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REGISTERED NUMBER: 01559261 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2024

for

Computionics Limited

Computionics Limited (Registered number: 01559261)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Computionics Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr A W Foster
Mrs S J Foster





SECRETARY: Mrs S J Foster





REGISTERED OFFICE: 54 Chorley Road
Hilldale
Parbold
Lancashire
WN8 7AS





REGISTERED NUMBER: 01559261 (England and Wales)





AUDITORS: Ashworth Treasure Limited
Statutory Auditors
17-19 Park Street
Lytham
Lancashire
FY8 5LU

Computionics Limited (Registered number: 01559261)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
Principal activities and business review

The group's main activity is the manufacture, distribution and wholesale of a quality range of electronic security and life safety equipment.

The group maintains a research and development programme on a continuing basis in order to strengthen its product base. The group's total expenditure on research and development during the year was £2,037,382 (2023: £2,467,873).

Unfortunately the R&D resource has been diverted to redesign products made unmanufacturable due to component non-availability. This has taken up approximately 75% of R&D resource and ability over the last 12 months with attendant costs to products and stagnation of development of new products. Since major parts of our products require third party assessment this has also resulted in large increases in third party testing costs all of which have increased our costs and reduced profits which have meant large price increases. Currently this has not affected volumes of sales though GPP is reduced.

The company develops and manufactures market leading and innovative technologically advanced products and has made significant investment in a state of the art research facility in order to continue investing in new products and manufacturing techniques. The research facility enables the group to enforce its position within the market place.

Key performance indicators

Turnover and profits
Company turnover has decreased by £3.1m in the year and profits before tax increased to £1.56m with the company maintaining a strong balance sheet position at the end of the year.

Gross Profit for the year was £8,756,298 (2023: £8,703,209) an increase of 0.6% year-on-year

The profit after taxation for the year amounted to £1,825,598 (2023: £1,566,258), an increase of 16.6%

Borrowing and liquidity
Borrowing is low with a gearing ratio of only 4.2% and liquidity of 320%.


Debtor days and creditor days
Average debtor days are 67 days (2023:72 days) and average creditor days are 82 days (2023:72 days) which is in line with company expectations.

Stocks
Overall stock levels were £7,183,270 (2023: £8,911,628) and have fallen in line with target for the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The company manages all potential risks and considers the threat of cheap imports from the East as a risk. Even here, the company is continually reviewing its own manufacturing processes to stay competitive. We have maintained our investment in R&D.

The uncertainty over Brexit has evaporated. The most challenging place to export to is ironically Northern Ireland. Currently our biggest growth market is the EU.

A major threat is the global lack of availability of electronic components. This has had a major impact on our manufacturing capability and has resulted in increased disruptive costs of manufacture.

The company is well placed and maintains a strategy of strong management and leadership which enables the company to react quickly to any future risks or uncertainties arising out of the business environment.

The company's workforce plays a valuable part in all aspects of the business and we continue to invest in our staff and training programmes to ensure we can embrace new technologies and fulfil our customer requirements.

Reliability and durability are built into the company's products at all stages, helping us to guarantee excellent product quality and equipment that is consistently fit for its intended purpose.


Computionics Limited (Registered number: 01559261)

Strategic Report
for the Year Ended 30 April 2024

FUTURE DEVELOPMENTS
Future development work includes a new detector range and IOT products that will consolidate our CAST product range in the marketplace.

This will be delayed due to the effects of the failure of the global supply chains as mentioned above .

STAKEHOLDER ENGAGEMENT
Stakeholder engagement plays an important part of our day to day operations. The Board is kept appraised of the feedback received and collectively or individually.
The company is engaged with its stakeholders throughout the year as follows:

Shareholders
- Board meetings were held on a regular basis to ensure that all Directors are aware of, and have a clear understanding of, the view of major shareholders.

Employees
- The company is committed to employment policies which follow best practice and are based on equal opportunities for all employees, irrespective of gender, religion or belief, age, racial or ethnic origin, sexual orientation or disability.

Customers
- We place customers at the heart of everything we do and focus on delivering excellent project quality, robust policies and resolving any customer problems quickly and efficiently.
- Our customer care team is available to answer queries throughout the customer journey.
- Customers are encouraged to give feedback to help us understand their customer experience.

Supply chain
- We work closely with our supply chain to ensure their products meet both our needs and standards.
- We engage with our suppliers and notify them of any new working protocols that they would need to comply with in order to safeguard themselves, our employees, customers and the general public.

ON BEHALF OF THE BOARD:





Mr A W Foster - Director


11 December 2024

Computionics Limited (Registered number: 01559261)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The company's principal activity in the year continues to be that of the manufacture and distribution of electronic security and life safety equipment.

DIVIDENDS
Particulars of dividends paid are detailed in note 8 to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr A W Foster
Mrs S J Foster

DISCLOSURE IN THE STRATEGIC REPORT
The strategic report on the preceding page provides information regarding the performance, developments, and risks and uncertainties of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ashworth Treasure Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A W Foster - Director


11 December 2024

Report of the Independent Auditors to the Members of
Computionics Limited

Opinion
We have audited the financial statements of Computionics Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 30 April 2024 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 qualified opinion
With respect to the company's opening stock, the evidence available to us in relation to the valuation of the recorded stock quantities was limited. This was because, during the year ended 30 April 2022, the company implemented a new enterprise resource planning system. The system calculates overhead and labour costs included within stock. However we have been unable to satisfactorily test the opening amounts due to a lack of information.

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 the report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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.

Key audit matters
Except for the matters described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Computionics Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Computionics Limited


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

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

Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the business sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including legislation such as Companies Act, taxation
legislation, environmental and health and safety legislation etc.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team maintained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud;and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journals to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative
of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC etc

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Computionics Limited


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 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 a Report of the Auditors 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.




Anthony Cooney (Senior Statutory Auditor)
for and on behalf of Ashworth Treasure Limited
Statutory Auditors
17-19 Park Street
Lytham
Lancashire
FY8 5LU

11 December 2024

Computionics Limited (Registered number: 01559261)

Statement of Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 21,895,164 23,991,420

Cost of sales 13,138,866 15,288,211
GROSS PROFIT 8,756,298 8,703,209

Distribution costs 1,618,932 1,503,688
Administrative expenses 5,670,712 5,840,481
7,289,644 7,344,169
1,466,654 1,359,040

Other operating income 173,713 247,694
OPERATING PROFIT 6 1,640,367 1,606,734

Interest receivable and similar income - 180
1,640,367 1,606,914

Interest payable and similar expenses 7 83,744 103,406
PROFIT BEFORE TAXATION 1,556,623 1,503,508

Tax on profit 8 161,025 (62,750 )
PROFIT FOR THE FINANCIAL YEAR 1,395,598 1,566,258

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,395,598

1,566,258

Computionics Limited (Registered number: 01559261)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 9,169,575 8,999,602
Investments 10 1,000 1,000
9,170,575 9,000,602

CURRENT ASSETS
Stocks 11 7,183,270 8,911,628
Debtors 12 7,802,728 7,499,188
Cash at bank and in hand 2,485,579 1,215,542
17,471,577 17,626,358
CREDITORS
Amounts falling due within one year 13 5,456,252 6,514,939
NET CURRENT ASSETS 12,015,325 11,111,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,185,900

20,112,021

CREDITORS
Amounts falling due after more than one
year

14

(613,765

)

(1,082,071

)

PROVISIONS FOR LIABILITIES 18 (386,860 ) (225,835 )

ACCRUALS AND DEFERRED INCOME 19 (171,898 ) (186,336 )
NET ASSETS 20,013,377 18,617,779

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Retained earnings 21 19,913,377 18,517,779
SHAREHOLDERS' FUNDS 20,013,377 18,617,779

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2024 and were signed on its behalf by:





Mr A W Foster - Director


Computionics Limited (Registered number: 01559261)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100,000 16,951,521 17,051,521

Changes in equity
Total comprehensive income - 1,566,258 1,566,258
Balance at 30 April 2023 100,000 18,517,779 18,617,779

Changes in equity
Total comprehensive income - 1,395,598 1,395,598
Balance at 30 April 2024 100,000 19,913,377 20,013,377

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Computionics 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Computionics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Computionics Group Limited, 54 Chorley Road, Hilldale, Parbold, Lancashire, WN8 7AS.

Related party exemption
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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - nil - 5% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Fixed assets are stated at purchase price, less depreciation and amounts written off.

All assets more than 10 years old are written off.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the weighted average method and consists of material and direct labour costs, together with an appropriate proportion of production overheads.

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - investments in subsidiaries, trade debtors, trade creditors, hire purchase contracts, bank loans, other loans and inter-group balances.

Investments in subsidiary undertakings are measured at cost less impairment.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Inter-group balances (being repayable on demand), trade debtors, trade creditors and other loans are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment and if applicable recognised as appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined 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.

Leased assets and obligations
Tangible fixed assets operated under the terms of finance leases are capitalised at a value equal to the cost incurred by the lessor in acquiring the relevant assets and depreciated in the same manner as owned assets. Leases are regarded as finance leases where their terms transfer to the lessee substantially all the benefits and burdens of ownership other than the right to title. The capital element of future lease payments is included in creditors. In the case of other leases, the annual rentals are charged to trading profit on a straight line basis over the lease terms.

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Contingent liabilities
A contingent liability is either a possible but uncertain obligation or a present obligation that is not recognised because a transfer of economic benefits is not probable. A contingent liability also arises if a present obligation exists but the amount required to settle it cannot be reliably estimated.

Contingent liabilities are not recoginsed unless they have arisen in a business combination. They are disclosed unless the possibility of an outflow of resources is remote.

When an entity is jointly and severally liable for an obligation, the part of the obligation that is expected to be met by other parties is treated as a contingent liability.

Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value.

3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Estimated useful lives and residual values of fixed assets
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

Impairment of non-financial assets
Non-financial assets include goodwill, investments and tangible fixed assets. The company assesses at each reporting date whether there is an indication that the carrying amount of an asset may not be recoverable. If there is such an indication then the company estimates the recoverable amount of the asset using the information available at that date. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than the carrying amount, the carrying amount of an asset is impaired and it is reduced to its recoverable amount through an impairment in the statement of comprehensive income.

Provisions
Provisions are an amount set aside to cover a probable future expense, or reduction in the value of an asset. Examples of provisions include accruals, asset impairments, bad debts, depreciation, doubtful debts, taxes, inventory obsolescence, pension, restructuring liabilities and sales allowances.
Often provision amounts need to be estimated. Provisions are recorded as a current liability on the balance sheet and then matched to the appropriate expense account in the profit and loss account.

Research & development tax uplift
The R&D uplift for tax purposes is £430,000, based on an estimated level of R&D activity and is subject to the finalisation of the annual R&D claim.

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 15,386,941 15,651,289
Europe and other 6,508,223 8,340,131
21,895,164 23,991,420

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,477,100 6,328,739
Social security costs 646,367 638,520
Other pension costs 180,608 171,670
7,304,075 7,138,929

The average number of employees during the year was as follows:
2024 2023

Production and sales 172 187
Office and management 18 18
190 205

2024 2023
£    £   
Directors' remuneration 231,715 232,085

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 154,857 160,293

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 177,823 79,025
Depreciation - owned assets 600,357 557,286
Depreciation - assets on hire purchase contracts 109,254 83,778
(Profit)/loss on disposal of fixed assets (63,615 ) 585,054
Auditors' remuneration 10,000 10,000
Auditors' remuneration for non audit work 21,428 19,350
Research and development 1,720,000 2,434,009
Grants released 14,438 (37,454 )

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 42,671 35,954
Other interest payable - 45,490
Hire purchase interest 34,616 16,617
Sundry finance charges 6,457 5,345
83,744 103,406

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 161,025 (62,750 )
Tax on profit 161,025 (62,750 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,556,623 1,503,508
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

389,156

375,877

Effects of:
relief
Expenses not deductible for tax purposes 2,179 4,431
Deferred income released (3,610 ) (9,363 )
Research and development enhancement (430,000 ) (608,502 )
Depreciation on non qualifying assets 38,425 37,468
Group Relief 187,374 146,773
credits rate reduction
Expenses deductible for tax purposes (22,499 ) (100,566 )
Deferred tax rate change - 91,132
Total tax charge/(credit) 161,025 (62,750 )

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 9,747,028 2,746,167 1,365,904 257,777 14,116,876
Additions 136,971 666,760 116,776 - 920,507
Disposals - (35,200 ) - (96,840 ) (132,040 )
At 30 April 2024 9,883,999 3,377,727 1,482,680 160,937 14,905,343
DEPRECIATION
At 1 May 2023 3,553,865 528,376 892,780 142,253 5,117,274
Charge for year 253,759 259,517 169,561 26,774 709,611
Eliminated on disposal - (1,100 ) - (90,017 ) (91,117 )
At 30 April 2024 3,807,624 786,793 1,062,341 79,010 5,735,768
NET BOOK VALUE
At 30 April 2024 6,076,375 2,590,934 420,339 81,927 9,169,575
At 30 April 2023 6,193,163 2,217,791 473,124 115,524 8,999,602

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 964,664 21,000 985,664
Additions 255,934 - 255,934
At 30 April 2024 1,220,598 21,000 1,241,598
DEPRECIATION
At 1 May 2023 83,778 8,531 92,309
Charge for year 106,137 3,117 109,254
At 30 April 2024 189,915 11,648 201,563
NET BOOK VALUE
At 30 April 2024 1,030,683 9,352 1,040,035
At 30 April 2023 880,886 12,469 893,355

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1,000
NET BOOK VALUE
At 30 April 2024 1,000
At 30 April 2023 1,000

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Signet AC Limited
Registered office: 54 Chorley Road, Hilldale Parbold, Wigan, Lancs, WN8 7AS
Nature of business: Manufacture of life safety audio equipment.
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,547,778 2,862,332
Profit for the year 685,446 604,856

11. STOCKS
2024 2023
£    £   
Raw materials 4,204,103 5,600,148
Work-in-progress 1,289,839 1,560,252
Finished goods 1,689,328 1,751,228
7,183,270 8,911,628

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,137,241 4,836,627
Amounts owed by group undertakings 961,631 961,631
Other debtors 987,542 987,542
Prepayments and accrued income 716,314 713,388
7,802,728 7,499,188

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 202,415 361,698
Hire purchase contracts (see note 16) 313,317 312,241
Trade creditors 2,973,288 3,927,946
Amounts owed to group undertakings 650,000 650,000
Social security and other taxes 667,133 557,481
Other creditors 32,710 34,202
Directors' current accounts 228,677 352,793
Accrued expenses 388,712 318,578
5,456,252 6,514,939

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 253,300 443,030
Hire purchase contracts (see note 16) 360,465 639,041
613,765 1,082,071

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 202,415 361,698

Amounts falling due between one and two years:
Bank loans - 1-2 years 253,300 378,066

Amounts falling due between two and five years:
Bank loans - 2-5 years - 64,964

The bank loans are secured by a legal charge over land and buildings, together with a debenture over all assets of the company.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 313,317 312,241
Between one and five years 360,465 639,041
673,782 951,282

Liabilities under finance leases and hire purchase contracts are secured on the assets to which they relate.

Non-cancellable operating leases
2024 2023
£    £   
Within one year 79,736 83,876
Between one and five years 55,406 97,933
135,142 181,809

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 455,715 804,728
Hire purchase contracts 673,782 951,282
1,129,497 1,756,010

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 386,860 225,835

Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 225,835
Charge to Statement of Comprehensive Income during year 161,025
Balance at 30 April 2024 386,860

Deferred tax debtors relate to tax losses carried forward to be utilised.

19. ACCRUALS AND DEFERRED INCOME

2022 2021
£ £
Deferred government grants 451,881 494,217

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 100,000

21. RESERVES
Retained
earnings
£   

At 1 May 2023 18,517,779
Profit for the year 1,395,598
At 30 April 2024 19,913,377

22. ULTIMATE PARENT COMPANY

The ultimate parent company is Computionics Group Limited which was incorporated in England.

23. CONTINGENT LIABILITIES

Deferred income of £171,896 (2023 - £186,336) is in respect of government grants. The terms of the grant offer provides for repayment of part or all of the said grants if the terms of the offer letters are not complied with.

24. RELATED PARTY DISCLOSURES

The company entered into the following transactions with related parties

Name Description 2024 2023
£    £   
Solid State Security Limited Sales 844,198 755,465
Solid State Security Limited Purchases 114,720 181,276
Solid State Security Limited Management charges - -


The net sum of £153,002 (2023: -£24,125 ) was due from Solid State Security Limited at the balance sheet date.

An unsecured loan continued to be made to Country Barns Limited during the year, the amount outstanding at the year end date was £860,000 (2023: £860,000) included in other debtors. This is repayable on demand.

The related parties are all within the overall control of the company's directors.


Computionics Limited (Registered number: 01559261)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024
The company’s key management personnel are considered to be the directors. Their compensation during the year is shown in note 5.

25. ULTIMATE CONTROLLING PARTY

The controlling party is Computionics Group Limited.

26. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £187,120 (2023: £178,633). The amount outstanding at the year end was £32,710 (2023: £34,202).