LOXONE UK LIMITED

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

LOXONE UK LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 07990459 . The registered office is The Forum Station Road, Theale, Reading, Berkshire, RG7 4RA.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the fact that the company has the continued support of the group. The Directors have been given assurance that this support will continue for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	Over the term of the lease
Plant & Machinery	5 years straight line
Fixtures & Fittings	5 years straight line
Computer Equipment	3 years straight line

2.5. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

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LOXONE UK LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

Financial instruments

Basic financial assets including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently arrived at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

Impairment of financial assets

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

Derecogniton of financial liabilities

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.8. Foreign Currencies

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

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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LOXONE UK LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.11. Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Provision for slow moving stock

Stocks are held at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The carrying values of stock are reviewed for potential impairment, on a regular basis, by considering both the stock holding period, the condition and the anticipated future sales.

Provision for bad debts

Revenue is recognised on an "Ex-works" basis i.e. once goods have been made available for collection. Sales invoices are included on the debtors ledger until they are paid in full.

Outstanding debts are regularly reviewed by staff in the credit control department and are passed to the debt collectors when considered necessary. Provision is made against individual debtor balances when the invoices are no longer deemed to be recoverable.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2023: 12)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	59,953	2,602	46,631	47,763	156,949
Additions	-	-	-	749	749

As at 31 December 2024	59,953	2,602	46,631	48,512	157,698

Depreciation
As at 1 January 2024	19,437	130	20,966	37,919	78,452
Provided during the period	2,338	521	7,295	5,887	16,041

As at 31 December 2024	21,775	651	28,261	43,806	94,493

Net Book Value
As at 31 December 2024	38,178	1,951	18,370	4,706	63,205

As at 1 January 2024	40,516	2,472	25,665	9,844	78,497

5. Stocks

	2024	2023
	£	£
Stock	743,953	966,720

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LOXONE UK LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	94,081	253,548
Other debtors	35,114	25,069

	129,195	278,617

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	19,935	16,757
Amounts owed to group undertakings	9,801	500,702
Other creditors	97,822	43,397
Taxation and social security	230,280	344,447

	357,838	905,303

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	28,500	28,500

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	120,163	114,769

	120,163	114,769

10. Ultimate Controlling Party

The parent company of the smallest group that draws up consolidated financial statements which include the results for Loxone UK Limited is Loxone Electronics GmbH and its registered office address is;

Smart Home 1

4154 Kollerschlag

Austria

The ultimate parent company during the period was Loxone GmbH, a company registered in Austria.

11. Audit Information

The auditor's report on the accounts of LOXONE UK LIMITED for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by R M L Taylor FCCA (Senior Statutory Auditor) for and on behalf of Banks & Co Limited , Statutory Auditor.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		63,205		78,497

			63,205		78,497
CURRENT ASSETS
Stocks	5	743,953		966,720
Debtors	6	129,195		278,617
Cash at bank and in hand		428,478		662,053

		1,301,626		1,907,390
Creditors: Amounts Falling Due Within One Year	7	(357,838 )		(905,303 )

NET CURRENT ASSETS (LIABILITIES)			943,788		1,002,087

TOTAL ASSETS LESS CURRENT LIABILITIES			1,006,993		1,080,584

PROVISIONS FOR LIABILITIES
Deferred Taxation			(6,257 )		(11,433 )

NET ASSETS			1,000,736		1,069,151

CAPITAL AND RESERVES
Called up share capital	8		28,500		28,500
Profit and Loss Account			972,236		1,040,651

SHAREHOLDERS' FUNDS			1,000,736		1,069,151