12 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,070,977 1,253,609 xbrli:pure xbrli:shares iso4217:GBP 12394403 2024-01-01 2024-12-31 12394403 2024-12-31 12394403 2023-12-31 12394403 2023-01-01 2023-12-31 12394403 2023-12-31 12394403 2022-12-31 12394403 core:PlantMachinery 2024-01-01 2024-12-31 12394403 core:FurnitureFittings 2024-01-01 2024-12-31 12394403 bus:RegisteredOffice 2024-01-01 2024-12-31 12394403 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 12394403 bus:Director1 2024-01-01 2024-12-31 12394403 bus:Director2 2024-01-01 2024-12-31 12394403 bus:Director3 2024-01-01 2024-12-31 12394403 bus:Director4 2024-01-01 2024-12-31 12394403 bus:Director5 2024-01-01 2024-12-31 12394403 bus:Director6 2024-01-01 2024-12-31 12394403 bus:Director7 2024-01-01 2024-12-31 12394403 bus:Director1 2024-12-31 12394403 bus:Director2 2024-12-31 12394403 bus:Director3 2024-12-31 12394403 bus:Director4 2024-12-31 12394403 bus:Director5 2024-12-31 12394403 bus:Director6 2024-12-31 12394403 bus:Director7 2024-12-31 12394403 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 12394403 core:PlantMachinery 2023-12-31 12394403 core:FurnitureFittings 2023-12-31 12394403 core:LandBuildings core:ShortLeaseholdAssets 2024-12-31 12394403 core:PlantMachinery 2024-12-31 12394403 core:FurnitureFittings 2024-12-31 12394403 core:LandBuildings core:ShortLeaseholdAssets 2024-01-01 2024-12-31 12394403 core:WithinOneYear 2024-12-31 12394403 core:WithinOneYear 2023-12-31 12394403 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 12394403 core:OtherReservesSubtotal 2024-01-01 2024-12-31 12394403 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 12394403 core:ShareCapital 2024-12-31 12394403 core:ShareCapital 2023-12-31 12394403 core:OtherReservesSubtotal 2024-12-31 12394403 core:RetainedEarningsAccumulatedLosses 2024-12-31 12394403 core:RetainedEarningsAccumulatedLosses 2023-12-31 12394403 core:ShareCapital 2022-12-31 12394403 core:RetainedEarningsAccumulatedLosses 2022-12-31 12394403 core:BetweenOneFiveYears 2024-12-31 12394403 core:BetweenOneFiveYears 2023-12-31 12394403 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 12394403 core:PlantMachinery 2023-12-31 12394403 core:FurnitureFittings 2023-12-31 12394403 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 12394403 bus:SmallEntities 2024-01-01 2024-12-31 12394403 bus:Audited 2024-01-01 2024-12-31 12394403 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12394403 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12394403 bus:FullAccounts 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 12394403
Precision Optical Transceivers UK Limited
Financial Statements
31 December 2024
Precision Optical Transceivers UK Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
Precision Optical Transceivers UK Limited
Officers and Professional Advisers
The board of directors
B E A Anderson
A T L Lappe
A L B M Malyszko
Registered office
Unit 1 Woodside
South Marston Park
Swindon
Wiltshire
UK
SN3 4WA
Auditor
Moore Kingston Smith LLP
Chartered accountants & statutory auditor
10 Orange Street
London
United Kingdom
WC2H 7DQ
Precision Optical Transceivers UK Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
B E A Anderson
(Appointed 30 June 2024)
A T L Lappe
(Appointed 30 June 2024)
A L B M Malyszko
(Appointed 30 June 2024)
C T Davis
(Resigned 30 June 2024)
D A Halladay
(Resigned 30 June 2024)
H M Davis
(Resigned 30 June 2024)
R C Harrison
(Resigned 30 June 2024)
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 July 2025 and signed on behalf of the board by:
B E A Anderson
Director
Registered office:
Unit 1 Woodside
South Marston Park
Swindon
Wiltshire
UK
SN3 4WA
Precision Optical Transceivers UK Limited
Independent Auditor's Report to the Members of Precision Optical Transceivers UK Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Precision Optical Transceivers UK Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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: - 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We obtained an understanding of the Company’s business, controls, legal and regulatory frameworks, laws and regulations and assessed the susceptibility of the Company’s financial statements to material misstatement from irregularities, including fraud, are instances of non-compliance with laws and regulations. - Based on this understanding we designed our audit procedures to detecting irregularities, including fraud. Testing undertaken included making enquiries on the management; journal entry testing; review of bank audit letters and any correspondence received from regulatory bodies; reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Terrence Bourne
(Senior Statutory Auditor)
For and on behalf of
Moore Kingston Smith LLP
Chartered accountants & statutory auditor
10 Orange Street
London
United Kingdom
WC2H 7DQ
22 July 2025
Precision Optical Transceivers UK Limited
Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4,015,112
2,430,989
Cost of sales
( 2,773,037)
( 1,781,628)
------------
------------
Gross profit
1,242,075
649,361
Administrative expenses
( 2,140,213)
( 1,756,297)
------------
------------
Operating loss
( 898,138)
( 1,106,936)
Interest payable and similar expenses
( 172,839)
( 146,673)
------------
------------
Loss before taxation
6
( 1,070,977)
( 1,253,609)
Tax on loss
------------
------------
Loss for the financial year and total comprehensive income
( 1,070,977)
( 1,253,609)
------------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Precision Optical Transceivers UK Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
163,866
184,916
Current assets
Stocks
613,338
871,708
Debtors
8
580,486
583,420
Cash at bank and in hand
482,235
86,498
------------
------------
1,676,059
1,541,626
Creditors: amounts falling due within one year
9
( 5,864,807)
( 5,005,447)
------------
------------
Net current liabilities
( 4,188,748)
( 3,463,821)
------------
------------
Total assets less current liabilities
( 4,024,882)
( 3,278,905)
------------
------------
Net liabilities
( 4,024,882)
( 3,278,905)
------------
------------
Capital and reserves
Called up share capital
250,000
250,000
Capital contribution
325,000
Profit and loss account
( 4,599,882)
( 3,528,905)
------------
------------
Shareholders deficit
( 4,024,882)
( 3,278,905)
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2025 , and are signed on behalf of the board by:
B E A Anderson
Director
Company registration number: 12394403
Precision Optical Transceivers UK Limited
Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Capital contribution
Profit and loss account
Total
£
£
£
£
At 1 January 2023
250,000
( 2,275,296)
( 2,025,296)
Loss for the year
( 1,253,609)
( 1,253,609)
---------
----
------------
------------
Total comprehensive income for the year
( 1,253,609)
( 1,253,609)
At 31 December 2023
250,000
( 3,528,905)
( 3,278,905)
Loss for the year
( 1,070,977)
( 1,070,977)
---------
----
------------
------------
Total comprehensive income for the year
( 1,070,977)
( 1,070,977)
Capital contribution
325,000
325,000
----
---------
----
---------
Total investments by and distributions to owners
325,000
325,000
---------
---------
------------
------------
At 31 December 2024
250,000
325,000
( 4,599,882)
( 4,024,882)
---------
---------
------------
------------
Precision Optical Transceivers UK Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Woodside, South Marston Park, Swindon, Wiltshire, SN3 4WA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a loss before tax of £1,070,977 (2023: £1,253,609) during the period and had net liabilities of £4,024,882 (2023: £3,278,905) at the balance sheet date. However, the directors have considered the basis of preparation of the financial statements and have concluded that it is appropriate to prepare these on the going concern basis as it has support from the parent company, Precision Optical Technologies, Inc., for at least 12 months from the signing of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance. Judgement is applied in the selection of a fixed asset depreciation policy, but this is considered to be in line with industry-standard and not to represent any risk to the financial statements as presented. There are no areas involving a higher degree of judgement or complexity, or further areas where assumptions and estimates are significant to the financial information.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Cost of sales
The cost of sales expense recognised in profit and loss reflects all costs directly attributable to the generation of revenue, including costs of inventory sold, attributable personnel costs, shipping costs, and other such charges. In prior periods, due to lower activity of this nature, cost of sales expenses primarily reflected management fees charged to the company by the controlling party, recognised on an accruals basis.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over the lease term on a straight-line basis
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock is accounted for on an average cost basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
12,500
12,000
--------
--------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
6. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
40,491
38,211
Interest payable to group undertakings
172,839
146,673
---------
---------
7. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
97,586
139,632
4,413
241,631
Additions
19,441
19,441
--------
---------
-------
---------
At 31 December 2024
97,586
159,073
4,413
261,072
--------
---------
-------
---------
Depreciation
At 1 January 2024
15,666
39,598
1,451
56,715
Charge for the year
10,400
29,202
889
40,491
--------
---------
-------
---------
At 31 December 2024
26,066
68,800
2,340
97,206
--------
---------
-------
---------
Carrying amount
At 31 December 2024
71,520
90,273
2,073
163,866
--------
---------
-------
---------
At 31 December 2023
81,920
100,034
2,962
184,916
--------
---------
-------
---------
8. Debtors
2024
2023
£
£
Trade debtors
561,195
363,545
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,425
198,628
Other debtors
17,866
21,247
---------
---------
580,486
583,420
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
351,842
112,751
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,278,132
4,618,184
Other taxation and social security
98,974
106,790
Other creditors
135,859
167,722
------------
------------
5,864,807
5,005,447
------------
------------
10. Capital contribution
During the year a capital contribution of £325,000 was made by Belden Inc. the ultimate controlling party. This was not in exchange for equity and not repayable to Belden Inc.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
45,000
45,000
Later than 1 year and not later than 5 years
39,452
84,452
--------
---------
84,452
129,452
--------
---------
The total operating lease payments recognised as an expense in profit and loss in the year to 31 December 2024 were £45,000 (2023: £44,990).
12. Related party transactions
The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
13. Controlling party
The company was under the control of Precision Optical Technologies, Inc., a company incorporated in the United States, throughout the current year. The registered address of Precision Optical Technologies, Inc. is 2245 Brighton Henrietta Town Line Rd., Rochester, New York 14623. During the year Precision Optical Technologies, Inc. was acquired by Belden Inc . who are now the ultimate controlling party.