| REGISTERED NUMBER: |
| VICON INDUSTRIES LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| VICON INDUSTRIES LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Notes to the Financial Statements | 14 |
| VICON INDUSTRIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Station House |
| North Street |
| Havant |
| Hampshire |
| PO9 1QU |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report for the year ended 30 September 2024. |
| REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS |
| In 2024, the company's strategic continues to focus on enhancing profitability in key regions while maintaining strong relationships with major accounts across the UK, Europe, Asia, and the Middle East. Vicon continued its commitment to supporting system installers and distributors involved in medium-to-large scale video security and access control projects. |
| Following two years of development, the company launched Anavio, its first unified, cloud-based security system. This marks Vicon's entry into the recurring revenue model for cloud services and aligns with the growing demand in the cloud security sector. |
| Additionally, after a similar development period, Vicon began promoting its industry-leading NEXT camera range, which is set to become the core of all sales efforts in the coming year. |
| The company continues to optimize its supply chain to significantly reduce both product and freight costs. Efforts are also underway to phase out older inventory in preparation for the Anavio and NEXT product lines. |
| Vicon's engineering team remains focused on enhancing the capabilities of its Video Management Systems to fully support the advanced features of the NEXT camera line. |
| 2022 | 2023 | 2024 |
| UK | £572,481 | £1,591,237 | £850,267 |
| Continental Europe | £280,852 | £280,752 | £119,634 |
| Middle East | £733,888 | £162,484 | £452,527 |
| Asia | £9,773 | £650,520 | £1,141,286 |
| Africa | £3,207 | £7,017 | £- |
| £1,600,201 | £2,692,010 | £2,563,714 |
| REVIEW OF FINANCIAL PERFORMANCE AND POSITION |
| Analysis of key performance indicators |
| Turnover has decreased from (FY2023) £2.7m to (FY2024) £2.6m. Gross margins increased from 48.3% to 50.7% in FY2024. Overheads increased from £1.18m to £1.39m in FY2024. Net operating profit decreased to a loss of £92.8k from a profit of £119k in FY202). |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key financial risks arising from the company's activities and details of how these are monitored by management are included below. |
| The company has significant imports and exports in foreign currency, it is impacted by more volatile fluctuations in the GB£ exchange rate versus the US$ and Euro. Vicon manages short term transaction exposure by publishing new price lists on a more frequent basis. The economic impact from changes in exchange rates are impossible to predict and is difficult to quantify but are regularly monitored by management in an attempt to minimise the exposure to the company. |
| The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring payments against contractual agreements. |
| The company monitors cash flow as part of its day to day control procedures. The directors and management considers cash flow on a weekly basis and ensures that appropriate facilities are available to be drawn upon as necessary. The company may need support from its parent company to meet its working capital needs, and is also reliant on its parent company only requesting repayment of the loan balance should cash-flow permit. The directors believe that the parent company will offer support via additional cash injections if needed. The directors do not believe that Vicon Industries Inc. will not request any repayment of the loan balance which would cause the company not to be able to continue. |
| The risk of operating in the technology sector are managed through continually developing the product to remain competitive and maintain our customer base. |
| The market for closed circuit surveillance equipment remains highly competitive. The company seeks to manage the risk of losing customers to key competitors (both within the UK, mainland Europe, Middle East and Africa) by the provision of added value services to customers, improving response times in the supply of products and the handling of customer queries and by maintaining strong relationships and local representation with key customers. |
| ON BEHALF OF THE BOARD: |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of design and marketing of video systems and components used for security, surveillance and safety purposes in the UK, Continental Europe, Middle East and Africa on behalf of its parent company. There have been no changes in activities during the year and none are planned for the future other than an expansion of the existing business. |
| DIVIDENDS |
| The loss for the year is £92,807 (2023: £118,922 profit) |
| The directors do not recommend the payment of a dividend. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DIRECTORS' INFORMATION |
| As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial period and is currently in force. The company also purchased and maintained throughout the financial period Directors' and Officers' liability insurance in respect of itself and its directors. |
| FINANCIAL RISK MANAGEMENT AND FUTURE DEVELOPMENTS |
| Details of the financial risk management objectives and policies, exposure to price/credit/liquidity/cash flow risk and future developments are included in the strategic report. |
| 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; |
| - | 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. |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, MC Audit 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 |
| VICON INDUSTRIES LIMITED |
| Opinion |
| We have audited the financial statements of Vicon Industries Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other 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 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 loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| 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 |
| VICON INDUSTRIES 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; or |
| - | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 |
| VICON INDUSTRIES 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: |
| From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern. |
| Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues and management override concerning the size of the organisation. |
| We set financial statement materiality level based on the level of income. As a trading organisation generating income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level. |
| Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested. |
| Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override. |
| The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation. |
| Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management. |
| 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 |
| VICON INDUSTRIES 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 Auditors |
| Station House |
| North Street |
| Havant |
| Hampshire |
| PO9 1QU |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 1,394,220 | 1,181,545 |
| OPERATING (LOSS)/PROFIT | 6 | ( |
) |
| Interest receivable and similar income | 7 |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit | 8 |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| (LOSS)/PROFIT FOR THE YEAR | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 October 2022 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 September 2023 | ( |
) | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 September 2024 | ( |
) | ( |
) |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Vicon Industries Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Going concern |
| The company is reliant on the continued support of its parent company, Vicon Industries Inc. |
| In approving these financial statements, the Directors have assessed the Company's potential working capital needs in terms of cash requirements for the twelve month period from approval of these financial statements, and it's continuing reliance upon its parent, Vicon Industries Inc., to finance these cash requirements and not seek repayment of outstanding intercompany loan obligations. This review indicated that the company may need support from its parent company to meet its working capital needs and the Directors have no reason to believe that the Company's parent will not continue to support the Company in terms of its financing needs. |
| The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern. |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Vicon Industries Inc as an individual company. The entity is included in the consolidated financial statements of its parent, Vicon Industries Inc, 135 Fell Court, Hauppage, NY11788, USA. |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. |
| The directors have made the following critical estimates and judgements deemed to be applicable to the financial statements: |
| - | Determine whether leases entered into by the company either as a lessor or lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
| - | Management have considered whether there are indications that stock may have suffered an impairment at the reporting date as required by FRS 102. Management review the ageing of stock items held at the year end and assign a proportionate level of provision against those stock lines that are considered impaired. A system generated slow moving stock report is initially used to assist with this review, with the main judgement related to manual exceptions removed from the initial provision. The exceptions relate to items recently sold or purchased where management believe they can be used in other products. |
| - | Management have considered whether there are any indications that trade debtors have suffered an impairment at the reporting date as required by FRS 102. Management regularly review those balances that are overdue based upon the credit terms in place and provide against those where a material uncertainty exists that the amounts may not be recovered. |
| Turnover |
| Turnover represents sales to customers at invoiced amounts less value added tax or local taxes on sales. Revenue is recognised when the risks and rewards of owning the goods has passed to the customer which is generally on delivery. |
| 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. |
| Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, except for leasehold land, evenly over their expected useful lives. It is calculated at the following rates: |
| Long leasehold | - | 20% on cost per annum |
| Improvements to property | - | 20% on cost per annum |
| Plant and machinery | - | 33% - 50% on cost per annum |
| Motor vehicles | - | 33% - 50% on cost per annum |
| Fixtures and fittings | - | 20% - 33% on cost per annum |
| Computer equipment | - | 33% - 50% on cost per annum |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on an average cost basis. Net realisable value is based on estimated selling prices less additional costs to completion and disposal. |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic 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 and investments in non-puttable ordinary shares. |
| Trade and other 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 |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
| Trade and other creditors |
| Short term trade 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 |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| 3. | TURNOVER |
| The turnover and loss (2023 - 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 |
| £ | £ |
| United Kingdom |
| Europe |
| Asia |
| Middle East | 1,141,286 | 650,520 |
| Africa | - | 7,017 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 845,370 | 688,241 |
| Social security costs | 54,903 | 56,548 |
| Other pension costs | 14,013 | 14,160 |
| 914,286 | 758,949 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Administration | 8 | 6 |
| Sales and marketing | 4 | 5 |
| 12 | 11 |
| 5. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 125,067 | 124,095 |
| Directors' national insurance contributions | 16,003 | 16,118 |
| Directors' pension contributions | 5,458 | 5,000 |
| P11D benefits | 2,534 | 2,778 |
| 149,062 | 147,991 |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Auditors' remuneration |
| Auditors remuneration - non audit fees |
| 7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest |
| 8. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements |
| Long | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 10. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| There is no material difference between the replacement cost of stock and the amounts stated above. |
| Stock recognised in cost of sales during the year as an expense was £1,263,191 (2023: £1,385,358). The amount of impairment losses in relation to stock recognised as an expense during the year was £12,388 (2023: £41,266 expense). |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| The impairment loss recognised in the company's profit or loss for the year in respect of bad and doubtful trade debtors was £11,966 profit (2023: £1,632 profit). |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | - | 27,717 |
| Other creditors |
| Accruals and deferred income |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| The amount of operating leases recognised as an expense during the year was £94,216 (2023: £96,500). |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1 | 600,000 | 600,000 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 | ( |
) |
| Deficit for the year | ( |
) |
| At 30 September 2024 | ( |
) |
| 16. | PENSION COMMITMENTS |
| The company operates a defined contribution scheme. The costs to the company for the year was £14,013 (2023: £14,160). At the year end the company owed £5,575 (2023: £5,457) to the scheme. |
| 17. | ULTIMATE PARENT COMPANY |
| Vicon Industries Inc. (incorporated in United States of America ) is regarded by the directors as being the company's ultimate parent company. |
| The largest and smallest group in which the results of the company are consolidated is that headed by Vicon Industries Inc., incorporated in the United States of America. The consolidated financial statements of this company are available to the public and may be obtained at 135 Fell Court, Hauppage, New York 11788, USA. No other group accounts include the results of this company. |
| VICON INDUSTRIES LIMITED (REGISTERED NUMBER: 01551194) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 18. | RELATED PARTY DISCLOSURES |
| The company is a wholly owned subsidiary of Vicon Industries Inc. and has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with Vicon Industries Inc, or other wholly owned subsidiaries within the group. |
| Key Management Personnel Compensation |
| Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company, which are the directors of the company and certain other individuals. Total remuneration paid to key management personnel was £149,062 (2023: £147,991). |