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Registration number: 08745611

AlertSystems Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

AlertSystems Group Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 34

 

AlertSystems Group Limited

Company Information

Directors

P J Brake

M C Nickels

Registered office

Alert House 1 Willowside Park
Canal Road
Trowbridge
Wiltshire
BA14 8RH

Auditors

ML Audit LLP
Statutory Auditors
Freshford House
Redcliffe Way
Bristol
BS1 6NL

 

AlertSystems Group 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 group continued to be that of a business security solution systems integrator.

Business review

The directors have reviewed the performance and growth of the group during the period, as detailed under the ‘key performance indicators’ below in the 'Fair review of the business' section.

The AlertSystems Group is an independent group, we specialise in the design, installation, service and maintenance of business security systems. With over 30 years’ experience, the group has been at the forefront of technological developments in the security industry.

The AlertSystems Group includes AlertSystems Limited, a company specialising in the design, installation and service of business security systems, Alert Monitoring Limited, a state-of-the art CCTV Control Centre and Alert Data Limited, a facility offering secure off-site hosting of security systems and services.

As an independent group we have developed long-standing relationships with leading manufacturers. These partnerships allow us to offer our customers the most appropriate solutions to meet their operational requirements.

Our diverse customer base includes multi-site national businesses, facilities management companies, public sector organisations, manufacturers and retailers.

We hold National Security Inspectorate (NSI) Gold accreditation and BAFE SP 2013-1 for the design, installation, commissioning and maintenance of Fire Detection and Fire Alarm Systems. We also hold OHSAS 18001 and have an approved status with a number of health and safety schemes, including CHAS, SafeContractor and Constructionline.

Fair review of the business

The group’s turnover has increased by 2.0% (2023 - 9.1%) this year due to the continued easing of government restrictions, thus allowing operations to perform under normal conditions.

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

13,570,169

13,305,448

Gross profit

£

4,646,633

4,692,966

Gross profit margin

%

34

35

Turnover per employee

£

91,690

93,045

 

AlertSystems Group Limited

Strategic Report for the Year Ended 30 April 2024

Principal risks and uncertainties

Competitive market
The group operates in a competitive market that could result in losing sales to competitors. The company manages this risk by providing value added service to its customers based on quality, integrity and innovative product solutions backed by competitive finance packages and longstanding experience in the market.

Competition in the marketplace continues to be primary risk to the group, price pressure to secure new business and successfully retender existing contracts increases the threat of margin erosion.

Cash flow risk
The business operates primarily in the UK and has a diverse range of customers. It operates appropriate control over its debtors and creditor balances and therefore exposure to cash flow risk from realising its working capital is small.

Brexit
The full business and trading implications of Brexit continue to remain uncertain as legislation arising from the negotiated trade deal is understood. Currency fluctuations, trading arrangements, customer impact and employment issues that become apparent over time will be monitored by management.

Outlook
The directors do not foresee any material changes in the principle activities of the group. The company has a strong order book and remain positive for the future of the business and sector. Increased pressure on margins are expected over the coming period. Competition in the marketplace will continue, as will the commitment for continual improvement to service levels and development of colleagues for the benefit of the company’s client base which remains a priority for the growth of the group.

On the basis of their assessment of the financial position, the directors are confident the group can continue to trade for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
 

Approved by the Board on 30 January 2025 and signed on its behalf by:

.........................................
P J Brake
Director

.........................................
M C Nickels
Director

 
     
 

AlertSystems Group Limited

Directors' Report for the Year Ended 30 April 2024

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

Directors of the group

The directors who held office during the year were as follows:

P J Brake

M C Nickels


Results and dividends
The results for the year are set out on page 10.

Ordinary dividends were declared during the year of £ 840,551 ( 2023 - £ 811,429 ). The directors do not recommend payment of a final dividend ( 2023 - £ Nil ).
 

Financial instruments
The group has procedures to identify risk and protect and manage the group from events that may hinder it's financial performance objectives. The objectives aim to limit counterparty exposure, ensure sufficient working capital exists and monitor risk and manage it at a business unit level. The group does not consider it necessary to employ derivatives such as forward currency contracts to manage risk based on the group's current activities.

Objectives and policies

The group is exposed to price risk, credit risk, liquidity and cashflow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the directors review risk management strategies regularly.

The group is constantly looking for ways to expand its market offering and for different ways to market and strives to ensure that its outlets provide the highest levels of customer service which will put the company well placed to take advantage of any opportunities that may arise.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk - the group has exposure to price risk and it is mitigated by all prices being reviewed and set by management.

Credit risk - the group is exposed to credit risk and management ensure credit checks are completed on all new customers and chase debts on a regular basis once they become overdue.

Liquidity and cash flow risk - the group's exposure to liquidity risk is minimal and the group has adequate working capital. The group is exposed to cash flow risk as a result of the timing between paying suppliers and the receipt of money from customers and management manage this through the use of customer credit checks and daily cash flow management.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

AlertSystems Group Limited

Directors' Report for the Year Ended 30 April 2024

Reappointment of auditors

The auditors, ML Audit LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 30 January 2025 and signed on its behalf by:

P J Brake
Director

M C Nickels
Director

 
     
 

AlertSystems Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the parent company and of the profit or loss of the group and parent company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group and parent company's transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

AlertSystems Group Limited

Independent Auditor's Report to the Members of AlertSystems Group Limited

Opinion

We have audited the financial statements of AlertSystems Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

AlertSystems Group Limited

Independent Auditor's Report to the Members of AlertSystems Group Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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.

Auditor’s responsibilities for the audit of the financial statements

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

 

AlertSystems Group Limited

Independent Auditor's Report to the Members of AlertSystems Group Limited

inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.

......................................
Ian Lloyd (Senior Statutory Auditor)
For and on behalf of ML Audit LLP, Statutory Auditor
Freshford House
Redcliffe Way
Bristol
BS1 6NL

30 January 2025

 

AlertSystems Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

13,570,169

13,305,448

Cost of sales

 

(8,923,536)

(8,612,482)

Gross profit

 

4,646,633

4,692,966

Administrative expenses

 

(4,189,879)

(3,728,518)

Operating profit

4

456,754

964,448

Other interest receivable and similar income

5

16,349

5,658

Interest payable and similar expenses

6

(25,789)

(15,990)

   

(9,440)

(10,332)

Profit before tax

 

447,314

954,116

Tax on profit

10

(124,905)

(218,431)

Profit for the financial year

 

322,409

735,685

Profit/(loss) attributable to:

 

Owners of the company

 

310,590

723,372

Minority interests

 

11,819

12,313

 

322,409

735,685

The profit for this and the preceding year is derived from the group's continuing operations.

The group has no recognised gains or losses for this or the preceeding year other than the results above. Accordingly, a separate Statement of Other Comprehensive Income has not been presented.

 

AlertSystems Group Limited

(Registration number: 08745611)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

-

90,333

Tangible assets

12

403,405

331,066

 

403,405

421,399

Current assets

 

Stocks

14

796,810

908,140

Debtors

15

3,114,152

2,363,070

Cash at bank and in hand

16

1,601,197

2,542,976

 

5,512,159

5,814,186

Creditors: Amounts falling due within one year

17

(3,639,417)

(3,473,903)

Net current assets

 

1,872,742

2,340,283

Total assets less current liabilities

 

2,276,147

2,761,682

Creditors: Amounts falling due after more than one year

17

(114,496)

(116,279)

Provisions for liabilities

18

(90,718)

(61,027)

Net assets

 

2,070,933

2,584,376

Capital and reserves

 

Called up share capital

20

331

326

Share premium reserve

21

9,377

4,683

Other reserves

21

610,400

610,400

Profit and loss account

21

1,466,023

1,995,984

Equity attributable to owners of the company

 

2,086,131

2,611,393

Minority interests

 

(15,198)

(27,017)

Total equity

 

2,070,933

2,584,376

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

P J Brake
Director

M C Nickels
Director

 
     
 

AlertSystems Group Limited

(Registration number: 08745611)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

13

2,837,136

2,837,136

Current assets

 

Cash at bank and in hand

16

46

-

Creditors: Amounts falling due within one year

17

(72,795)

(73,822)

Net current liabilities

 

(72,749)

(73,822)

Net assets

 

2,764,387

2,763,314

Capital and reserves

 

Called up share capital

20

331

326

Share premium reserve

21

9,377

4,683

Other reserves

21

610,400

610,400

Profit and loss account

21

2,144,279

2,147,905

Total equity

 

2,764,387

2,763,314

The company made a profit after tax for the financial year of £836,925 (2023 - profit of £811,129).

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

P J Brake
Director

M C Nickels
Director

 
     
 

AlertSystems Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 May 2023

326

4,683

610,400

1,995,984

2,611,393

(27,017)

2,584,376

Profit for the year

-

-

-

310,590

310,590

11,819

322,409

Dividends

-

-

-

(840,551)

(840,551)

-

(840,551)

New share capital subscribed

5

4,694

-

-

4,699

-

4,699

At 30 April 2024

331

9,377

610,400

1,466,023

2,086,131

(15,198)

2,070,933

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 May 2022

326

4,683

610,400

2,084,041

2,699,450

(39,330)

2,660,120

Profit for the year

-

-

-

723,372

723,372

12,313

735,685

Dividends

-

-

-

(811,429)

(811,429)

-

(811,429)

At 30 April 2023

326

4,683

610,400

1,995,984

2,611,393

(27,017)

2,584,376

 

AlertSystems Group Limited

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

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2023

326

4,683

610,400

2,147,905

2,763,314

Profit for the year

-

-

-

836,925

836,925

Dividends

-

-

-

(840,551)

(840,551)

New share capital subscribed

5

4,694

-

-

4,699

At 30 April 2024

331

9,377

610,400

2,144,279

2,764,387

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2022

326

4,683

610,400

2,148,205

2,763,614

Profit for the year

-

-

-

811,129

811,129

Dividends

-

-

-

(811,429)

(811,429)

At 30 April 2023

326

4,683

610,400

2,147,905

2,763,314

 

AlertSystems Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

322,409

735,685

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

268,774

295,613

Profit on disposal of tangible assets

-

(13,633)

Finance income

5

(16,349)

(5,658)

Finance costs

6

25,789

15,990

Income tax expense

10

124,905

218,431

 

725,528

1,246,428

Working capital adjustments

 

Decrease in stocks

14

111,330

199,166

(Increase)/decrease in debtors

15

(734,540)

164,398

Increase/(decrease) in creditors

17

130,155

(566,205)

Increase in deferred income, including government grants

 

86,090

43,382

Cash generated from operations

 

318,563

1,087,169

Income taxes paid

10

(230,327)

(190,161)

Net cash flow from operating activities

 

88,236

897,008

Cash flows from investing activities

 

Interest received

16,349

5,658

Acquisitions of tangible assets

(250,780)

(239,651)

Proceeds from sale of tangible assets

 

-

16,632

Net cash flows from investing activities

 

(234,431)

(217,361)

Cash flows from financing activities

 

Interest paid

6

(25,789)

(15,990)

Proceeds from issue of ordinary shares, net of issue costs

 

4,699

-

Payments to finance lease creditors

 

46,058

86,246

Dividends paid

(820,552)

(811,429)

Net cash flows from financing activities

 

(795,584)

(741,173)

Net decrease in cash and cash equivalents

 

(941,779)

(61,526)

Cash and cash equivalents at 1 May

 

2,542,976

2,604,502

Cash and cash equivalents at 30 April

 

1,601,197

2,542,976

The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemptions available under FRS 102 paragraph 1.12(b) not to present the company Statement of Cash Flows.

 

AlertSystems Group Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Alert House 1 Willowside Park
Canal Road
Trowbridge
Wiltshire
BA14 8RH

These financial statements were authorised for issue by the Board on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard,102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

These financial annual statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

As permitted by s408 of Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's profit for the year was £836,925 (2023 - £811,129).

AlertSystems Group Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.2 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows, which include the cash flows of AlertSystems Group Limited.

 

AlertSystems Group Limited

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

Basis of consolidation

The financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the profit and loss account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have been mindful of any potential impacts from future relationships with Europe, the current high inflation, and the current situation in Ukraine. Furthermore, the directors have reviewed budgets and projections for the next twelve months. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

AlertSystems Group Limited

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

Key sources of estimation uncertainty

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

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

During the year management have made an estimation in respect of stock of finished goods. This estimation is made on the basis of finished goods that are slow moving and unlikely to sell within one year of the financial reporting date. The provision included in the financial statements is £13,565 (2023 - £13,565).

The directors have made a provision for potential bad and doubtful debts. This estimation is based on the ageing of debts and the likelihood of their recoverability. The provision included in the financial statements is £87,311 (2023 - £76,805).

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT and trade discounts in the ordinary course of the group's activities.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligation.

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

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Foreign currency transactions and balances

Transactions in currencies other than the presentational currency of these financial statements are recorded at the prevailing exchange rate on the date of the transaction. At each reporting end date, assets and liabilities recorded in foreign currency are retranslated at the prevailing exchange rate on the reporting end date. Any gains or losses arising on retranslation are recognised in the profit and loss account.

Tax

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the profit or loss except that a charge attributable to an item of income or expense recognised as other comprehensive income is recognised in other comprehensive income.

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

 

AlertSystems Group Limited

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

Deferred tax is provided at appropriate rates on all timing differences only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability of asset will crystallise in the foreseeable future. Deferred tax is recovered using tax rates expected to apply at the reversal of the timing difference.

Deferred and current taxation assets or liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20-25% straight line

Furniture, fittings and equipment

25-33% straight line

Motor vehicles

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

AlertSystems Group Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

AlertSystems Group Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

A company within the group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is derived from market prices of similar quoted companies. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The fair value of any options awarded also takes into account non-vesting conditions. These are other factors outside the control of either party (such as a target based on an index) or within the control of one or more of the parties (such as the scheme being kept open or the employee maintaining their contribution of services to the company within the group).

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

 

AlertSystems Group Limited

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

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

13,570,169

13,305,448

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

13,570,169

13,305,448

4

Operating profit

Arrived at after charging/(crediting):

2024
£

2023
£

Depreciation expense

178,441

140,748

Amortisation expense

90,333

154,865

Research and development cost

40,803

33,860

Operating lease expense - property

121,095

108,598

Operating lease expense - plant and machinery

320,554

238,242

Profit on disposal of property, plant and equipment

-

(13,633)

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

16,349

5,121

Other finance income

-

537

16,349

5,658

6

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

25,789

15,990

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

 

AlertSystems Group Limited

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

2024
£

2023
£

Wages and salaries

5,359,854

4,838,635

Social security costs

540,997

502,008

Pension costs, defined contribution scheme

255,930

153,440

Other employee expense

34,592

31,348

6,191,373

5,525,431

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

27

24

Sales, marketing and distribution

28

24

Other departments

93

95

148

143

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

271,732

218,264

Contributions paid to money purchase schemes

101,000

11,600

372,732

229,864

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under share incentive scheme

1

1

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
£

2023
£

Remuneration

216,014

154,224

Company contributions to money purchase pension schemes

6,000

6,000

 

AlertSystems Group Limited

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

9

Auditors' remuneration

2024
£

2023
£

Audit of the parent financial statements and consolidation

6,000

3,000

Audit of the financial statements of subsidiaries pursuant to legislation

17,000

14,699

23,000

17,699

Other fees to auditors

All other non-audit services

29,344

15,618


 

10

Taxation

Tax charged/(credited) in the income statement:

2024
£

2023
£

Current taxation

UK corporation tax

92,614

199,320

UK corporation tax adjustment to prior periods

2,600

-

95,214

199,320

Deferred taxation

Arising from origination and reversal of timing differences

29,691

19,111

Tax expense in the income statement

124,905

218,431

 

AlertSystems Group Limited

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

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19.49%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

447,314

954,116

Corporation tax at standard rate

111,829

185,957

Decrease in UK and foreign current tax from adjustment for prior periods

-

(1,161)

Tax increase from effect of capital allowances and depreciation

26,342

-

Effect of revenues exempt from taxation

(159,975)

(168,709)

Effect of expense not deductible in determining taxable profit (tax loss)

12,658

37,886

Tax decrease arising from group relief

(7,377)

-

Deferred tax expense from unrecognised temporary difference from a prior period

139,585

158,150

Deferred tax expense relating to changes in tax rates or laws

1,843

6,308

Total tax charge

124,905

218,431

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

93,421

Retirement benefit obligations

(2,703)

90,718

2023

Liability
£

Accelerated tax depreciation

71,123

Retirement benefit obligations

(2,719)

Tax losses carried forwards

(7,377)

61,027

11

Intangible assets

Group

The aggregate amount of research and development expenditure recognised as an expense during the period is £40,803 (2023 - £33,860)
 

 

AlertSystems Group Limited

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

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

1,548,645

1,548,645

At 30 April 2024

1,548,645

1,548,645

Amortisation

At 1 May 2023

1,458,312

1,458,312

Amortisation charge

90,333

90,333

At 30 April 2024

1,548,645

1,548,645

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

90,333

90,333

12

Tangible assets

Group

Leasehold improvements
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

128,357

911,336

315,516

1,355,209

Additions

100,663

118,050

32,067

250,780

At 30 April 2024

229,020

1,029,386

347,583

1,605,989

Depreciation

At 1 May 2023

110,423

799,524

114,196

1,024,143

Charge for the year

25,941

78,756

73,744

178,441

At 30 April 2024

136,364

878,280

187,940

1,202,584

Carrying amount

At 30 April 2024

92,656

151,106

159,643

403,405

At 30 April 2023

17,934

111,812

201,320

331,066

 

AlertSystems Group Limited

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

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Leasehold imrpovements

77,029

-

Furniture, fittings and equipment

74,850

-

Motor vehicles

148,180

201,320

300,059

201,320

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

2,837,136

2,837,136

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

AlertSystems Limited

Alert House
One Willowside Park
Canal Road
Trowbridge
Wiltshire
BA14 8RH

Ordinary

100%

100%

Alert Monitoring Limited

Alert House
One Willowside Park
Canal Road
Trowbridge
Wiltshire
BA14 8RH

Ordinary A

75%

75%

Alert Data Limited

Alert House
One Willowside Park
Canal Road
Trowbridge
Wiltshire
BA14 8RH

Ordinary A

76.53%

76.53%

 

AlertSystems Group Limited

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

Subsidiary undertakings

AlertSystems Limited

The principal activity of AlertSystems Limited is the supply and installation of alarm equipment.

Alert Monitoring Limited

The principal activity of Alert Monitoring Limited is the supply of monitoring services for alarm equipment.

Alert Data Limited

The principal activity of Alert Data Limited is the supply of data services for alarm equipment.

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

29,171

128,381

-

-

Finished goods and goods for resale

767,639

779,759

-

-

796,810

908,140

-

-

Good for resale are stated after provision for impairment of £13,565 (2023 - £13,565).

There is no significant difference between the replacement costs of stock for resale and its carrying amount.

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,512,306

1,713,331

-

-

Other debtors

 

65

215

-

-

Prepayments

 

203,461

288,042

-

-

Accrued income

 

381,778

361,482

-

-

Income tax asset

10

16,542

-

-

-

   

3,114,152

2,363,070

-

-

Trade debtors are stated after the provision for impairment of £87,311 (2023 - £76,805).

 

AlertSystems Group Limited

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

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

941

819

-

-

Cash at bank

577,139

1,535,389

46

-

Short-term deposits

1,023,117

1,006,768

-

-

1,601,197

2,542,976

46

-

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

146,822

98,981

-

-

Trade creditors

 

961,576

723,528

-

-

Amounts due to related parties

27

19,999

-

63,295

68,020

Social security and other taxes

 

545,921

458,605

-

-

Outstanding defined contribution pension costs

 

28,006

35,849

-

-

Other creditors

 

-

167

-

-

Accruals

 

153,254

142,323

9,500

5,802

Corporation tax liability

10

9,156

127,727

-

-

Deferred income

 

150,298

64,208

-

-

Gross amount due to customers for contract work

 

1,624,385

1,822,515

-

-

 

3,639,417

3,473,903

72,795

73,822

Due after one year

 

Loans and borrowings

22

114,496

116,279

-

-

A fixed and floating charge exists covering all the property or undertakings of a company within the group in favour of National Westminster Bank PLC dated 9 December 2015.

A fixed and floating charge exists over all property and undertakings of the company in favour of RBS Invoice Finance dated 29 March 2018 in respect of an invoice financing facility.

 

AlertSystems Group Limited

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

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 May 2023

61,027

61,027

Increase in existing provisions

29,691

29,691

At 30 April 2024

90,718

90,718

19

Pension and other schemes

Defined contribution pension scheme

The group participates in a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £255,930 (2023 - £153,440).

Contributions totalling £28,006 (2023 - £35,849) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £0.01 each

22,000

220

22,000

220

Ordinary B shares of £0.01 each

10,000

100

10,000

100

Ordinary C shares of £0.01 each

1,111

11

555

6

 

33,111

331

32,555

326

Ordinary A shares, Ordinary B and Ordinary C shares rank pari passu and there are no restrictions on the disribution of dividends and the repayment of capital.

New shares allotted

During the year 556 Ordinary C Shares having an aggregate nominal value of £0.01 were allotted for an aggregate consideration of £5.56.

 

AlertSystems Group Limited

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

21

Reserves

Group

Called up share capital

This reserve reflects the nominal value of share capital issued by the company.

Share premium reserve

This represents the excess of the proceeds over the par value of shares issued less any directly attributable transaction costs.

Other reserves

This reserve refers to merger relief in accordance with s612 of the Companies Act 2006.

Profit and loss account

This represents the cumulative profit and loss net of distribution to owners.

22

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Hire purchase contracts

146,822

98,981

-

-

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Hire purchase contracts

114,496

116,279

-

-

Hire purchase contracts were secured over the assets to which they relate.

23

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

146,822

98,981

Later than one year and not later than five years

114,496

116,279

261,318

215,260

 

AlertSystems Group Limited

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

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

101,119

87,579

Later than one year and not later than five years

280,900

100,749

Later than five years

387,377

-

769,396

188,328

The amount of non-cancellable operating lease payments recognised as an expense during the year was £441,649 (2023 - £346,840).

24

Share-based payments

EMI share option scheme

Scheme details and movements

The group operates an equity settled share option scheme. The options have both non-market vesting and service vesting conditions. There were 556 options exercised in the current year (2023 - nil), with no options issued in year (2023 - nil), resulting in no (2023 - 556) outstanding options at the year end.

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

556

556

Exercised during the period

(556)

-

Outstanding, end of period

-

556

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

8.45

8.45

Exercised during the period

(8.45)

-

Outstanding, end of period

-

8.45

No expense has been recognised in the profit and loss account in respect of these transactions as the fair value of the options at the grant date was considered by the directors to be immaterial to the financial statements.

 

AlertSystems Group Limited

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

25

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary A shares

-

-

Interim dividend of £83.14 (2023 - £81.14) per each Ordinary B shares

831,428

811,429

Interim dividend of £8.21 (2023 - £Nil) per each Ordinary C shares

9,123

-

840,551

811,429

26

Analysis of changes in net debt

Group

At 1 May 2023
£

Financing cash flows
£

New finance leases
£

At 30 April 2024
£

Cash and cash equivalents

Cash

2,542,976

(895,721)

(46,058)

1,601,197

 

2,542,976

(895,721)

(46,058)

1,601,197

Company

Financing cash flows
£

At 30 April 2024
£

Cash and cash equivalents

Cash

46

46

 

46

46

27

Related party transactions

Group

Summary of transactions with other related parties

Other related parties include transactions with close family members of key management.
 

Expenditure with and payables to related parties

2024

Key management
£

Leases

69,577

Amounts due to related party

19,999

 

AlertSystems Group Limited

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

2023

Key management
£

Leases

69,577

Company

Expenditure with and payables to related parties

2024

Subsidiaries
£

Key management
£

Amounts payable to related party

43,296

19,999

2023

Subsidiaries
£

Amounts payable to related party

68,020

Amounts owed to subsidiaries are interest free, have no fixed repayment date and are repayable on demand.

28

Parent and ultimate parent undertaking

The ultimate controlling party is P J Brake and M C Nickels by virtue of their equity shareholding in AlertSystems Group Limited.