REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 9 |
Statement of Comprehensive Income | 13 |
Balance Sheet | 14 |
Statement of Changes in Equity | 15 |
Notes to the Financial Statements | 16 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
The principal activity of the Company is the sale and installation of electronic locking systems, safes, accessories, keycards, and intelligent key and asset management solutions. |
BUSINESS REVIEW |
The company operates within the ASSA ABLOY Global Solutions division of the ASSA ABLOY AB Group, a world leading provider of access solutions. Global Solutions comprises seven business areas globally, with the largest being Hospitality. Global Solutions has leading market positions in the hospitality, marine, senior care, construction, key and asset management, critical infrastructure, and self-storage segments. |
The company results for the year ended 31 December 2024 includes activities from: |
-The Hospitality business, operating under the Vingcard brand, delivers secure and innovative access solutions for the hotel, student accommodation, and build-to-rent sectors. |
-The Key and Asset Management business, represented by the Traka brand, provides intelligent key cabinets and equipment lockers, offering secure access, system integration, and real time audit capabilities. |
The Directors report an increase in turnover from £56.6m to £61.7m in the current year, with an increase in gross margin from £32.0m to £37.2m which has resulted in an increase in the gross margin percentage. |
Reserves have increased from the prior year to £10.2m (2023: £4.4m). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Company does not rely on the use of complex financial instruments, having established an acceptable level of reserves through a policy of adhering to strong financial disciplines. As such, the directors do not consider there to be any significant exposure to financial risks, other than in the context of credit risk, and in this regard, the company carries out appropriate credit checks on potential customers before sales are made and continually monitors and investigates aged debts. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
SECTION 172(1) STATEMENT |
The directors' overarching duty is to promote the success of the company for the benefit of its shareholders, with consideration of stakeholders' interests, as set out in section 172. The board regards a well-governed business as essential for the successful delivery of its principal activity. |
The directors are aware of their duty under section 172 to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to: |
(a) the likely consequences of any decision in the long term, |
(b) the interests of the company's employees, |
(c) the need to foster the company's business relationships with suppliers, customers and others, |
(d) the impact of the company's operations on the community and the environment, |
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and |
(f) the need to act fairly as between members of the company. |
The company is a subsidiary of ASSA ABLOY Ltd, the primary UK subsidiary of ASSA ABLOY AB, a company quoted on the Swedish Stock Exchange. |
The board of ASSA ABLOY AB manages the group's operations on a global and divisional basis. From the perspective of the board, because of the group governance structure, the matters that it is responsible for considering under section 172 are considered to an appropriate extent by the group board in relation both to the group and to this entity. The board has also considered relevant matters where appropriate. |
To the extent necessary for an understanding of the development, performance and position of the entity, the company's directors believe that the requirements of 172(1) (a)-(f) are discussed in detail in the ASSA ABLOY AB 2024 Annual Report, on pages 1 to 103 which does not form part of this report. Further detail in relation to the company is also set out in this strategic report on pages 2 to 3. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors consider turnover and gross profit margin to be the Company's key performance indicators, alongside operating profit. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
ENGAGEMENT WITH EMPLOYEES |
ASSA ABLOY Global Solutions UK Limited is committed to ensuring that all members of our company community develop to their full potential, irrespective of gender, ethnic origin, creed, disability, or social background. Our values reinforce this commitment. All staff at ASSA ABLOY Global Solutions UK Ltd have equal value, and we encourage a spirit of friendship and partnership that fosters sensitivity to the needs and beliefs of others. All staff are required to reflect their commitment to equal opportunities and anti-discriminatory practices. |
We promote equality of opportunity for all our staff by: |
- Demonstrating opposition to all forms of discrimination in every aspect of our operations. |
- Identifying and removing practices and procedures that unfairly discriminate. |
- Increasing awareness and positive attitudes at all levels in the company towards people experiencing discrimination. |
-Monitoring all operations to ensure no form of discrimination or harassment is taking place. |
- Making provisions for those with special needs by providing suitable working environments and technical aids where appropriate. |
- All job advertisements and specifications will carry a statement that ASSA ABLOY Global Solutions UK Limited is an Equal Opportunities employer and welcomes applications from all qualified persons, regardless of sex, race, religion, disability, or age. |
- People with disabilities are offered accommodations at interviews to enable them to demonstrate their suitability for employment. |
-Candidates for vacant posts are assessed based on relevant criteria only, i.e., skills, qualifications, and experience. |
Employee development remains a key priority for the company. All employees have equal opportunities for training, career development, and all recruits to the organisation are offered induction training, which includes an introduction to the organisation's equal opportunities policy. |
Furthermore, employees who become disabled while in employment will be provided with positive support to retain their jobs or be considered for redeployment, if necessary. |
EMPLOYMENT OF DISABLED PERSONS |
Detail of how the company engages with its employees are set out in the strategic report within the S172 statement and form part of this report by cross reference. |
ON BEHALF OF THE BOARD: |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale and installation of electronic locking systems. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2024. |
FUTURE DEVELOPMENTS |
There are no particular matters that the director feels will significantly alter the ongoing development of the business in the short and medium term. The Company aims to continue its policy of providing both exceptional level of service and excellent product quality, in order to maintain existing customer relationships and to allow it to exploit new opportunities that arise. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The director recognises the importance of considering all stakeholders in its decision making. |
Customers |
Wherever we do business, we follow our code of conduct and abide to the laws and regulations governing business ethics in the countries in which we operate. We require all of our partners to do the same. |
Our ambition is to supply high quality, durable products that meet and exceed customer requirements, are manufactured with minimal use of resources and have a minimal environmental impact throughout their life cycle. End users can vary from large institutional and commercial businesses to small medium-sized customers. We believe that growth starts with understanding our customers and being relevant to their needs. |
Insights into our markets, competitors and customers are important to identify and priorities opportunities. We continuously monitor the operating environment and how it is changing through on-going dialogue with our customers. Customer experience is at the centre of everything we do and the experience we deliver to them must always meet their expectations. We gain regular feedback from customers and use customer relationship management systems to prioritise our sales efforts and engage appropriately with our customers with the right information to hand. |
Suppliers and Partners |
Every year the company purchases a considerable amount of material, components and products from a large number of suppliers around the world. |
Professional sourcing and sourcing policies allow us to engage with our strategic suppliers and partners fairly but ensures competitiveness through improved quality, better delivery times and cost reductions. |
Employees |
Our people are our most important asset and our future depends on continuing to attract, retain and develop the right people and evolve with them. Our employees are provided with opportunities, responsibilities and the authority to act. The company promotes continuous employee development and employees are actively encouraged to seek out opportunities and develop their own career. Group wide job vacancies posted on the company's intranet inform employees of career opportunities throughout the ASSA ABLOY Group. There is a strong culture of local ownership and decentralised decision making despite being part of a global organisation. |
The company must manage social and ethical issues and observes high standards of integrity and responsible practices. Ethical employee behaviour is central to this and is promoted among employees through the group-wide code of conduct. The code is a key component of the induction program, and all employees are expected to follow it from day one. The code of conduct underlines commitment to fair employment conditions and labour rights, and takes clear stand against human rights abuses, child labour and forced labour of any kind. |
Society |
Our vision is to be the most innovative supplier of total door opening solutions, we deliver safe and convenient security solutions to our customer's premises and homes. We evaluate new products from a life cycle perspective. |
Environment |
Sustainability is vital to economic and industrial development and is a strategic priority of the Assa Abloy group. The company is committed to the group's five-year sustainability programme, demonstrating the willingness to lead our industry ti a more sustainable future, further improving our competitiveness with more sustainable products, solutions and operations. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
During a previous year, amendments to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 came into force ("the 2018 Regulations"), in particular adding a Part 7A to Schedule 7 and bringing in additional requirements for the Companies to disclose their annual energy use, greenhouse gas emissions, and related information. The group accounts of Assa Abloy AB have been prepared for the same period as the Company and include full details of greenhouse gas emission, energy consumption and energy efficiency equivalent to those required by the 2018 Regulations. As a result, these disclosures have not been repeated within these Financial Statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Each of the persons who are directors at the time when this Director's report is approved has confirmed that: |
- so far as the director is aware. there is no relevant audit information of which the Company's auditors are unaware, and |
- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
AUDITORS |
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
Opinion |
We have audited the financial statements of Assa Abloy Global Solutions UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS101 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the companies Act 2006 and relevant tax compliance regulations in the UK. |
We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included: |
- Challenging assumptions and judgements made by management in its significant accounting estimates; |
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations; |
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud; |
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud. |
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance will all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
10,747,752 | 5,443,687 |
Other operating income |
OPERATING PROFIT |
Restructuring costs | 6 |
10,127,952 | 5,443,687 |
Interest receivable and similar income |
10,307,926 | 5,482,503 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION | 8 |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment | 11 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
7,053,122 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Owned |
Intangible assets | 12 | 16,392,817 | 16,403,098 |
Tangible assets | 13 | 1,481,654 | 1,553,936 |
Right-of-use |
Tangible assets | 13, 20 | 1,658,389 | 2,065,610 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 | 4,359,779 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
Prior year adjustment | - |
As restated |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2024 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Assa Abloy Global Solutions UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
Statement of compliance |
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 101, 'Reduced Disclosure Framework' (FRS 101) and the Companies Act 2006. The particular accounting policies adopted are described below and have been applied consistently throughout the current and preceding year in dealings with items which are considered material in relation to the Company's financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Assa Abloy Global Solutions UK Limited as an individual Company and do not contain consolidated financial information as the parent of a Group. The Company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of Assa Abloy AB. |
Going concern |
The Company is funded through a mixture of long and short term debt with other Assa Abloy AB Group subsidiaries and is monitored through a Group treasury function. |
The directors have reviewed and confirmed the funding and facilities available to the Company. The directors work closely with the Groups treasury function and have satisfied themselves that the Company has sufficient funding available to continue as a going concern for the foreseeable future. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraphs 53(a), (h) and (j) of IFRS 16; |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of |
- | paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and |
- | paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and serves provided in the normal course of business, net of discounts and VAT. |
The Company recognises revenue from contracts with customers based on the five-step model described in IFRS 15. Revenue is recognised when the entity satisfies a performance obligation by transferring a promised good or service to a customer. The good or service is transferred when the customer acquires control over the asset, which may happen either over time or at a particular point in time. |
Under the five-step model an entity must complete the following steps before revenue can be recognised: Identify contracts with customers, identify performance obligations, determine the transaction price, allocate the transaction price to each of the separate performance obligations, and finally recognise the revenue attributable to each performance obligation. |
At the beginning of the customer contract the Company determines whether the goods and/or services that are promised in the agreement comprise one performance obligation or several separate performance obligations. |
A performance obligation is defined as a distinct promise to transfer a good or a service to the customer. A promised good or service is distinct if both of the following criteria are met: |
a) the customer can benefit from the good or service separately or together with other resources that are readily available to the customer and |
b) the Company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. |
When determining the transaction price, which is the amount of consideration promised in the contract, the Company takes into account any variable considerations, such as cash discounts, volume-based discounts, and right of returns. The transaction price includes variable consideration only if it is highly probable that a significant reversal of the revenue is not expected to occur in a future period. |
The Company receives payment in advance from customers to a limited extent. No customer contracts within the Company relating to the sale of goods or services are assessed to contain a significant financing component. The Company does not recognise any contract costs since the Company applies the practical expedient permitted by the standard, under which incremental costs of obtaining a contract are recognised as an expense when incurred if the amortisation period of the asset that the Company otherwise would have recognised is one year or less. |
The Company allocates the transaction price for each performance obligation on the basis of a stand-alone selling price. The stand-alone selling price is the price for which the Company would sell the good or service separately to a customer. In cases where a stand-alone selling price is not directly observable, it is usually calculated based on the adjusted market assessment approach or the expected cost plus a margin approach. |
Any discounts are allocated proportionately to all performance obligations in the contract, provided there is not observable evidence that the discount does not relate to all performance obligations. |
The Company recognises revenue when the Company satisfies a performance obligation by transferring a good or service to a customer, i.e. as the customer gains control over the asset. A performance obligation is met either over time or at a particular point in time. The Company recognises revenue over time if any of the following criteria are met: |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
a) the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs an obligation; or |
b) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or |
c) the Company’s performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. |
Revenue that is not recognised over time is recognised at a given point in time, i.e. the point in time when the customer gains control over the asset. |
The Company’s revenue mainly consists of product sales. Service related to products sold represents a limited share of revenue. Revenue for the sale of the Company’s products is recognised at a given point in time when the customer gains control over the product, usually at the time of delivery. The Company also carries out installation services, which are recognised over time. For shorter installation jobs, revenue is recognised in practice upon completion of installation. Revenue from service contracts is recognized over time. |
Exceptional items |
The company defines exceptional items as those non-recurring items which, by the nature or size, would distort the comparability of the Company's results from year to year (see note 6). |
Borrowing costs |
Borrowing costs are interest expenses and other expenses directly related to borrowing. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset (an asset that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. |
Goodwill |
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment, with the impairment review being completed as a single cash generating unit. |
Intangible assets |
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 if the fair value can be measured reliably. |
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over the estimated useful life on a straight line basis: |
- Computer software 5 years |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Property, plant and equipment |
Property, plant and equipment are recognised at cost less accumulated depreciation and impairment losses. |
Cost includes expenditure directly attributable to acquisition of the asset. Subsequent expenditure is capitalised if it is probable that economic benefits associated with the asset will flow to the Company and if the cost can be reliably measured. |
Expenditure on repairs and maintenance is expensed as incurred. |
Depreciation is provided, other than on freehold land and long leasehold property, to reduce the carrying value of the assets to their residual values over the estimated useful life on a straight-line basis: |
- Leasehold improvements 10 years |
- Plant and machinery 4 years |
- Fixtures and fittings 5-10 years |
- Computer Equipment 3-5 years |
Assets in the course of construction are not depreciated until they are brought into use. |
Assets and liabilities are classified as held for sale when their carrying amounts will principally be recovered through a sale and when such as sale is considered highly probable. They are recognised at the lower of carrying amount and fair value less selling expenses. |
Investments |
Investments in subsidiaries are held at historical cost less provision for permanent diminution in value. Investments are reviewed for impairment on an annual basis with any changes being charged directly through the income statement. |
Business combinations |
An acquisition that results from a group restructuring where the entities are under common control are excluded from the provision of IFRS 3 Business Combinations and are not subject to fair value adjustment. In these transactions, predecessor accounting is applied. |
Impairment of assets |
Assets with an indefinite useful life are not amortised but are tested for impairment on an annual basis. |
For assets that are depreciated/amortised, impairment testing is carried out when events or circumstances indicate that the carrying amount may not be recoverable. |
Impairment losses are recognised in the amount by which the carrying amount of the asset exceeds the recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling expenses and its value in use. For impairment testing purposes, assets are grouped at the lowest organizational level where there are separate identifiable cash flows, so-called cash generating units (CGU). |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company enters into basis financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
Other debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the income statement. |
The impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. |
Other financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
Derivatives, including 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 remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for foreign exchange derivatives. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Inventories |
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the average cost method, which assigns the cost to inventory based on the weighted average cost of similar items purchased or produced during the year. Work in progress and finished goods include both direct costs incurred and a fair allocation of indirect production costs incurred in bringing the stocks to their present location and condition. |
Trade receivables |
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. |
The Company has applied the IFRS 9 simplified approach to measuring expected credit losses for trade receivables. Under this approach, a provision is made for lifetime expected credit losses for the trade receivables. For calculation of expected credit losses, the trade receivables are grouped based on the number of days past due. Expected credit losses on trade receivables that are not past due are primarily based on actual credit losses from recent years. |
Impairment that would be considered for other financial assets that are within the scope of expected credit losses have been assessed to be immaterial. |
Cash and cash equivalents |
Cash and cash equivalents include cash and bank balances (net of overdrafts), and short-term financial investments that mature within three months of the acquisition date. |
Trade payables |
Trade payables are initially valued at fair value, and subsequently measured at amortised cost using the effective interest method. |
Borrowings |
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost. |
Amortised cost is determined based on the effective interest rate calculated when the loan is raised. Accordingly, surplus values and negative surplus values as well as direct issue expenses are allocated over the term of the borrowings. Non-current borrowings have an anticipated term of more than one year, while current loan liabilities have a term of less than one year. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The income statement includes all tax that is to be paid or received for the current year, |
adjustments relating to tax due for previous years, and changes in deferred tax. |
Current taxation |
Current tax is determined based on the taxable profit for the year and calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation |
Deferred tax is calculated, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. 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 based on tax laws that are enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited to the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. |
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and deferred tax liabilities are offset when there is a legal right to do so. |
Foreign currencies |
The financial statements are prepared and presented in the functional currency of the Company which is Sterling (£). |
Transactions in currencies other than the Company's functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, the monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. |
Exchange differences are recognised in the income statement in the period in which they arise. |
Finance costs |
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Leases |
The Company has applied IFRS 16 'Leases' using the modified retrospective approach. |
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the company assesses whether: the contract involves the use of an identified asset; the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and the Company has the right to direct the use of the asset. |
The Company leases its office, equipment and vehicles. Rental contracts are typically made for fixed periods of 12 months to 5 years. Contracts may contain both lease and non-lease components. The Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Company is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease components. |
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. |
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments (including in-substance fixed payments), less any lease incentives receivable variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date; and payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option. |
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. |
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. |
To determine the incremental borrowing rate, the Company where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Company, which does not have recent third party financing, and make adjustments specific to the lease (e.g. term, country, currency and security). |
Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. |
Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability; any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and restoration costs. |
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. |
Pensions |
Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Dividends |
A dividend is recognised as a liability after the Company's directors have approved the dividend. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Preparation of the financial statements can require management to make judgements and estimates. The impairment of goodwill and valuation of investments are considered to be a significant estimate, with further detail below. Other areas, not considered significant, include the provision for doubtful debts and obsolete stock, the useful economic life of tangible fixed assets, the contingent consideration and the impairment surrounding investments. |
Impairment of Goodwill |
Goodwill recognised on acquisition has been stated as an intangible asset on the balance sheet. Goodwill is subject to review for impairment in accordance with FRS101. The carrying values of goodwill are written down by the amount of any impairment and the loss is recognised in the profit and loss account in the period in which this occurs. |
Valuation of Investments |
Investment are subject to review for impairment in accordance with FRS101. The carrying values of investments are written down by the amount of any impairment and the loss is recognised in the profit and loss account in the period in which this occurs. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
as restated |
£ | £ |
United Kingdom |
Europe |
Rest of world |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 22,325,616 | 21,806,573 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Sales | 38 | 36 |
Engineering | 152 | 164 |
Administrative | 121 | 113 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
as restated |
£ | £ |
Emoluments etc | 391,740 | 281,557 |
Pension contributions to money purchase schemes | 34,266 | 27,800 |
6. | EXCEPTIONAL ITEMS |
2024 | 2023 |
as restated |
£ | £ |
Restructuring costs | ( |
) |
The exceptional item relates to costs arising from restructuring performed in the year. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank interest |
Loan |
Leasing |
8. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
2024 | 2023 |
as restated |
£ | £ |
Cost of inventories recognised as expense |
Leases | 46,620 | 178,272 |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Computer software amortisation |
Foreign exchange differences |
9. | AUDITORS' REMUNERATION |
2024 | 2023 |
as restated |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
Fees payable to the company's auditors and their associates for | other services: |
Accounts preparation services |
Taxation compliance services |
10. | TAXATION |
Analysis of tax expense |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
Tax |
Deferred tax |
Total tax expense in statement of comprehensive income |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
10. | TAXATION - continued |
Factors affecting the tax expense |
The tax assessed for the year is lower (2023 - higher) than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
£ | £ |
Profit before income tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
1,903,123 |
708,911 |
Effects of: |
Expenses no deductible for tax purposes | 85,552 | 113,570 |
respect of previous periods |
an increase in tax charge |
Capital allowances in excess of depreciation | (63,827 | ) | (32,166 | ) |
Deferred tax | (29,349 | ) | 2,083 |
RDEC | (154,637 | ) | - |
Tax expense |
OECD Pillar Two model rules |
The OECD Pillar Two model rules introduce a global minimum effective tax rate of 15 percent for large multinational groups. These rules are designed to ensure that such groups pay a minimum level of tax in each jurisdiction in which they operate. |
The Company is a subsidiary of ASSA ABLOY Limited, which will act as the UK filing entity for Pillar Two purposes on behalf of the relevant UK group entities, including the Company. The ultimate parent undertaking, ASSA ABLOY AB, is incorporated in Sweden and is subject to the OECD Pillar Two model rules. Legislation implementing these rules has entered into force in Sweden and the United Kingdom. |
In accordance with the amendments to IAS 12 issued in May 2023 and adopted within FRS 101, the Company has applied the temporary exception from recognising and disclosing deferred tax assets and liabilities related to income taxes arising from Pillar Two. |
ASSA ABLOY AB has evaluated its exposure to Pillar Two legislation for the 2024 financial year. Based on this assessment, the total additional tax levied for the 2024 financial year is expected to be insignificant. A majority of the entities within the ASSA ABLOY Group have effective tax rates exceeding 15 percent. As a result, the Group is only subject to additional tax in a limited number of jurisdictions. These jurisdictions are primarily those with nominal corporate tax rates below or around 15 percent, due to specific adjustments under the Pillar Two legislation that result in different effective tax rates from those calculated in accordance with paragraph 86 of IAS 12. |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
11. | PRIOR YEAR ADJUSTMENT |
A prior year adjustment has been made to reduce an overstated expense in the profit and loss in the year ended 31 December 2023. |
The above changes had the following impact: |
Increase in amount owed by group undertakings £1,544,837 |
Decrease in administrative costs £1,544,837 |
Increase in taxation liability £363,346 |
Increase in taxation charge £363,346 |
As a result, retained earning have increased by £1,181,491. |
12. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
13. | TANGIBLE FIXED ASSETS |
S/term |
Freehold | leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
14. | INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 | 31,551,896 |
NET BOOK VALUE |
At 31 December 2024 | 31,551,896 |
At 31 December 2023 | 31,551,896 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
15. | STOCKS |
2024 | 2023 |
as restated |
£ | £ |
Finished goods & |
goods for resale |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax | 312,607 | 449,066 |
Prepayments and accrued income |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 19) |
Other loans (see note 19) |
Leases (see note 19) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Contingent consideration | - | 650,000 |
Accruals and deferred income |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Other loans (see note 19) |
Leases (see note 19) |
Contingent consideration | - | 360,000 |
19. | FINANCIAL LIABILITIES - BORROWINGS |
2024 | 2023 |
as restated |
£ | £ |
Current: |
Bank overdrafts |
Group loans |
Leases (see note 20) | 526,077 | 485,679 |
Non-current: |
Group loans - 1-5 years |
Leases (see note 20) | 1,149,153 | 1,595,546 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
19. | FINANCIAL LIABILITIES - BORROWINGS - continued |
Terms and debt repayment schedule |
1 year or |
less | 1-2 years | 2-5 years | Totals |
£ | £ | £ | £ |
Group loans | 15,000,000 | 17,000,000 | 47,000,000 |
Leases | 526,077 | 389,174 | 759,979 | 1,675,230 |
15,389,174 | 17,759,979 | 48,675,230 |
The £15,000,000 group loan falling due in 1 year or less from the balance sheet date has been restructured post year end such that £7,000,000 was repaid during February 2025 with the balance now falling due in 2-5 year category. |
20. | LEASING |
Right-of-use assets |
Tangible fixed assets |
2024 | 2023 |
as restated |
£ | £ |
COST |
At 1 January 2024 | 3,080,517 | 2,802,637 |
Additions | 197,612 | 331,547 |
Disposals | (47,287 | ) | (53,667 | ) |
3,230,842 | 3,080,517 |
DEPRECIATION |
At 1 January 2024 | 1,014,907 | 595,539 |
Charge for year | 604,833 | 473,035 |
Eliminated on disposal | (47,287 | ) | (53,667 | ) |
1,572,453 | 1,014,907 |
NET BOOK VALUE | 1,658,389 | 2,065,610 |
Other leases |
2024 | 2023 |
as restated |
£ | £ |
Short-term leases | 46,620 | 178,272 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
20. | LEASING - continued |
Lease liabilities |
Minimum lease payments fall due as follows: |
2024 | 2023 |
as restated |
£ | £ |
Gross obligations repayable: |
Within one year | 585,538 | 555,780 |
Between one and five years | 1,233,991 | 1,725,892 |
1,819,529 | 2,281,672 |
Finance charges repayable: |
Within one year | 59,461 | 70,101 |
Between one and five years | 84,838 | 130,346 |
144,299 | 200,447 |
Net obligations repayable: |
Within one year | 526,077 | 485,679 |
Between one and five years | 1,149,153 | 1,595,546 |
1,675,230 | 2,081,225 |
21. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax |
Deferred tax |
£ |
Balance at 1 January 2024 |
Provided during year | 32,047 |
Balance at 31 December 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 265,000 | 265,000 |
ASSA ABLOY GLOBAL SOLUTIONS UK LIMITED (REGISTERED NUMBER: 02590364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
23. | RESERVES |
Profit and loss account |
The Profit and loss account represents the cumulative profits and losses net of dividends and other adjustments. |
24. | PENSION COMMITMENTS |
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund during the year and amounts to £991,098 (2023 - £940,365). There were contributions outstanding at the balance sheet date of £Nil (2023 - £Nil). |
25. | RELATED PARTY TRANSACTIONS |
The Company is a wholly owned subsidiary of ASSA ABLOY AB, the Group financial statements of which are publicly available. The Company has taken advantage of the exemption within FRS 101, para 8(k) from disclosing transactions with wholly owned members of the Assa Abloy AB Group. |
During the year the company made sales to a non-wholly owned member company of £778,260 (2023: £Nil). As at year end the subsidiary owed £778,260 (2023: £Nil). |
There were no other related party transactions within the current or the preceding year. |
26. | ULTIMATE CONTROLLING PARTY |
The Company's immediate parent undertaking is Assa Abloy Limited. The ultimate parent company is Assa Abloy AB, a company incorporated in Sweden. The consolidated accounts are publicly available from the registered office of Assa Abloy AB, Klaraberqsviadukten 90, Box 70340, S-10723, Stockholm, Sweden, which includes this entity. Assa Abloy AB is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements and make them publicly available. |