Global Lighting & Vision Systems Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09376335 (England and Wales)

GLOBAL LIGHTING & VISION SYSTEMS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Biddlecombe

J Seymour

J Wagstaff

REGISTERED OFFICE:

Unit D12

Ashmount Business Park

Upper Fforest Way

Swansea Enterprise Park

Swansea

SA6 8QR

REGISTERED NUMBER:

09376335 (England and Wales)

SENIOR STATUTORY AUDITOR:

Henry Lloyd- Davies

AUDITORS:

Bevan Buckland LLP (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Investments

4

4,000

1,953,474

CURRENT ASSETS

Debtors

5

3,870,978

4,050,000

Cash at bank

3,017,967

755,215

6,888,945

4,805,215

CREDITORS

Amounts falling due within one year

6

67,566

4,262

NET CURRENT ASSETS

6,821,379

4,800,953

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,825,379

6,754,427

PROVISIONS FOR LIABILITIES

-

36,978

NET ASSETS

6,825,379

6,717,449

CAPITAL AND RESERVES

Called up share capital

4,000

Retained earnings

6,821,379

6,713,449

SHAREHOLDERS' FUNDS

6,825,379

6,717,449

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:

S Biddlecombe - Director

1.	STATUTORY INFORMATION

Global Lighting & Vision Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The directors have prepared these accounts on a going concern basis, which assumes the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. The entity has recently been acquired, and there is potential for it to be integrated into the parent company within the next 12 months following the approval of the financial statements. This integration introduces a material uncertainty regarding the entity's ability to continue as a going concern.

However, it is important to note that the entity currently possesses substantial reserves and maintains significant operational activity. These factors support the entity's ability to continue as a going concern independently, should the integration not proceed.

While the final decision regarding the integration has not been made, the entity's financial health and operational viability provide a strong foundation for its continued existence as a standalone entity.

Preparation of consolidated financial statements

The financial statements contain information about Global Lighting & Vision Systems Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Garmin Ltd, Muehlentalstrasse 2, 8200 Schaffhausen, Switzerland.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fixed asset investments

Fixed asset investments are stated at cost. Provision is made where, in the opinion of the directors, there has been a permanent diminution in the carrying value of a fixed asset investment.

Listed Investments are held at fair value with any movement in this fair value recognised through the profit and loss account.

Government grants

Government grants towards revenue items are released to the profit and loss account when the expenditure is incurred.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST OR VALUATION

At 1 January 2024

4,000

1,949,474

1,953,474

Additions

-

991,882

Disposals

-

(2,941,356

)

(2,941,356

)

At 31 December 2024

4,000

-

4,000

NET BOOK VALUE

At 31 December 2024

4,000

-

4,000

At 31 December 2023

4,000

1,949,474

1,953,474

Cost or valuation at 31 December 2024 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

Valuation in 2020

-

85,810

Valuation in 2021

-

43,829

Valuation in 2022

-

(69,535

)

(69,535

)

Valuation in 2023

-

87,809

Valuation in 2024

-

(147,913

)

(147,913

)

Cost

4,000

-

4,000

-

4,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Amounts owed by group undertakings

3,870,978

4,050,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Taxation and social security

67,566

4,262

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Henry Lloyd- Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP (Statutory Auditors)

8.	RELATED PARTY DISCLOSURES

During the year, Global Lighting & Vision Systems Ltd received dividend income from its wholly owned subsidiary, Lumishore Ltd. Subsequently, Global Lighting & Vision Systems Ltd voted dividends up to its new holding company, Garmin (Europe) Ltd. The total value of these dividends was £7,490,122.