REGISTERED NUMBER: 03597962 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

APT-Skidata Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit and Loss Account

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

C S Dunstan

S J Evans

S J Murphy

A Christl

J J Pickworth

SECRETARY:

S J Evans

REGISTERED OFFICE:

1 Maxted Corner

Maxted Road

Hemel Hempstead Industrial Estate

Hemel Hempstead

HP2 7RA

REGISTERED NUMBER:

03597962 (England and Wales)

SENIOR STATUTORY AUDITOR:

Phillipa Symington ACA CA(SA)

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Oak Tree House, Harwood Road

Northminster Business Park

Upper Poppleton

York

YO26 6QU

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

THE BUSINESS OBJECTIVES AND AIMS

The objective of the Company is to deliver innovative and customer focused solutions in the parking and people access markets, enabling us to deliver value to our stakeholders through a market leading position. The success of the Company continues to be built upon our highly valued employees and the associated integration of products, high levels of service and strong technical expertise. We continue to put our customers at the centre of everything we do. Our client portfolio continues to expand and includes some of the best known names in our target segments of airport operators, shopping centre owners, car park management companies, rail operators, local authorities, football clubs, rugby clubs and leisure attraction venues.

BUSINESS REVIEW

The Company continued to gain and support valued customers through the quality of our technical solutions and customer service. The Company continues to be profitable, with Post Tax profit for the financial year of £1.310m (2023: £1.155m). Total dividends of £1.310m (2023: £905k) have been declared for the year and are reflected in these financial statements.

KEY PERFORMANCE INDICATORS

The year on year performance against the KPIs were as follows:

2024

2023

£

£

Turnover

12,473

12,338

Operating Profit

1,777

1,521

EBITDA

2,037

1,713

FUTURE DEVELOPMENT

The Company continues to work on customer solutions using the Skidata suite of products.

OUTLOOK

There is a good order pipeline for delivery this year and this is expected to continue.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Company are managed on a group basis and are stated in the group financial statements of the ultimate parent company SWARCO AG. These are available from the registered office of SWARCO AG, Blattenwaldweg 8, 6112 Wattens, Austria.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's finance function manages the risk inherent in control of credit, availability of liquid funds and foreign currency exposures arising from imports in accordance with the corporate policies.

The management review these policies regularly as summarised below:

Credit risk

The Company seeks to minimise counterparty risk by trading only with established and financially strong customers. The risk is assessed on an on-going basis and relevant actions taken to mitigate any potential losses.

Liquidity risk

The Company aims to maintain a balance between continuity and flexibility of funding through the use of operating cash flow and borrowings. The Company's policy is to ensure that there is sufficient medium and long term funding available to meet liquidity requirements.

Currency risk

The Company aims to mitigate foreign currency exposure arising from imports by entering into foreign currency forward rate agreements.

ON BEHALF OF THE BOARD:

S J Evans - Director

18 September 2025

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 the distribution, installation and maintenance of parking and people access solutions.

DIVIDENDS

The Company's profit for the financial year is £1.310m (2023: £1.155m). The directors have made a payment of an ordinary interim dividend of £500k (2023: £600k) and recommend payment of a final ordinary dividend of £810k (2023: £305k) amounting to a total of £1.310m, which is £131 per share (2023: £905k, £90.5 per share).

DIRECTORS

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

C S Dunstan

S J Evans

S J Murphy

A Christl

Other changes in directors holding office are as follows:

J P Cowling - resigned 24 June 2024

J J Pickworth - appointed 24 June 2024

The Company did not provide qualifying third party indemnity provisions to its directors during the financial year and at the date of this report (2023: none).

POLITICAL DONATIONS AND EXPENDITURE

The Company made no political donations or incurred any political expenditure during the year (2023: £nil).

GOING CONCERN

The Company continues to perform well, generating strong profit and cash flows. Based upon previous performance and future forecasts, the directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis, it is therefore appropriate to adopt the going concern basis in preparing the financial statements.

EMPLOYEES

The Company is an equal opportunities employer and fair and equal consideration is given to the recruitment and ongoing development of all employers. No job applicant or employee is treated less favourable than any other, on the grounds of sex, age, marital status, race, nationality, ethnic or national origin, colour or religion belief in any instance or on the ground of disability. If employed persons become disabled, all possible assistance is given to them to continue in their existing job, or in an alternative position within the group.

All employees have proper and relevant training to enable career advancement and the better performance of their duties.

Proper consultation is carried out with employees on an ongoing basis in respect of matters that concern them.

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), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. 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;

-	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 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.

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

S J Evans - Director

18 September 2025

Opinion

We have audited the financial statements of APT-Skidata Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other 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 101 'Reduced Disclosure Framework' (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.

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 five, 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.

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 undertake the following procedures to identify and respond to these risks of non-compliance:

-

Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety, and employment law.

-

Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance

-

Review of board minutes and correspondence relevant to the audit..

-

Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed.

-

Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. No key estimates have been identified.

-

Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect 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.

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.

Phillipa Symington ACA CA(SA) (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Oak Tree House, Harwood Road

Northminster Business Park

Upper Poppleton

York

YO26 6QU

18 September 2025

TURNOVER

4

12,472,970

12,337,689

Cost of sales

(8,671,365

)

(8,553,520

)

GROSS PROFIT

3,801,605

3,784,169

Distribution costs

(1,296,864

)

(1,368,502

)

Administrative expenses

(758,218

)

(894,516

)

OPERATING PROFIT

1,746,523

1,521,151

Interest payable and similar expenses

6

(4,277

)

(3,870

)

PROFIT BEFORE TAXATION

7

1,742,246

1,517,281

Tax on profit

8

(432,394

)

(362,101

)

PROFIT FOR THE FINANCIAL YEAR

1,309,852

1,155,180

PROFIT FOR THE YEAR

1,309,852

1,155,180

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,309,852

1,155,180

FIXED ASSETS

Owned

Intangible assets

10

333,700

-

Tangible assets

11

71,800

120,216

Right-of-use

Tangible assets

11, 17

480,337

657,329

885,837

777,545

CURRENT ASSETS

Stocks

12

1,531,211

1,503,159

Debtors

13

2,570,712

2,310,289

Cash at bank

984,544

935,539

5,086,467

4,748,987

CREDITORS

Amounts falling due within one year

14

(4,804,159

)

(4,263,729

)

NET CURRENT ASSETS

282,308

485,258

TOTAL ASSETS LESS CURRENT LIABILITIES

1,168,145

1,262,803

CREDITORS

Amounts falling due after more than one year

15

(308,669

)

(473,054

)

PROVISIONS FOR LIABILITIES

18

(99,476

)

(29,749

)

NET ASSETS

760,000

760,000

CAPITAL AND RESERVES

Called up share capital

19

10,000

10,000

Retained earnings

20

750,000

750,000

SHAREHOLDERS' FUNDS

760,000

760,000

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

S J Evans - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10,000

500,000

510,000

Changes in equity

Dividends

-

(905,180

)

(905,180

)

Total comprehensive income

-

1,155,180

1,155,180

Balance at 31 December 2023

10,000

750,000

760,000

Changes in equity

Dividends

-

(1,309,852

)

(1,309,852

)

Total comprehensive income

-

1,309,852

1,309,852

Balance at 31 December 2024

10,000

750,000

760,000

1.	STATUTORY INFORMATION

APT-Skidata 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 preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The Company continues to perform well, generating strong profit and cash flows. Based upon previous performance and future forecasts, the directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis, it is therefore appropriate to adopt the going concern basis in preparing the financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment; and

-

paragraph 118(e) of IAS 38 Intangible Assets;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Turnover

Turnover is measured at the fair value of consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes.

Capital projects

Where the outcome of the project can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the project at the balance sheet date.This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered highly likely. "Highly likely" is deemed by the directors to mean a probability of at least 90%, in line with group revenue recognition policy.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Maintenance contracts

Revenue on maintenance contracts are recognised evenly over the period of the contract.

Sale of services

Revenue from equipment sales is recognised when the goods are supplied, can be reliably measured and when it is probable that future benefits will flow to the Company.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses.

Depreciation is charged to the profit and loss account on a straight line basis over the estimated useful lives of each part of an item of tangible fixed assets. The estimated useful lives are:

Fixtures and fittings

3 to 10 years

Motor vehicles

3 to 4 years

Financial instruments

Financial assets and financial liabilities are recognised when a company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Stocks

Stocks are measured using the weighted average method. Cost is based on the expenditure incurred in acquiring the stocks and other costs in bringing them to their existing location and condition. Stock is made up of trading goods and spare parts

Taxation and deferred tax

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling (the Company's functional currencies) at the rates of exchange ruling at the dates of the transactions or at the contracted rate if the transaction is covered by a forward rate agreement. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates of exchange ruling on that date. The translation differences are recognised in the profit and loss account.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

This is a defined contribution plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Defined contribution plans

This is a defined contribution plan under which the Company pays fixed contributions into a separate entity and will have no legal obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Impairment excluding stocks and deferred tax

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Expenses

Finance lease payments

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.

Interest receivable and Interest payable

Interest payable and similar expenses include interest payable and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains.

Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Foreign currency gains and losses are reported on a net basis.

Provisions

A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There are not deemed to be any critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have had a significant effect on the amounts recognised in financial statements.

Key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The following are the critical judgements that the directors have made in the process of applying the Company's accounting policies and have the most significant effect on the amounts recognised in financial statements:

Revenue recognition

Revenue is recognised based on performance obligations as identified in the contracts between the company and customers. As the determination of whether or not a performance obligation has been met and therefore revenue should be recognised relies on management judgement, the estimation uncertainty gives rise to a key accounting estimate. As there are clearly defined transaction prices and revenue to be recognised stage of completion (stage of progress), the estimation uncertainty is limited to the stage of project completion at year end.

When it is probable that total contract costs will exceed total contract revenue, the estimated expected loss is recognised as an expense immediately.

Inventory obsolescence

Management applies procedures to identify defective, slow moving and obsolete stock. An estimation is made of the price obtainable in the market in which the goods are expected to be sold and any costs of completion of sale are taken into account. The value of stock is reduced by the deficit between cost and estimated net realisable value of the stock in the form of a stock provision.

4.

TURNOVER

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

An analysis of turnover by class of business is given below:

2024

2023

£

£

Capital projects

5,716,231

4,986,503

Maintenance contracts

4,950,829

5,650,032

Sales of services

1,805,910

1,701,154

12,472,970

12,337,689

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

12,472,970

12,337,689

12,472,970

12,337,689

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

3,371,182

3,172,402

Social security costs

360,542

338,661

Other pension costs

102,532

211,410

3,834,256

3,722,473

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

2024

2023

Engineers and operations

37

39

Selling, distribution and administration

21

22

58

61

2024

2023

£

£

Directors' remuneration

228,108

221,898

Directors' pension contributions to money purchase schemes

6,232

5,966

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

167,776

157,162

Pension contributions to money purchase schemes

6,232

5,966

Directors' remuneration includes remuneration paid by SWARCO UK Limited (parent company) and SWARCO UK & Ireland Limited (related party) which is allocated to APT - SKIDATA under a management fee arrangement for two of the directors of the company.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

-

135

Finance lease interest

4,277

3,735

4,277

3,870

7.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):

2024

2023

£

£

Cost of inventories recognised as expense

8,671,365

8,553,520

Depreciation - owned assets

60,229

58,631

Depreciation - assets on finance leases

199,444

133,174

Profit on disposal of fixed assets

(35,771

)

(110,851

)

Foreign exchange differences

(192,337

)

59,146

Auditors remuneration - group audit KPMG

12,000

14,000

Audit of these financial statements

20,000

20,000

Taxation services

2,500

2,500

8.

TAXATION

Analysis of tax expense

2024

2023

£

£

Current tax:

Tax

362,667

358,044

Deferred tax

69,727

4,057

Total tax expense in profit and loss account

432,394

362,101

Factors affecting the tax expense

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 income tax

1,742,246

1,517,281

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 24%)

435,562

364,147

Effects of:

Non-deductible expenses

-

419

Accelerated capital allowances and other timing differences

(3,168

)

(2,465

)

Tax expense

432,394

362,101

9.

DIVIDENDS

2024

2023

£

£

Ordinary A shares of £1 each

Final

599,290

225,833

Interim

370,000

444,000

Ordinary B shares of £1 each

Final

210,562

79,347

Interim

130,000

156,000

1,309,852

905,180