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REGISTERED NUMBER: 04039048











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BARCO LIMITED

BARCO LIMITED (REGISTERED NUMBER: 04039048)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


BARCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A Desender
A L Steegen





SECRETARY: K Verheggen





REGISTERED OFFICE: Building 329
Doncastle Road
Bracknell
Berkshire
RG12 8PE





REGISTERED NUMBER: 04039048





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

BARCO LIMITED (REGISTERED NUMBER: 04039048)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


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

As required, the directors have included this strategic report to inform members of the Company, and to help them assess how the directors have performed their duty to promote the success of the Company.

REVIEW OF BUSINESS
The Company operates as a UK agent for its parent in Belgium, such that any sales generated are passed to the parent who then completes the transaction. The company operates on a cost plus basis with turnover comprising of commissions receivable from group companies.

Since the Company acts as a service provider to the group, the directors have taken the view that the inclusion of a formal strategic review would serve no useful purpose, and thus have not included one.

PRINCIPAL RISKS AND UNCERTAINTIES
Since the Company's only customer is the group in which it is a member, under the terms of various service agreements, the principal risk affecting the Company is that which affects the group as a whole, being a reduction in the demand for its products.

Since the Company's only customer is its parent in Belgium and all invoices are in sterling there is no exposure to foreign exchange fluctuations.

SECTION 172(1) STATEMENT
The directors' overarching duty is to promote the success of the company for the benefit of its shareholders, with consideration of stakeholders' interests, as set out in section 172. The board regards a well-governed business as essential for the successful delivery of its principal activity.

The directors are aware of their duty under section 172 to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the company.

The company is an indirect subsidiary of Barco NV, a company quoted on the Belgium Stock Exchange. The Barco Group is a global leader in digital protection and imaging technology.

The company forms part of the EMEA division of Barco NV. The board of Barco NV manages the group's operations on a global and divisional basis. From the perspective of the board, because of the group governance structure, the matters that it is responsible for considering under section 172 are considered to an appropriate extent by the group board in relation both to the group and to this entity. The board has also considered relevant matters where appropriate.

To the extent necessary for an understanding of the development, performance and position of the entity, the company's directors believe that the requirements of 172(1) (a)-(f) are discussed in detail in the Barco NV Annual Report which does not form part of this report.


BARCO LIMITED (REGISTERED NUMBER: 04039048)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

KEY PERFORMANCE INDICATORS
The Company's activity focuses on one primary income stream, being the commissions it generates from other group companies for the services it provides to them. Since it does not trade externally, the directors have not considered it necessary or helpful to review the Company's key performance indicators for the year, other than to say that for the year ending 31 December 2024 the indicators were satisfactory.

ON BEHALF OF THE BOARD:





A Desender - Director


16 July 2025

BARCO LIMITED (REGISTERED NUMBER: 04039048)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of other business support service activities not elsewhere classified.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £5,000,000 (2023 - £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Desender
A L Steegen


BARCO LIMITED (REGISTERED NUMBER: 04039048)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors recognise the importance of considering all stakeholders in their decision making.

CUSTOMERS
Wherever we do business, we follow our code of conduct and abide to the laws and regulations governing business ethics in the countries in which we operate. We require all of our partners to do the same.

Our ambition is to supply high quality, durable products that meet and exceed customer requirements, are manufactured with minimal use of resources and have a minimal environmental impact throughout their life cycle. End users can vary from large institutional and commercial businesses to small and medium-sized customers. We believe that growth starts with understanding our customers and being relevant to their needs.

Insights into our markets, competitors and customers are important to identify and prioritise opportunities. We continuously monitor the operating environment and how it is changing through on-going dialogue with our customers. Customer experience is at the centre of everything we do and the experience we deliver to them must always meet their expectations. We gain regular feedback from customers and use customer relationship management systems to prioritise our sales efforts and engage appropriately with our customers with the right information to hand.

SUPPLIERS AND PARTNERS
Due to the nature of the UK operations, its most significant cost is its staff. The UK entity has minimal purchases from external suppliers and partners.

EMPLOYEES
Our people are our most important asset and our future depends on continuing to attract, retain and develop the right people and evolve with them. Our employees are provided with opportunities, responsibilities and the authority to act. The company promotes continuous employee development and employees are actively encouraged to seek out opportunities and develop their own career. There is a strong culture of local ownership and decentralised decision making despite being part of a global organisation.

The company must manage social and ethical issues and observes high standards of integrity and responsible practices. Ethical employee behaviour is central to this and is promoted among employees through the group-wide code of conduct. The code is a key component of the induction program, and all employees are expected to follow it from day one. The code of conduct underlines commitment to fair employment conditions and labour rights, and takes clear stand against human rights abuses, child labour and forced labour of any kind.

SOCIETY
Our vision is to be the most innovative supplier of digital protection and imaging technology.


BARCO LIMITED (REGISTERED NUMBER: 04039048)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Desender - Director


16 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARCO LIMITED


Opinion
We have audited the financial statements of Barco Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARCO LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARCO LIMITED


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARCO LIMITED


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




Martin Thomas FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

16 July 2025

BARCO LIMITED (REGISTERED NUMBER: 04039048)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £

TURNOVER 3 3,734,008 3,316,212

Administrative expenses 3,566,045 3,162,213
OPERATING PROFIT 5 167,963 153,999

Income from shares in group
undertakings

1,133,903

-
Interest receivable and similar income 123,483 183,124
1,257,386 183,124
PROFIT BEFORE TAXATION 1,425,349 337,123

Tax on profit 6 149,947 83,744
PROFIT FOR THE FINANCIAL YEAR 1,275,402 253,379

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,275,402

253,379

BARCO LIMITED (REGISTERED NUMBER: 04039048)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 192,673 21,182
Investments 9 3,500,000 3,500,000
3,692,673 3,521,182

CURRENT ASSETS
Debtors 10 1,099,241 4,665,709

CREDITORS
Amounts falling due within one year 11 619,342 322,991
NET CURRENT ASSETS 479,899 4,342,718
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,172,572

7,863,900

PROVISIONS FOR LIABILITIES 13 33,270 -
NET ASSETS 4,139,302 7,863,900

CAPITAL AND RESERVES
Called up share capital 14 1,000,000 1,000,000
Retained earnings 15 3,139,302 6,863,900
SHAREHOLDERS' FUNDS 4,139,302 7,863,900

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 16 July 2025 and were signed on its behalf by:





A Desender - Director


BARCO LIMITED (REGISTERED NUMBER: 04039048)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2023 1,000,000 6,610,521 7,610,521

Changes in equity
Total comprehensive income - 253,379 253,379
Balance at 31 December 2023 1,000,000 6,863,900 7,863,900

Changes in equity
Dividends - (5,000,000 ) (5,000,000 )
Total comprehensive income - 1,275,402 1,275,402
Balance at 31 December 2024 1,000,000 3,139,302 4,139,302

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Barco Limited is a private company limited by shares, incorporated in England. Its primary trading activity derives from its registered office in Bracknell, Berkshire, the address of which is shown on the company information page of these financial statements.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The Company itself has a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 401 of the Companies act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

There have been no significant judgements or estimates in the preparation of these financial statements.

Going concern
The Company acts as a service provider to other group companies and as such, does not trade externally. The Company's ability to continue in existence is dependent upon the group continuing to require a sales presence in the UK. The directors are not aware of any group intention to restructure the UK operation within the next 12 months, and as such have prepared the accounts on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b)
and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

- Short leasehold - 10% straight line
- Office equipment - 10 % straight line
- Computer equipment - 30% straight line

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties,loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a a similar debt instrument and subsequent;y at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.


BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method,

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Foreign currency translation
Functional and presentation currency
The company's function and presentation currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the function currency using the spot exchange rates at the date of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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 comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Share based payments
Share options awarded relate to the equity of the Company's ultimate parent and do not relate to the equity of this entity, and are in respect of services to the wider group. In accordance with the provisions of section 26.16 FRS102, the related expense is allocated in full to the ultimate parent, with no expense recognised in these financial statements.

3. TURNOVER

The Company operates as a UK agent for its parent in Belgium, such that any sales generated are passed to the parent who then completes the transaction. The company operates on a cost plus basis with turnover comprising of commissions receivable from group companies.

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,332,646 2,086,593
Social security costs 270,969 258,677
Other pension costs 258,060 199,810
2,861,675 2,545,080

The average number of employees during the year was as follows:
2024 2023

Engineering 4 5
Sales & marketing 19 19
Management 1 1
24 25

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£ £
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Hire of plant and machinery 65,882 72,292
Other operating leases 86,007 51,751
Depreciation - owned assets 79,525 9,624
Auditors' remuneration 8,734 9,000
Foreign exchange differences - (193 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 59,982 83,084
Withholding tax 56,695 -
Prior year under provision - 660
Total current tax 116,677 83,744

Deferred tax 33,270 -
Tax on profit 149,947 83,744

UK corporation tax has been charged at 25% (2023 - 23.50%).

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 1,425,349 337,123
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

356,337

84,281

Effects of:
Expenses not deductible for tax purposes 19,141 5,615
Capital allowances in excess of depreciation (32,020 ) (1,586 )
Other timing differences - 660
Non-taxable income (283,476 ) -
Withholding tax 56,695 -
Adjustments to tax charge in respect of differing tax rates - (5,226 )
Deferred tax 33,270 -
Total tax charge 149,947 83,744

OECD Pillar Two model rules
Pillar Two taxes are those arising from tax laws enacted or substantively enacted to implement the Pillar Two framework published by the OECD. This tax reform aims to ensure that multinational groups pay taxes at a minimum rate of 15 percent on income arising in each jurisdiction in which they operate by applying a system of top up taxes.

The Company's ultimate parent undertaking, Barco NV, is located in Belgium and is subject to the OECD Pillar Two model rules. Legislation implementing these rules has entered into force in Belgium and the United Kingdom, and is effective in 2024.

Under the legislation, the Group is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect.

The Company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.

Barco NV has evaluated its exposure to Pillar Two legislation for the 2024 financial year. Based on this assessment, in 2024 the Company is not expected to be subject to minimum top-up tax, with it and its subsidiary eligible for the Transitional (Country-by-Country Reporting) Safe Harbours or meeting the minimum effective tax rate of 15 percent.

7. DIVIDENDS
2024 2023
£ £
Ordinary Shares shares of £1.00 each
Interim 5,000,000 -

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. TANGIBLE FIXED ASSETS
Short Office Computer
leasehold Equipment equipment Totals
£ £ £ £
COST
At 1 January 2024 43,095 13,559 36,659 93,313
Additions 251,015 - - 251,015
Disposals - - (2,963 ) (2,963 )
At 31 December 2024 294,110 13,559 33,696 341,365
DEPRECIATION
At 1 January 2024 43,095 8,254 20,782 72,131
Charge for year 70,292 1,357 7,876 79,525
Eliminated on disposal - - (2,964 ) (2,964 )
At 31 December 2024 113,387 9,611 25,694 148,692
NET BOOK VALUE
At 31 December 2024 180,723 3,948 8,002 192,673
At 31 December 2023 - 5,305 15,877 21,182

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2024
and 31 December 2024 3,500,000
NET BOOK VALUE
At 31 December 2024 3,500,000
At 31 December 2023 3,500,000

The above represents the Company's interest in its wholly owned subsidiary, Barco (Korea) Limited, a company registered in Korea, which provides visualisation solutions.

The location of head office is 1st and 3rd floors, DS Tower, 72-13 (GwanYang-Dong) BoelMal-Ro, DongAn-Gu, AnYang-Si, GyeongGi-Do.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed by group undertakings 1,062,850 4,630,360
Other debtors 23,651 20,882
Prepayments and accrued income 12,740 14,467
1,099,241 4,665,709

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 9,071 14,981
Amounts owed to group undertakings 255,196 1,471
Tax 21,700 43,750
Social security and other taxes 65,570 55,696
Other creditors 157,710 129,836
Accruals and deferred income 110,095 77,257
619,342 322,991

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 102,824 83,940
Between one and five years 82,433 169,155
185,257 253,095

13. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 33,270 -

Deferred tax
£
Provided during year 33,270
Balance at 31 December 2024 33,270

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000,000 Ordinary Shares £1.00 1,000,000 1,000,000

BARCO LIMITED (REGISTERED NUMBER: 04039048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. RESERVES
Retained
earnings
£

At 1 January 2024 6,863,900
Profit for the year 1,275,402
Dividends (5,000,000 )
At 31 December 2024 3,139,302

16. PENSION COMMITMENTS

The Company operates a defined contribution scheme, the assets of which are held separately from those of the company in an independently administered fund. The total cost of the scheme for the year was £258,060 (2023 - £199,810). The unpaid contributions at the year end were £Nil (2023 - £Nil).

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

18. ULTIMATE CONTROLLING PARTY

The Company's immediate and ultimate parent undertaking and controlling party is Barco NV, a company registered in Belgium. The results of Barco Limited are included in the Barco NV group financial statements, copies of which are available from its registered office, at Barco NV, President Kennedy Park 35, B-8500 Kortrijk, Belgium.