REGISTERED NUMBER: 02112692 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SENSTAR LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Statement of Director's Responsibilities

4

Report of the Independent Auditors

5

to

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

19

DIRECTOR:

F W Haubert

REGISTERED OFFICE:

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

REGISTERED NUMBER:

02112692 (England and Wales)

AUDITORS:

Randall & Payne LLP

Statutory Auditor

Chargrove House

Shurdington Road

Shurdington

Cheltenham

Gloucestershire

GL51 4GA

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company in the year under review is that of the marketing, installation and maintenance of security systems.

Income and expenditure for the year have been broadly in line with the boards expectations given that market conditions remain challenging.

PRINCIPAL RISKS AND UNCERTAINTIES

Difficult economic conditions continue to be a risk, however it is anticipated that the boards financial vigilance will help mitigate this risk. Liquidity risk continues to be mitigated through the financial support and guarantees provided by other group companies.

ON BEHALF OF THE BOARD:

F W Haubert - Director

16 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR

F W Haubert held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

F W Haubert - Director

16 September 2025

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Opinion

We have audited the financial statements of Senstar Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, 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.

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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit planning process gave consideration to the risk of material misstatement in the financial statements, using the calculated materiality level which itself factored in the nature of the Company's operations and the interpreted levels of inherent and control risk.

In assessing the risk of fraud we reviewed management's own assessment of potential for fraud within the entity and reviewed judgements made by management to identify possible bias, in addition to any opportunity and incentive for fraud that are in inherent in the nature of the Company's operations. Our detailed testing included review of accounting estimates and judgements and validation of prime ledger entries.

We confirmed our knowledge of the legal and regulatory environment of the entity through discussions with management. We analysed all information available to us in respect of relevant laws and regulations, including the Companies Act 2006 and relevant UK tax legislation and enquired with management as to any possible breaches in the aforementioned.

We agreed the accuracy of the financial statements to the supporting management information provided by the client and tested individually on a sample basis the income and expenditure in the financial statements to consider the business rationale behind the transactions and the accuracy of the financial records. Our audit testing did not identify any issues in respect of the matters listed above, including fraud.

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.

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.

Benjamin Burch ACA (Senior Statutory Auditor)

for and on behalf of Randall & Payne LLP

Statutory Auditor

Chargrove House

Shurdington Road

Shurdington

Cheltenham

Gloucestershire

GL51 4GA

16 September 2025

TURNOVER

3

509,439

323,945

Cost of sales

55,912

15,872

GROSS PROFIT

453,527

308,073

Administrative expenses

431,704

293,441

OPERATING PROFIT and

PROFIT BEFORE TAXATION

21,823

14,632

Tax on profit

8

-

-

PROFIT FOR THE FINANCIAL YEAR

21,823

14,632

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

21,823

14,632

FIXED ASSETS

Tangible assets

9

9,338

16,000

Investments

10

18,802

18,802

28,140

34,802

CURRENT ASSETS

Stocks

11

12,969

23,200

Debtors

12

215,476

110,131

Cash at bank

700,096

764,925

928,541

898,256

CREDITORS

Amounts falling due within one year

13

94,366

92,566

NET CURRENT ASSETS

834,175

805,690

TOTAL ASSETS LESS CURRENT LIABILITIES

862,315

840,492

CAPITAL AND RESERVES

Called up share capital

14

10,000

10,000

Capital contribution

15

29,863

29,863

Retained earnings

15

822,452

800,629

SHAREHOLDERS' FUNDS

862,315

840,492

The financial statements were approved by the director and authorised for issue on 16 September 2025 and were signed by:

F W Haubert - Director

Called up

share

Retained

Capital

Total

capital

earnings

contribution

equity

£

£

£

£

Balance at 1 January 2023

10,000

785,997

29,863

825,860

Changes in equity

Total comprehensive income

-

14,632

-

14,632

Balance at 31 December 2023

10,000

800,629

29,863

840,492

Changes in equity

Total comprehensive income

-

21,823

-

21,823

Balance at 31 December 2024

10,000

822,452

29,863

862,315

Cash flows from operating activities

Cash generated from operations

1

(64,829

)

161,538

Net cash from operating activities

(64,829

)

161,538

Cash flows from investing activities

Purchase of tangible fixed assets

-

(18,285

)

Net cash from investing activities

-

(18,285

)

(Decrease)/increase in cash and cash equivalents

(64,829

)

143,253

Cash and cash equivalents at beginning of year

2

764,925

621,672

Cash and cash equivalents at end of year

2

700,096

764,925

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

21,823

14,632

Depreciation charges

6,662

27,339

28,485

41,971

Decrease in stocks

10,231

3,740

(Increase)/decrease in trade and other debtors

(105,345

)

82,360

Increase in trade and other creditors

1,800

33,467

Cash generated from operations

(64,829

)

161,538

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

700,096

764,925

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

764,925

621,672

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

764,925

(64,829

)

700,096

764,925

(64,829

)

700,096

Total

764,925

(64,829

)

700,096

1.	STATUTORY INFORMATION

Senstar Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies are summarised below. They have all been applied consistently throughout the year and in the preceding year.

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. Historical cost is generally based on the fair value of the consideration given in exchange for the goods and services. The principal accounting policies adopted are set out below. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset, the company has taken into account the characteristics of the asset if market participants would take those characteristics into account when pricing the asset at the measurement date.

The functional currency of Senstar Limited is considered to be pound sterling because that is the currency of the primary economic environment in which the company operates.

Group accounts

The financial statements contain information about Senstar Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Senstar Technologies Corporation, a company incorporated in Canada.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. He continues to believe that the use of the going concern basis is appropriate in preparing the annual financial statements.

Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

Sales 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 delivery of the goods.

Rendering of services - Revenue from the installation of security systems is recognised by reference to the stage of completion.

Recharge of overheads - Revenue from the recharge of overheads to group companies is recognised on a cost plus basis.

Other operating income - Other operating income is based on the terms of the contract.

Interest income - Revenue is recognised as interest accrues using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on cost

Fixtures, fittings and equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing

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

Pension costs

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Financial assets

The company's classes of financial assets are cash and other financial assets, and these are classified as 'loans and receivables'.

Loans and receivables

Trade receivables, loans, and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the company retains substantially all the risks and rewards of ownership of a transferred financial asset, the company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Financial liabilities and equity

The company has financial liabilities that are classified as 'other financial liabilities', and these relate to borrowings from shareholders and trade and other payables.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Derecognition of financial liabilities

The company derecognises financial liabilities when, and only when, the company's obligations are discharged, cancelled or they expire.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

Europe

2,125

5,100

Rest of the World

507,314

318,845

509,439

323,945

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

279,903

147,266

Social security costs

30,863

13,257

Other pension costs

2,862

1,996

313,628

162,519

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

2024

2023

Directors

1

1

Employees

2

2

3

3

The company operates a defined contribution pension scheme. The pension charge represents the contributions payable be the company for the year.

5.	DIRECTORS' REMUNERATION

2024

2023

£

£

Directors' remuneration

-

-

The company has made no payment of remuneration to any non UK based director during the year or the previous year.

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

1,538

1,442

Depreciation - owned assets

6,662

27,339

Foreign exchange differences

596

3,306

7.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

7,750

7,250

8.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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

21,823

14,632

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

5,456

3,439

Effects of:

Expenses not deductible for tax purposes

162

36

Depreciation in excess of capital allowances

1,647

2,106

Utilisation of tax losses

(7,265

)

(5,581

)

Total tax charge

-

-

Factors that may affect future tax charges

The company has unprovided net deferred tax assets of £57,769 (2023 - £63,387). These comprise the tax effect of losses of £60,018 (2023 - £67,283) less accelerated capital allowances of £2,249 (2023 - £3,896).

9.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

machinery

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

101,128

2,303

103,431

DEPRECIATION

At 1 January 2024

85,137

2,294

87,431

Charge for year

6,653

9

6,662

At 31 December 2024

91,790

2,303

94,093

NET BOOK VALUE

At 31 December 2024

9,338

-

9,338

At 31 December 2023

15,991

9

16,000

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

18,802

NET BOOK VALUE

At 31 December 2024

18,802

At 31 December 2023

18,802

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Senstar GmbH

Registered office: An der Bleicherei 15, 88214 Ravensburg, Germany

Nature of business: Security products and systems

%

Class of shares:

holding

Ordinary

81.27

11.

STOCKS

2024

2023

£

£

Finished goods and goods for resale

12,969

23,200

The difference between the purchase price of stocks and their replacement cost is not material.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,973

10,412

Amounts owed by group undertakings

190,112

85,815

Other debtors

700

2,278

Prepayments and accrued income

21,691

11,626

215,476

110,131

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

7,029

3,177

Amounts owed to group undertakings

9,257

59,925

Social security and other taxes

15,292

3,160

Other creditors

2,216

1,446

Accruals and deferred income

60,572

24,858

94,366

92,566

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000

15.

RESERVES

Retained

Capital

earnings

contribution

Totals

£

£

£

At 1 January 2024

800,629

29,863

830,492

Profit for the year

21,823

21,823

At 31 December 2024

822,452

29,863

852,315

16.	ULTIMATE PARENT COMPANY

The company's ultimate parent company is Senstar Technologies Corporation, which is incorporated in Canada. Copies of its group accounts, which include the company, are available from 119 John Cavanaugh Drive, Ottowa, Ontario, Canada. Senstar Technologies Corporation is the company's controlling party.

17.	RELATED PARTY DISCLOSURES

The company's immediate parent undertaking is Nederlandse Technologie Investeringen B.V., a company registered in the Netherlands. A copy of this company's accounts are available from its registered office Luna ArenA, Herikerbergweg 238, 1101 CM Amsterdam.

The company is taking advantage of the exemption under FRS 102 Paragraph 33.1A not to disclose details of group transactions.