Company registration number 04105583 (England and Wales)
CATCHPOINT (UK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CATCHPOINT (UK) LTD
COMPANY INFORMATION
Director
Mr M W Lynch
Secretary
Mrs J Lynch
Company number
04105583
Registered office
Croft Head Road
Blackburn
Lancashire
BB1 5TB
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
Natwest
Western Avenue
Waterside Court
Chatham
Kent
ME4 4RT
CATCHPOINT (UK) LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
CATCHPOINT (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Review of the business

The aim of this report is to present a balanced analysis of the development and performance of the Company’s business during the financial period, and of the position at the end of the period.

For a quarter of a century, we have been providing companies throughout the UK and Ireland with the systems they need to protect their assets and to provide safety in emergency situations. We are NSI Gold accredited for the installation and maintenance of access control, CCTV and intruder alarm systems and fully BAFE accredited for the design and installation of fire detection and alarm systems. We are also NIC EIC approved for Emergency Lighting. NSI protects customers by insisting on the highest standards and operating the toughest inspection regime. Catchpoint UK are inspected twice a year to ensure that all of our installations are kept to NSI Gold standards.

Despite a highly competitive market, our business continues to grow, and new customers and contracts continue to be won. This growth has been driven by both our reputation within the industry, and our national reach.

The director is pleased with the growth shown in these accounts, which has been achieved in a climate of economic uncertainty and strong competition.

Principal risks and uncertainties

The Business faces the same risks and uncertainties as other companies operating in the same industry. These have been identified as follows:

Strong price competition, threat to market share. To mitigate this, we strive to offer the best quality service to all our customers to ensure they get value for money. We monitor these areas and manage the business activities with this in mind.

Credit risk. To manage this, the Company actively reviews its credit limits and customer payment terms. Customers are monitored on an ongoing basis and detailed reviews are undertaken during the year. The Company considers that is sufficient to manage this risk, and bad debt levels are minimal.

Key performance indicators

The main Key Performance Indicators are financial, and the director monitors performance closely throughout the year via regular reports.

The turnover of the Company during the year was £10,721,741 (2023: £8,783,912). Net assets continue to grow steadily to £2,739,700 (2023: £2,071,095).

On behalf of the board

Mr M W Lynch
Director
23 January 2025
CATCHPOINT (UK) LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of distributing security equipment and associated services to the retail and commercial markets.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £500,000. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr M W Lynch
Auditor

In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is 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. He is 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

CATCHPOINT (UK) LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
On behalf of the board
Mr M W Lynch
Director
23 January 2025
CATCHPOINT (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CATCHPOINT (UK) LTD
- 4 -

Qualified Opinion

We have audited the financial statements of Catchpoint (UK) Ltd (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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, except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 opinion.

 

Whilst we did attend the stocktake for the period ended 30 April 2024, no stocktake was attended for the periods ended 30 April 2023 or 30 April 2022 as the company was exempt from audit. We have not been able to obtain sufficient appropriate audit evidence to satisfy ourselves by alternative means concerning the inventory held at 30 April 2023 or 30 April 2022 which was stated at the balance sheet date at £331,138 (2022: £266,317).”

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

CATCHPOINT (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CATCHPOINT (UK) LTD (CONTINUED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

 

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 director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

 

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

 

 

We are also required to perform specific procedures to respond to the risk of management override.

 

As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.

CATCHPOINT (UK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CATCHPOINT (UK) LTD (CONTINUED)
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

In the previous accounting period the directors took advantage of audit exemption under s477 of the Companies Act, therefore the prior period financial statements were not subject to an audit.

 

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

James King
Senior Statutory Auditor
For and on behalf of Pierce C A Limited
23 January 2025
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
CATCHPOINT (UK) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
as restated
Notes
£
£
Turnover
3
10,721,741
8,783,912
Cost of sales
(7,317,743)
(6,438,605)
Gross profit
3,403,998
2,345,307
Distribution costs
(583,640)
(492,727)
Administrative expenses
(1,280,168)
(1,016,616)
Operating profit
4
1,540,190
835,964
Interest receivable and similar income
7
52,020
9,179
Interest payable and similar expenses
8
(10,969)
(8,279)
Profit before taxation
1,581,241
836,864
Tax on profit
9
(412,636)
(185,058)
Profit for the financial year
1,168,605
651,806

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CATCHPOINT (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
as restated
£
£
Profit for the year
1,168,605
651,806
Other comprehensive income
-
-
Total comprehensive income for the year
1,168,605
651,806
CATCHPOINT (UK) LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
493,461
430,829
Current assets
Stocks
12
419,450
331,138
Debtors
13
1,821,651
1,561,664
Cash at bank and in hand
3,146,082
1,831,807
5,387,183
3,724,609
Creditors: amounts falling due within one year
14
(2,984,070)
(1,959,383)
Net current assets
2,403,113
1,765,226
Total assets less current liabilities
2,896,574
2,196,055
Creditors: amounts falling due after more than one year
15
(91,683)
(64,914)
Provisions for liabilities
Deferred tax liability
17
65,191
60,046
(65,191)
(60,046)
Net assets
2,739,700
2,071,095
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
2,739,600
2,070,995
Total equity
2,739,700
2,071,095

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
Mr M W Lynch
Director
Company registration number 04105583 (England and Wales)
CATCHPOINT (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
1,919,189
1,919,289
Year ended 30 April 2023:
Profit and total comprehensive income
-
651,806
651,806
Dividends
10
-
(500,000)
(500,000)
Balance at 30 April 2023
100
2,070,995
2,071,095
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,168,605
1,168,605
Dividends
10
-
(500,000)
(500,000)
Balance at 30 April 2024
100
2,739,600
2,739,700
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

Catchpoint (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Croft Head Road, Blackburn, Lancashire, BB1 5TB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Catchpoint Holdings Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Computer equipment
25% Straight line
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount assets and liabilities are as follows:

 

Deferred income

The calculation of deferred income is considered to be a key accounting estimate for which the director calculates on a line-by-line basis in accordance with the agreed contract terms. Deferred income has not previously been recognized and as such a prior year adjustment of £299,885 has been included in this years’ financial statements.

 

Stocks and work in progress valuation

Stock and work in progress valuation assessments are considered to be a key accounting estimate for which the directors use their experience and knowledge of the business and operating sector to make reasonable assumptions and estimates.

 

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Other revenue
Interest income
52,020
9,179
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
2,379
190
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
-
0
Depreciation of owned tangible fixed assets
56,407
73,929
Depreciation of tangible fixed assets held under finance leases
103,873
62,386
Loss/(profit) on disposal of tangible fixed assets
1,355
(19,481)
Operating lease charges
39,926
39,005
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Operational
54
53
Adminstration
18
17
Directors
1
1
Total
73
71

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,732,906
2,441,157
Social security costs
304,147
281,361
Pension costs
180,330
106,543
3,217,383
2,829,061

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
21,835
20,992
Company pension contributions to defined contribution schemes
59,000
59,000
80,835
79,992

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

 

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
52,020
9,179
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
10,969
8,279
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
407,491
166,387
Deferred tax
Origination and reversal of timing differences
5,145
18,671
Total tax charge
412,636
185,058

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,581,241
836,864
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
395,310
159,004
Tax effect of expenses that are not deductible in determining taxable profit
9,901
5,234
Effect of change in corporation tax rate
-
0
4,209
Permanent capital allowances in excess of depreciation
-
0
9,557
Depreciation on assets not qualifying for tax allowances
7,425
7,054
Taxation charge for the year
412,636
185,058
10
Dividends
2024
2023
£
£
Interim paid
500,000
500,000
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
174,233
97,415
58,573
449,369
779,590
Additions
-
0
6,808
916
228,337
236,061
Disposals
-
0
-
0
-
0
(60,036)
(60,036)
At 30 April 2024
174,233
104,223
59,489
617,670
955,615
Depreciation and impairment
At 1 May 2023
37,950
69,889
42,580
198,342
348,761
Depreciation charged in the year
27,257
6,867
7,720
118,436
160,280
Eliminated in respect of disposals
-
0
-
0
-
0
(46,887)
(46,887)
At 30 April 2024
65,207
76,756
50,300
269,891
462,154
Carrying amount
At 30 April 2024
109,026
27,467
9,189
347,779
493,461
At 30 April 2023
136,283
27,526
15,993
251,027
430,829

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
311,620
187,157
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
419,450
331,138
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,787,137
1,528,405
Other debtors
15,192
18,627
Prepayments and accrued income
19,322
14,632
1,821,651
1,561,664
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
66,653
49,573
Trade creditors
570,882
322,520
Amounts owed to group undertakings
1,078,276
721,761
Corporation tax
87,851
65,332
Other taxation and social security
440,417
315,594
Deferred income
18
472,944
299,885
Other creditors
24,507
26,522
Accruals and deferred income
242,540
158,196
2,984,070
1,959,383

Obligations under finance leases are secured on the assets concerned.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
91,683
64,914

Obligations under finance leases are secured on the assets concerned.

16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
66,653
49,573
In two to five years
91,683
64,914
158,336
114,487
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
65,191
60,046
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Deferred taxation
(Continued)
- 21 -
2024
Movements in the year:
£
Liability at 1 May 2023
60,046
Charge to profit or loss
5,145
Liability at 30 April 2024
65,191

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

18
Deferred income
2024
2023
£
£
Other deferred income
472,944
299,885
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
180,330
106,543

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
150,558
124,075
Between two and five years
144,274
78,207
294,832
202,282
CATCHPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
22
Ultimate controlling party

The immediate and ultimate parent company of Catchpoint (UK) Ltd is Catchpoint Holdings Limited, incorporated in England and Wales.

 

Mr M W Lynch is a director of both companies and is considered to be the ultimate controlling party by virtue of his majority shareholding.

23
Prior period adjustment

In the preparation of the 2024 financial statements the company has taken the decision to start providing for deferred income in relation to its contracts. This calculation has been applied retrospectively to prior periods with the overall impact being a decrease to reserves of £241,428.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Apr 2023
£
£
£
Creditors due within one year
Taxation
(439,383)
58,457
(380,926)
Deferred income
-
(299,885)
(299,885)
Net assets
2,312,523
(241,428)
2,071,095
Capital and reserves
Profit and loss reserves
2,312,423
(241,428)
2,070,995
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 April 2023
£
£
£
Turnover
9,083,797
(299,885)
8,783,912
Taxation
(243,515)
58,457
(185,058)
Profit for the financial period
893,234
(241,428)
651,806
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