Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302025-05-022025-05-062024-09-302025-05-02false12falseindependent reseller, distributror and systems integrator of products and services in the broadcast. postproduction, film and AV markets2023-10-0115falsefalse 02501908 2023-10-01 2024-09-30 02501908 2022-10-01 2023-09-30 02501908 2024-09-30 02501908 2023-09-30 02501908 2022-10-01 02501908 c:CompanySecretary1 2023-10-01 2024-09-30 02501908 c:Director1 2023-10-01 2024-09-30 02501908 c:Director2 2023-10-01 2024-09-30 02501908 c:RegisteredOffice 2023-10-01 2024-09-30 02501908 d:FurnitureFittings 2023-10-01 2024-09-30 02501908 d:FurnitureFittings 2024-09-30 02501908 d:FurnitureFittings 2023-09-30 02501908 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02501908 d:OfficeEquipment 2023-10-01 2024-09-30 02501908 d:OfficeEquipment 2024-09-30 02501908 d:OfficeEquipment 2023-09-30 02501908 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02501908 d:ComputerEquipment 2023-10-01 2024-09-30 02501908 d:ComputerEquipment 2024-09-30 02501908 d:ComputerEquipment 2023-09-30 02501908 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02501908 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02501908 d:ComputerSoftware 2024-09-30 02501908 d:ComputerSoftware 2023-09-30 02501908 d:CurrentFinancialInstruments 2024-09-30 02501908 d:CurrentFinancialInstruments 2023-09-30 02501908 d:Non-currentFinancialInstruments 2024-09-30 02501908 d:Non-currentFinancialInstruments 2023-09-30 02501908 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 02501908 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02501908 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 02501908 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 02501908 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 02501908 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 02501908 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 02501908 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 02501908 d:ReportableOperatingSegment1 2023-10-01 2024-09-30 02501908 d:ReportableOperatingSegment1 2022-10-01 2023-09-30 02501908 e:UnitedKingdom 2023-10-01 2024-09-30 02501908 e:UnitedKingdom 2022-10-01 2023-09-30 02501908 e:RestEuropeOutsideUK 2023-10-01 2024-09-30 02501908 e:RestEuropeOutsideUK 2022-10-01 2023-09-30 02501908 e:RestWorldOutsideUK 2023-10-01 2024-09-30 02501908 e:RestWorldOutsideUK 2022-10-01 2023-09-30 02501908 d:UKTax 2023-10-01 2024-09-30 02501908 d:UKTax 2022-10-01 2023-09-30 02501908 d:ShareCapital 2023-10-01 2024-09-30 02501908 d:ShareCapital 2024-09-30 02501908 d:ShareCapital 2022-10-01 2023-09-30 02501908 d:ShareCapital 2023-09-30 02501908 d:ShareCapital 2022-10-01 02501908 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 02501908 d:RetainedEarningsAccumulatedLosses 2024-09-30 02501908 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02501908 d:RetainedEarningsAccumulatedLosses 2023-09-30 02501908 d:RetainedEarningsAccumulatedLosses 2022-10-01 02501908 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 02501908 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 02501908 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-09-30 02501908 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-09-30 02501908 c:OrdinaryShareClass1 2023-10-01 2024-09-30 02501908 c:OrdinaryShareClass1 2024-09-30 02501908 c:OrdinaryShareClass1 2023-09-30 02501908 c:FRS102 2023-10-01 2024-09-30 02501908 c:Audited 2023-10-01 2024-09-30 02501908 c:FullAccounts 2023-10-01 2024-09-30 02501908 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02501908 d:WithinOneYear 2024-09-30 02501908 d:WithinOneYear 2023-09-30 02501908 d:BetweenOneFiveYears 2024-09-30 02501908 d:BetweenOneFiveYears 2023-09-30 02501908 d:MoreThanFiveYears 2024-09-30 02501908 d:MoreThanFiveYears 2023-09-30 02501908 2 2023-10-01 2024-09-30 02501908 d:ComputerSoftware d:OwnedIntangibleAssets 2023-10-01 2024-09-30 02501908 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02501908









BOXER SYSTEMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
BOXER SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
Simon Gordon Shaw 
Marc George Risby 




Company secretary
Sarah Dott



Registered number
02501908



Registered office
4 Allied Business Centre
Coldharbour Lane

Harpenden

AL5 4UT




Independent auditors
Moore Kingston Smith LLP
Chartered Accountants and Statutory Auditors

4 Victoria Square

St Albans

Hertfordshire

AL1 3TF





 
BOXER SYSTEMS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 25


 
BOXER SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report on the company for the year ended 30 September 2024. 
Boxer Systems Limited (the “Company”) is a leading, independent reseller, distributer and systems integrator of products and services in the broadcast, postproduction, film and AV markets. The Company operates externally as separate trading divisions, Boxer Systems (“Boxer”) - dealer and SI and DigiBox (“DigiBox”) – product distribution.

Business review
 
The results of Boxer Systems Limited are set out on page 9 and show turnover for the year-ended 30 September 2024 amounted to £9,390,850 and a profit before tax of £100,073. As at 30 September 2024 the Company has net assets amounting to £2,450,713
This year has been a challenging year based on several market factors including further delays in major UK and US productions and a lack of confidence during the UK change of government which delayed spending that had significant impact on UK-based productions and corporate spending. Confidence is high that this will improve next year. 
The Company’s strategic focus is to continue diversifying into additional vertical markets through both divisions. As ever we continue to add new suppliers and product lines to represent which will help this expansion into different markets. We are actively increasing our business in the AV and Enterprise spaces as we these markets offer significant potential for growth.

Principal risks and uncertainties
 
As part of adhering to the ISO9000 quality standard, our management team regularly review potential risks to the business and implement mitigation strategies as required. This procedure is also regularly assessed externally.
In recent times we experienced delays in some product lines shipping due to post-Covid logistics issues and global parts shortage that caused us to hold a higher than usual stock value to minimise disruption for our customers. Also the UK continues to experience challenging times with exchange rate fluctuations, trading costs and uncertainty as a legacy of Brexit and the time it has taken to come into new arrangements for import export with our EU trading partners. Specifically related to currency we protect our position with hedging and forward buying and we continually keep in close contact with financial advisors, suppliers and customers to maintain a balanced view of our market and supply chain. 

Financial key performance indicators
 
The directors monitor relevant financial KPIs as key performance indicators of the company. One of the business’ key focuses is on sales performance against agreed targets. 
Stock days decreased by 19 days from 59 days at 30 September 2023 to 40 days at 30 September 2024 reflecting our hugely successful efforts to rebalance the stock holding post Covid. 
Debtor days decreased by 7 days from 36 days at 30 September 2023 to 29 days at 30 September 2024, which is a small change and under 30 days is still exceptionally good in our industry. 

Page 1

 
BOXER SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


This report was approved by the board and signed on its behalf.



Simon Gordon Shaw
Director

Date: 2 May 2025

Page 2

 
BOXER SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

Simon Gordon Shaw 
Marc George Risby 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' 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.

Auditors

The auditorsMoore Kingston Smith LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 3

 
BOXER SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

This report was approved by the board and signed on its behalf.
 





Simon Gordon Shaw
Director

Date: 2 May 2025
Page 4

 
BOXER SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOXER SYSTEMS LIMITED
 

Opinion


We have audited the financial statements of Boxer Systems Limited (the ‘company’) for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company’s affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 


Conclusions relating to going concern


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


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


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


Page 5

 
BOXER SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOXER SYSTEMS LIMITED (CONTINUED)


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 there is 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.


Opinion 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters 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.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.


Page 6

 
BOXER SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOXER SYSTEMS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors’ responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
BOXER SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOXER SYSTEMS LIMITED (CONTINUED)


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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
         error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
         sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
         misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve 
         collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
          are appropriate in the circumstances, but not for the purposes of expressing an opinion on the
          effectiveness of the company’s internal control. 
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
          estimates and related disclosures made by the directors. 
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
         based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
         that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude 
         that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related 
         disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our 
         conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, 
         future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the 
         disclosures, and whether the financial statements represent the underlying transactions and events in a 
         manner that achieves fair presentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud


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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
 
Page 8

 
BOXER SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOXER SYSTEMS LIMITED (CONTINUED)


Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the company and 
         considered that the most significant are the Companies Act 2006, UK financial reporting standards as 
         issued by the Financial Reporting Council, UK taxation legislation, Employment Laws, GDPR, Health & 
         Safety Legislation and ISO9001 compliance.
• We obtained an understanding of how the company complies with these requirements by discussions 
          with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material 
         misstatement due to fraud and how it might occur, by holding discussions with management and those 
         charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-
          compliance or suspected non-compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of 
         non-compliance with laws and regulations. This included making enquiries of management and those 
         charged with governance and obtaining additional corroborative evidence as required.


There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed.





Elizabeth Wicks (Senior Statutory Auditor)
  
for and on behalf of
Moore Kingston Smith LLP
 
Chartered Accountants and Statutory Auditors
  
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF

6 May 2025
Page 9

 
BOXER SYSTEMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,390,850
11,270,552

Cost of sales
  
(7,300,438)
(8,640,596)

Gross profit
  
2,090,412
2,629,956

Administrative expenses
  
(2,001,830)
(2,166,537)

Operating profit
 5 
88,582
463,419

Interest receivable and similar income
 8 
25,657
11,409

Interest payable and similar expenses
 9 
(14,166)
(60,597)

Profit before tax
  
100,073
414,231

Tax on profit
 10 
(22,867)
(85,186)

Profit for the financial year
  
77,206
329,045

Other comprehensive income for the year
  

Total comprehensive income for the year
  
77,206
329,045

The notes on pages 13 to 25 form part of these financial statements.
Page 10

 
BOXER SYSTEMS LIMITED
REGISTERED NUMBER: 02501908

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
26,981
59,137

Tangible assets
 13 
47,404
73,791

  
74,385
132,928

Current assets
  

Stocks
 14 
790,022
1,404,327

Debtors: amounts falling due within one year
 15 
951,460
1,528,942

Cash at bank and in hand
 16 
2,251,486
2,224,692

  
3,992,968
5,157,961

Creditors: amounts falling due within one year
 17 
(1,616,640)
(2,651,549)

Net current assets
  
 
 
2,376,328
 
 
2,506,412

Total assets less current liabilities
  
2,450,713
2,639,340

Creditors: amounts falling due after more than one year
 18 
-
(265,833)

  

Net assets
  
2,450,713
2,373,507


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
  
2,450,613
2,373,407

  
2,450,713
2,373,507


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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Simon Gordon Shaw
Director

Date: 2 May 2025

The notes on pages 13 to 25 form part of these financial statements.
Page 11

 
BOXER SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100
2,394,362
2,394,462


Comprehensive income for the year

Profit for the year

-
329,045
329,045


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
329,045
329,045


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)


Total transactions with owners
-
(350,000)
(350,000)



At 1 October 2023
100
2,373,407
2,373,507


Comprehensive income for the year

Profit for the year

-
77,206
77,206


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
77,206
77,206


Total transactions with owners
-
-
-


At 30 September 2024
100
2,450,613
2,450,713


The notes on pages 13 to 25 form part of these financial statements.
Page 12

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Boxer Systems Limited is a Company incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activity is reselling, distributing and systems integration of products and services in the broadcast, postproduction, film and AV markets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on the going concern basis.
The directors have assessed the period to twelve months from the balance sheet date and have concluded that the entity is a going concern. The entity is profitable and in a net assets position with sufficient cash and resources to meet upcoming liabilities.

  
2.3

Cash flow

The Company, being a 100% subsidiary of a group whose consolidated statements are publicly available, is exempt from the requirement to produce a cash flow statement in accordance with paragraph 1.12(b) of FRS 102.

Page 13

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss 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.

Page 14

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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 profit or loss 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.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation of intangible assets is included within administrative expenses.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Straight line over 4 years
Office equipment
-
Straight line over 4 years
Computer equipment
-
Straight line over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.
Provision for slow-moving and obsolete stock
Provisions for stock are made when the directors consider there is a reasonable expectation that the sales price achievable for a certain stock line will not be realised. All stock over one year of age has been provided for in full.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of media equipment
9,390,850
11,270,552

9,390,850
11,270,552


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,821,876
10,846,150

Rest of Europe
566,319
420,471

Rest of the world
2,655
3,931

9,390,850
11,270,552



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
26,177
174,610

Other operating lease rentals
115,553
104,755

Page 17

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
21,450
15,950

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

2024
2023
£
£

Wages and salaries
646,957
552,399

Social security costs
77,224
64,193

Cost of defined contribution scheme
11,402
9,757

735,583
626,349


The directors and key management personnel are not remunerated by Boxer Systems Limited. 

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Employees
13
10

15
12


8.


Interest receivable

2024
2023
£
£


Other interest receivable
25,657
11,409

25,657
11,409

Page 18

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
14,166
27,520

Loans from group undertakings
-
33,077

14,166
60,597


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
32,015
94,292

Adjustments in respect of previous periods
(9,148)
(9,106)


22,867
85,186


Total current tax
22,867
85,186

Deferred tax

Total deferred tax
-
-


Tax on profit
22,867
85,186
Page 19

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
100,073
414,231


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
25,018
91,130

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,454
582

Capital allowances for year in excess of depreciation
6,911
2,580

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(9,148)
(9,106)

Group relief
(1,368)
-

Total tax charge for the year
22,867
85,186


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends declared
-
350,000

-
350,000

Page 20

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Intangible assets




Computer software

£



Cost


At 1 October 2023
130,390



At 30 September 2024

130,390



Amortisation


At 1 October 2023
71,253


Charge for the year on owned assets
32,156



At 30 September 2024

103,409



Net book value



At 30 September 2024
26,981



At 30 September 2023
59,137



Page 21

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
41,466
28,016
206,396
275,878


Additions
2,028
299
7,411
9,738



At 30 September 2024

43,494
28,315
213,807
285,616



Depreciation


At 1 October 2023
29,445
20,435
152,207
202,087


Charge for the year on owned assets
4,551
4,103
27,471
36,125



At 30 September 2024

33,996
24,538
179,678
238,212



Net book value



At 30 September 2024
9,498
3,777
34,129
47,404



At 30 September 2023
12,021
7,581
54,189
73,791


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
790,022
1,404,327

790,022
1,404,327



15.


Debtors

2024
2023
£
£


Trade debtors
882,641
1,339,689

Other debtors
1,043
141,408

Prepayments and accrued income
67,776
47,845

951,460
1,528,942


Page 22

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,251,486
2,224,692

2,251,486
2,224,692



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
145,000

Trade creditors
429,720
628,813

Amounts owed to group undertakings
810,805
1,129,656

Corporation tax
32,014
85,185

Other taxation and social security
194,258
371,178

Other creditors
72,839
65,809

Accruals and deferred income
77,004
225,908

1,616,640
2,651,549



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
265,833

-
265,833


Amounts included in bank loans relate to a CBILS loan, secured by an unlimited debenture from the
company. Interest on the loan is charged at Base Rate +1.71%. The loan was paid off in full during the
year.

Page 23

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
145,000


-
145,000

Amounts falling due 1-2 years

Bank loans
-
145,000


-
145,000

Amounts falling due 2-5 years

Bank loans
-
120,833


-
120,833


-
410,833



20.


Financial instruments

2024
2023
£
£

Financial assets


Financial instruments that are debt instruments measured at amortised cost
3,134,127
3,564,381


Financial liabilities


Financial liabilities measured at amortised cost
1,240,525
2,169,302


Financial assets that are debt instruments measured at amortised cost consist of trade debtors, cash and amounts owed by group companies.


Financial liabilities measured at amortised cost consist of trade creditors, bank loans and amounts owed to group companies.
Page 24

 
BOXER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

All allotted, called up and fully paid share capital relates to the same class of ordinary shares, which carry no restrictions on the distribution of dividends or repayment of capital.



22.


Pension commitments

The Company operates a defined contributions 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 and amounted to £11,402 (2023: £9,757). There were no contributions payable to the fund at the balance sheet date (2023: £Nil).


23.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
77,500
77,500

Later than 1 year and not later than 5 years
310,000
310,000

Later than 5 years
174,375
250,973

561,875
638,473

During the year, lease payments of £77,500 (2023: £77,500) were recognised as an expense.


24.


Related party transactions

Boxer Systems Limited is a wholly owned subsidiary and has elected to take the exemption not to disclose arms length transactions within the year.


25.


Controlling party

The immediate and ultimate parent company is Glanwith Limited, a company incorporated in England and Wales. The ultimate parent company prepares consolidated financial statements and its registered office is 4 Allied Business Centre, Coldharbour Lane, Harpenden, AL5 4UT. Copies of the consolidated financial statements are availble to the public from Companies House.
The ultimate controlling party is S G Shaw by virture of his majority shareholding in Glanwith Limited.
 
Page 25