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Registered number: 07208320
















SECURE INNOVATION GROUP LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024


































img65c5.png


SECURE INNOVATION GROUP LIMITED

 
COMPANY INFORMATION


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




REGISTERED NUMBER
07208320



REGISTERED OFFICE
Spinnaker House
Saltash Parkway Industrial Estate

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 GROUP LIMITED


CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of cash flows
 
12 - 13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 36



SECURE INNOVATION GROUP LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

PRINCIPLE ACTIVITY
 
The principal activity of the Group is the design, assembly, service and maintenance of cash protection systems and development and manufacture of smoke and dye pyrotechnics. 

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 £13.7million to £13.8million. Margins have remained broadly in line with 2022-23 but increased overheads as a result of employment and other cost pressures, along with the Group’s continued commitment to product and market diversification and growth, has seen a fall in pre-tax profits of £198k to £139k. 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 Group. However, the directors have remained committed to investing in the continued growth of the Group in to new geographical markets and new, diversified sectors. This included the opening of a subsidiary company in India as part of the Group’s extensive research and development infrastructure.
Throughout the latter half of 2023-24 and in to 2024-25 the Group 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 Group’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 Group’s strategic direction both within and outside of the cash security industry. With support from the European Space Agency, the Group 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 Group’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 Group’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 Group.
Employment costs, as well as the recruitment and retention of staff, remain a challenge. The Group 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 Group 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 Group.

Page 1


SECURE INNOVATION GROUP LIMITED


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

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

OTHER KEY PERFORMANCE INDICATORS
 
The Group 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 GROUP 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £105,605 (2023: £397,325).
 
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 and the Group'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 and the Group's auditors are aware of that information.

Page 3


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

Two additional loans were drawn down in August 2024. Full details of the loan amounts, interest rates 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 Industrial Estate
Saltash
Cornwall
PL12 6LF

Page 4


SECURE INNOVATION GROUP LIMITED

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


We have audited the financial statements of Secure Innovation Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of income and retained earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR 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 Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the 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 GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURE INNOVATION GROUP 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6


SECURE INNOVATION GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SECURE INNOVATION GROUP 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 Group 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
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
Page 7


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

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 GROUP LIMITED

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

2024
2023
Note
£
£

  

Turnover
 4 
13,801,696
13,693,133

Cost of sales
  
(5,713,908)
(5,841,578)

GROSS PROFIT
  
8,087,788
7,851,555

Administrative expenses
  
(7,747,522)
(7,398,930)

Other operating income
 5 
99,677
160,476

OPERATING PROFIT
  
439,943
613,101

Interest receivable and similar income
 10 
3,115
1,132

Interest payable and similar expenses
 11 
(296,619)
(276,315)

PROFIT BEFORE TAX
  
146,439
337,918

Tax on profit
 12 
(40,834)
59,407

PROFIT AFTER TAX
  
105,605
397,325

  

  

Retained earnings at the beginning of the year
  
186,946
(210,379)

  
186,946
(210,379)

Profit for the year attributable to the owners of the parent
  
105,605
397,325

RETAINED EARNINGS AT THE END OF THE YEAR
  
292,551
186,946

  

The notes on pages 15 to 36 form part of these financial statements.

Page 9


SECURE INNOVATION GROUP LIMITED
REGISTERED NUMBER:07208320

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
1,048,680
887,669

Tangible assets
 14 
1,925,034
1,483,851

  
2,973,714
2,371,520

CURRENT ASSETS
  

Stocks
 16 
3,302,214
3,445,574

Debtors: amounts falling due within one year
 17 
3,952,191
4,283,502

Cash at bank and in hand
 18 
458,487
1,269,467

  
7,712,892
8,998,543

Creditors: amounts falling due within one year
 19 
(7,870,024)
(7,778,746)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(157,132)
 
 
1,219,797

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,816,582
3,591,317

Creditors: amounts falling due after more than one year
 20 
(225,000)
(1,063,305)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 22 
(198,899)
(173,934)

Other provisions
 23 
-
(67,000)

  
 
 
(198,899)
 
 
(240,934)

NET ASSETS
  
2,392,683
2,287,078


CAPITAL AND RESERVES
  

Called up share capital 
 24 
220,392
220,392

Share premium account
 25 
578,828
578,828

Capital redemption reserve
 25 
1,300,912
1,300,912

Profit and loss account
 25 
292,551
186,946

  
2,392,683
2,287,078


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 15 to 36 form part of these financial statements.

Page 10


SECURE INNOVATION GROUP LIMITED
REGISTERED NUMBER:07208320

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 14 
1,050,000
1,050,000

Investments
 15 
11,306,873
11,306,873

  
12,356,873
12,356,873

CURRENT ASSETS
  

Cash at bank and in hand
 18 
105
105

Creditors: amounts falling due within one year
 19 
(8,080,283)
(7,354,534)

NET CURRENT LIABILITIES
  
 
 
(8,080,178)
 
 
(7,354,429)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,276,695
5,002,444

  

Creditors: amounts falling due after more than one year
 20 
-
(688,305)

  

NET ASSETS
  
4,276,695
4,314,139


CAPITAL AND RESERVES
  

Called up share capital 
 24 
220,392
220,392

Share premium account
 25 
578,828
578,828

Capital redemption reserve
 25 
1,300,912
1,300,912

Profit and loss account brought forward
  
2,214,007
2,255,804

Loss for the year
  
(37,444)
(41,797)

Profit and loss account carried forward
  
2,176,563
2,214,007

  
4,276,695
4,314,139


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 15 to 36 form part of these financial statements.

Page 11


SECURE INNOVATION GROUP LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

CASH FLOWS FROM OPERATING ACTIVITIES
  

Profit for the year
  
105,605
397,325

ADJUSTMENTS FOR:
  

Amortisation of intangible assets
  
54,550
-

Depreciation of tangible assets
  
142,418
191,739

Government grants
  
(99,677)
-

Interest paid
  
296,619
276,315

Interest received
  
(3,115)
(1,132)

Taxation charge
  
40,834
(59,407)

Decrease/(increase) in stocks
  
143,360
(1,032,734)

Decrease/(increase) in debtors
  
144,230
(402,838)

(Decrease)/increase in creditors
  
(98,338)
1,908,865

(Decrease)/increase in provisions
  
(67,000)
-

Corporation tax received/(paid)
  
65,171
(74,663)

NET CASH GENERATED FROM OPERATING ACTIVITIES

  

724,657
1,203,470

  

CASH FLOWS FROM INVESTING ACTIVITIES
  

Purchase of intangible fixed assets
  
(215,561)
(264,424)

Purchase of tangible fixed assets
  
(583,601)
(28,249)

Government grants received
  
235,850
-

Interest received
  
3,115
1,132

NET CASH FROM INVESTING ACTIVITIES

  

(560,197)
(291,541)

CASH FLOWS FROM FINANCING ACTIVITIES
  

Repayment of loans
  
(628,634)
(214,324)

Repayment of other loans
  
-
(192,589)

Loans due from/(repaid to) directors
  
(54,743)
-

Interest paid
  
(271,355)
(276,315)

NET CASH USED IN FINANCING ACTIVITIES
  
(954,732)
(683,228)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
  
(790,272)
228,701
Page 12


SECURE INNOVATION GROUP LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024




2024
2023

Note
£
£



Cash and cash equivalents at beginning of year
  
(358,267)
(586,968)

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
 18 
(1,148,539)
(358,267)


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
  

Cash at bank and in hand
  
458,487
1,269,467

Bank overdrafts
  
(1,607,026)
(1,627,734)

  
(1,148,539)
(358,267)


The notes on pages 15 to 36 form part of these financial statements.

Page 13


SECURE INNOVATION GROUP LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
Other non-cash changes
At 30 April 2024
£

£

£

£

Cash at bank and in hand

1,269,467

(810,980)

-

458,487

Bank overdrafts

(1,627,734)

20,708

-

(1,607,026)

Debt due after 1 year

(1,063,305)

218,970

(1,004,393)

(1,848,728)

Debt due within 1 year

(2,610,905)

409,641

1,004,393

(1,196,871)



(4,032,477)
(161,661)
-
(4,194,138)

The notes on pages 15 to 36 form part of these financial statements.

Page 14


SECURE INNOVATION GROUP LIMITED

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

1.


GENERAL INFORMATION

Secure Innovation Group Limited (registered number 07208320) 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2014.

 
2.3

GOING CONCERN

The financial statements have been preapred 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 recieved from the Group's 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 Group. 
In addition, the subsidiaries have provided assurances that they will provide financial support to the Group and parent Company to ensure its financial obligations are met as and when they fall due. 

Page 15


SECURE INNOVATION GROUP 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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
Page 16


SECURE INNOVATION GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.5
REVENUE (CONTINUED)

the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

OPERATING LEASES: THE GROUP 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.

 
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 Consolidated 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.

Page 17


SECURE INNOVATION GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.12

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
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 and the Group operate and generate 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.


Page 18


SECURE INNOVATION GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.14

INTANGIBLE ASSETS

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. It is amortised to the Consolidated Statement of Income and Retained Earnings over its estimated economic life of 10 years.
Purchased goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

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.

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:

Freehold property
-
between 0% and 2%
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.

Page 19


SECURE INNOVATION GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.16

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.17

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.

 
2.18

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.

 
2.19

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

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.

 
2.21

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.

 
2.22

FINANCIAL INSTRUMENTS

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

Page 20


SECURE INNOVATION GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.22
FINANCIAL INSTRUMENTS (CONTINUED)

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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 21


SECURE INNOVATION GROUP 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. 
Valuation of investments in subsidiaries and goodwill arising on consolidation
The carrying value of investments in subsidiaries and the valuation of goodwill arising on consolidation are assessed for indications of impairment on a periodic basis or when events occur that indicate an impairment may have taken place.
If such indication exists, the recoverable amount of the asset is determined by considering which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The directors review the estimated useful economic life of goodwill on at least an annual basis. Where the remaining life of goodwill is considered to have reduced, an appropriate adjustment to amortisation is prospectively charged.


4.


TURNOVER

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


2024
2023
£
£

Sales
13,801,696
13,693,133


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,211,833
3,970,367

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

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

13,801,696
13,693,133



5.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants receivable
99,677
160,476


Page 22


SECURE INNOVATION GROUP 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
£
£

Research & development charged as an expense
76,606
39,024

Exchange differences
193,139
120,623

Other operating lease rentals
209,045
198,691

Depreciation
142,418
147,310

Amortisation
54,550
57,667


7.


AUDITORS' REMUNERATION

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
35,640
22,000

Preperation of statutory dormant accounts
1,500
-

Corporation tax
7,250
-


8.


EMPLOYEES

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


Group
Group
2024
2023
£
£


Wages and salaries
4,946,197
4,611,935

Social security costs
426,824
367,091

Cost of defined contribution scheme
179,830
154,522

5,552,851
5,133,548


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
133
129
2
3

Page 23


SECURE INNOVATION GROUP LIMITED

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

9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
388,388
283,181

Group 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 Group'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
3,115
1,132


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
122,581
86,505

Other loan interest payable
174,038
189,810

296,619
276,315

Page 24


SECURE INNOVATION GROUP 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
24,965
(29,823)

TOTAL DEFERRED TAX
24,965
(29,823)


TAX ON PROFIT
40,834
(59,407)
Page 25


SECURE INNOVATION GROUP 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
146,439
337,918


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19.49%)
36,610
65,871

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,611
11,987

Fixed asset timing differences
12,224
1,999

Deferred tax (credit)/expense relating to changes in tax rates or laws
(1,148)
(8,131)

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)
-

Adjustments to deferred tax charge in respect of prior periods
1,148
-

Non-taxable income
-
(2,581)

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

Increase from tax losses for which no deferred tax asset was recognised
-
7,143

Movement in deferred tax not recognised
33,794
-

Other differences leading to an increase (decrease) in the tax charge
1,738
1,844

TOTAL TAX CHARGE FOR THE YEAR
40,834
(59,407)


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 26

SECURE INNOVATION GROUP LIMITED



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



13.


INTANGIBLE ASSETS


Group






Patents
Development expenditure
Trademarks
Goodwill
Negative goodwill
Total

£
£
£
£
£
£



COST


At 1 May 2023
45,715
682,001
438,369
8,947,970
(132,433)
9,981,622


Additions
-
125,641
89,920
-
-
215,561



At 30 April 2024

45,715
807,642
528,289
8,947,970
(132,433)
10,197,183



AMORTISATION


At 1 May 2023
17,014
98,205
59,457
8,947,970
(28,693)
9,093,953


Charge for the year on owned assets
12,533
32,736
22,524
-
(13,243)
54,550



At 30 April 2024

29,547
130,941
81,981
8,947,970
(41,936)
9,148,503



NET BOOK VALUE



At 30 April 2024
16,168
676,701
446,308
-
(90,497)
1,048,680



At 30 April 2023
28,701
583,796
378,912
-
(103,740)
887,669



Page 27


SECURE INNOVATION GROUP LIMITED



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



14.


TANGIBLE FIXED ASSETS


Group







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

£
£
£
£
£
£
£
£



COST OR VALUATION


At 1 May 2023
1,171,349
979,468
277,947
36,418
525,799
-
1,837,234
4,828,215


Additions
332
-
11,830
4,932
36,381
462,357
67,769
583,601



At 30 April 2024

1,171,681
979,468
289,777
41,350
562,180
462,357
1,905,003
5,411,816



DEPRECIATION


At 1 May 2023
7,000
816,303
263,786
17,401
494,021
-
1,745,853
3,344,364


Charge for the year on owned assets
2,336
67,475
8,952
6,110
20,107
-
37,438
142,418



At 30 April 2024

9,336
883,778
272,738
23,511
514,128
-
1,783,291
3,486,782



NET BOOK VALUE



At 30 April 2024
1,162,345
95,690
17,039
17,839
48,052
462,357
121,712
1,925,034



At 30 April 2023
1,164,349
163,165
14,161
19,017
31,778
-
91,381
1,483,851

Page 28

SECURE INNOVATION GROUP LIMITED

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

           14.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property

£

VALUATION


At 1 May 2023
1,050,000



At 30 April 2024

1,050,000






NET BOOK VALUE



At 30 April 2024
1,050,000



At 30 April 2023
1,050,000







15.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 May 2023
11,306,873



At 30 April 2024
11,306,873




Page 29


SECURE INNOVATION GROUP LIMITED

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

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Secure Innovation Limited
Spinnaker House, Saltash Parkway, Saltash, Cornwall, PL12 6LF
Design, assembly and service and maintenance of cash protection systems
Ordinary
100%
British Energetics Limited
Spinnaker House, Saltash Parkway, Saltash, Cornwall, PL12 6LF
Development and manufacture of smoke and dye pyrotechnics
Ordinary
100%
Spinnaker International Limited
Spinnaker House, Saltash Parkway, Saltash, Cornwall, PL12 6LF
Dormant
Ordinary
100%
Crimetag Limited
Spinnaker House, Saltash Parkway, Saltash, Cornwall, PL12 6LF
Dormant
Ordinary
100%
India Secure Innovation Private Limited
No 6, 3rd Floor, Gurappanapalya, Bannerghatta Main Road, Keb Housing Board Co-operative Society, J P Naga, Bangalore, Bangalore South, Karnataka, India, 560078
Computer programming, consultancy and related activities
Ordinary
100%

India Secure Innovation Private Limited has not been included in the consolidated financial statements. The subsidiary was incorporated on 30 December 2023.

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Secure Innovation Limited
8,990,596
174,569

British Energetics Limited
504,458
(49,907)

Spinnaker International Limited
100
-

Crimetag Limited
2
-

India Secure Innovation Private Limited
9,739
(48,922)

Page 30


SECURE INNOVATION GROUP LIMITED

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

16.


STOCKS

Group
Group
2024
2023
£
£

Raw materials and consumables
2,641,918
3,304,409

Work in progress (goods to be sold)
660,296
141,165

3,302,214
3,445,574



17.


DEBTORS

Group
Group
2024
2023
£
£


Trade debtors
2,784,120
2,848,828

Other debtors
173,301
89,137

Prepayments and accrued income
735,885
844,828

Tax recoverable
258,885
500,709

3,952,191
4,283,502



18.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
458,487
1,269,467
105
105

Less: bank overdrafts
(1,607,026)
(1,627,734)
-
-

(1,148,539)
(358,267)
105
105


Page 31


SECURE INNOVATION GROUP LIMITED

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

19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,607,026
1,627,734
-
-

Bank loans
841,277
226,874
691,277
76,874

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

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

Trade creditors
921,241
1,307,667
-
-

Amounts owed to group undertakings
-
-
7,276,223
7,161,906

Corporation tax
80,552
241,336
-
-

Other taxation and social security
125,108
272,987
-
-

Other creditors
83,489
140,256
106
106

Accruals and deferred income
1,152,297
754,038
112,677
115,648

7,870,024
7,778,746
8,080,283
7,354,534



20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
225,000
1,063,305
-
688,305


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

Page 32


SECURE INNOVATION GROUP LIMITED

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

21.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
841,277
226,874
691,277
76,874

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


2,798,155
2,588,484
691,277
76,874

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
150,000
409,229
-
259,229

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
75,000
397,819
-
172,819

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
-
256,257
-
256,257

3,023,155
3,651,789
691,277
765,179


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.
A bank loan of £691,277 (2023: £765,179) which is repayable in monthly instalments of £9,831 with the final instalment falling due in March 2030. The loan bears interest of 1.75% 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 witihin one year - see note 29 for further detail.

Page 33


SECURE INNOVATION GROUP LIMITED

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

22.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(173,934)


Charged to profit or loss
(24,965)



AT END OF YEAR
(198,899)

Company


2024






AT END OF YEAR
-



Group
Group
2024
2023
£
£

Fixed asset timing differences
(116,276)
(96,615)

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

Short term timing differences
2,886
8,190

(198,899)
(173,934)


23.


PROVISIONS


Group



Other provisions

£





At 1 May 2023
67,000


Charged to profit or loss
(67,000)



AT 30 APRIL 2024
-

Page 34


SECURE INNOVATION GROUP LIMITED

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

           23.PROVISIONS (CONTINUED)


24.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



120,246 (2023: 120,246) Ordinary B shares of £1.00 each
120,246
120,246
146 (2023: 146) Ordinary C shares of £1.00 each
146
146
100,000 (2023: 100,000) Preference shares of £1.00 each
100,000
100,000

220,392

220,392



25.


RESERVES

Share premium account

This reserve is the consideration received for shares issued above their nominal value, net of transaction costs.

Capital redemption reserve

This reserve includes amounts transferred following company purchases of own shares.

Profit and loss account

This reserve includes all current and prior retained profits and losses, net of distributions to the shareholders.


26.


PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £179,830 (2023: £154,522). Contributions totalling £22,338 (2023: £23,995) were payable to the fund at the reporting date and are included in creditors. 


27.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
2024
2023
£
£

Not later than 1 year
121,847
199,476

Later than 1 year and not later than 5 years
131,413
272,254

Later than 5 years
29,714
45,671

282,974
517,401
Page 35


SECURE INNOVATION GROUP LIMITED

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

28.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption in section 33.14 of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the group.
A Trust, where a Shareholder is also a Trustee, loaned the Group 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 Group 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 Group made a loan of £4,461 (2023: £4,413) to a Shareholder. 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.
At the year end, the Group owed £105 (2023: £105) to a Shareholder. The loan is unsecured and repayable on demand.
Key management personnel
All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation (including remuneration and pension contributions) in respect of these individuals is detailed in note 9.


29.


POST BALANCE SHEET EVENTS

In August 2024, an additional bank loan for £900,000 was drawn down. The loan bears interest of 2.78% over the Bank of England base rate and has a term of 5 years. This loan was used to repay the remaining outstanding balance on the alternative financing loan.
In August 2024, an additional bank loan for £680,000 was drawn down. The loan bears interest of 2.78% over the Bank of England base rate and has a term of 7 years. This loan was used to refinance the mortgage on the freehold property. 

 
Page 36