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Registered number: 02516654
















SECURE INNOVATION LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024


































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SECURE INNOVATION LIMITED

 
COMPANY INFORMATION


DIRECTORS
M Pascoe 
A Westington 
J Yandell (resigned 9 July 2023)




COMPANY SECRETARY
M Pascoe



REGISTERED NUMBER
02516654



REGISTERED OFFICE
Spinnaker House
Saltash Parkway

Saltash

Cornwall

PL12 6LF




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN






SECURE INNOVATION LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Statement of financial position
 
10
Notes to the financial statements
 
11 - 29


SECURE INNOVATION LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their Strategic Report for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
 
The principal activity of the Company is the design, assembly and service and maintenance of cash protection systems. 

BUSINESS REVIEW
 
Following on from the post COVID-19 recovery in 2021-22 and 2022-23, this year has seen another steady increase in turnover from £13.54m to £13.75m. Margins have remained broadly in line with 2022-23 but increased overheads as a result of employment and other cost pressures, along with the Company’s continued commitment to product and market diversification and growth, has seen a fall in pre-tax profits £239k to £175k. The global economic challenges that have been present since 2020 in the form of the COVID-19 impact, Brexit, the war in Ukraine, the cost of living crisis, and the global supply chain uncertainties have continued to affect the strategic decision making of the Company. However, the directors have remained committed to investing in the continued growth of the Company in to new geographical markets and new, diversified sectors. 
Throughout the latter half of 2023-24 and in to 2024-25 the Company invested heavily, supported by the Cornwall & Isles of Scilly Good Growth Fund, in an extensive programme of factory enhancements. This work included the installation of solar panels and electric vehicle charging points as part of the Company’s commitment to carbon footprint reduction, improvements to staff welfare facilities, the installation of a fully automated and integrated component storage system, the procurement of an industrial 3D printer to enhance rapid prototyping, and the creation of a wilded conservation area in the factory grounds.
Research and development has remained a critical part of the Company’s strategic direction both within and outside of the cash security industry. With support from the European Space Agency, the Company has invested significant resource into the development and commercialisation of a bespoke remote asset management platform, Remote Planet, which will enable opportunities for future growth across a variety of diverse markets. Other product developments within the Company’s core cash security market will enable the Company to offer its current and potential customers a portfolio of products across their entire range of operations.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The global economic and political landscape continues to present significant challenges in terms of future market stability, supply chain management, increasing costs for components, labour and utilities, and foreign exchange fluctuations. The increase in cyber crime presents further challenges for all businesses and individuals.
The future of cash and the impact on the Company’s core business is an ongoing debate which is primarily driven by the purveyors of non-cash payment methods. However, the continued use of cash as a trusted means of payment, the move towards automated cash management systems which require in-built protection, and the increase in the legislated use of cash protection systems gives the directors confidence for the future sustainability of the Company.
Employment costs, as well as the recruitment and retention of staff, remain a challenge. The Company is committed to offering levels of remuneration well above the legal living wage requirements, as well as being able to attract the highest calibre of skilled workers, including R&D professionals. The Company has continued its global expansion and market reach by opening new overseas offices and increasing its global talent pool.
The directors are confident that robust systems, including extensive cyber security procedures and protocols, and a stable financial platform are in place to overcome these ongoing challenges and to see the continued success of the Company.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The company monitors its revenue, profitability and cash position. The directors are satisfied with the company’s performance in these three measurements.

Page 1


SECURE INNOVATION LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

OTHER KEY PERFORMANCE INDICATORS
 
The company also monitors the volume of future sales orders on a regular basis.


This report was approved by the board and signed on its behalf.



M Pascoe
Director

Date: 29 January 2025
Page 2


SECURE INNOVATION LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £178,742 (2023: £413,626).

DIRECTORS

The Directors who served during the year were:

M Pascoe 
A Westington 
J Yandell (resigned 9 July 2023)

FUTURE DEVELOPMENTS

Details of future developments are included within the Strategic Report. 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3


SECURE INNOVATION LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
POST BALANCE SHEET EVENTS

An additional loan was drawn down in August 2024. Full details of the loan amount, interest rate and term length can be found in note 29.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






M Pascoe
Director

Date: 29 January 2025

Spinnaker House
Saltash Parkway
Saltash
Cornwall
PL12 6LF
Page 4


SECURE INNOVATION LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURE INNOVATION LIMITED
 
OPINION


We have audited the financial statements of Secure Innovation Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5


SECURE INNOVATION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURE INNOVATION LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' 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:


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


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine 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 Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6


SECURE INNOVATION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURE INNOVATION LIMITED (CONTINUED)

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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the sector, control environment, and financial performance;
We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity;
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation;
We have obtained and reviewed the entity’s documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the entity for fraud and identified the highest area of risk to be in relation to income recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102, UK & International tax legislation and ISO9001.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity’s ability to operate or avoid a material penalty. These included the data protection legislation, health and safety regulations, and employment law.
Our procedures to respond to risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management in relation to actual and potential claims or litigation;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing Directors’ meeting minutes;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off and completeness; and
 
Page 7


SECURE INNOVATION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURE INNOVATION LIMITED (CONTINUED)

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
 
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.






Robert Davey FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

31 January 2025
Page 8


SECURE INNOVATION LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,747,684
13,539,542

Cost of sales
  
(5,750,776)
(5,862,069)

GROSS PROFIT
  
7,996,908
7,677,473

Administrative expenses
  
(7,626,992)
(7,245,186)

Other operating income
 5 
99,677
160,476

OPERATING PROFIT
 6 
469,593
592,763

Interest receivable and similar income
 10 
3,121
1,132

Interest payable and similar expenses
 11 
(259,175)
(241,622)

PROFIT BEFORE TAX
  
213,539
352,273

Tax on profit
 12 
(34,797)
61,353

PROFIT AFTER TAX
  
178,742
413,626

  

  

Retained earnings at the beginning of the year
  
8,816,027
8,402,401

Profit for the year
  
178,742
413,626

RETAINED EARNINGS AT THE END OF THE YEAR
  
8,994,769
8,816,027
The notes on pages 11 to 29 form part of these financial statements.
Page 9


SECURE INNOVATION LIMITED
REGISTERED NUMBER:02516654

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
1,139,177
991,409

Tangible assets
 14 
757,674
318,365

  
1,896,851
1,309,774

CURRENT ASSETS
  

Stocks
 15 
3,278,640
3,412,985

Debtors: amounts falling due within one year
 16 
10,961,592
10,917,239

Cash at bank and in hand
 17 
455,755
1,267,439

  
14,695,987
15,597,663

Creditors: amounts falling due within one year
 18 
(7,175,304)
(7,470,573)

NET CURRENT ASSETS
  
 
 
7,520,683
 
 
8,127,090

TOTAL ASSETS LESS CURRENT LIABILITIES
  
9,417,534
9,436,864

Creditors: amounts falling due after more than one year
 19 
(225,000)
(375,000)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(197,645)
(178,717)

Other provisions
 22 
-
(67,000)

  
 
 
(197,645)
 
 
(245,717)

NET ASSETS
  
8,994,889
8,816,147


CAPITAL AND RESERVES
  

Called up share capital 
 23 
120
120

Profit and loss account
 24 
8,994,769
8,816,027

  
8,994,889
8,816,147


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M Pascoe
A Westington
Director
Director


Date: 29 January 2025

The notes on pages 11 to 29 form part of these financial statements.
Page 10


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Secure Innovation Limited, (registered number 02516654) is a private company, limited by shares and registered in England. The registered office is Spinnaker House, Saltash Parkway, Saltash, Cornwall, PL12 6LF.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Secure Innovation Group Limited as at 30 April 2024 and these financial statements may be obtained from Companies House Cardiff.

 
2.3

GOING CONCERN

The financial statements have been prepared on a going concern basis.  The directors acknowledge the parent company's net current liabilities position of £8,080,178 (2023: £7,354,429) at the year end. The directors have satisfied themselves on the validity of preparing the financial statements on a going concern basis, as assurances have been given by its subsidiaries that the amount owed to them totalling £7,028,659 will not be called upon for repayment should it impact the going concern of the Company. 

Page 11


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

REVENUE

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

Sale of goods

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

Rendering of services

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

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 12


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.7

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.9

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Page 13


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.13

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.14

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Intellectual property
-
20% Straight Line
Development expenditure
-
20% Straight Line
Product approvals
-
20% Straight Line

 
2.15

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)


2.15
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
15% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
15% straight line
Office equipment
-
25% straight line
Assets under construction
-
Not depreciated
Tooling
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.20

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 16


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. 
Amortisation and impairment of development costs
The Group's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the rate of amortisation applied to capitalised development costs and any impairment that might have arisen. Management assesses impairments by considering the saleability of the related products in light of technological developments and projected future market conditions. 


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
13,747,684
13,539,542


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,157,821
3,816,776

Rest of Europe
10,180,047
8,952,751

Rest of the world
1,409,816
770,015

13,747,684
13,539,542



5.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants receivable
99,677
160,476


Page 17


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation expense
139,028
145,270

Amortisation expense
67,793
57,667

Research & development charged as an expense
76,174
39,010

Exchange differences
193,139
(119,400)

Other operating lease rentals
204,777
189,924


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,140
9,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,795,290
4,460,807

Social security costs
413,580
353,267

Cost of defined contribution scheme
175,292
150,600

5,384,162
4,964,674


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
3



Production
46
51



Administration and support
59
47



Overseas
20
21

127
122

Page 18


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
388,388
283,181

Company contributions to defined contribution pension schemes
45,033
14,970

433,421
298,151


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £273,857 (2023: £178,509).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £37,833 (2023: £9,837).


10.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
3,121
1,132


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
85,137
51,812

Other loan interest payable
174,038
189,810

259,175
241,622

Page 19


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
(85,509)
(104,872)

Adjustments in respect of previous periods
(120,622)
-


(206,131)
(104,872)

FOREIGN TAX


Foreign tax on income for the year
104,912
75,288

Foreign tax in respect of prior periods
117,088
-

TOTAL CURRENT TAX
15,869
(29,584)

DEFERRED TAX


Origination and reversal of timing differences
18,928
(31,769)

TOTAL DEFERRED TAX
18,928
(31,769)


TAX ON PROFIT
34,797
(61,353)
Page 20


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
213,539
352,273


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.49%)
53,385
68,669

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,922
4,065

Fixed asset timing differences
11,640
-

UK deferred tax (credit)/expense relating to changes in tax rates or laws
-
(6,998)

Foreign tax credits
89,961
75,288

Adjustments to tax charge in respect of prior periods - foreign tax
117,088
-

Adjustments to tax charge in respect of prior periods - additional R&D deduction
(120,622)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(134,570)
(212,827)

Movement in deferred tax not recognised
8,255
-

Other differences leading to an increase (decrease) in the tax charge
1,738
1,845

Group relief
-
8,605

TOTAL TAX CHARGE FOR THE YEAR
34,797
(61,353)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

Legislation has been enacted that increases the main rate of corporation tax from 19% to 25%, taking place over a period of adjustment, starting in April 2023.

Page 21


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


INTANGIBLE ASSETS




Intellectual property
Development expenditure
Product approvals
Total

£
£
£
£



COST


At 1 May 2023
45,715
682,001
438,369
1,166,085


Additions
-
125,641
89,920
215,561



At 30 April 2024

45,715
807,642
528,289
1,381,646



AMORTISATION


At 1 May 2023
17,014
98,205
59,457
174,676


Charge for the year on owned assets
12,533
32,736
22,524
67,793



At 30 April 2024

29,547
130,941
81,981
242,469



NET BOOK VALUE



At 30 April 2024
16,168
676,701
446,308
1,139,177



At 30 April 2023
28,701
583,796
378,912
991,409



Page 22

SECURE INNOVATION LIMITED



 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
  



14.


TANGIBLE FIXED ASSETS






Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Assets under construction
Tooling
Total

£
£
£
£
£
£
£



COST OR VALUATION


At 1 May 2023
979,468
276,645
33,639
526,399
-
1,837,234
3,653,385


Additions
-
11,830
-
36,381
462,357
67,769
578,337



At 30 April 2024

979,468
288,475
33,639
562,780
462,357
1,905,003
4,231,722



DEPRECIATION


At 1 May 2023
816,303
262,484
15,760
494,620
-
1,745,853
3,335,020


Charge for the year on owned assets
67,475
8,952
5,056
20,107
-
37,438
139,028



At 30 April 2024

883,778
271,436
20,816
514,727
-
1,783,291
3,474,048



NET BOOK VALUE



At 30 April 2024
95,690
17,039
12,823
48,053
462,357
121,712
757,674



At 30 April 2023
163,165
14,161
17,879
31,779
-
91,381
318,365

Page 23

SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


STOCKS

2024
2023
£
£

Raw materials and consumables
2,619,882
3,282,978

Work in progress (goods to be sold)
658,758
130,007

3,278,640
3,412,985



16.


DEBTORS

2024
2023
£
£


Trade debtors
2,775,907
2,821,453

Amounts owed by group undertakings
7,039,172
6,914,286

Other debtors
168,843
80,942

Prepayments and accrued income
718,785
829,638

Tax recoverable
258,885
270,920

10,961,592
10,917,239



17.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
455,755
1,267,439

Less: bank overdrafts
(1,607,026)
(1,627,436)

(1,151,271)
(359,997)


Page 24


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
1,607,026
1,627,436

Bank loans
150,000
150,000

Other loans
1,956,878
2,361,610

Payments received on account
1,102,156
846,244

Trade creditors
912,245
1,288,060

Amounts owed to group undertakings
140,234
179,800

Corporation tax
80,552
11,547

Other taxation and social security
105,765
264,671

Other creditors
83,378
118,470

Accruals and deferred income
1,037,070
622,735

7,175,304
7,470,573



19.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
225,000
375,000


The bank loans are secured by way of an unlimited standard debenture giving a fixed and floating charge over all property and assets.

Page 25


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
150,000
150,000

Other loans
1,956,878
2,361,610


2,106,878
2,511,610

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
150,000
150,000

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
75,000
225,000


2,331,878
2,886,610


Bank loans consist of:
 
A bank loan of £375,000 (2023: £525,000) which is repayable in monthly instalments of £12,500 with the final instalment falling due in October 2026. The loan bears interest of 3.99% above the Bank of England base rate.

Other loans consist of:

A loan of £500,268 (2023: £485,696) to the Company from a Trust where a Director is a Trustee, repayable in 5 annual instalments at 2.5% above the base rate.
An alternative financing loan of £1,456,610 (2023: £1,875,914), repayable in 20 consecutive quarterly instalments. Interest is payable at 7% per annum.

The alternative financing loan was fully repaid after the year end and has been classified as due within one year. See note 29 for further detail.

Page 26


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


DEFERRED TAXATION




2024


£






At beginning of year
(178,717)


Charged to profit or loss
(18,928)



AT END OF YEAR
(197,645)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(115,022)
(96,330)

Losses and other deductions
(85,509)
(85,509)

Short term timing differences
2,886
3,122

(197,645)
(178,717)

Page 27


SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


PROVISIONS




Other provisions

£





At 1 May 2023
67,000


Charged to profit or loss
(67,000)



AT 30 APRIL 2024
-


23.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



120 (2023: 120) Ordinary shares of £1.00 each
120
120



24.


RESERVES

Profit and loss account

The reserve includes all current and prior period retained profits and losses.


25.


CONTINGENT LIABILITIES

The Company is party to a cross company guarantee in respect of the indebtedness of Secure Innovation Group Limited.


26.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £175,292 (2023: £150,600). Contributions totalling £22,338 (2023: £22,315) were payable to the fund at the reporting date and are included in creditors. 

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SECURE INNOVATION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
117,771
195,400

Later than 1 year and not later than 5 years
130,054
266,819

Later than 5 years
29,714
45,671

277,539
507,890


28.


RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking of their ultimate parent company Secure Innovation Group Limited, the Company has taken advantage of the exemption in paragraph 33. 1A of FRS 102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.
Included within amounts owed from group undertakings is a balance of £7,028,544 due from Secure Innovation Group Limited. The balance relates predominantly to acquisitions and group reconstructions that have occurred over many years. Secure Innovation Group Limited is a holding company that does not trade and therefore the route to the recovery of this debtor would be for Secure Innovation Limited to declare a dividend and offset the dividend against the amount due from its holding company. The Company has sufficient distributable reserves to enable this balance to be settled in full. 
A Trust, where a Director is also a Trustee, loaned the Company money on normal commercial terms. The loan is unsecured and repayable on demand. During the year interest of £14,572 (2023: £14,100) was charged. At the year end, the Company owed the Trust £430,400 (2023: £485,700).
During the year, the Company made a loan of £100,000 (2023: £50,000) to a Director. The loan is unsecured and repayable on demand. Interest is payable on the loan at 2% per annum and at the year end £102,735 (2023: £50,498) was outstanding. 
During the year, the Company made a loan of £4,461 (2023: £4,413) to a Shareholder of the Parent Company. The loan is unsecured and repayable on demand. Interest is payable on the loan at 2% per annum and at the year end £32,719 (2023: £26,495) was outstanding. 


29.


POST BALANCE SHEET EVENTS

In August 2024, a bank loan for £900,000 was arranged and used to repay the remaining balance on the alternative financing loan. The loan bears interest of 2.78% over the Bank of England base rate and has a term of 5 years. 


30.


CONTROLLING PARTY

The Company is a wholly owned subsidiary of their ultimate parent company Secure Innovation Group Limited (registered in England and Wales - 07208320). The consolidated accounts of which are available at Companies House, Cardiff. 

 
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