Swisslog (UK) Ltd

Registered number

02775102

Swisslog (UK) Ltd

Report and Financial Statements

31 December 2024

Swisslog (UK) Ltd
Registered number:		02775102
Directors' Report

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

Principal activities
The principal activities of the company during the year were the delivery of industry-specific solutions for automated and manual warehouses and distribution centres, provision of consultancy services, software solutions, general contracting, implementation and customer support.

Directors
The following persons served as directors during the year:

	J A Sharples
	R J Duhy
	R Baumann (resigned 1 March 2025)
	J Schmale (resigned 17 July 2025)
	S Faulkner (appointed 1 February 2025)

Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of business review, research and developments, principal risks, engagement with stakeholders, environmental responsibility and future developments.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information.


Third party indemnity provisions
The company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Director's report.


This report was approved by the board on 22 September 2025 and signed on its behalf.





S Faulkner
Director

Swisslog (UK) Ltd
Statement of Directors' Responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Swisslog (UK) Ltd
Strategic Report

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006
The Board of Directors consider that they have conducted themselves in a way that promotes success of the company for the benefit of its members and stakeholders, as a whole, in good faith throughout the year. The Board confirms that it routinely communicates with members, employees, customers, suppliers, other stakeholders and representatives of those groups, to encourage openness and transparency, promote a culture of honesty and intgrity, and commit to ensuring the highest level of health, safety and environmental factors.

Review of the business
The company delivered strong profitability throughout the year, supported by solid execution and performance across all areas of the business. Revenues remained healthy, largely driven by the fulfilment of orders secured in previous years. The order backlog remains healthy and leaves the business well positioned moving forwards.
New business projects activity increased from £33.9m to £37.7m year on year, and customer support work decreased from £23.9m in 2023 to £23.8m in 2024.
The Key Performance Indicators used by the business are:

		Perfomance in 2024	Performance in 2023

	Turnover	£61.5m	£57.9m
	Operating profit	£1.9m	£3.1m
	Profit before tax	£2.3m	£3.6m
	Shareholder's funds	£4.3m	£2.2m
	Average number of employees	298	295

Research and development
The immediate parent undertaking, Swisslog Holding AG, develops and maintains application software such as "Warehouse Manager", "Application Manager" and "SPOC" which is granted to the company under licence. Therefore no research and development is conducted directly by the company.
Swisslog Group has a proven track record of implementing its technological innovations with well-known brands. Solutions are manufactured using a stringent design and testing process and the Group has an entire Research and Development department committed to ensuring solutions meet market requirements.

Swisslog (UK) Ltd
Strategic Report (continued)

Principal risks and uncertainties

Contractual: Long-term contracts are entered into with customers to provide industry specific solutions for the delivery of automated and manual warehouses and distributions centres. These contracts may contain provision for liquidated damages connected with delivery dates and performance criteria. Failure to meet these contractual obligations would result in the company incurring significant costs. To manage such risks, the company has established rigorous quality control procedures under the guidance of its parent undertaking for project execution and risk management. In addition, the company is able to pass on some of this risk to contractors.
Financial: The company has established a risk and financial management framework in collaboration with its parent undertaking. The objectives of this framework are to protect the company from undue exposure due to insufficient working capital, foreign exchange rate movements and onerous legal obligations when entering into contractual relationships.
Insufficient Working Capital: The company manages credit risk by ensuring that customers are only granted deferred payment terms as appropriate to their payment history and subject to credit worthiness checks. Liquidity risk is mitigated by managing cash flow generation throughout its operation and by applying cash collection procedures. Cash flow risk is managed by careful negotiation of terms with customers and suppliers. This is further facilitated by group framework agreements with regards to major suppliers, which are negotiated by the parent undertaking's central purchasing function.
Foreign Exchange Rates: Wherever possible, transactions with customers and suppliers are conducted in Sterling. Where foreign currency transactions are necessary, natural hedging is used wherever possible to match inflows and outflows of the same currency. Where this is not possible, support is provided by the parent undertaking's corporate treasury function who will provide the company with a project hedge agreement. This is a forward currency contract provided to reduce the exposure to foreign exchange rate volatility by fixing the rate of any material foreign currency payments.
Legal Obligations: The parent undertaking has a central legal department which provides legal support and advice on contractual issues in order to limit the company's exposure to onerous legal commitments.

Engagement with employees
Our people are our greatest asset. We are driven to have a high preforming, productive, collaborative, team-oriented environment that is safe, supportive, and encouraging for our employees. We are united by a common understanding of our fundamental values and principles. This starts with our leadership team demonstrating positive behaviours but is strengthened by our workforce generating positive results, supported by an organizational culture that is driven by purpose, respect, and clear expectations. Numerous policies have been implemented in areas such as wellbeing, positive working, equality, inclusion and diversity. Equal treatment, rights, opportunities, training and career development are promoted for all employees, regardless of ethnicity, history, social background, gender, religious beliefs or ideology, age, political opinions, physical or mental disability, or sexual orientation. Quarterly meetings are held with all members of staff, in which transparent discussions and presentations are held in relation to all areas of the business, including customer services, sales and finance.

Swisslog (UK) Ltd
Strategic Report (continued)

Engagement with suppliers, customers and others
We fulfill our due diligence obligations in the supply chain with regard to human rights and the environment by reducing (potential) risks as much as possible. Before we decide on products and services, we evaluate them for their energy efficiency and low environmental impact. Globally oriented supply chain management based on the principles of sustainability is a significant success factor for us. We are always talking to our suppliers about ways to minimize potential risks. We require our suppliers to comply with the Swisslog Code of Conduct for Business Partners or to apply an equivalent code of conduct. We work to ensure that not only our business partners but also their sub-suppliers follow these principles. Our business partners observe the rules of fair competition. They act in accordance with applicable national and international competition and antitrust laws and do not participate in collusion and agreements with other market participants or other third parties. High quality relationships are forged with all stakeholders, evidenced by the numerous longstanding associations that exist. Principal decisions affecting the company are undertaken with due regard and consideration for all stakeholders.

Ecological responsibility
We are committed to protecting the environment through the responsible use of natural resources and energy. We strive to optimise the use of resources and avoid any adverse effects on people and the environment or to keep these to a minimum. The relevant resources and information are made available to the extent necessary to achieve the objective. Our goal is to minimise the consumption of energy, water and raw materials as well as keep waste generation and greenhouse gas emissions to a minimum in order to continuously reduce the global environmental pollution and energy consumption. Applicable laws, regulations and international conventions are observed at all times. We pay attention to the protection, conservation and restoration of biodiversity and to the sustainable use of the constituent parts of the same. This is part of our environmental management system and is promoted both in our own corporate environment as well as among our partners and suppliers.

Future developments
The company is expecting to maintain the levels of turnover seen over the last few years, due to the strong backlog of secured orders together with further anticipated new orders. Interest in automation continues to be high among the company’s customer base, with a strong pipeline of potential new orders.

Swisslog (UK) Ltd
Strategic Report (continued)

Streamlined Energy and Carbon Report (SECR)





















































Swisslog (UK) Ltd
Strategic Report (continued)

Streamlined Energy and Carbon Report (SECR) (continued)

Reasons for change in emissions
Our overall carbon footprint is 298.12 tCO2e as of 2024. This is driven almost entirely by fuel use for employee owned and company owned cars. This covers both Scopes 1 and 3, which together account for 264.36 tCO2e, showing the impact of travel-related activities. Scope 1 gas use accounted for 15.84 tCO2e and Scope 2 accounted for only 17.92 tCO2e. Our resulting emissions intensity ratio is 4.85 tCO₂e per £million turnover, reflecting the balance between operational activity and overall carbon output.
During the 2024 reporting period, our total energy consumption was 288,801 kWh. This is comprised of 148,366 kWh from Scope 1, primarily gas and fuel used in company-owned assets; 86,573 kWh from Purchased electricity (Scope 2); and 53,862 kWh from Scope 3 limited to only business travel.
Overall, our 2024 data indicates that, while building energy use has remained stable, transport-related fuel use continues to dominate our carbon footprint. This presents a great opportunity for future emissions reductions.

Quantification and reporting methodology
We have followed the Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance, issued in January 2019.
We have used 2024 UK Government’s Conversion Factors for Company Reporting, as these are the most relevant to the reporting year.

Organisational boundary
We have used the financial control approach.

Operational scopes
We have measured our Scope 1, 2 and certain Scope 3 emissions, limited to business travel where we do not own the vehicles used for business travel purposes.

Baseline year
We have used the financial control approach.

Emission and energy reduction targets
We are aiming to reduce our emissions in the next 5 years.
Our emissions intensity metric across Scope 1, 2 and 3 emissions baseline will be aligned with our 2024 baseline.

Intensity ratio
We have chosen our intensity metric to be ‘gross Scope 1+2+3 emissions per million £ turnover’, as this is a common business metric for our industry sector and most relevant to our business energy consumption. Our intensity metric for 2024 is 4.85 tCO2e/£million turnover.

Swisslog (UK) Ltd
Strategic Report (continued)

Streamlined Energy and Carbon Report (SECR) (continued)

External assurance statement
We have received an independent external assurance statement from Inteb Managed Services Ltd, Energy Management, ESOS and SECR consultants.

Carbon offsets
We have not purchased carbon credits to reduce our reported GHG emissions.

Energy efficiency action taken
Our most significant carbon emissions come from fuels used for our transport. We are looking to reduce the carbon footprint of our business fleet. We are committed to encouraging employees to select EV options for company and private vehicle use, which is supported by the installation of EV charge facilities at the office.
This year, our office refurbishment included the introduction of PIR sensors across all lighting areas in the office to reduce electricity consumption. We have Introduced better management of the gas central heating system in the office by setting the air conditioning units to ensure each of the two systems are not conflicting with each other. A gas consumption smart meter has been introduced this year, enabling more accurate data collection and a better management of consumption. In addition, we have undergone refurbishment of the double-glazed window seals due to age deterioration, reducing heat loss.
Our ESOS Action plan for 2025 provides the following actions for consideration:

• Space heating monitoring and targeting programme
• AMR installation and half-hourly electricity analysis
• Solar PV installation
• Internal PIR lighting sensor installation – which has been completed.
• We are also looking to incorporate lighting switching systems to allow manual control of lighting to reduce energy consumption further.



This report was approved by the board on 22 September 2025 and signed on its behalf.





S Faulkner
Director

Swisslog (UK) Ltd
Independent auditor's report
to the member of Swisslog (UK) Ltd

Opinion

We have audited the financial statements of Swisslog (UK) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, 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 the 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;
●	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 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.

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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report 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 directors’ report.
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.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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.
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:

●	enquiring of management, including obtaining and reviewing supporting documentation concerning policies, procedures and internal controls relating to the identification, evaluation and compliance with laws and regulations, whether they were aware of any instances of non-compliance, detecting and responding to the risks of fraud, and whether they have knowledge of any actual, suspected or alleged fraud;
●	obtaining an understanding of the legal and regulatory framework, reviewing laws and regulations that may have a direct effect on the financial statements or are fundamental to the company's operations;
●	discussing among the engagement team those areas that may be susceptible to irregularities, ensuring that we remain vigilant, sceptical, open-minded, inquisitive and alert to any potential indicators of fraud;
●	reviewing financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
●	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
●	assessing sensitive assumptions and management judgements, looking for indicators of manipulation through management bias, challenging significant estimates, assessing the use of service organisations and management’s experts, and ensuring adequacy of disclosures; and
●	observing any signs of management override of controls, testing the appropriateness of journal entries and other adjustments, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at 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 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.






David Parkes
(Senior Statutory Auditor)		11 Kingfisher Business Park
for and on behalf of		Arthur Street, Lakeside
Mills Pyatt Audit Limited		Redditch
Statutory Auditor		Worcestershire
22 September 2025		B98 8LG

Swisslog (UK) Ltd
Income Statement
for the year ended 31 December 2024


Notes		2024		2023
£			£

Turnover	3	61,476,141		57,882,116

Cost of sales		(50,348,334)		(46,498,044)

Gross profit		11,127,807	18.1%	11,384,072	19.7%

Distribution costs		(3,880,521)		(3,788,929)
Administrative expenses		(5,297,869)		(4,492,446)

Operating profit	4	1,949,417	3.2%	3,102,697	5.4%

Profit on the disposal of intangible assets		-		892,098
Interest receivable		638,871		16,662
Interest payable	7	(50,037)		(149,542)
Pension related finance income		72,000		107,000
Other finance charges - forex and guarantees		(302,649)		(412,310)

Profit on ordinary activities before taxation		2,307,602		3,556,605

Tax on profit on ordinary activities	8	(537,647)		(5,929)

Profit for the financial year		1,769,955		3,550,676


Profit attributable to:
Owners of the parent		1,769,955		3,550,676

Swisslog (UK) Ltd
Statement of Comprehensive Income
for the year ended 31 December 2024


Notes	2024		2023
£		£

Profit for the financial year	1,769,955		3,550,676

Other comprehensive income
Remeasurements of defined benefit pension asset	384,400		(808,750)

Total comprehensive income for the year	2,154,355		2,741,926


Profit attributable to:
Owners of the parent	2,154,355		2,741,926

Swisslog (UK) Ltd					Reg no.	02775102
Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	9		829,989			257,256
Right of use assets	10		1,182,771			1,120,465
Other non-current assets:	17		1,528,150			1,088,750
defined benefit pension net asset
			3,540,910			2,466,471

Current assets
Stocks	11	139,674			47,891
Debtors	12	22,437,888			17,196,019
Cash at bank and in hand		3,226,844			13,164,282
		25,804,406			30,408,192

Creditors: amounts falling due within one year	13	(24,149,567)			(29,964,419)

Net current assets			1,654,839			443,773

Total assets less current liabilities			5,195,749			2,910,244

Creditors: amounts falling due after more than one year	14		(725,226)			(721,831)

Provisions for liabilities
Deferred taxation	16		(127,755)			-

Net assets			4,342,768			2,188,413

Capital and reserves
Called up share capital	18		250,000			250,000
Profit and loss account	19		4,092,768			1,938,413

Total equity			4,342,768			2,188,413




S Faulkner
Director
Approved by the board on 22 September 2025

Swisslog (UK) Ltd
Statement of Changes in Equity
for the year ended 31 December 2024

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 January 2023	250,000		-		-		(803,513)		(553,513)

Profit for the financial year							3,550,676		3,550,676

Other comprehensive income for the financial year	-		-		-		(808,750)		(808,750)
Total comprehensive income for the financial year	-		-		-		2,741,926		2,741,926


At 31 December 2023	250,000		-		-		1,938,413		2,188,413



At 1 January 2024	250,000		-		-		1,938,413		2,188,413

Profit for the financial year							1,769,955		1,769,955

Other comprehensive income for the financial year	-		-		-		384,400		384,400
Total comprehensive income for the financial year	-		-		-		2,154,355		2,154,355


At 31 December 2024	250,000		-		-		4,092,768		4,342,768


All amounts reported above are attributable to owners of the parent.

Swisslog (UK) Ltd
Notes to the Accounts
for the year ended 31 December 2024

1	Summary of significant accounting policies

	Basis of preparation
	These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework January 2022 ("FRS 101"). The financial statements present information relating to the individual entity. In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK ("Adopted IFRSs"), but makes amendments where necessary in order to comply with the Companies Act 2006 and applies the reduced disclosure framework under FRS 101. Exemptions that have been applied in these financial statements under the provisions of FRS 101 are in respect of: - A Cash Flow Statement and related notes; - Comparative period reconciliations for share capital and tangible fixed assets; - Disclosures in respect of capital management; - The effects of new but not yet effective IFRS's; and - Disclosures in respect of the compensation of Key Management Personnel. The company's intermediate parent undertaking KUKA Aktiengesellschaft includes the company in its consolidated financial statements, which are prepared in accordance with IFRS and are available from Zugspitzstr. 140, 86165 Augsburg, Germany. As these consolidated financial statements include the equivalent disclosures, the company has taken advantage of FRS 101 disclosure exemption provisions in respect of: - Certain disclosures required by IFRS 13 Fair Value Measurement; - Certain paragraphs regarding disclosure under IFRS 15 Revenue from Contracts with Customers; - Certain disclosures about its leases for which it is a lessee required by IFRS 16 Leases; and - Disclosures required by IFRS 7 Financial Instruments Disclosures.
	Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in the notes. Unless otherwise stated, accounting policies have been applied consistently to all periods presented in these financial statements.

	Measurement convention
	The financial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair value: derivative financial instruments and financial instruments classified as fair value through the profit or loss or as available-for-sale. Non-current assets and disposal groups held for sale are stated at the lower of previous carrying amount and fair value less costs to sell.

	Going concern
	The company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic report and Directors' report. The financial statements have been prepared on the going concern basis, which the directors believe to be appropriate. The company is occasionally dependent for its working capital requirements upon funds provided to it by KUKA Aktiengesellschaft, an intermediate parent undertaking within the group. The company has no reason to doubt that ongoing support from KUKA Aktiengesellschaft and the ultimate controlling party Midea Group Co. Ltd would be withdrawn within 12 months from the date of approval of these financial statements.

	Turnover
	Turnover, which excludes value added tax and trade discounts, represents the value of goods and services supplied and the value of long-term contract work completed. Revenue from maintenance contracts is recognised rateably over the term of the contract, and revenue from sales of spare parts is recognised when the parts are shipped to the customer. Turnover on long-term contracts is recognised according to the stage reached in the contract by reference to the value of work done. An estimate of the profit attributable to work completed is recognised once the outcome of the contract can be assessed with reasonable certainty.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets.

	Right of use assets (held under finance leases)			over the lease term
	Plant, equipment and vehicles			3 - 10 years
	Fixtures & fittings			5 - 10 years


	Stocks
	Stocks are stated at the lower of cost and net realisable value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. 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. Temporary differences are not provided for on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination. 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.

	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.

	Foreign currency translation
	Transactions in foreign currencies are translated to the company's functional currencies at the foreign exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

	Leased assets
	A lease is classified as a finance lease and accounted for under IFRS 16 Leases if it transfers substantially all the risks and rewards incidental to ownership. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Leases of a trivial nature or in respect of assets acquired for a period of less than twelve months are classified as operating leases, with such payments recognised as an expense on a straight line basis over the lease term.

	Non-derivative financial statements
	Non-derivative financial instruments comprise investments in equity and debt securities, trade and other debtors, cash and cash equivalents, loans and borrowings, and trade and other creditors. Trade and other debtors: Trade and other debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. Trade and other creditors: Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Cash and cash equivalents: Cash and cash equivalents comprise cash balances and call deposits. Interest-bearing borrowings: Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

	Derivative financial instruments and hedging
	Derivative financial instruments: Derivative financial instruments are recognised at fair value. The gain or loss on remeasurement to fair value is recognised immediately in profit or loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). Cash flow hedges: Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the profit and loss account. Fair value hedges: Where a derivative financial instrument is designated as a hedge of the variability in fair value of a recognised asset or liability or an unrecognised firm commitment, all changes in the fair value of the derivative are recognised immediately in the profit and loss account. The carrying value of the hedged item is adjusted by the change in fair value that is attributable to the risk being hedged (even if it is normally carried at cost or amortised cost) and any gains or losses on remeasurement are recognised immediately in the profit and loss account (even if those gains would normally be recognised directly in reserves).

	Construction contract debtors
	Construction contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date (see the turnover accounting policy) less a provision for foreseeable losses and less progress billings. Variations are included in contract revenue when they are reliably measurable and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the company's contract activities based on normal operating capacity. Construction contract debtors are presented as part of debtors in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented as accruals and deferred income in the balance sheet.

	Impairment excluding stocks and deferred tax assets
	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.
	Non-financial assets: The carrying amounts of the company's non-financial assets, other stocks and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. 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 the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit"). An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.
	Other assets: In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

	Employee benefits
	Defined contribution plans: A defined contribution plan is a post-employment benefit 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 benefit plans: A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The company's net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) are deducted. The company determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset). The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA that have maturity dates approximating the terms of the company's obligations and that are denominated in the currency in which the benefits are expected to be paid. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The company recognises them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit related to past service by employees, or the gain or loss on curtailment, is recognised immediately in profit or loss when the plan amendment or curtailment occurs. The calculation of the defined benefit obligations is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the company, the recognised asset is limited to the present value of benefits available in the form of any future refunds from the plan or reductions in future contributions and takes into account the adverse effect of any minimum funding requirements.
	Short-term benefits: Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
	Termination benefits: Termination benefits are recognised as an expense when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the company has made an offer of voluntary redundancy, it is probably that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

	Interest receivable and interest payable
	Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchanges 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 gain and losses are reported on a net basis.


2	Critical accounting estimates and judgements

	Directors make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and factors considered to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised. Key judgements and estimates made in connection with the financial statements are as follows:
	Retirement benefits: In determining the valuation of defined benefit pension scheme assets and liabilities, a number of key assumptions which are largely dependent on factors outside of the company's control have been made in relation to inflation rate, mortality, discount rate, salary increases and pension increases.
	Revenue recognition: In determining the revenue and costs to be recognised each year for work done on construction contracts, management continually review estimates made in relation to the final out-turn on each contract. Estimates may include cost contingencies to take account of the specific risks within each contract. However, the nature of the risks on contracts are such that they often cannot be resolved until the end of the project and may therefore not reverse until the end of the project.


3	Analysis of turnover					2024		2023
£							£

	System implementation projects					37,672,212		33,917,177
	Customer support					21,341,159		21,452,412
	Spare part sales					2,462,770		2,512,527
						61,476,141		57,882,116

	By geographical market:
	UK					60,327,460		57,040,947
	Rest of world					1,148,681		841,169
						61,476,141		57,882,116

	Exceptional income item: Included in the profit on ordinary activities for the previous year is the disposal of legacy healthcare contracts to a third party for the gross sum of £1.2m. Of this, £0.3m relates to the disposal of stock and work in progress at the disposal date, both recognised in turnover, whilst the remaining £0.9m relates to the disposal of customer contracts and is recognised in gains on the disposal of intangible assets.


4	Operating profit					2024		2023
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					118,420		113,285
	Depreciation of assets held under finance leases					385,254		342,010
	Operating lease rentals - plant and machinery					6,612		9,049
	Auditors' remuneration for audit services					19,350		18,900
	Auditors' remuneration for other services					23,428		21,587
	Auditors' remuneration for associated pension schemes					4,550		4,300
	Foreign currency translation losses/(gains)					600,073		(19,411)
	Contributions to defined benefit pension plans					154,785		105,916


5	Directors' emoluments					2024		2023
£							£

	Emoluments					325,373		309,280
	Company contributions to defined contribution pension plans					32,085		15,687
						357,458		324,967

	Highest paid director:
	Emoluments					221,273		223,006
	Company contributions to defined contribution pension plans					23,430		12,375
						244,703		235,381

	Number of directors to whom retirement benefits accrued:					2024		2023
Number							Number

	Defined contribution plans					2		2


6	Staff costs					2024		2023
£							£

	Wages and salaries					16,261,082		17,237,126
	Social security costs					1,848,036		1,967,527
	Contributions to pension plans					2,333,203		950,695
	Expenses related to defined benefit plans					36,000		105,916
						20,478,321		20,261,264

	Average number of employees during the year					Number	Number

	Administration					60		56
	Software					21		18
	Engineering					24		24
	Sales and marketing					23		21
	Customer support					170		176
						298		295


7	Interest payable					2024		2023
£							£

	Other loans					-		114,548
	Finance charges payable under finance leases					50,037		34,994
						50,037		149,542


8	Taxation					2024		2023
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					415,821		5,929
	Adjustments in respect of previous periods					(5,929)		-
						409,892		5,929
	Deferred tax:
	Origination and reversal of timing differences					127,755		-


	Tax on profit on ordinary activities					537,647		5,929

	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2024		2023
£							£
	Profit on ordinary activities before tax					2,307,602		3,556,605

	Standard rate of corporation tax in the UK					25%		23.52%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					576,901		836,533

	Effects of:
	Expenses not deductible for tax purposes					2,015		1,480
	Capital allowances for period in excess of depreciation					(15,562)		-
	Temporary differences not recognised for deferred tax					(105,377)		(613,416)
	Utilisation of tax losses					(42,156)		-
	Effect of changes in tax rates					-		13,754
	Effect of unrecognised tax credits					-		132,999
	Adjustments to tax charge in respect of previous periods					(5,929)		(365,421)

	Current tax charge for period					409,892		5,929

	Factors that may affect future tax charges
	Substantively enacted by Finance Bill on 24 May 2021, the main rate of corporation tax in the United Kingdom increased from 19% to 25% from 1 April 2023. The effective hybrid rate for the company during the previous financial year was 23.52%. The main rate of 25% applies in the current and future financial periods. The company has unutilised tax losses of £nil (2023: £0.2m), temporary differences in respect of the excess of capital allowances over depreciation of £0.1m (2023: excess of depreciation over capital allowances of £0.2m) and other trading temporary differences of £nil (2023: £0.1m). The net resulting deferred tax asset amounts to £nil (2023: £0.1m). The prior year amount was not recognised due to the uncertainty over the timing of future profitability.


9	Tangible fixed assets
		Land and buildings		Plant and machinery		Fixtures, fittings, tools and equipment		Total
£			£		£		£
	Cost
	At 1 January 2024	-		654,725		31,405		686,130
	Additions	-		691,153		-		691,153
	Disposals	-		(43,471)		(1,494)		(44,965)
	At 31 December 2024	-		1,302,407		29,911		1,332,318

	Depreciation
	At 1 January 2024	-		410,776		18,098		428,874
	Charge for the year	-		115,429		2,991		118,420
	On disposals	-		(43,471)		(1,494)		(44,965)
	At 31 December 2024	-		482,734		19,595		502,329

	Carrying amount
	At 31 December 2024	-		819,673		10,316		829,989
	At 31 December 2023	-		243,949		13,307		257,256


10	Right of use assets - held under finance leases
		Short leasehold buildings		Plant and machinery		Motor vehicles		Total
£			£		£		£
	At PV of lease payments
	At 1 January 2024	1,134,799		-		1,072,952		2,207,751
	Additions	-		-		535,583		535,583
	Disposals	-		-		(284,774)		(284,774)
	At 31 December 2024	1,134,799		-		1,323,761		2,458,560

	Depreciation
	At 1 January 2024	632,363		-		454,923		1,087,286
	Charge for the year	128,512		-		344,765		473,277
	On disposals	-		-		(284,774)		(284,774)
	At 31 December 2024	760,875		-		514,914		1,275,789

	Carrying amount
	At 31 December 2024	373,924		-		808,847		1,182,771
	At 31 December 2023	502,436		-		618,029		1,120,465


11	Stocks					2024		2023
£							£

	Raw materials and consumables					139,674		47,891


12	Debtors					2024		2023
£							£

	Trade debtors					6,163,227		6,940,894
	Amounts due from group undertakings					15,436,001		5,415,859
	Other debtors					3,339		69,061
	Prepayments and accrued income					348,623		548,429
	Construction contract debtors					486,698		4,221,776
						22,437,888		17,196,019

	Amounts due after more than one year included in:
	Trade debtors					150,000		570,000

	At the year end, aggregate costs incurred plus recognised profits, net of recognised losses, under open construction contracts that are essentially complete, save for snagging resolution, amounted to £74.2m (2023: £85.9m). Progress billings and advances received from customers under these open construction contracts amounted to £86.6m (2023: £102.6m). Anticipated snagging costs to completion have been provided for in the period. Advances for which related work has not started, and billings in excess of costs incurred and recognised profits are presented as deferred income and amounted to £12.1m (2023: £21.7m). Realisation of related balances is anticipated within one year from the balance sheet date.
	Amounts due from group undertakings includes £14.5m plus accrued interest (2023: £4.0m) in respect of a short-term loan issued in favour of an intermediate parent company. The loan bears interest at 4.92% and falls due for repayment on 9 January 2025.


13	Creditors: amounts falling due within one year					2024		2023
£							£

	Obligations under finance leases					461,225		397,905
	Construction contract creditors					12,756,139		21,712,645
	Trade creditors					4,143,021		1,942,419
	Amounts owed to group undertakings					3,326,140		18,309
	Corporation tax					415,821		5,929
	Other taxes and social security costs					1,435,729		4,151,003
	Other creditors and accruals					1,611,492		1,736,209
						24,149,567		29,964,419


14	Creditors: amounts falling due after one year					2024		2023
£							£

	Obligations under finance leases					725,226		721,831


15	Obligations under finance leases					2024		2023
£							£

	Amounts payable:
	Within one year					461,225		397,905
	Within two to five years					725,226		721,831
						1,186,451		1,119,736

	Liabilities for assets acquired under finance leases are secured on those assets with the exception of leased premises.


16	Deferred taxation					2024		2023
£							£

	Surplus provision on temporary timing differences					127,755		-


						2024		2023
£							£

	Charged to the profit and loss account					127,755		-

	At 31 December					127,755		-

	The deferred tax provision is anticipated to reverse in full in the subsequent accounting period.


17	Employee benefits
	The information disclosed below is in respect of the whole of the plans for which the company is the sponsoring employer throughout the periods shown.

						2024		2023
£							£

	Total defined benefit asset					17,091		18,222
	Total defined benefit liability					(14,740)		(16,547)

	Net defined benefit asset/(liability) before tax implications					2,351		1,675

	Finance Act 2004 tax charge on surplus payments at 35%					(823)		(586)

						1,528		1,089

	In accordance with the rules of the company's defined benefit pension scheme, the scheme's trustees conclude that the company has an unconditional right to a refund of a scheme surplus, assuming full settlement of liabilities in the event of scheme wind-up. Except for taxation, no other material costs or asset ceiling reductions are anticipated and the trustees do not plan to augment member benefits as a result of the surplus. Whilst an obligation remains under a recovery plan to continue making deficit repair contributions, these would also be recoverable from the scheme under the rules in the event of a surplus. The recoverable amount is the net asset calculated by the external actuary less a 35% tax charge, levied on the trustees before payment, under the provisions of section 207 of the Finance Act 2004.

	Defined benefit obligation					2024		2023
£'000							£'000

	Balance at 1 January					(16,547)		(16,360)

	Included in profit or loss:
	Current service cost					(165)		(196)
	Interest cost					(707)		(759)

	Actuarial gain/(loss) included in other comprehensive income:
	Change in financial assumptions					1,884		(931)
	Change in demographic assumptions					34		388
	Experience adjustment					-		341

	Other:
	Member contributions					(14)		(21)
	Benefits paid					646		872
	Administration expenses					129		119

	Balance at 31 December					(14,740)		(16,547)

	Fair value of plan assets					2024		2023
£'000							£'000

	Balance at 1 January					18,222		18,390

	Included in profit or loss:
	Interest income					779		866

	Remeasurements included in other comprehensive income:
	Return on plan assets excluding interest (income)/cost					(1,297)		(731)

	Other:
	Contributions paid by the employer					148		667
	Member contributions					14		21
	Benefits paid					(646)		(872)
	Administration expenses					(129)		(119)

	Balance at 31 December					17,091		18,222

	Net defined benefit asset					2024		2023
£'000							£'000

	Balance at 1 January					1,675		2,030

	Included in profit or loss:
	Current service cost					(165)		(196)
	Interest cost					72		107

	Remeasurements included in other comprehensive income:
	Actuarial gain/(loss) arising from:
	- Change in financial assumptions					1,884		(931)
	- Change in demographic assumptions					34		388
	- Experience adjustment					-		341
	Return on plan assets excluding interest (income)/cost					(1,297)		(731)

	Other:
	Contributions paid by the employer					148		667

	Balance at 31 December					2,351		1,675

	Plan assets					2024		2023
£'000							£'000

	Debt instruments e.g. Government bonds					13,601		15,133
	Intermediate annuity policies					2,076		2,284
	Cash					1,414		805

	Balance at 31 December					17,091		18,222

	All equity securities and government bonds have quoted prices in active markets. All government bonds are issued by European governments and the majority are AA-rated. All other plan assets are not quoted in an active market. The assets are held separately from those of the Society being invested with an insurance company in managed funds. The main asset types fall within fair value hierarchy level 2 under accounting standards, where direct or indirect observable market data exists in order to accurately measure the Scheme's assets.

	Defined benefit plan overview
	The scheme provides retirement benefits to eligible employees of the company and their dependants. Benefits are also paid when employees die before retirement age whilst in the company's service. The scheme's regulatory framework includes Pensions Acts, Occupational Pension Schemes Regulations, the applicable financial reporting frameworks for both UK GAAP and Pensions SORP, The Pensions Regulator, its Declaration of Trust and scheme rules.

	Actuarial assumptions

	Principal actuarial assumptions at the reporting date, expressed as weighted averages, are:
						2024		2023

	Discount rate at 31 December					5.35%		4.35%
	Future salary increases					3.55%		3.25%
	Future pension increases					3.7%		3.7%
	Inflation assumption (CPI)					2.75%		2.45%
	Commutation of pensions to lump sums					25%		25%

	Assumptions relating to longevity underlying the pension liabilities at the reporting date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are equivalent to expecting a 65-year old to live for a number of years as follows:

	žCurrent pensioner aged 65:							21.4 years male (2023: 21.4), 23.9 years female (2023: 23.9)
	žFuture retiree upon reaching 65:							22.6 years male (2023: 22.6), 25.3 years female (2023: 25.3)

	Sensitivity analysis

	The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased (decreased) as a result of an increase in the respective assumptions by one quarter of a percent:
						2024		2023
£'000							£'000

	Discount rate increases					(390)		(470)
	Future salary increases					20		20
	Inflation (RPI)					140		170

	In valuing the liabilities of the pension fund at the year end, mortality assumptions have been made as indicated above. If life expectancy had been changed to assume that all members of the fund lived for one year longer, the value of the reported liabilities at the year end would have increased by £360,000 (2023: £450,000) before deferred tax.

	The above sensitivities are based on the average duration of the benefit obligation determined at the date of the last full actuarial valuation at 31 March 2022 and are applied to adjust the defined benefit obligation at the end of the reporting period for the assumptions concerned. Whilst the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation to the sensitivity of the assumptions shown.

	Funding

	The company expects to pay £146,000 in contributions to its defined benefit plans next year. The weighted average duration of the defined benefit obligation at the end of the reporting period is 15 years (2023: 15 years).

	As at the year end, the company is contractually obliged to a statutory funding objective of £1.0m, based on the 2022 actuarial valuation. The company has considered the Scheme rules with regard to IFRIC 14 and whilst the rules indicate that upon wind up the Trustees may increase the benefits to members up to the value of any overpayments made by the company, the rules also give the company the ability to prevent wind up of the scheme. In accordance with IFRIC 14, the company considers that it therefore maintains control over the distribution of any overpayments made, such that the net pension liability recognised remains in line with the actuarial assessment.

	Defined contribution plans

	The company operates a number of defined contribution pension plans. The total expense relating to these plans in the current year was £2,194,000 (2023: £951,000).


18	Share capital	Nominal		2024		2024		2023
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		250,000		250,000		250,000

	The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.


19	Profit and loss account					2024		2023
£							£

	At 1 January					1,938,413		(803,513)
	Profit for the financial year					1,769,955		3,550,676
	Other comprehensive income					384,400		(808,750)

	At 31 December					4,092,768		1,938,413


20	Contingent liabilities

	In the normal course of business, the company provides performance guarantees and advance payment guarantees to customers. Expiry dates vary, with the vast majority terminating by August 2026. As at the year end, such guarantees recorded at maximum liability values amounted to £46.4m (2023: £59.4m). The likelihood of any material discharge occurring in the foreseeable future is very low.


21	Related party transactions

	The company is a wholly owned subsidiary of Swisslog Holding AG and ultimately Midea Group Co. Ltd. The company's results are included in the consolidated financial statements of Midea Group Co. Ltd and consequently the company has taken exemption under the terms of FRS101.8(k) from disclosing details of transactions with Midea Group Co. Ltd or other wholly owned entities that were members of the Midea Group Co. Ltd group.


22	Controlling party

	The company is a subsidiary undertaking of ultimate parent company Midea Group Co. Ltd, incorporated in China. The largest group in which the results of the company are consolidated is that headed by Midea Group Co. Ltd. The consolidated financial statements of the group headed by Midea Group Co. Ltd are available from Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan City, Guangdong Province, China. The smallest group in which the company is consolidated is that headed by KUKA Aktiengesellschaft, incorporated in Germany, the consolidated financial statements of which are available from Zugspitzstr. 140, 86165 Augsburg, Germany. The ultimate controlling party is considered to be Mr He Xiangjian, a domestic individual of The People's Republic of China.


23	Presentation currency

	The financial statements are presented in Sterling.


24	Legal form of entity and country of incorporation

	Swisslog (UK) Ltd is a private company limited by shares and incorporated in England.


25	Principal place of business

	The address of the company's principal place of business and registered office is:

	2 Brooklands
	Moons Moat Drive
	Redditch
	Worcestershire
	B98 9DW