Company registration number 03648124 (England and Wales)
PYROGUARD UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PYROGUARD UK LIMITED
COMPANY INFORMATION
Directors
N A Tilsley
M R Buxton
M F M Joli
(Appointed 28 February 2024)
Secretary
Mr. M Buxton
Company number
03648124
Registered office
International House
Millfield Lane
Haydock
Merseyside
WA11 9GA
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
Natwest Bank PLC
309 High Street
West Bromwich
West Midlands
United Kingdom
B70 8LX
Solicitors
Addleshaw Goddard LLP
One St Peters Square
Manchester
United Kingdom
M2 3DE
PYROGUARD UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 24
PYROGUARD UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The Company has seen turnover of £21.0m this year compared to £21.3m for the year ended 31 December 2023. This is a decrease of 1% on the previous year.

 

Operating profit has decreased to £1,807,546 compared to £2,540,797 for the previous year driven by increased staffing costs and additional amortisation charges.

 

During the period, the Company suffered exceptional charges of £0 (2023: £0).

Principal risks and uncertainties

Despite continued market uncertainty in the UK the company has continued to trade strongly, with market share and underlying revenue growth. The Board are confident that the Company will continue this trajectory in pursuit of its strategic objectives.

 

The Board believes that any potential uncertainty in the macro-economic environment will be more than outweighed by significant investments for growth, including new equipment, technical certifications and international expansion.

 

The Company will also continue to diversify the dependence on certain suppliers to ensure that we have a broad range of alternatives to counter ongoing increases in input costs and to protect continuity of supply into our manufacturing plants.

Key performance indicators

The company considers a wide range of key performance indicators in the operation of our business. Ultimately it considers Sales and Operating Profit as the two principal financial measures. In comparison with the previous accounting period these are as follows:

 

Key Performance Indicator        Year ended 31 December 2024    Year ended 31 December 2023

Sales                £21,042,852            £21,264,137

Operating Profit            £1,807,546            £2,540,747

 

 

 

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

On behalf of the board

M R Buxton
Director
30 May 2025
PYROGUARD UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of manufacture and distribution of fire safety glass under the Pyroguard brand.

Results and dividends

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

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

Directors

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

N A Tilsley
M R Buxton
M F M Joli
(Appointed 28 February 2024)
Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

PYROGUARD UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
M R Buxton
Director
30 May 2025
PYROGUARD UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PYROGUARD UK LIMITED
- 4 -
Opinion

We have audited the financial statements of Pyroguard UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

PYROGUARD UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PYROGUARD UK LIMITED
- 6 -

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Reddingtion
Senior Statutory Auditor
For and on behalf of Azets Audit Services
30 May 2025
2025-05-30
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
PYROGUARD UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
21,042,852
21,264,137
Cost of sales
(11,160,681)
(11,559,703)
Gross profit
9,882,171
9,704,434
Administrative expenses
(8,445,654)
(7,578,096)
Other operating income
3
371,029
414,409
Operating profit
4
1,807,546
2,540,747
Interest receivable and similar income
108,776
23,229
Interest payable and similar expenses
8
(104,835)
(91,421)
Profit before taxation
1,811,487
2,472,555
Tax on profit
9
(226,707)
(551,862)
Profit for the financial year
1,584,780
1,920,693
Retained earnings brought forward
8,144,560
6,223,867
Retained earnings carried forward
9,729,340
8,144,560

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

PYROGUARD UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
2,532,449
2,214,315
Tangible assets
11
5,176,301
4,748,389
Investments
12
1,731
1,731
7,710,481
6,964,435
Current assets
Stocks
14
1,908,884
1,730,163
Debtors
15
15,333,531
11,486,320
Cash at bank and in hand
865,284
1,012,347
18,107,699
14,228,830
Creditors: amounts falling due within one year
16
(9,355,814)
(6,757,473)
Net current assets
8,751,885
7,471,357
Total assets less current liabilities
16,462,366
14,435,792
Creditors: amounts falling due after more than one year
17
(835,630)
(644,721)
Provisions for liabilities
Provisions
19
250,000
250,000
Deferred tax liability
20
1,460,396
1,209,511
(1,710,396)
(1,459,511)
Net assets
13,916,340
12,331,560
Capital and reserves
Called up share capital
22
570,500
570,500
Share premium account
23
3,580,055
3,580,055
Capital redemption reserve
23
36,445
36,445
Profit and loss reserves
23
9,729,340
8,144,560
Total equity
13,916,340
12,331,560
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
M R Buxton
Director
Company Registration No. 03648124
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Pyroguard UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is International House, Millfield Lane, Haydock, Merseyside, WA11 9GA.

1.1
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of svt Holding GmbH. These consolidated financial statements are available from its registered office,Glusinger Str. 86 21217, Seevetal, Niedersachsen Germany.

1.2
Going concern

The Group has reviewed, and continues to review, risks to the business and stakeholders presented by the market, including any other potential uncertainties surrounding the macro-economic environment, and to develop strategies to mitigate these risks. The Group is committed to following all government and public health guidelines across the regions where we operate, above all to keep our employees, customers and suppliers safe. true

 

In making their going concern assessment, in conjunction with other general risks noted above, the directors have considered updated internal financial forecasts and budgeted results for the new financial year.

 

Furthermore, the directors have reviewed the assets of the business and do not believe that any impairments of value are necessary. The directors have performed sensitivity analyses and modelled what they believe to be worst case scenarios, and these continue to show that there will be sufficient funds available to meet obligations as they fall due. Based on these analyses and accompanying cash projections, the directors believe that there are no reasons why the going concern convention should not be adopted. The going concern model is prepared 12 months ahead of the date of approval of the financial statements.

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration excludes discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually when the goods have left for delivery), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Royalty income represents amounts received from specific group companies by way of intercompany charge for the use of the Pyroguard brand.

1.4
Research and development expenditure

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straigh line basis over their useful economic lives, which range from 3 to 6 years.

 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life, which management consider to be 20 years.

1.6
Intangible fixed assets other than goodwill

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

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

Trademarks
20 years
Development costs
3 years
1.7
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 conditions necessary for it to be capable of operating in the manner intended by mangement.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Income and Retained Earnings during the period in which they are incurred.

 

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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.

Leasehold land and buildings
5% on cost
Plant and equipment
10% on cost
Fixtures and fittings
10-33% on cost
Motor vehicles
25% on cost

Tangible assets are de-recognised on disposal or when no future economic benefits are expected.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

1.8
Fixed asset investments

Investments in subsidiaries are then subsequently measured at cost less accumulated impairment.

1.9
Impairment of fixed assets

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

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

 

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

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

1.10
Stocks

Stocks are stated at the lower of cost and net relisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard cost basis.

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

1.11
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.

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.12
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

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.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.15
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Retirement benefits

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 Income and Retained Earnings 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.

1.17
Leases

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings 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.

1.18
Foreign exchange

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

1.19

Interest payable

Finance costs are charged to the Statement of Income and Retained Earnings 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.

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Useful economic lives of property, plant and equipment and intangible assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Development expenditure

Development expenditure is capitalised in accordance with the accounting policy given below. Initial capitalisation of costs is based on management's judgement that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised, management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits.

Other provision

In determining the provision, the directors review the condition of leased premises and make an estimate of potential remediation work. In doing so, the directors use historical information of previous costs incurred to estimate the provision.

3
Turnover and other income
2024
2023
£
£
Turnover analysed by class of business
Trading income
20,480,014
20,570,586
Royalty income
562,838
693,551
21,042,852
21,264,137
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,892,685
13,952,726
Europe
7,022,193
6,545,738
Rest of the world
1,127,974
765,673
21,042,852
21,264,137
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other income
(Continued)
- 16 -
2024
2023
£
£
Other income
Interest income
108,776
23,229
R & D Tax Credit
371,029
414,409
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
35,233
-
0
Research and development costs
127,491
137,443
Depreciation of owned tangible fixed assets
541,210
565,152
Depreciation of tangible fixed assets held under finance leases
183,976
111,422
Profit on disposal of tangible fixed assets
(4,600)
(13,988)
Amortisation of intangible assets
921,141
674,867
Operating lease charges
459,891
428,972
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,250
26,250
6
Employees

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

2024
2023
Number
Number
Production
73
67
Selling and distribution
18
15
Management and administration
10
9
Total
101
91
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,345,807
3,423,114
Social security costs
410,994
355,193
Pension costs
195,015
176,604
4,951,816
3,954,911
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
344,878
314,487
Company pension contributions to defined contribution schemes
25,526
24,141
370,404
338,628

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
182,304
157,609
Company pension contributions to defined contribution schemes
15,575
14,526
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
35,743
60,866
Interest on finance leases and hire purchase contracts
69,092
30,555
104,835
91,421
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
132,392
276,533
Adjustments in respect of prior periods
(156,570)
60,532
Total current tax
(24,178)
337,065
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
250,885
275,362
Adjustment in respect of prior periods
-
0
(60,565)
Total deferred tax
250,885
214,797
Total tax charge
226,707
551,862

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

2024
2023
£
£
Profit before taxation
1,811,487
2,472,555
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
452,872
581,545
Tax effect of expenses that are not deductible in determining taxable profit
2,834
152
Adjustments in respect of prior years
(150,503)
60,532
Effect of change in corporation tax rate
-
0
12,061
Group relief
(35,334)
-
0
Permanent capital allowances in excess of depreciation
42,859
32,482
Deferred tax adjustments in respect of prior years
(1,688)
(60,565)
Patent box deductions
(71,579)
(33,891)
Research and development expenditure credits
(12,754)
(40,454)
Taxation charge for the year
226,707
551,862
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Intangible fixed assets
Goodwill
Patents
Development costs
Total
£
£
£
£
Cost
At 1 January 2024
1,222,000
325,473
5,278,007
6,825,480
Additions
-
0
-
0
1,239,275
1,239,275
At 31 December 2024
1,222,000
325,473
6,517,282
8,064,755
Amortisation and impairment
At 1 January 2024
1,222,000
201,047
3,188,118
4,611,165
Amortisation charged for the year
-
0
6,707
914,434
921,141
At 31 December 2024
1,222,000
207,754
4,102,552
5,532,306
Carrying amount
At 31 December 2024
-
0
117,719
2,414,730
2,532,449
At 31 December 2023
-
0
124,426
2,089,889
2,214,315
11
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
2,504,013
248,203
5,852,577
1,293,685
324,300
10,222,778
Additions
-
0
1,047,558
-
0
17,025
88,519
1,153,102
Disposals
(497,779)
-
0
(1,253,506)
(921,227)
(42,500)
(2,715,012)
Transfers
56,640
(1,207,833)
1,127,671
23,522
-
0
-
0
At 31 December 2024
2,062,874
87,928
5,726,742
413,005
370,319
8,660,868
Depreciation and impairment
At 1 January 2024
1,257,974
-
0
2,982,284
1,169,055
65,076
5,474,389
Depreciation charged in the year
113,554
-
0
451,130
71,097
89,405
725,186
Eliminated in respect of disposals
(497,778)
-
0
(1,253,505)
(921,225)
(42,500)
(2,715,008)
At 31 December 2024
873,750
-
0
2,179,909
318,927
111,981
3,484,567
Carrying amount
At 31 December 2024
1,189,124
87,928
3,546,833
94,078
258,338
5,176,301
At 31 December 2023
1,246,039
248,203
2,870,293
124,630
259,224
4,748,389
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 20 -

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

2024
2023
£
£
Plant and equipment
1,163,760
1,070,161
Motor vehicles
162,370
222,807
1,326,130
1,292,968

 

12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
1,731
1,731
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Sejal Fire Baan Private Limited
173/174 Sezal Encasa, S.V Road, Kandavali (West), Mumbai, 400067
Dormant
Ordinary
49.00
Technical Fire Seals Limited
International House, Millfield Lane, Haydock, Merseyside, WA11 9GA
Dormant
Ordinary
100.00
Pyroguard Limited
International House, Millfield Lane, Haydock, Merseyside, WA11 9GA
Dormant
Ordinary
100.00

 

Post year end, Technical Fire Seals Limited and Pyroguard Limited were dissolved.

14
Stocks
2024
2023
£
£
Raw materials and consumables
1,120,165
905,044
Work in progress
72,755
268,751
Finished goods and goods for resale
715,964
556,368
1,908,884
1,730,163

 

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,619,491
2,023,382
Corporation tax recoverable
603,800
-
0
Amounts owed by group undertakings
12,291,223
8,866,724
Other debtors
341,534
203,640
Prepayments and accrued income
477,483
392,574
15,333,531
11,486,320

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
473,754
385,793
Trade creditors
1,262,410
1,270,321
Amounts owed to group undertakings
6,323,990
3,511,648
Corporation tax
-
0
165,538
Other taxation and social security
194,432
257,021
Other creditors
27,258
94,569
Accruals and deferred income
1,073,970
1,072,583
9,355,814
6,757,473

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

The obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
835,630
644,721
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
473,754
385,793
In two to five years
835,630
644,721
1,309,384
1,030,514
19
Provisions for liabilities
2024
2023
£
£
250,000
250,000
Movements on provisions:
£
At 1 January 2024 and 31 December 2024
250,000

The provision is in respect of potential liabilities for dilapidations on premises leased by the Company.

 

20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,460,396
1,209,511
2024
Movements in the year:
£
Liability at 1 January 2024
1,209,511
Charge to profit or loss
250,885
Liability at 31 December 2024
1,460,396
PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 23 -

The deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
195,015
176,604

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Amounts owing at the balance sheet date amounted to £71,011 (2023: £45,286).

 

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
570,500
570,500
570,500
570,500

There is a single class of ordinary £1 shares. There are no restrictions on dividends and the repayment of capital.

23
Reserves
Share premium

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Includes the nominal value of shares repurchased by the Company.

Profit and loss account

Includes all current and prior periods retained profits and losses, less any dividends paid.

Called up share capital

Represents the nominal value of the shares that have been issued in previous years.

PYROGUARD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
24
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
844,524
575,216
Between two and five years
2,354,850
2,580,432
In over five years
610,430
1,033,569
3,809,804
4,189,217
25
Related party transactions

The Company has taken advantage of the exemption under FRS 102 (section 33) Related Party Disclosure and has not disclosed transactions with group undertakings.

26
Ultimate controlling party

Pluto Bidco Limited is the immediate parent undertaking of the Company and is a company incorporated in England and Wales. Its registered office is International House, Millfield Lane, Haydock, Merseyside, United Kingdom, WA11 9GA.

 

The smallest group of undertakings for which consolidated financial statements have been drawn up is that headed by svt Holding Gmbh. Copies of the consolidated financial statements of the group can be obtained from the registered address of svt Holding Gmbh, Glusinger Str. 86 21217, Seevetal, Niedersachsen Germany.

 

The directors consider the ultimate parent undertaking and controlling party of the company to be Apheon svt LTVF SCSp, a company registered in Luxembourg.

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