Company registration number 03618661 (England and Wales)
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
COMPANY INFORMATION
Directors
A O'Reilly
I Lavric
T Bourgeois
E Thord
C Valette
T Galland
Company number
03618661
Registered office
8 Binns Close
Coventry
West Midlands
United Kingdom
CV4 9TB
Auditor
Riches & Company
34 Anyards Road
Cobham
Surrey
KT11 2LA
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of a manufacturer of perimeter detection systems.

Results and dividends

The results for the year are set out on page 6.

Directors

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

A O'Reilly
I Lavric
T Bourgeois
E Thord
C Valette
T Galland
Auditor

Riches & Company were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

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

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
A O'Reilly
Director
2 September 2025
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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.

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
- 3 -

Qualified opinion on financial statements

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

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, 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 qualified opinion

We were appointed as auditors of the company after 31 December 20 2 4 and were therefore unable to observe the counting of physical inventories at the year end. We were also unable to satisfy ourselves by alternative means concerning the inventory quantities held at that date. Since opening and closing inventories enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of cost of sales, profit, and net assets.

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED) (CONTINUED)
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' r eport 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 respect solely of the limitation on our work relating to stock, described above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. 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' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

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

In identifying and assessing risks of material misstatement in the financial statements, including those arising from fraud, we considered the nature of the entity, its industry, regulatory environment, and business operations. We assessed how fraud might occur, including the potential for management override of controls, and the areas in which such override could result in a material misstatement.

We identified laws and regulations that could reasonably be expected to have a material effect on the financial statements, including those relating to tax, employee matters, health and safety, and compliance with the Companies Act 2006 and UK financial reporting framework. We also considered compliance with industry-specific regulations, where applicable.

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED) (CONTINUED)
- 5 -

In response to the identified risks, our audit procedures included:

- Enquiries of management, those charged with governance, and where applicable, the entity’s legal advisors regarding actual and potential litigation and claims.

- Enquiries of staff in tax and compliance roles to identify known or suspected instances of non-compliance with laws and regulations.

- Review of minutes of meetings of the board of directors and other governance committees.

- Review of internal audit reports, where applicable.

- Review of financial statement disclosures and testing of supporting documentation to assess compliance with relevant laws and regulations.

- Procedures to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.

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

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Richard Bolton (Senior Statutory Auditor)
For and on behalf of Riches & Company, Statutory Auditor
Chartered Accountants
34 Anyards Road
Cobham
Surrey
KT11 2LA
2 September 2025
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
1,776,393
1,602,332
Cost of sales
(514,347)
(478,352)
Gross profit
1,262,046
1,123,980
Administrative expenses
(989,907)
(866,418)
Other operating income
-
0
7,850
Operating profit
4
272,139
265,412
Interest receivable and similar income
8
733
407
Interest payable and similar expenses
9
(8,945)
(12,938)
Profit before taxation
263,927
252,881
Tax on profit
10
-
0
-
0
Profit for the financial year
263,927
252,881

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

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£
£
Profit for the year
263,927
252,881
Other comprehensive income
-
-
Total comprehensive income for the year
263,927
252,881
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
106,818
49,364
Tangible assets
12
191,955
47,250
298,773
96,614
Current assets
Stocks
13
201,775
165,457
Debtors
14
453,488
642,751
Cash at bank and in hand
122,823
97,508
778,086
905,716
Creditors: amounts falling due within one year
15
(343,268)
(486,858)
Net current assets
434,818
418,858
Total assets less current liabilities
733,591
515,472
Creditors: amounts falling due after more than one year
16
(24,687)
(70,495)
Net assets
708,904
444,977
Capital and reserves
Called up share capital
21
10,000
10,000
Profit and loss reserves
698,904
434,977
Total equity
708,904
444,977

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 September 2025 and are signed on its behalf by:
A O'Reilly
Director
Company registration number 03618661 (England and Wales)
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
10,000
182,096
192,096
Year ended 31 December 2023:
Profit and total comprehensive income
-
252,881
252,881
Balance at 31 December 2023
10,000
434,977
444,977
Year ended 31 December 2024:
Profit and total comprehensive income
-
263,927
263,927
Balance at 31 December 2024
10,000
698,904
708,904
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Hirsch Secure UK Limited (formerly Harper Chalice Group Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 8 Binns Close, Coventry, West Midlands, United Kingdom, CV4 9TB.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.

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

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of S T Group . These consolidated financial statements are available from its registered office, ZAC, Pioch Lyon, 34160 Boisseron, France.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

The company recognises revenue from the following major sources:

- Sale of Goods

- Rendering of Services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of Goods

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

Rendering of Services

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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

1.5
Intangible fixed assets other than goodwill

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Development costs
20% Straight Line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

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

Leasehold land and buildings
10% Cost
Plant and equipment
10% Cost
Fixtures and fittings
15% Reducing Balance
Computers
15% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

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

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

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

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

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

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

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

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

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

1.11
Equity instruments

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

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure

1.16
Foreign exchange

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates 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.

HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

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

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

3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
733
407
Grants received
-
7,850
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
-
0
190
Research and development costs
30,908
25,742
Government grants
-
(7,850)
Depreciation of owned tangible fixed assets
20,411
12,600
Profit on disposal of tangible fixed assets
(6,666)
-
Amortisation of intangible assets
30,734
11,082
Operating lease charges
56,337
51,568
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,750
9,750
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Employees

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

2024
2023
Number
Number
9
12

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
422,042
368,337
Social security costs
54,199
34,277
Pension costs
10,338
8,919
486,579
411,533
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
144,000
-
0
Company pension contributions to defined contribution schemes
3,484
-
147,484
-
0
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
733
407
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
7,504
10,286
Interest on finance leases and hire purchase contracts
1,441
2,652
8,945
12,938
10
Taxation
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 17 -

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

2024
2023
£
£
Profit before taxation
263,927
252,881
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 0%)
65,982
-
0
Tax effect of expenses that are not deductible in determining taxable profit
19,072
-
0
Tax effect of income not taxable in determining taxable profit
(183)
-
0
Tax effect of utilisation of tax losses not previously recognised
(64,549)
-
0
Effect of change in corporation tax rate
(940)
-
0
Permanent capital allowances in excess of depreciation
(19,382)
-
0
Taxation charge for the year
-
-
11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024
60,446
Additions
88,188
At 31 December 2024
148,634
Amortisation and impairment
At 1 January 2024
11,082
Amortisation charged for the year
30,734
At 31 December 2024
41,816
Carrying amount
At 31 December 2024
106,818
At 31 December 2023
49,364
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,056
35,705
21,202
33,895
62,092
153,950
Additions
92,712
4,467
1,310
10,073
61,388
169,950
Disposals
-
0
-
0
-
0
-
0
(15,499)
(15,499)
At 31 December 2024
93,768
40,172
22,512
43,968
107,981
308,401
Depreciation and impairment
At 1 January 2024
53
33,129
15,224
25,863
32,431
106,700
Depreciation charged in the year
5,577
1,031
1,062
1,820
10,921
20,411
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(10,665)
(10,665)
At 31 December 2024
5,630
34,160
16,286
27,683
32,687
116,446
Carrying amount
At 31 December 2024
88,138
6,012
6,226
16,285
75,294
191,955
At 31 December 2023
1,003
2,576
5,978
8,032
29,661
47,250

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023
£
£
Motor vehicles
14,789
23,389
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
201,775
165,457
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
332,990
585,480
Amounts owed by group undertakings
73,800
-
0
Other debtors
36,051
16,529
Prepayments and accrued income
10,647
40,742
453,488
642,751
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
40,000
40,000
Obligations under finance leases
18
5,932
6,692
Trade creditors
144,649
133,049
Taxation and social security
33,895
97,721
Deferred income
19
2,760
-
0
Other creditors
6,868
57,747
Accruals and deferred income
109,164
151,649
343,268
486,858

The company has taken advantage of the CBILS loan on 13 May 2020 for a total amount of £200,000. Repayments became due after 12 months on 13 May 2021. Repayments are to be made over 59 monthly instalments of £3,333.33 with a final repayment of £3,333.53. Interest is charged at a rate of 3.99% per anum.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
20,000
60,000
Obligations under finance leases
18
4,687
10,495
24,687
70,495
17
Loans and overdrafts
2024
2023
£
£
Bank loans
60,000
100,000
Payable within one year
40,000
40,000
Payable after one year
20,000
60,000
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Loans and overdrafts
(Continued)
- 20 -

The loan and overdrafts are secured by a fixed and floating charge over the assets of the company. The hire purchase liability is secured over the relating assets of the company.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
5,932
6,692
In two to five years
4,687
10,495
10,619
17,187

Finance lease payments represent rentals payable by the company for a motor vehicle. The lease includes a purchase option at the end of the lease term, and no restrictions are placed on the use of the vehicle. The lease is on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred income
2024
2023
£
£
Other deferred income
2,760
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
10,338
8,919

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
8,000
8,000
8,000
8,000
Ordinary A Shares of £1 each
2,000
2,000
2,000
2,000
10,000
10,000
10,000
10,000
22
Operating lease commitments
As lessee
HIRSCH SECURE UK LIMITED (FORMERLY HARPER CHALICE GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Operating lease commitments
(Continued)
- 21 -

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

2024
2023
£
£
Within 1 year
72,500
72,500
Years 2-5
145,000
217,500
217,500
290,000
23
Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has

not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of

the group

24
Ultimate controlling party

ST Group is the immediate and ultimate parent company. There is no controlling party in ST Group.

The largest and smallest group in which results of the Company are consolidated is that headed by ST Group, a company incorporated in France.

The consolidated financial statements of this group are available to the public and may be obtained from ST Group, ZAC, Pioch Lyon, 34160 Boisseron, France.

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