GENETEC UK LIMITED

Company Registration Number:
10018898 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2024

Period of accounts

Start date: 1 November 2023

End date: 31 October 2024

GENETEC UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

GENETEC UK LIMITED

Directors' report period ended 31 October 2024

The directors present their report with the financial statements of the company for the period ended 31 October 2024

Principal activities of the company

The wholesale of security software in the UK Market.



Directors

The director shown below has held office during the period of
1 November 2023 to 10 October 2024

Paul Dodds


The director shown below has held office during the period of
10 October 2024 to 31 October 2024

Andrew George Redpath MACKAY


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 July 2025

And signed on behalf of the board by:
Name: Andrew George Redpath MACKAY
Status: Director

GENETEC UK LIMITED

Profit And Loss Account

for the Period Ended 31 October 2024

2024 2023


£

£
Turnover: 51,505,439 46,903,551
Cost of sales: ( 6,472,495 ) ( 5,836,335 )
Gross profit(or loss): 45,032,944 41,067,216
Administrative expenses: ( 38,382,249 ) ( 34,091,864 )
Operating profit(or loss): 6,650,695 6,975,352
Interest receivable and similar income: 24,998
Interest payable and similar charges: ( 486,507 ) ( 447,343 )
Profit(or loss) before tax: 6,189,186 6,528,009
Tax: ( 1,402,007 ) ( 1,330,228 )
Profit(or loss) for the financial year: 4,787,179 5,197,781

GENETEC UK LIMITED

Balance sheet

As at 31 October 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 2,303,196 386,371
Investments: 4 2,253,564 2,253,564
Total fixed assets: 4,556,760 2,639,935
Current assets
Debtors: 5 9,497,765 7,786,258
Cash at bank and in hand: 203,559 466,763
Total current assets: 9,701,324 8,253,021
Net current assets (liabilities): 9,701,324 8,253,021
Total assets less current liabilities: 14,258,084 10,892,956
Creditors: amounts falling due after more than one year: 6 ( 1,436,901 ) ( 1,199,328 )
Provision for liabilities: ( 2,035,062 ) ( 24,680 )
Total net assets (liabilities): 10,786,121 9,668,948
Capital and reserves
Called up share capital: 10 10
Other reserves: 77,375 77,375
Profit and loss account: 10,708,736 9,591,563
Total Shareholders' funds: 10,786,121 9,668,948

The notes form part of these financial statements

GENETEC UK LIMITED

Balance sheet statements

For the year ending 31 October 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 July 2025
and signed on behalf of the board by:

Name: Andrew George Redpath MACKAY
Status: Director

The notes form part of these financial statements

GENETEC UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. Sales of Genetec products and services are all entered into by the parent company, Genetec Inc., directly with customers. Products are shipped directly from Genetec Inc. to customers and support and ancillary services are also provided directly by personnel of Genetec Inc. The personnel of the Group's subsidiaries, including Genetec UK Limited, are fully engaged in the support of these sales activities or in providing services to the parent company. In this context, revenue generated by the Company consists solely of the recharge of these costs under a documented transfer pricing policy and is recognised as these services are rendered.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at historical cost, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Hardware Leasehold improvements Hardware servers 2 years Lesser of useful life and term of lease 3 years Equipment 2 to 3 years Furniture and fixtures Vehicles 5 years 3 years

    Intangible fixed assets amortisation policy

    Intangible assets are stated at historical cost, net of depreciation and any provision for impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Patents Technology Software Leases

    Valuation information and policy

    Investments in subsidiaries are measured at cost less accumulated impairment.

    Other accounting policies

    Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors 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 trade debtors 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. Trade creditors Trade creditors 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. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Provisions for liabilities Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties and discounted when any transfer of economic benefit would take place in more than one year from the balance sheet date. When payments are eventually made, they are charged to the provision carried in the balance sheet.

GENETEC UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 333 303

GENETEC UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 November 2023 758,018 584,283 103,075 13,658 113,717 1,572,751
Additions 2,128,827 66,340 1,253 21,924 158,395 2,376,739
Disposals ( 758,018 ) ( 42,710 ) ( 843 ) ( 63,307 ) ( 864,878 )
Revaluations
Transfers
At 31 October 2024 2,128,827 607,913 103,485 35,582 208,805 3,084,612
Depreciation
At 1 November 2023 610,944 439,350 63,184 8,740 64,162 1,186,380
Charge for year 175,789 86,712 25,216 2,185 49,574 339,476
On disposals ( 716,935 ) ( 27,505 ) ( 744,440 )
Other adjustments
At 31 October 2024 69,798 526,062 88,400 10,925 86,231 781,416
Net book value
At 31 October 2024 2,059,029 81,851 15,085 24,657 122,574 2,303,196
At 31 October 2023 147,074 144,933 39,891 4,918 49,555 386,371

GENETEC UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

4. Fixed assets investments note

Investments in subsidiaries are measured at cost less accumulated impairment.

GENETEC UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

5. Debtors

2024 2023
£ £
Trade debtors 43,296 37,333
Prepayments and accrued income 477,465 72,143
Other debtors 8,977,004 7,676,782
Total 9,497,765 7,786,258

GENETEC UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2024

6. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 247,802 214,697
Other creditors 1,189,099 984,631
Total 1,436,901 1,199,328