Company registration number 08659947 (England and Wales)
THE SILENT SENTINEL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
AFFINIA
19th Floor
1 Westfield Avenue
Stratford
London
England
E20 1HZ
THE SILENT SENTINEL GROUP LIMITED
COMPANY INFORMATION
Directors
K A Maher
S R Smith
Company number
08659947
Registered office
Nova South
160 Victoria Street
London
United Kingdom
SW1E 5LB
Auditor
Affinia (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
Bankers
HSBC UK Bank plc.
1 Centernary Square
Birmingham
B1 1HQ
THE SILENT SENTINEL GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
THE SILENT SENTINEL GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the Period ended 31 December 2024.

Fair review of the business

Turnover for the year ended 31 December 2024 was £18,684,018 (2023: £19,251,227 ).

Loss before tax for the year ended 31 December 2024 was £2,154,958 (2023: profit of £2,157,086).

 

Total equity of the Group at the balance sheet date was £6,973,053 (2023: £4,860,593).

Principal risks and uncertainties

Currency risk

The Group can be exposed to foreign exchange risk as a number of customers are invoiced in currencies other than the reporting currency. The Group does not use forward currency contracts to manage its exposure to certain foreign currency exchange rates.

Credit risk

The Group’s credit risk is managed by the credit management of the pool operation which is managed by its parent undertaking.

Liquidity risk

The Group aims to mitigate its liquidity risk by managing cash generation from its operations. The parent undertaking also provides financial support to the Group to meet its liabilities when they fall due. The Group has no external debt funding.

Key performance indicators

The key performance indicators are considered to be turnover and profit before tax, These are detailed in the fair review of the business. The director consider that these KPIs have been met.

Other performance indicators

The directors consider there to be no other performance indicators.

On behalf of the board

S R Smith
Director
11 April 2025
THE SILENT SENTINEL GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the Period ended 31 December 2024.

Principal activities

The principal activity of the group continued to be that of manufacturing. The principal activity of the company is that of a holding company and the principle activity of the subsidiaries is that of the design and manufacturing of surveillance and security systems.

Results and dividends

The results for the Period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

P Elsey
(Resigned 13 February 2024)
K A Maher
(Appointed 13 February 2024)
S R Smith
(Appointed 13 February 2024)
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
S R Smith
Director
11 April 2025
THE SILENT SENTINEL GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE SILENT SENTINEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SILENT SENTINEL GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of The Silent Sentinel Group Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our 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:

THE SILENT SENTINEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SILENT SENTINEL GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

THE SILENT SENTINEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SILENT SENTINEL GROUP LIMITED
- 6 -
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.

 

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

THE SILENT SENTINEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SILENT SENTINEL GROUP LIMITED
- 7 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

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.

Mark Middleton (Senior Statutory Auditor)
For and on behalf of Affinia (Stratford)
11 April 2025
Chartered Accountants
Statutory Auditor
19th Floor
1 Westfield Avenue
London
E20 1HZ
THE SILENT SENTINEL GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period
Year
ended
ended
31 December
31 October
2024
2023
Notes
£
£
Turnover
3
18,684,018
19,251,227
Cost of sales
(12,912,413)
(11,597,797)
Gross profit
5,771,605
7,653,430
Administrative expenses
(7,832,504)
(5,334,630)
Other operating income
-
66,551
Operating (loss)/profit
4
(2,060,899)
2,385,351
Interest receivable and similar income
441
28,683
Interest payable and similar expenses
8
(94,500)
(256,948)
(Loss)/profit before taxation
(2,154,958)
2,157,086
Tax on (loss)/profit
9
(39,300)
(431,630)
(Loss)/profit for the financial Period
(2,194,258)
1,725,456
(Loss)/profit for the financial Period is all attributable to the owners of the parent company.
THE SILENT SENTINEL GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period
Year
ended
ended
31 December
31 October
2024
2023
£
£
(Loss)/profit for the Period
(2,194,258)
1,725,456
Other comprehensive income
-
-
Total comprehensive income for the Period
(2,194,258)
1,725,456
Total comprehensive income for the Period is all attributable to the owners of the parent company.
THE SILENT SENTINEL GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
31 December 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,492,394
1,587,429
Tangible assets
11
844,310
989,330
2,336,704
2,576,759
Current assets
Stocks
14
3,972,698
4,469,319
Debtors
15
3,774,114
9,873,977
Cash at bank and in hand
1,442,674
808,424
9,189,486
15,151,720
Creditors: amounts falling due within one year
16
(4,555,579)
(11,563,685)
Net current assets
4,633,907
3,588,035
Total assets less current liabilities
6,970,611
6,164,794
Creditors: amounts falling due after more than one year
17
-
(1,304,201)
Net assets
6,970,611
4,860,593
Capital and reserves
Called up share capital
22
59,524
50,000
Share premium account
20,571
-
0
Capital contributions
4,274,181
-
0
Profit and loss reserves
2,616,335
4,810,593
Total equity
6,970,611
4,860,593
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
11 April 2025
S R Smith
Director
Company registration number 08659947 (England and Wales)
THE SILENT SENTINEL GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
31 December 2024
31 October 2023
Notes
£
£
£
£
Fixed assets
Investments
12
4,281,618
57,079
Current assets
Debtors
15
183,817
844,210
Cash at bank and in hand
5,419
13
189,236
844,223
Creditors: amounts falling due within one year
16
(1,000)
(778,843)
Net current assets
188,236
65,380
Net assets
4,469,854
122,459
Capital and reserves
Called up share capital
22
59,524
50,000
Share premium account
20,571
-
0
Capital contributions
4,274,181
-
0
Profit and loss reserves
115,578
72,459
Total equity
4,469,854
122,459

As permitted by s408 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 £43,118 (2023 - £70,450 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 11 April 2025 and are signed on its behalf by:
11 April 2025
S R Smith
Director
Company registration number 08659947 (England and Wales)
THE SILENT SENTINEL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital Contributions
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
50,000
-
0
-
3,085,137
3,135,137
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
1,725,456
1,725,456
Balance at 31 October 2023
50,000
-
0
-
4,810,593
4,860,593
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(2,194,258)
(2,194,258)
Issue of share capital
22
9,524
-
0
-
-
9,524
Capital contribution in the year
-
-
4,274,181
-
4,274,181
Other movements
-
20,571
-
-
20,571
Balance at 31 December 2024
59,524
20,571
4,274,181
2,616,335
6,970,611
THE SILENT SENTINEL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Capital Contributions
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
50,000
-
0
-
2,010
52,010
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
70,449
70,449
Balance at 31 October 2023
50,000
-
0
-
72,459
122,459
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
-
43,119
43,119
Issue of share capital
22
9,524
-
0
-
-
9,524
Capital contribution in the year
-
-
4,274,181
-
4,274,181
Other movements
-
20,571
-
-
20,571
Balance at 31 December 2024
59,524
20,571
4,274,181
115,578
4,469,854
THE SILENT SENTINEL GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
279,682
4,740,065
Interest paid
(94,500)
(256,948)
Income taxes paid
(206,666)
(186,057)
Net cash (outflow)/inflow from operating activities
(21,484)
4,297,060
Investing activities
Purchase of intangible assets
(473,643)
(1,102,064)
Proceeds from disposal of intangibles
60,875
-
Purchase of tangible fixed assets
(370,848)
(194,709)
Proceeds from disposal of tangible fixed assets
(34,158)
-
Repayment of loans
1,592,403
(689,037)
Interest received
441
28,683
Net cash generated from/(used in) investing activities
775,070
(1,957,127)
Financing activities
Proceeds from issue of shares
9,524
-
Capital contributions
2,287,780
-
0
Repayment of bank loans
(2,238,137)
(573,122)
Payment of finance leases obligations
(136,247)
(82,857)
Net cash used in financing activities
(77,080)
(655,979)
Net increase in cash and cash equivalents
676,506
1,683,954
Cash and cash equivalents at beginning of Period
766,168
(917,786)
Cash and cash equivalents at end of Period
1,442,674
766,168
Relating to:
Cash at bank and in hand
1,442,674
808,424
Bank overdrafts included in creditors payable within one year
-
(42,256)
THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

The Silent Sentinel Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Nova South, 160 Victoria Street, London, United Kingdom, SW1E 5LB.

 

The group consists of The Silent Sentinel Group Limited and all of its subsidiaries.

1.1
Reporting period

The Group changed the current reporting date to 31 December 2024 to be in line with ultimate parent company, Motorola Solutions International Holding Limited, resulting in a 14-month reporting period. The comparative amounts presented in the financial statements represent a full year and are therefore not entirely comparable.

1.2
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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Silent Sentinel Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs
20% straight line
1.10
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.

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:

Leasehold improvements
10% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% 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 recognised in the profit and loss account.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.12
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.15
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
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. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

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

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.20
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.21

Capital Contribution

Where the company receives a capital contribution from its parent or ultimate parent company, the contribution is recognised directly in equity as it represents a transaction with the owner that does not require repayment. Capital contributions are recorded at the fair value of the assets or cash received at the date of contribution.

 

If the contribution is in the form of a non-cash asset, the asset is recognised at its fair value with a corresponding credit to equity. No income is recognised in the profit and loss account as a result of capital contributions.

2
Judgements and 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad Debt Provision

A bad debt provision has been included in respect of multiple contracts. The year end debtor has been compared to monies recovered post year end, with a remaining balance being provided for as there is uncertainty regarding its recoverability.

Stock provision

The company holds inventory that may be subject to impairments due to various factors, including trading restrictions imposed by suppliers or customers. In determining the recoverable value of inventory, management exercises judgment to assess whether any items are no longer saleable or usable. As a result of these restrictions, certain stock items may become obsolete or unsellable. Where applicable, a provision has been made to reflect the lower of the cost or net realisable value of the inventory, in accordance with FRS102. The amount of the provision is based on management's best estimate of the impact of these restrictions and any potential obsolescence, with regular reviews to ensure that the carrying value of stock remains appropriate.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
Europe
9,084,779
6,975,227
United States
6,386,734
9,497,000
Rest of world
3,212,505
2,779,000
18,684,018
19,251,227
2024
2023
£
£
Other revenue
Interest income
441
28,683
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the period is stated after charging:
Exchange losses
27,410
191,119
Depreciation of owned tangible fixed assets
244,267
203,707
Loss on disposal of tangible fixed assets
305,759
-
Amortisation of intangible assets
528,375
10,000
Operating lease charges
291,688
208,763
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
32,000
31,000
For other services
Taxation compliance services
2,500
2,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
144
66
-
0
-
0
THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,100,949
3,014,137
-
0
-
0
Social security costs
233,410
368,814
-
-
Pension costs
43,743
68,925
-
0
-
0
5,378,102
3,451,876
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
447,856
665,868
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
-
205,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
87,076
250,269
Interest on finance leases and hire purchase contracts
7,424
6,679
Total finance costs
94,500
256,948
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
39,300
363,823
Adjustments in respect of prior periods
-
0
67,807
Total current tax
39,300
431,630
THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 25 -

The actual charge for the Period can be reconciled to the expected (credit)/charge for the Period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(2,154,958)
2,157,086
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
(538,740)
496,130
Tax effect of expenses that are not deductible in determining taxable profit
491,795
476,472
Tax effect of income not taxable in determining taxable profit
-
0
28,683
Permanent capital allowances in excess of depreciation
-
0
145,051
Research and development tax credit
-
0
(714,706)
Effect of overseas tax rates
86,245
-
0
Taxation charge
39,300
431,630

The UK rate of corporation tax increased to 25% on 1 April 2023.

10
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 November 2023
501,193
1,908,684
2,409,877
Additions
-
0
473,643
473,643
Disposals
-
0
(79,208)
(79,208)
At 31 December 2024
501,193
2,303,119
2,804,312
Amortisation and impairment
At 1 November 2023
501,193
321,255
822,448
Amortisation charged for the Period
-
0
528,375
528,375
Disposals
-
0
(38,905)
(38,905)
At 31 December 2024
501,193
810,725
1,311,918
Carrying amount
At 31 December 2024
-
0
1,492,394
1,492,394
At 31 October 2023
-
0
1,587,429
1,587,429
THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Intangible fixed assets
(Continued)
- 26 -
Company
Goodwill
£
Cost
At 1 November 2023 and 31 December 2024
150,000
Amortisation and impairment
At 1 November 2023 and 31 December 2024
150,000
Carrying amount
At 31 December 2024
-
0
At 31 October 2023
-
0
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2023
486,893
1,858,829
370,840
2,716,562
Additions
4,578
358,456
7,814
370,848
Disposals
(103,585)
(232,896)
(199,764)
(536,245)
At 31 December 2024
387,886
1,984,389
178,890
2,551,165
Depreciation and impairment
At 1 November 2023
187,857
1,345,212
194,163
1,727,232
Depreciation charged in the Period
58,664
144,356
41,247
244,267
Eliminated in respect of disposals
(53,167)
(119,731)
(91,746)
(264,644)
At 31 December 2024
193,354
1,369,837
143,664
1,706,855
Carrying amount
At 31 December 2024
194,532
614,552
35,226
844,310
At 31 October 2023
299,036
513,617
176,677
989,330
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
4,281,618
57,079
THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
57,079
Additions
4,224,539
At 31 December 2024
4,281,618
Carrying amount
At 31 December 2024
4,281,618
At 31 October 2023
57,079
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Silent Sentinel Ltd
England & Wales
Ordinary
100.00
Sentinel Engineering Ltd
England & Wales
Ordinary
100.00
Silent Sentinel Inc
United States
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
570,359
929,269
-
-
Finished goods and goods for resale
3,402,339
3,540,050
-
0
-
0
3,972,698
4,469,319
-
-
THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 28 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,419,010
8,130,293
1
-
0
Corporation tax recoverable
-
0
66,609
-
0
-
0
Amounts owed by group undertakings
-
-
153,721
-
Other debtors
323,332
1,557,844
30,095
843,115
Prepayments and accrued income
31,772
119,231
-
0
1,095
3,774,114
9,873,977
183,817
844,210
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
540,528
-
0
-
0
Obligations under finance leases
19
-
0
68,020
-
0
-
0
Trade creditors
3,793,691
7,429,914
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
723,826
Corporation tax payable
62,236
296,211
-
0
42,017
Other taxation and social security
53,168
181,476
-
12,000
Other creditors
495,536
2,764,189
1,000
1,000
Accruals and deferred income
150,948
283,347
-
0
-
0
4,555,579
11,563,685
1,000
778,843
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
1,235,974
-
0
-
0
Obligations under finance leases
19
-
0
68,227
-
0
-
0
-
1,304,201
-
-

During the financial period ending 31 December 2024, the company repaid all outstanding loans. As at the balance sheet date, there are no remaining loans repayable. All payments were made in accordance with the terms outlined in the loan agreement.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 29 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
1,734,246
-
0
-
0
Bank overdrafts
-
0
42,256
-
0
-
0
-
1,776,502
-
-
Payable within one year
-
0
540,528
-
0
-
0
Payable after one year
-
0
1,235,974
-
0
-
0
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
68,020
-
0
-
0
In two to five years
-
0
68,227
-
0
-
0
-
136,247
-
-

Finance lease payments represent rentals payable by the company or group 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,743
68,925

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share-based payment transactions

Key-employee have been granted share option in the company as part of the Key-employees share option scheme which is Enterprise Management Incentive plan approved by HMRC. 9,524 share options were granted in the year ending 31 October 2020.

The options are granted with an exercise price equalling the nominal value of the shares, are exercisable on any date in which an Exercise Event may occur and this event expires ten years after the date of grant.

During the year the share option were exercised and the scheme closed on 19 February 2024.

 

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 30 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
59,524
50,000
59,524
50,000
23
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
90,000
180,000
-
-
Between two and five years
82,500
380,000
-
-
172,500
560,000
-
-
24
Related party transactions

The company has taken advantage from the exemption within FRS102 to not disclose transactions with wholly owned subsidiaries.

25
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the Period in respect of shares held by the company's directors.

 

At the year end an amount of £0 (2023: £543,988) was owed to the company by the directors. The amount due will be repaid in full after the year end.

26
Controlling party

The ultimate controlling party until 13 February 2024 was Mr P Elsey by virtue of his shareholding in the parent company.

 

On 13 February 2024, Motorola Solutions International Holding Limited became the immediate parent company, registered office Nova South, 160 Victoria Street, London, SW1E 5LB. The ultimate controlling party by virtue of shareholding in the parent company is Motorola Solutions Inc., incorporated in the U.S.A., at 500 W Monroe Street, Chicago, Illinois 60661.

THE SILENT SENTINEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 31 -
27
Cash generated from group operations
2024
2023
£
£
(Loss)/profit for the Period after tax
(2,194,258)
1,725,456
Adjustments for:
Taxation charged
39,300
431,630
Finance costs
94,500
256,948
Investment income
(441)
(28,683)
Loss on disposal of tangible fixed assets
305,759
-
Amortisation and impairment of intangible assets
528,375
257,321
Depreciation and impairment of tangible fixed assets
244,267
203,707
Movements in working capital:
Decrease/(increase) in stocks
496,621
(1,252,332)
Decrease/(increase) in debtors
5,178,716
(5,730,269)
(Decrease)/increase in creditors
(4,413,157)
8,875,684
Cash generated from operations
279,682
4,739,462
28
Analysis of changes in net funds/(debt) - group
1 November 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
808,424
634,250
1,442,674
Bank overdrafts
(42,256)
42,256
-
0
766,168
676,506
1,442,674
Borrowings excluding overdrafts
(1,734,246)
1,734,246
-
Obligations under finance leases
(136,247)
136,247
-
(1,104,325)
2,546,999
1,442,674
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