| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Public-i Group Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Public-i Group Limited |
| Public-i Group Limited (Registered number: 03998680) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Public-i Group Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Palmeira Avenue Mansions |
| 19 Church Road |
| Hove |
| East Sussex |
| BN3 2FA |
| BANKERS: |
| 8-11 Pavilion Buildings |
| Castle Square |
| Brighton |
| East Sussex |
| BN1 1DP |
| Public-i Group Limited (Registered number: 03998680) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Public-i Group Limited is a |
| The nature of the company’s operations and its principal activities are set out in the directors' report on page 2 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on the going concern basis and under the historical cost convention. |
| The company has taken advantage of the exemption for small companies not to prepare a statement of cash flows. |
| Going concern |
| The directors have considered the financial projections and the budget for the company over the foreseeable future. The company might need additional cash in the coming months to run its operations, however given the current business trends and forecasts, the management is confident to find additional financial resources, if need be. Accordingly, the directors have a reasonable expectation that the company will have sufficient resources to continue its operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis. |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below. |
| Accrued income |
| The company establishes a receivable for revenue earned from the provision of services but not yet invoiced by the year end based on underlying contractual agreements in place; this receivable is computed by estimating the extent of completion or performance of the related work and when the amount is earned. The carrying amount is £0 (2023: £407,017). |
| Deferred income |
| The company establishes a payable for revenue for contracts that had started by the year end and are contractually bound but that had not been fully invoiced yet; this payable is computed by estimating the extent of completion or performance of the related work and when the amount is earned. The carrying amount is £1,419,082 (2023: £989,468). |
| Turnover |
| Turnover comprises connect renewals income, AV sales income, AV maintenance income, event income, software income and sundries. Connect Renewals income for each contract regardless of length is recognised 25% at the start of the contract and the remainder spread evenly over the lifetime of the contract. AV Sales income is recognised in accordance with the degree of completion of each installation project. AV Maintenance income is recognised evenly over the lifetime of the contract. Events income is recognised in full at the time of the event. Software income is recognised in full at the time of sale. Sundries income is recognised at the time of sale. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Investments in subsidiaries |
| Investment in the company's subsidiary is stated at cost less provision for impairment. |
| The carrying value of the investment in subsidiary undertaking is reviewed as necessary for impairment. Impairment is calculated as the difference between the carrying value and the estimated value-in-use or disposal value if higher. Value-in-use represents the present value of future expected cash flows discounted on a pre-tax basis. The net book amount of the investment is written down where impairment is identified. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value using the first in first out method, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| 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. |
| 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. |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Share capital |
| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
| Receivables and payables |
| Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 5th Floor Sheridan House, 112-116 Western Road, Hove, East Sussex, BN3 1DD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| The above company was formed in order to secure the Public-i brand. This company was dormant, had never traded and was struck off during the year. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Included in other debtors is rent deposits of £16,700, which is recoverable after more than 1 year. |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Credit card account |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 45,673 | 82,222 |
| Other creditors |
| Pension scheme | 11,855 | 11,497 |
| Accruals and deferred income |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | PENSION SCHEME |
| Defined contribution pension scheme |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £93,883 (2023 - £80,651). |
| At the end of the year there was £11,855 (2023: £11,497) unpaid in respect of pension contributions. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Share capital 1 | 1p | 3,147 | 3,147 |
| Reserves |
| The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments. The capital contribution represents funding from the immediate parent that carries no rights to repayment or control over usage. This reserve forms part of the company's distributable reserves. The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves. |
| Public-i Group Limited (Registered number: 03998680) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was qualified on the following basis: |
| Basis for qualified opinion on financial statements |
| We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £842,376 held at 31 December 2023 by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 December 2024. Our audit opinion on the financial statements for the period ended 31 December 2024 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures. |
| 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 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. |
| for and on behalf of |
| 12. | RELATED PARTY DISCLOSURES |
| The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose. |
| 13. | POST BALANCE SHEET EVENTS |
| There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Lyvia UK Ltd, Sweden House, 5 UpperMontagu Street, London, W1H 2AG. |
| The ultimate controlling party is |
| The ultimate parent undertaking is Mirovia Nordics AB (Publ). The ultimate parent undertaking prepares group financial statement. Copies of the group financial statements can be obtained from Lyvia Group, Hovslagargatan 5B 111 48 Stockholm, Sweden. |