings (Europe) SARL, a company incorporated in Luxembourg, which owns 100% of the share capital.

The ultimate controlling party of the company is Bolttech Holdings Limited, a company incorporated in the Cayman Islands.