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REGISTERED NUMBER: 05498299 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 April 2024

for

Computionics Group Limited

Computionics Group Limited (Registered number: 05498299)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Computionics Group Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: Mr A W Foster





SECRETARY: Mrs S J Foster





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





REGISTERED NUMBER: 05498299 (England and Wales)





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

Computionics Group Limited (Registered number: 05498299)

Group Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report of the company and the group 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 £3,477,382 (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 group 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
Group turnover has increased by £3.25m in the year and profits before tax increased to £2.2m with the group maintaining a strong balance sheet position at the end of the year.

Gross Profit for the year was £9,958,230 (2023: £9,794,734) an increase of 1.7% year-on-year

The profit after taxation for the year amounted to £2,511,048 (2023: £2,171,114), an increase of 15.6%

Borrowing and liquidity
Borrowing is low with a gearing ratio of only 4.2% and liquidity of 437%.


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 group manages all potential risks and considers the threat of cheap imports from the East as a risk. Even here, the group 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 group is well placed and maintains a strategy of strong management and leadership which enables the companies to react quickly to any future risks or uncertainties arising out of the business environment.

The group'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 fulfill our customer requirements.

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


Computionics Group Limited (Registered number: 05498299)

Group Strategic Report
for the Year Ended 30 April 2024

FUTURE DEVELOPMENTS
Future development work includes 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 Group Limited (Registered number: 05498299)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and distribution of electronic security and life safety equipment.

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

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
Mr A W Foster held office during the whole of the period from 1 May 2023 to the date of this report.

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 DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group'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 Group Limited

Opinion
We have audited the financial statements of Computionics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group'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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Computionics Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Computionics Group 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 group 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 group, 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 group'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 Group 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 Group Limited (Registered number: 05498299)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 5 23,375,314 26,627,783

Cost of sales 13,417,084 16,833,049
GROSS PROFIT 9,958,230 9,794,734

Distribution costs 1,664,757 1,578,523
Administrative expenses 6,022,366 6,117,313
7,687,123 7,695,836
2,271,107 2,098,898

Other operating income 38,165 128,358
OPERATING PROFIT 7 2,309,272 2,227,256

Interest receivable and similar income - 180
2,309,272 2,227,436

Interest payable and similar expenses 8 88,633 111,281
PROFIT BEFORE TAXATION 2,220,639 2,116,155

Tax on profit 9 139,591 (54,959 )
PROFIT FOR THE FINANCIAL YEAR 2,081,048 2,171,114

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,081,048

2,171,114

Profit attributable to:
Owners of the parent 2,081,048 2,171,114

Total comprehensive income attributable to:
Owners of the parent 2,081,048 2,171,114

Computionics Group Limited (Registered number: 05498299)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 9,350,048 9,209,048
Investments 12 - -
9,350,048 9,209,048

CURRENT ASSETS
Stocks 13 8,363,947 9,963,859
Debtors 14 6,995,332 6,729,897
Cash at bank and in hand 3,376,019 1,351,131
18,735,298 18,044,887
CREDITORS
Amounts falling due within one year 15 4,287,699 5,154,477
NET CURRENT ASSETS 14,447,599 12,890,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,797,647

22,099,458

CREDITORS
Amounts falling due after more than one
year

16

(613,765

)

(1,121,525

)

PROVISIONS FOR LIABILITIES 20 (412,261 ) (272,670 )

ACCRUALS AND DEFERRED INCOME 21 (173,102 ) (187,792 )
NET ASSETS 22,598,519 20,517,471

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Merger reserve 23 2,635,364 2,635,364
Retained earnings 23 19,962,155 17,881,107
SHAREHOLDERS' FUNDS 22,598,519 20,517,471

The financial statements were approved by the director and authorised for issue on 11 December 2024 and were signed by:





Mr A W Foster - Director


Computionics Group Limited (Registered number: 05498299)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 1,001,000 1,001,000
1,001,000 1,001,000

CREDITORS
Amounts falling due within one year 15 961,628 961,628
NET CURRENT LIABILITIES (961,628 ) (961,628 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,372

39,372

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 23 38,372 38,372
SHAREHOLDERS' FUNDS 39,372 39,372

Company's profit for the financial year - -

The financial statements were approved by the director and authorised for issue on 11 December 2024 and were signed by:





Mr A W Foster - Director


Computionics Group Limited (Registered number: 05498299)

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

Called up
share Retained Merger Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 1,000 15,709,993 2,635,364 18,346,357

Changes in equity
Total comprehensive income - 2,171,114 - 2,171,114
Balance at 30 April 2023 1,000 17,881,107 2,635,364 20,517,471

Changes in equity
Total comprehensive income - 2,081,048 - 2,081,048
Balance at 30 April 2024 1,000 19,962,155 2,635,364 22,598,519

Computionics Group Limited (Registered number: 05498299)

Company 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 1,000 38,372 39,372

Changes in equity
Balance at 30 April 2023 1,000 38,372 39,372

Changes in equity
Balance at 30 April 2024 1,000 38,372 39,372

Computionics Group Limited (Registered number: 05498299)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,779,164 630,030
Interest paid (42,671 ) (35,954 )
Interest element of hire purchase payments
paid

(38,705

)

(20,988

)
Finance costs paid (7,257 ) (54,339 )
Net cash from operating activities 3,690,531 518,749

Cash flows from investing activities
Purchase of tangible fixed assets (979,561 ) (2,093,906 )
Sale of tangible fixed assets 104,538 24,147
Interest received - 180
Net cash from investing activities (875,023 ) (2,069,579 )

Cash flows from financing activities
New loans in year - 450,000
Loan repayments in year (349,013 ) (290,012 )
Capital repayments in year (317,491 ) 723,221
Amount withdrawn by directors (124,116 ) (29,251 )
Net cash from financing activities (790,620 ) 853,958

Increase/(decrease) in cash and cash equivalents 2,024,888 (696,872 )
Cash and cash equivalents at beginning
of year

2

1,351,131

2,048,003

Cash and cash equivalents at end of year 2 3,376,019 1,351,131

Computionics Group Limited (Registered number: 05498299)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,220,639 2,116,155
Depreciation charges 797,638 679,649
(Profit)/loss on disposal of fixed assets (63,615 ) 585,054
Finance costs 88,633 111,281
Finance income - (180 )
3,043,295 3,491,959
Decrease/(increase) in stocks 1,599,912 (2,174,809 )
(Increase)/decrease in trade and other debtors (265,435 ) 187,389
Decrease in trade and other creditors (598,608 ) (874,509 )
Cash generated from operations 3,779,164 630,030

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 3,376,019 1,351,131
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,351,131 2,048,003


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 1,351,131 2,024,888 3,376,019
1,351,131 2,024,888 3,376,019
Debt
Finance leases (1,030,717 ) 317,491 (713,226 )
Debts falling due within 1 year (361,698 ) 159,283 (202,415 )
Debts falling due after 1 year (443,030 ) 189,730 (253,300 )
(1,835,445 ) 666,504 (1,168,941 )
Total (484,314 ) 2,691,392 2,207,078

Computionics Group Limited (Registered number: 05498299)

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

1. STATUTORY INFORMATION

Computionics Group 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 General Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 entity.

Basis of consolidation
The group accounts consolidate the accounts of Computionics Group Limited, its subsidiary undertaking, Computionics Limited and its sub-subsidiary undertaking Signet AC Limited.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated profit and loss account from the date on which control passed.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group'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 group 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 group 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.

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

Computionics Group Limited (Registered number: 05498299)

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

3. ACCOUNTING POLICIES - continued

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
Improvements to property - 5% on reducing balance
Plant and machinery - 20% on reducing balance and 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 33% on reducing balance and 25% on reducing balance
Computer equipment - 15% on reducing balance

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

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 first-in-first-out method and consists of material and direct labour costs, together with an appropriate proportion of production overheads.

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 Consolidated 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.

Computionics Group Limited (Registered number: 05498299)

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

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group 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.

Grant income
Grants are recognised as income over the period necessary to match them with related costs for which they are intended to compensate.

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

4. CRITICAL ACCOUNTING 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.

Computionics Group Limited (Registered number: 05498299)

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

5. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,245,224 17,435,306
Europe and other 9,130,090 9,192,477
23,375,314 26,627,783

6. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,873,904 6,716,164
Social security costs 646,367 638,520
Other pension costs 190,431 180,806
7,710,702 7,535,490

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

Production and sales 182 199
Office and management 19 19
201 218

2024 2023
£    £   
Director's remuneration 224,764 225,122
Director's long term incentive schemes 6,951 6,963

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

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

7. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 201,638 97,245
Depreciation - owned assets 638,970 595,870
Depreciation - assets on hire purchase contracts 158,668 83,778
(Profit)/loss on disposal of fixed assets (63,615 ) 585,054
Auditors' remuneration 16,000 16,000
Auditors' remuneration for non audit work 22,208 19,750
Research and development 3,477,382 2,467,873
Foreign currency exchange (gain)/loss 19,126 42,231
Grants released (14,690 ) (37,760 )

Computionics Group Limited (Registered number: 05498299)

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

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 42,671 35,954
Hire purchase interest 38,705 20,988
Sundry finance charges 7,257 54,339
88,633 111,281

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 139,591 (54,959 )
Tax on profit 139,591 (54,959 )

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 2,220,639 2,116,155
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

555,160

529,039

Effects of:
company rate
Expenses not deductible for tax purposes 2,116 4,193
Deferred income released (3,610 ) (9,363 )
Research and development tax credits (430,000 ) (619,192 )
Depreciation on non qualifying assets 38,425 37,468
Deferred tax rate increase - 103,462
credits rate reduction
Expenses deductible for tax purposes (22,500 ) (100,566 )
Total tax charge/(credit) 139,591 (54,959 )

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Computionics Group Limited (Registered number: 05498299)

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

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 May 2023 9,747,028 109,349 3,339,769
Additions 136,971 58,958 666,856
Disposals - - (35,200 )
At 30 April 2024 9,883,999 168,307 3,971,425
DEPRECIATION
At 1 May 2023 3,553,865 68,258 977,489
Charge for year 253,759 39,875 294,738
Eliminated on disposal - - (1,100 )
At 30 April 2024 3,807,624 108,133 1,271,127
NET BOOK VALUE
At 30 April 2024 6,076,375 60,174 2,700,298
At 30 April 2023 6,193,163 41,091 2,362,280

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 1,455,311 257,777 208,893 15,118,127
Additions 116,776 - - 979,561
Disposals - (96,840 ) - (132,040 )
At 30 April 2024 1,572,087 160,937 208,893 15,965,648
DEPRECIATION
At 1 May 2023 978,788 142,254 188,425 5,909,079
Charge for year 171,002 26,774 11,490 797,638
Eliminated on disposal - (90,017 ) - (91,117 )
At 30 April 2024 1,149,790 79,011 199,915 6,615,600
NET BOOK VALUE
At 30 April 2024 422,297 81,926 8,978 9,350,048
At 30 April 2023 476,523 115,523 20,468 9,209,048

Computionics Group Limited (Registered number: 05498299)

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

11. TANGIBLE FIXED ASSETS - continued

Group

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 1,186,778 21,000 1,207,778
Additions 255,934 - 255,934
At 30 April 2024 1,442,712 21,000 1,463,712
DEPRECIATION
At 1 May 2023 173,081 8,531 181,612
Charge for year 155,551 3,117 158,668
At 30 April 2024 328,632 11,648 340,280
NET BOOK VALUE
At 30 April 2024 1,114,080 9,352 1,123,432
At 30 April 2023 1,013,697 12,469 1,026,166

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1,001,000
NET BOOK VALUE
At 30 April 2024 1,001,000
At 30 April 2023 1,001,000

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

Subsidiaries

Computionics Limited
Registered office: 54 Chorley Road, Hilldale Parbold, Wigan, Lancs, WN8 7AS, England
Nature of business: Manufacture of electronic security equipment
%
Class of shares: holding
Ordinary £1 100.00
2024 2023
£    £   
Aggregate capital and reserves 20,443,377 18,617,779
Profit for the year 1,825,598 1,566,258

Computionics Group Limited (Registered number: 05498299)

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

12. FIXED ASSET INVESTMENTS - continued

Signet AC Limited
Registered office: 54 Chorley Road, Hilldale Parbold, Wigan, Lancs, WN8 7AS, England
Nature of business: Manufacture and design of life safety equipment
%
Class of shares: holding
Ordinary £1 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,547,778 2,862,332
Profit for the year 685,446 604,856


13. STOCKS

Group
2024 2023
£    £   
Raw materials 4,692,078 6,129,001
Work-in-progress 1,359,746 2,049,030
Finished goods 2,312,123 1,785,828
8,363,947 9,963,859

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 5,264,957 4,976,787
Other debtors 987,542 987,542
Prepayments and accrued income 742,833 765,568
6,995,332 6,729,897

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 202,415 361,698 - -
Hire purchase contracts (see note 18) 352,761 352,222 - -
Trade creditors 2,329,533 3,087,699 - -
Amounts owed to group undertakings - - 961,628 961,628
Social security and other taxes 708,335 619,991 - -
Other creditors 32,710 34,202 - -
Directors' current accounts 228,677 352,793 - -
Accrued expenses 433,268 345,872 - -
4,287,699 5,154,477 961,628 961,628

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 17) 253,300 443,030
Hire purchase contracts (see note 18) 360,465 678,495
613,765 1,121,525

Computionics Group Limited (Registered number: 05498299)

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

17. LOANS

An analysis of the maturity of loans is given below:

Group
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 and overdraft are secured by a legal charge over land and buildings, together with a debenture over all assets of Computionics Limited and Signet (AC) Limited.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 352,761 352,222
Between one and five years 360,465 678,495
713,226 1,030,717

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

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 175,864 177,148
Between one and five years 189,312 309,259
In more than five years - 232
365,176 486,639

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 455,715 804,728
Hire purchase contracts 713,226 1,030,717
1,168,941 1,835,445

Debts are secured by fixed and floating charges over the Group's assets.

Computionics Group Limited (Registered number: 05498299)

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

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 412,261 272,670

Group
Deferred
tax
£   
Balance at 1 May 2023 272,670
Charge to Statement of Comprehensive Income during year 139,591
Balance at 30 April 2024 412,261

The deferred tax balance originates from capital allowances in excess of depreciation.

21. ACCRUALS AND DEFERRED INCOME

Group
2024 2023
£    £   
Deferred government grants 173,102 187,792

22. CALLED UP SHARE CAPITAL

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

23. RESERVES

Group
Retained Merger
earnings reserve Totals
£    £    £   

At 1 May 2023 17,881,107 2,635,364 20,516,471
Profit for the year 2,081,048 2,081,048
At 30 April 2024 19,962,155 2,635,364 22,597,519

Company
Retained
earnings
£   

At 1 May 2023 38,372
Profit for the year -
At 30 April 2024 38,372


24. CONTINGENT LIABILITIES

Deferred income of £173,354 (2023 - £187,792) is in respect of government grants. The terms of the grant offer provides for the repayment of part or all of the said grants if the terms of the offer letters are not complied with.

Computionics Group Limited (Registered number: 05498299)

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

25. RELATED PARTY DISCLOSURES

Solid State Security Limited is a company in which Andrew Foster is a director and has a 100% shareholding.

Computionics Limited is a subsidiary of Computionics Group Limited.

Signet (AC) Limited is a subsidiary of Computionics Limited.

During the year there were the following transactions between Computionics Limited and Solid State Security Limited:

Description 2024 2023
£    £   
Sales 703,498 755,465
Purchases 132,999 181,276


The net sum of £15,354 (2023 - £24,125 debtor) was due to Solid State Security limited at the balance sheet date.

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

During the year, Signet AC Limited paid £80,000 (2023 - £80,000) in respect of rent to the trustees of the Computionics Limited Pension Fund.

The company’s key management personnel are considered to be the directors. Their compensation during the year is shown in note 5.

26. POST BALANCE SHEET EVENTS

In September 2024, the company bought back 175 £1 Ordinary shares for a total consideration of £1.25m.

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party throughout the year was Mr A W Foster.

28. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £190,431 (2023: £180,806). The amount outstanding at the year end was £32,710 (2023: £34,202).