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REGISTERED NUMBER: 07648599 (England and Wales)















REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

LIGHTWARE VISUAL ENGINEERING UK LIMITED

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Notes to the Financial Statements 8


LIGHTWARE VISUAL ENGINEERING UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: L Gal
C Storey
A G Vida





REGISTERED OFFICE: 34 Lime Street
London
London
EC3M 7AT





REGISTERED NUMBER: 07648599 (England and Wales)





AUDITORS: Bullimores LLP
Statutory Auditor & Chartered Accountants
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of designing and manufacturing precision video signal management products for high-end application.

REVIEW OF BUSINESS
The results for the financial period under review are in the attached financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

L Gal
C Storey
A G Vida

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





C Storey - Director


20 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

Opinion
We have audited the financial statements of Lightware Visual Engineering Uk Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet 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 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss 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.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. In reaching our conclusion we have received a letter confirming support from the parent company for at least 12 months from the signing of the financial statements.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

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

Our approach was as follows:
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company, FRS 102 and the UK tax regulations.
- We made enquires of management and the directors of the company to ensure compliance with the frameworks, reviewing minutes and information provided by the Company.
- We assessed the susceptibility of the Company's financial statements to material misstatement, whether due to fraud of error by discussing with management and assessing when there was a susceptibility to fraud. We also considered the impact of performance targets. We considered how the Company addresses any risks that are identified.
- Based on our understanding of the Company our procedures included enquiries of management with a focus on large or unusual items and accounting estimates. We performed substantive testing of transactions on a sample basis. Our testing was designed to provide reasonable assurance that the financial statements were free from fraud or error.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The 2023 accounts were not audited. In connection with our audit of the financial statements, our responsibility is to obtain sufficient audit evidence that the opening balances do not contain material misstatements that materially affect the current periods financial statements. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Boot FCA (Senior Statutory Auditor)
for and on behalf of Bullimores LLP
Statutory Auditor & Chartered Accountants
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

20 March 2025

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Period
1.6.22
Year Ended to
30.9.24 30.9.23
Notes £    £   

TURNOVER 5,396,466 8,014,090

Cost of sales 4,741,626 6,280,095
GROSS PROFIT 654,840 1,733,995

Administrative expenses 1,077,268 1,499,855
(422,428 ) 234,140

Other operating income 31,869 -
OPERATING (LOSS)/PROFIT 4 (390,559 ) 234,140

Interest receivable and similar income 1,377 6
(389,182 ) 234,146

Interest payable and similar expenses 1,917 1,528
(LOSS)/PROFIT BEFORE TAXATION (391,099 ) 232,618

Tax on (loss)/profit (76,490 ) 88,687
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (314,609 ) 143,931

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 183,232 86,026

CURRENT ASSETS
Stocks 7 736,060 591,156
Debtors 8 1,590,100 1,452,337
Cash at bank 864,471 531,695
3,190,631 2,575,188
CREDITORS
Amounts falling due within one year 9 3,138,132 2,155,981
NET CURRENT ASSETS 52,499 419,207
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,731

505,233

CREDITORS
Amounts falling due after more than one
year

10

(91,447

)

(24,833

)

PROVISIONS FOR LIABILITIES 11 - (21,507 )
NET ASSETS 144,284 458,893

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 144,282 458,891
144,284 458,893

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





C Storey - Director


LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

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

1. STATUTORY INFORMATION

Lightware Visual Engineering Uk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considering the going concern assumption, the directors have considered the future activities and cash flow requirements of the company, and the financial position of its holding company. The directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future and has a letter from the parent confirming that support. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover consists of income derived from the normal operating activities of the company during the year, net of VAT and trade discounts. Turnover is recognised when the goods are dispatched or are available for collection by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost and 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those
held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

Period
1.6.22
Year Ended to
30.9.24 30.9.23
£    £   
Depreciation - owned assets 27,303 20,935

5. SECURED DEBTS

FLB Knight has a fixed and floating charge over the property and undertakings of the company in relation to the purchase by the immediate parent of shares.

6. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 72,547 - 42,474 115,021
Additions 22,267 97,472 6,392 126,131
At 30 September 2024 94,814 97,472 48,866 241,152
DEPRECIATION
At 1 October 2023 11,325 - 17,670 28,995
Charge for year 17,627 1,622 9,676 28,925
At 30 September 2024 28,952 1,622 27,346 57,920
NET BOOK VALUE
At 30 September 2024 65,862 95,850 21,520 183,232
At 30 September 2023 61,222 - 24,804 86,026

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 97,472
At 30 September 2024 97,472
DEPRECIATION
Charge for year 1,622
At 30 September 2024 1,622
NET BOOK VALUE
At 30 September 2024 95,850

7. STOCKS
2024 2023
£    £   
Stocks 736,060 591,156

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,044,249 986,264
Amounts owed by group undertakings 189,212 200,000
Amounts owed by associates 216,175 214,975
Other debtors 36,990 36,930
Directors' loan accounts 235 -
Tax 55,058 -
Prepayments 48,181 14,168
1,590,100 1,452,337

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 19,533 -
Trade creditors 32,092 23,065
Amounts owed to group undertakings 2,599,052 1,637,809
Tax - 69,756
Social security and other taxes 62,496 56,961
Pension fund 4,091 4,327
VAT 345,221 305,230
Accrued expenses 65,647 48,833
3,138,132 2,155,981

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 4,945 14,833
Hire purchase contracts 76,502 -
91,447 24,833

LIGHTWARE VISUAL ENGINEERING UK LIMITED (REGISTERED NUMBER: 07648599)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

On the 17 March 2021 the company took out a loan of £50,000 , under the CBIL Scheme, with HSBC. The loan is repayable over 5 years. Interest is charged at 2.5%. The balance remaining is £24,945 (2023: £34,833).

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 21,507

Deferred
tax
£   
Balance at 1 October 2023 21,507
Provided during year (21,507 )
Balance at 30 September 2024 -

12. OTHER FINANCIAL COMMITMENTS

Minimum rental payments under non-cancellable operating leases fall due as follows:-

£   
Within 1 year135,410
Between one and five years12,310

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 September 2024 and the period ended 30 September 2023:

2024 2023
£    £   
C Storey
Balance outstanding at start of year - -
Amounts advanced 235 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 235 -

This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Lightware Holding Zartkoruen MukodoReszvenytarsaag.

The company's immediate parent, Lightware Holding Zartkoruen Mukodo Reszvenytarsaag, draws up consolidated financial statements.The address of its registered office is Peterdy utca 15. Budapest, Budapest (HU-BU), 1071, Hungary.