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Registered number: 01937570 KENTEC ELECTRONICS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
KENTEC ELECTRONICS LIMITED
COMPANY INFORMATION
Directors | Kevin Swann
| Naohito Ishii (appointed 1 April 2024)
| Kenjiro Kasuya
| Takashi Iseri (appointed 5 June 2025)
Company secretary | No company secretary
Registered number | 01937570
Registered office | Unit 25&26 Fawkes Avenue
| Questor
| Dartford
| Kent
| DA1 1JQ
Independent auditors | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Bankers | HSBC Bank plc
| 38 High St
| Dartford
| DA1 1DG
KENTEC ELECTRONICS LIMITED
CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Directors' responsibilities statement | 6
Independent auditors' report | 7 - 9
Statement of income and retained earnings | 10
Statement of financial position | 11
Notes to the financial statements | 12 - 26
KENTEC ELECTRONICS LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Introduction
The directors present their strategic report on the Company for the year ended 31 March 2025. The strategic report is consistent with the size and nature of the business and is written in the context of the risks and uncertainties the Company faces. The principal activity of the Company continues to be that of manufacturing, supplying and distributing life safety control systems. The Company develops and manufactures high quality and reliable life safety-related control systems for commercial and industrial applications, which are sold through professional system integrators and specialist distribution channels. The Company has developed manufacturing and support systems which allow greatly reduced lead times to customers compared with the industry norm, while maintaining the business' ability to provide bespoke and OEM products to major users. To remain competitive, the directors plan to expand the business through wireless solutions and a broader systems-based sales approach.
Business review
The business had another challenging year following rising inflation, persisting supply shortages and political instability during April 2024 to March 2025. Despite this, the Company exceeded its sales targets, achieving record-breaking turnover of £35.12m – 111% compared to budget and 116.2% compared to previous year. External sales saw strong growth, supported by a healthy order book for extinguishant products. Group sales were slightly behind expectations, but the Latitude platform continues to grow, supported as a systems sales opportunity throughout most major territories. Gross profit margin for external sales improved slightly due to a higher proportion of UK sales, which typically yield better margins. While the UK saw a change in government in Summer 2024, forecasts for the economy remain mixed. Inflation has eased, but pressures persist due to national debt concerns and public sector wage increases. Interest rates were reduced slightly by the Bank of England, with further cuts possible if inflation stabilises. However, business investment may slow due to continued cost pressures and labour market adjustments, with unemployment expected to peak around 4.6% in 2025. Kentec has anticipated potential changes to the Labour Market reforms and National Insurance Contributions and expects to invest further into automation of the factory, despite increasing the directly employed labour to nearly 265. The UK unemployment rate has already risen to 4.6% — its highest level since mid-2021 — reflecting a cooling labour market and slower business hiring. This trend may offer some short-term relief on wage inflation, but it also signals broader economic caution. The election of a Labour government introduces potential changes to the business landscape, including possible increases to Employer National Insurance Contributions (NICs), especially for higher earners. This could raise employment costs for businesses like Kentec. Labour’s pledges to strengthen workers’ rights and enhance workplace protections may also introduce new obligations around employment policies. While these may increase administrative overhead, Kentec is well-positioned due to its strong HR practices and high staff retention rates. Positively, Labour’s focus on renewable energy, infrastructure investment and public-private innovation could benefit Kentec’s international growth ambitions, particularly in the fire safety applications for energy storage and grid resilience projects. Gross Profit Margins improved to 34.25% in the year ending March 2025, compared to 33.49% in the previous financial year. Operating profit margin also increased, rising from 12.27% to 12.30%, reflecting a disciplined approach to cost control and commercial execution. Cash position improved, with March ending in a £4,765k increase as result of effective credit controlling Page 1
KENTEC ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 procedures and increased sales. In line with the company’s strategic commercial plans, strong global demand for extinguishing products drove robust performance and placed increased pressure across all departments. The Company has responded by making strategic operational adjustments to prepare for future growth. Importantly, the Company continues to shift its commercial focus toward external business growth outside the Hochiki group of companies, investing in new partnerships, routes to market, and product strategies to expand its customer base globally. Looking ahead, significant emphasis is being placed on expansion in overseas markets, particularly in China, Southeast Asia, and the Americas, where Kentec sees high-growth potential for its world-class life safety and extinguishing systems. In addition, the Company is actively aligning its offering to support global infrastructure developments, particularly the expansion of renewable energy markets and the stabilisation of global energy grids. With increasing reliance on energy storage and decentralised energy systems, Kentec’s innovative fire safety solutions are ideally positioned to support these critical sectors. Principal risks and uncertainties The directors, who are responsible for internal control systems which identify and manage various risks that pose a threat to achieving the Company's objectives, have identified the principal risks as follows: ∙The uncertainty regarding the administration changes in America and impact of potential tariffs, import and retaliatory, may result in higher export prices from the US, which may benefit Kentec as all products are manufactured in the UK ∙Global economic conditions remain uncertain, with elevated inflation, ongoing geopolitical tensions (including the Russia–Ukraine war and Middle East conflicts), and the 2024 US presidential election all affecting supply chain stability. The Company has mitigated some of this risk by increasing raw material stocks of key components. ∙Brexit-related challenges persist, particularly around export regulations and workforce availability. New trade agreements or legislative changes may impact export operations and costs. The Company continues to monitor these factors closely. ∙Regulatory shifts in the UK, Europe, and the US may impact certification and compliance requirements. However, Kentec is well-positioned to adapt, thanks to ongoing investment in a strengthened Research & Development (R&D) function. ∙Attracting and retaining highly skilled staff remains a challenge. Kentec continues to prioritise staff development and review HR strategies. Notably, staff retention is currently at an all-time high. ∙Foreign exchange risk (particularly with USD and GBP) continues to be actively managed through natural hedging, with minimal USD surplus held. ∙Health, Safety, and Environmental compliance remains critical to Kentec’s operations. The compliance function was strengthened in the prior year to ensure best practice is maintained across the business. ∙The Company’s increasing reliance on IT and ERP systems introduces cyber and operational risk. These systems are continuously monitored and updated to minimise disruption. ∙Competitive pressures remain a threat, especially in terms of pricing and innovation. To mitigate this, Kentec continues to invest in R&D and maintain close communication with its market through technical support and customer engagement initiatives. The directors periodically review the effectiveness of internal control systems to ensure all identified risks are being appropriately managed. Page 2
KENTEC ELECTRONICS LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial key performance indicators
The directors use several performance measures to assess the Company’s success in meeting its objectives. The key performance indicators are: ∙Comparison of actual sales against budget ∙Gross profit margins ∙Variances between actual and budgeted standard costing ∙Operating profit percentage ∙Aged debtors ∙Working capital cycle The directors consider the key performance indicators for the year to be satisfactory. This report was approved by the board and signed on its behalf.
Kevin Swann Director
Date: 19 November 2025
Page 3
KENTEC ELECTRONICS LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025. Principal activity The principal activity of· the Company in the year under review was that of manufacturing, supplying and distributing life safety control systems.
Results and dividends
The profit for the year, after taxation, amounted to £3,174,475 (2024 - £2,639,902). The results for the year and financial position of the Company are as shown in the annexed financial statements. The Company had a successful year by moving forward with system sales offerings and enjoyed growth both in turnover and profit. Although the global supply chain disruption had continued to adversely impact on cost structure and financial health of the company, the company took immediate actions to sustain business operations. In 2025, Taktis/Latitude will continue to be confidently positioned as a core product to our system sales business as a part of the Group business strategy. Our new branding management for system sales and channel management increase sales opportunities for the entire Group and drive improved profits. The sales made by the Company vary from small customers in the UK to large organisations both within the UK and in regions outside the UK. In line with this, the sales in the accounts have been split geographically between the UK, Europe and Rest of the World.
Going Concern
The Company's business activities, together with the factors likely to affect its future development, its financial position, financial risks management objectives and its exposure to global political environment, foreign currency, price, credit and liquidity risk are described in the Strategic Report on page 1. The Company benefits from the support of membership of a strong global group under its ultimate parent undertaking, Hochiki Corporation and has long term relationships with a number of customers and suppliers across different geographic areas and industries. Consequently, the directors believe that the Company is well placed to manage its business risks successfully. After making enquiries, the directors have a reasonable expectation that they have adequate resources to continue in operational. existence for the foreseeable future. The management of Hochiki Group in Japan Is expecting growth from expansion in international business. Therefore, the Japanese management has set a higher target for 2024. Accordingly, it is felt appropriate to adopt the going concern basis in preparing the financial statements. Page 4
KENTEC ELECTRONICS LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Directors
The directors who served during the year were:
Kevin Swann
Naohito Ishii (appointed 1 April 2024)
Kenjiro Kasuya
Junichi Uozumi (resigned 5 June 2025)
Naohiro Niwa (resigned 5 June 2025)
Eiichi Goto (resigned 6 June 2024)
Subsequent to the year end, Takashi Iseri was appointed as director on 5 June 2025.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: −so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and −the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The company’s auditor, Greenback Alan LLP, ceased to operate as a registered auditor on 31 March 2025 and its business was transferred to Blick Rothenberg. Accordingly the company appointed Blick Rothenberg Audit LLP as its auditor in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Kevin Swann Director
Date: 19 November 2025
Page 5
KENTEC ELECTRONICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently; −make judgments 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 to 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. Page 6
KENTEC ELECTRONICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENTEC ELECTRONICS LIMITED
Opinion
We have audited the financial statements of Kentec Electronics Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: −give a true and fair view of the state of the Company's affairs as at 31 March 2025 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 United Kingdom, including the Financial Reporting Council'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. Page 7
KENTEC ELECTRONICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENTEC ELECTRONICS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 set out on page 6, 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. Page 8
KENTEC ELECTRONICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KENTEC ELECTRONICS LIMITED (CONTINUED)
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 an Auditors' 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: ∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the fire safety equipment manufacturing and supply sector; 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 Auditors' 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 Auditors' 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. Jonathan Fisher (Senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH 20 November 2025 Page 9
KENTEC ELECTRONICS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 35,126,190 | 30,214,416
Cost of sales |  | (23,092,165) | (20,093,802)
Gross profit |  | 12,034,025 | 10,120,614
Administrative expenses |  | (7,712,933) | (6,412,119)
Operating profit | 5 | 4,321,092 | 3,708,495
Interest receivable and similar income | 8 | 3,193 | 13
Interest payable and similar expenses | 9 | (92,496) | (71,235)
Profit before tax |  | 4,231,789 | 3,637,273
Tax on profit | 10 | (1,057,314) | (997,371)
Profit after tax |  | 3,174,475 | 2,639,902
Retained earnings at the beginning of the year |  | 12,070,750 | 9,972,109
|  | 12,070,750 | 9,972,109
Profit for the year |  | 3,174,475 | 2,639,902
Dividends declared and paid |  | (879,779) | (541,261)
Retained earnings at the end of the year |  | 14,365,446 | 12,070,750
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 12 to 26 form part of these financial statements.
Page 10
KENTEC ELECTRONICS LIMITED REGISTERED NUMBER:01937570
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 2,439,627 |  | 1,740,993
|  |  | 2,439,627 |  | 1,740,993
Current assets |  |  |  |  |
Stocks and work in progress |  | 8,140,943 |  | 8,751,814 |
Debtors: amounts falling due within one year | 14 | 5,101,541 |  | 6,025,155 |
Cash at bank and in hand | 15 | 7,570,423 |  | 2,805,279 |
|  | 20,812,907 |  | 17,582,248 |
Creditors: amounts falling due within one year | 16 | (7,543,795) |  | (6,360,427) |
Net current assets |  |  | 13,269,112 |  | 11,221,821
Total assets less current liabilities |  |  | 15,708,739 |  | 12,962,814
Creditors: amounts falling due after more than one year | 17 |  | (282,928) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (337,101) |  | (189,893) |
Other provisions | 20 | (704,664) |  | (683,571) |
|  |  | (1,041,765) |  | (873,464)
Net assets |  |  | 14,384,046 |  | 12,089,350
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 18,600 |  | 18,600
Profit and loss account | 22 |  | 14,365,446 |  | 12,070,750
|  |  | 14,384,046 |  | 12,089,350
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 November 2025.
................................................ Kevin Swann
Director
The notes on pages 12 to 26 form part of these financial statements. Page 11
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Kentec Electronics Limited is a private company limited by shares which was incorporated in the United Kingdom. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Disclosure Exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": −the requirements of Section 7 Statement of Cash Flows; −the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); −the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Hochiki Corporation as at 31 March 2024 and these financial statements may be obtained from 2-10-43 Kamiosaki, Shinagawa-ku, Tokyo 141-8660 Japan. Page 12
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: −the Company transfers the significant risks and rewards of ownership to the buyer on dispatch of goods −the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; −revenue is measured reliably at the fair value of the consideration receivable, excluding VAT and other sales taxes −it is probable that the Company will receive the consideration due under the transaction backed by the buyer's obligation to settle invoices; and −the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 13
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 7 years straight line basis
|  |  |  | Motor vehicles | - | 4 years straight line basis
|  |  |  | Fixtures and fittings | - | 7 years straight line basis
|  |  |  | Computer equipment | - | 3 years straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Stocks
The value of stock is measured using a rolling average of the costs of purchase, costs of conversion and other costs incurred in bringing the stock to its location and condition as at the year end. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 14
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Operating leases: Lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.12 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.13 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 15
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
| 2.15 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: −The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and −Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.16 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Page 16
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. The results of these form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. In respect of estimates and assumptions, and judgements made as a result, made by management in preparing these financial statements, the following are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities presented: Provisions – see Note 20 In respect of other significant management judgements in applying the accounting policies of the Company, the following have the most significant effect on the financial statements: Carrying value of stock – (see Note 2.5) management consider that there is no impairment to stock Recoverability of debtors – (see Note 2.6) management consider that there is no impairment to debtors
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Life Safety Control Systems | 35,126,190 | 30,214,416
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 11,495,094 | 12,209,267
| Rest of Europe | 4,257,228 | 2,927,326
| Rest of the world | 19,373,868 | 15,077,823
|  | 35,126,190 | 30,214,416
Page 17
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 1,266,071 | 1,074,842
| Depreciation of tangible fixed assets | 560,576 | 626,030
| Exchange differences | (18,003) | (25,104)
| Operating lease charges | 644,977 | 111,010
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 11,137,259 | 9,777,263
| Cost of defined contribution scheme | 295,204 | 234,095
|  | 11,432,463 | 10,011,358
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Tech Support | 16 | 17
|  | Sales and Marketing | 14 | 13
|  | Operations | 25 | 25
|  | Compliance | 8 | 9
|  | Accounts and IT | 9 | 8
|  | Production | 171 | 156
|  | HR | 3 | 3
|  | Research and Development | 16 | 16
|  |  | 262 | 247
Page 18
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 368,076 | 384,000
| Company contributions to defined contribution pension schemes | 24,873 | 20,791
|  | 392,949 | 404,791
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £364,554 (2024 - £322,606).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 3,193 | 13
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 24,793 | 22,230
| Other loan interest payable | 5,149 | 41,029
| Finance leases and hire purchase contracts | 62,554 | 7,976
|  | 92,496 | 71,235
Page 19
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 910,101 | 902,651
| Adjustments in respect of previous periods | - | 115,387
|  | 910,101 | 1,018,038
| Total current tax | 910,101 | 1,018,038
| Deferred tax |  |
| Origination and reversal of timing differences | 147,213 | (20,667)
| Total deferred tax | 147,213 | (20,667)
| Tax on profit | 1,057,314 | 997,371
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,231,789 | 3,637,272
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,057,947 | 909,318
| Effects of: |  |
| Capital allowances for year in excess of depreciation | - | (296,717)
| Short-term timing difference leading to an increase (decrease) in taxation | - | 242,185
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | (633) | 142,585
| Total tax charge for the year | 1,057,314 | 997,371
Page 20

|  | KENTEC ELECTRONICS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 11. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Other fixed assets
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 4,364,531 | 340,557 | 1,283,278 | 590,619 | 77,547
| Additions | 732,442 | - | 250,346 | 77,788 | 342,316
| Disposals | (427,224) | (172,687) | (312) | (40,197) | -
| At 31 March 2025 | 4,669,749 | 167,870 | 1,533,312 | 628,210 | 419,863
| Depreciation |  |  |  |  |
| At 1 April 2024 | 3,245,856 | 251,579 | 927,444 | 490,660 | -
| Charge for the year on owned assets | 343,760 | 9,412 | 124,601 | 59,544 | 73,977
| Disposals | (381,348) | (130,743) | (312) | (35,053) | -
| At 31 March 2025 | 3,208,268 | 130,248 | 1,051,733 | 515,151 | 73,977
| Net book value |  |  |  |  |
| At 31 March 2025 | 1,461,481 | 37,622 | 481,579 | 113,059 | 345,886
| At 31 March 2024 | 1,118,675 | 88,978 | 355,834 | 99,959 | 77,547
Page 21

KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.Tangible fixed assets (continued)
|  | Total
|  | £
| Cost or valuation |
| At 1 April 2024 | 6,656,532
| Additions | 1,402,892
| Disposals | (640,420)
| At 31 March 2025 | 7,419,004
| Depreciation |
| At 1 April 2024 | 4,915,539
| Charge for the year on owned assets | 611,294
| Disposals | (547,456)
| At 31 March 2025 | 4,979,377
| Net book value |
| At 31 March 2025 | 2,439,627
| At 31 March 2024 | 1,740,993
Page 22
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 879,779 | 541,261
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 5,245,611 | 5,253,415
| Work in progress (goods to be sold) | 1,735,839 | 1,942,547
| Finished goods and goods for resale | 145,467 | 257,624
| Finished goods purchased | 1,014,026 | 1,298,228
|  | 8,140,943 | 8,751,814
| Stock recognised in cost of sales during the year as an expense was £23,096,199 (2024 - £20,532,274).
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,640,531 | 4,140,852
| Amounts owed by group undertakings | 1,738,801 | 1,490,245
| Other debtors | 173,634 | 40,030
| Prepayments and accrued income | 548,575 | 354,028
|  | 5,101,541 | 6,025,155
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 7,570,423 | 2,805,279
Page 23
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Payments received on account | 1,003,494 | 1,032,663
| Trade creditors | 3,258,421 | 2,818,321
| Amounts owed to group undertakings | 568,535 | 225,060
| Corporation tax | 399,149 | 230,938
| Other taxation and social security | 194,156 | 169,310
| Obligations under finance lease and hire purchase contracts | 65,079 | 77,865
| Accruals and deferred income | 2,054,961 | 1,806,270
|  | 7,543,795 | 6,360,427
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 282,928 | -
18. | Hire purchase and finance leases
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 65,079 | 77,865
| Between 1-5 years | 282,928 | -
|  | 348,007 | 77,865
Page 24
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (189,891)
| Charged to Statement of Income | (147,210)
| At end of year | (337,101)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (356,753) | (209,544)
| Pension surplus | 19,652 | 19,652
|  | (337,101) | (189,892)
20. | Provisions
|  | Dilapidation Provision
|  | £
| At 1 April 2024 | 683,571
| Charged to profit or loss | 21,093
| At 31 March 2025 | 704,664
| The provision is for the 5 units which are rented in Dartford namely as factory space for the manufacture of the companies products, which they have been doing for a number of years. Significant amedments have been made for the companies use and they must provide for the future costs to restore the premises back to their original condition on termination of the leases.
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 18,600 (2024 - 18,600) Ordinary shares of £1 each | 18,600 | 18,600
Page 25
KENTEC ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. | Reserves
Profit and loss account The profit and loss account reserve consists of the cumulative total of all current and prior period profits and losses.
23. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 610,759 | 444,930
| Later than 1 year and not later than 5 years | 1,483,831 | 1,476,469
| Later than 5 years | - | 111,083
|  | 2,094,590 | 2,032,482
24. | Controlling party
Kentec Electronics Limited is a private limited company registered in England and Wales. The address of the registered office is Unit 25&26 Fawkes Avenue, Questor, Dartford, Kent, DA1 1JQ. The immediate and ultimate parent undertaking is Hochiki Corporation, a company incorporated in Japan. Hochiki Corporation is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 March 2024. The consolidated financial statements of Hochiki Corporation are available from 2-10-43 Kamiosake Shinagawa-Ku, Tokyo, 141-8660, Japan.
Page 26