Company registration number 08877091 (England and Wales)
QVIS LIGHTING & SECURITY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
QVIS LIGHTING & SECURITY LIMITED
COMPANY INFORMATION
Directors
Mrs J E Brown
Mr D Brown
Mr M Brown
Secretary
Mrs J E Brown
Company number
08877091
Registered office
4 Merlin Park
Airport Service Road
Portsmouth
Hampshire
PO3 5FU
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
4 Merlin Park
Airport Service Road
Portsmouth
Hampshire
PO3 5FU
QVIS LIGHTING & SECURITY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
QVIS LIGHTING & SECURITY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

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

Review of the business

The principal activity of the company continued to be that of the supply of LED lighting, CCTV equipment and related products.

 

Turnover for the company for the financial year amounted to £23,652,740 (2023 - £29,090,199). Profit for the financial year after taxation was £243,254 (2023 - £248,523). In the opinion of the directors, the company has traded satisfactorily in a very volatile and competitive market amidst very stiff competition and global economic pressures. The directors are satisfied with the overall performance of the company and they are confident that the company will retain its share of the market in the coming year, and indeed look to improve further.

Principal risks and uncertainties

Principle risks and uncertainties are:

 

Management risks

 

The management of the company is controlled by its three directors who are supported by a management team. Strategic matters and future development decisions are carried out by the board of directors.

 

Credit risk

 

The company has negligible credit risk as credit control is very tightly managed, with strict rules being laid down for every customer.

 

Financial risks

 

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

Operating risk

 

The company manages day to day operating risks by adapting best practice wherever possible. This process includes ensuring staff are properly trained and that industry standards and regulations are adhered to to the highest possible levels.

On behalf of the board

Mrs J E Brown
Director
9 April 2025
QVIS LIGHTING & SECURITY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of the sale of LED lighting, CCTV equipment and related equipment.

Results and dividends

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

Ordinary dividends were paid amounting to £118,650. The directors do not recommend payment of a final dividend.

Directors

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

Mrs J E Brown
Mr D Brown
Mr M Brown
Future developments

The directors believe that there are currently no major future developments requiring disclosure.

Auditor

The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments.

Statement of disclosure to auditor

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

On behalf of the board
Mrs J E Brown
Director
9 April 2025
QVIS LIGHTING & SECURITY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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

 

 

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.

QVIS LIGHTING & SECURITY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QVIS LIGHTING & SECURITY LIMITED
- 4 -
Opinion

We have audited the financial statements of QVIS Lighting & Security Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

QVIS LIGHTING & SECURITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QVIS LIGHTING & SECURITY LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: compliance with the UK Companies Act.

QVIS LIGHTING & SECURITY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QVIS LIGHTING & SECURITY LIMITED
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

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.

Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
10 April 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
QVIS LIGHTING & SECURITY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
23,652,740
29,090,199
Cost of sales
(18,788,909)
(24,802,581)
Gross profit
4,863,831
4,287,618
Administrative expenses
(4,543,786)
(3,968,769)
Operating profit
4
320,045
318,849
Interest payable and similar expenses
(76,791)
(22,950)
Profit before taxation
243,254
295,899
Tax on profit
7
-
0
(47,376)
Profit for the financial year
243,254
248,523

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

QVIS LIGHTING & SECURITY LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
9
300,000
350,000
Tangible assets
10
372,081
561,560
672,081
911,560
Current assets
Stocks
11
5,893,406
5,595,664
Debtors
12
7,089,867
9,783,461
Cash at bank and in hand
13,071
25,654
12,996,344
15,404,779
Creditors: amounts falling due within one year
13
(8,119,795)
(7,626,422)
Net current assets
4,876,549
7,778,357
Total assets less current liabilities
5,548,630
8,689,917
Creditors: amounts falling due after more than one year
14
(3,700,935)
(6,966,826)
Provisions for liabilities
Deferred tax liability
17
140,390
140,390
(140,390)
(140,390)
Net assets
1,707,305
1,582,701
Capital and reserves
Called up share capital
19
204
204
Capital contribution reserve
20
596,904
596,904
Profit and loss reserves
1,110,197
985,593
Total equity
1,707,305
1,582,701

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

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
Mrs J E Brown
Director
Company registration number 08877091 (England and Wales)
QVIS LIGHTING & SECURITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
204
596,904
748,370
1,345,478
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
248,523
248,523
Dividends
8
-
-
(11,300)
(11,300)
Balance at 30 April 2023
204
596,904
985,593
1,582,701
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
243,254
243,254
Dividends
8
-
-
(118,650)
(118,650)
Balance at 30 April 2024
204
596,904
1,110,197
1,707,305
QVIS LIGHTING & SECURITY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,260,910
18,086
Interest paid
(76,791)
(22,950)
Income taxes paid
-
0
(98,177)
Net cash inflow/(outflow) from operating activities
3,184,119
(103,041)
Investing activities
Purchase of tangible fixed assets
(38,538)
(61,630)
Net cash used in investing activities
(38,538)
(61,630)
Financing activities
Proceeds from borrowings
-
0
797,563
Repayment of borrowings
(3,237,717)
-
0
Payment of finance leases obligations
(28,792)
(33,205)
Dividends paid
(118,650)
(11,300)
Net cash (used in)/generated from financing activities
(3,385,159)
753,058
Net (decrease)/increase in cash and cash equivalents
(239,578)
588,387
Cash and cash equivalents at beginning of year
(2,954,908)
(3,543,295)
Cash and cash equivalents at end of year
(3,194,486)
(2,954,908)
Relating to:
Cash at bank and in hand
13,071
25,654
Bank overdrafts included in creditors payable within one year
(3,207,557)
(2,980,562)
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
1
Accounting policies
Company information

QVIS Lighting & Security Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Merlin Park, Airport Service Road, Portsmouth, Hampshire, PO3 5FU.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

1.2
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 considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessmenttrue. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

 

There is loan payable to a connected company, included within non-current creditors in note 15. Subject to an agreement between the directors, who are common to both companies, repayment is due to start 24 months from the balance sheet date, and also will not be due for repayment until the company is in a position to do so. The directors have assessed the company’s ability to continue as a going concern and are confident that the loan arrangement will not impact the company’s ability to continue operating as a going concern.

1.3
Turnover

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

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.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Tangible fixed assets

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

QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 12 -

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

Plant and machinery
20% - straight line
Computer equipment
20% - straight line
Motor vehicles
25% - straight line

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

1.6
Impairment of fixed assets

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

1.7
Stocks

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

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

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including trade and other accounts receivable and payable, loans from banks and loans from related parties.

 

Debt instruments including loans and other accounts receivable and payable are initially measured at transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 

The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles and carried out by a third party.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.13
Retirement benefits

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

1.14
Leases

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

 

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.15
Foreign exchange

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

QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Key sources of estimation uncertainty

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

Stock provision

The directors have made key assumptions in determining the appropriate impairment provision against stock items held at the end of the reporting period. This provision takes into consideration a number of factors including slow moving items. At the financial reporting date, the provision made against stock was £1,300,000 (2023 - £1,300,000).

Rebate provision

The directors have recognised a provision against trade receivables of £1,037,533 (2023 - £1,058,381), which includes a provision for rebates. The rebate provision relates to expected future payments based on sales contracts and is subject to estimation uncertainty regarding sales volume and contractual terms.

Connected company loans

The directors have made an assumption that loans owed by connected companies, amounting to £2,867,958 (2023 - £5,214,268) are fully recoverable and, accordingly, no provision for impairment is considered necessary. This assumption is based on the expectation that the connected companies will have the financial capacity to repay the loans in full or can transfer inventory, considering factors such as the financial position, ongoing operations, and future prospects of these companies.

Goods in transit

The directors have recognised £135,236 (2023 - £Nil) of goods in transit within stocks and trade creditors. This is based on estimated delivery dates and supporting documentation such as telex releases and goods receipt records. In the prior year, no goods in transit were recognised as the amount was considered immaterial by the directors.

3
Turnover

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

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
23,652,740
29,090,199
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover
(Continued)
- 15 -
2024
2023
£
£
Turnover analysed by geographical market
Europe
363,204
446,701
United Kingdom
23,236,158
28,577,847
Rest of the world
53,378
65,650
23,652,740
29,090,199
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(163,888)
(144,773)
Research and development costs
-
338,820
Fees payable to the company's auditor for the audit of the company's financial statements
14,500
16,000
Depreciation of owned tangible fixed assets
215,981
190,109
Depreciation of tangible fixed assets held under finance leases
12,036
12,036
Amortisation of intangible assets
50,000
50,000
Operating lease charges
272,020
214,608
5
Employees

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

2024
2023
Number
Number
Administration/Support
28
26
Director
1
1
Operations
13
11
Sales
20
18
Warehouse
12
10
Total
74
66
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,047,236
1,843,222
Social security costs
225,203
232,580
Pension costs
44,921
44,773
2,317,360
2,120,575
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
12,570
85,381
Company pension contributions to defined contribution schemes
2,829
2,829
15,399
88,210

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

7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
1,079
Deferred tax
Origination and reversal of timing differences
-
0
7,844
Previously unrecognised tax loss, tax credit or timing difference
-
0
38,453
Total deferred tax
-
0
46,297
Total tax charge
-
0
47,376
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Taxation
(Continued)
- 17 -

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

2024
2023
£
£
Profit before taxation
243,254
295,899
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
60,814
73,975
Tax effect of expenses that are not deductible in determining taxable profit
39,543
43,869
Tax effect of utilisation of tax losses not previously recognised
(142,505)
-
0
Unutilised tax losses carried forward
15,993
-
0
Amortisation on assets not qualifying for tax allowances
12,500
12,500
Research and development tax credit
-
0
(69,618)
Other timing differences
13,655
(13,350)
Taxation charge for the year
-
47,376

The company has estimated trading losses totalling £110,000 (2023 - £745,000) available for carry forward against future trading profit.

8
Dividends
2024
2023
£
£
Interim paid
118,650
11,300
9
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
500,000
Amortisation and impairment
At 1 May 2023
150,000
Amortisation charged for the year
50,000
At 30 April 2024
200,000
Carrying amount
At 30 April 2024
300,000
At 30 April 2023
350,000
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
10
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
478,573
228,319
217,742
924,634
Additions
24,564
13,974
-
0
38,538
At 30 April 2024
503,137
242,293
217,742
963,172
Depreciation and impairment
At 1 May 2023
217,663
100,285
45,126
363,074
Depreciation charged in the year
116,075
57,507
54,435
228,017
At 30 April 2024
333,738
157,792
99,561
591,091
Carrying amount
At 30 April 2024
169,399
84,501
118,181
372,081
At 30 April 2023
260,910
128,034
172,616
561,560

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

2024
2023
£
£
Motor vehicles
118,181
130,217
11
Stocks
2024
2023
as restated
£
£
Finished goods and goods for resale
5,893,406
5,595,664
12
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
3,992,851
4,373,980
Corporation tax recoverable
12,938
14,017
Other debtors
2,907,231
5,233,580
Prepayments and accrued income
176,847
161,884
7,089,867
9,783,461
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Debtors
(Continued)
- 19 -

The directors have confirmed, with regards to the amounts owed by connected companies, an amount totalling £2,867,958 (2023 - £5,214,268) included within other debtors, that although this balance is repayable on demand and hence receivable within one year, no repayment of the balance will be sought until the creditor company is in a position to make such payment. It is anticipated that this will not be for at least two years from the statement of financial position date.

13
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Bank loans and overdrafts
15
3,207,557
2,980,562
Obligations under finance leases
16
28,173
28,791
Trade creditors
4,263,040
4,110,472
Corporation tax
-
0
1,079
Other taxation and social security
474,910
452,848
Other creditors
73,798
11,418
Accruals and deferred income
72,317
41,252
8,119,795
7,626,422

The short term bank borrowings are secured by a fixed and floating charge over the assets of the company.

14
Creditors: amounts falling due after more than one year
2024
2023
as restated
Notes
£
£
Obligations under finance leases
16
113,773
141,947
Other borrowings
15
3,587,162
6,824,879
3,700,935
6,966,826
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
3,207,557
2,980,562
Other loans
3,587,162
6,824,879
6,794,719
9,805,441
Payable within one year
3,207,557
2,980,562
Payable after one year
3,587,162
6,824,879

The amounts payable under finance leases are secured by charges over the assets concerned.

QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Loans and overdrafts
(Continued)
- 20 -

The bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.

 

The other loans have been discounted as per note 20.

16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
28,173
28,791
In two to five years
113,773
141,947
141,946
170,738

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
140,390
140,390
There were no deferred tax movements in the year.

The directors have considered the deferred tax liabilities note above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependent on events which are not yet known.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,921
44,773

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

QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
204
204
204
204

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

20
Capital contribution reserve
2024
2023
as restated
£
£
At the beginning and end of the year
596,904
596,904

This capital contribution relates to a discounting charge, on the non-current connected company loan included within other loans in note 15, as no interest is charged on this balance. This balance is non-distributable and the directors do not believe there has been any material movement in this balance during the year.

21
Financial commitments, guarantees and contingent liabilities

There is an unlmited cross company guarantee between the company, Puretech Electrical Products Limited, A-Data Limited and QVIS Monitoring Limited.

22
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
45,492
74,748
Between two and five years
1,538
26,113
47,030
100,861
23
Related party transactions

During the year the company entered into the following transactions with related parties:

 

A-Data Limited is a connected company through a common director and shareholder of the company. During the year the company sold goods totalling £1,074 (2023 - £Nil), paid management fees totalling £5,000 (2023 - £26,000), purchased goods totalling £1,384,020 (2023 - £2,251,777) and paid rent totalling £100,000 (2023 - £100,000) to this connected company. At the year-end the company owed £3,587,162 (2023 - £6,824,879) to this connected company.

QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
23
Related party transactions
(Continued)
- 22 -

Puretech Electrical Products Limited is a connected company through common control. During the year the company sold goods totalling £7,887,350 (2023 - £12,862,154) and paid management fees totalling £75,915 (2023 - £54,350) to this connected company. At the year-end the company was owed £2,045,879 (2023: £4,554,487) from this connected company.

 

By O Cycles Limited is a connected company through common control. At the year-end the company was owed £57,175 (2023 - £Nil) from this connected company.

 

Global Prestige Solutions Limited is a connected company through common control. At the year-end the company owed £46,300 (2023 - £Nil) to this connected company.

 

Qvis Monitoring Limited is a company controlled by Mrs Sophie Rootes, who is a family member of the directors. During the year the company purchased goods and services totalling £Nil (2023 - £5,197) and purchased goods totalling £523 (2023 - £Nil) from this connected company. At the year-end the company was owed £641,089 (2023 - £585,369) from this connected company.

 

DC Energy Solutions Limited is a company controlled through common control. At the year-end the company was owed £109,330 (2023 - £Nil) from this connected company.

24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
243,254
248,523
Adjustments for:
Taxation charged
-
0
47,376
Finance costs
76,791
22,950
Amortisation and impairment of intangible assets
50,000
50,000
Depreciation and impairment of tangible fixed assets
228,017
202,145
Movements in working capital:
(Increase)/decrease in stocks
(297,742)
2,763,971
Decrease/(increase) in debtors
2,692,515
(3,886,789)
Increase in creditors
268,075
569,910
Cash generated from operations
3,260,910
18,086
25
Analysis of changes in net debt
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
25,654
(12,583)
13,071
Bank overdrafts
(2,980,562)
(226,995)
(3,207,557)
(2,954,908)
(239,578)
(3,194,486)
Borrowings excluding overdrafts
(6,824,879)
3,237,717
(3,587,162)
Obligations under finance leases
(170,738)
28,792
(141,946)
(9,950,525)
3,026,931
(6,923,594)
QVIS LIGHTING & SECURITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
26
Prior period adjustment

The comparative period financial statements have been restated to incorporate the impact of a correction to the accounting estimate in relation to a rebate provision included in trade debtors. This restatement has increased the brought forward provision in the prior year by £750,000 and reduced retained earnings by the same amount.

 

The comparative period financial statements have also been restated to incorporate the impact of a correction to the accounting estimate in relation to a stock provision. This restatement has increased the brought forward provision in the prior year by £1,300,000 and reduced retained earnings by the same amount.

 

The comparative period financial statements have also been restated to incorporate the impact of a write-off of an element of a connected company loan, included in long-term other borrowings, in relation to a purchase of stock from this connected company in a prior year. This restatement has reduced the brought forward long-term creditor in the prior year by £1,300,000 and increased retained earnings by the same amount.

 

The comparative period financial statements have also been restated to incorporate a correction of moving a connected company loan from short to long-term creditors, as per the total balance in other borrowings as shown in note 14. Included in this balance is also a restatement relating to a discounting adjustment as shown in note 20. This restatement has reduced the brought forward long-term creditor in the prior year by £596,904 and increased equity, though a capital contribution reserve, by the same amount.

Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Other borrowings
596,904
596,904
Stock provision
(750,000)
(750,000)
Total adjustments
(153,096)
(153,096)
Equity as previously reported
1,498,574
1,735,797
Equity as adjusted
1,345,478
1,582,701
Analysis of the effect upon equity
Capital contribution reserve
596,904
596,904
Profit and loss reserves
(750,000)
(750,000)
(153,096)
(153,096)
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
248,523
Profit as adjusted
248,523
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