Third Millennium Systems Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03199053

Third Millennium Systems Limited

Filleted Unaudited Financial Statements

31 March 2025

Third Millennium Systems Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	6	19,868	170,713
Investments	7	–	884,103
		--------	------------
		19,868	1,054,816

Current assets

Stocks		785,360	896,718
Debtors	8	3,490,774	1,192,029
Cash at bank and in hand		864,490	2,598,645
		------------	------------
		5,140,624	4,687,392

Creditors: amounts falling due within one year	9	509,799	937,570
		------------	------------
Net current assets		4,630,825	3,749,822
		------------	------------
Total assets less current liabilities		4,650,693	4,804,638

Provisions	5,000	32,000
	------------	------------
Net assets	4,645,693	4,772,638
	------------	------------

Capital and reserves

Called up share capital	3,000	3,000
Profit and loss account	4,642,693	4,769,638
	------------	------------
Shareholders funds	4,645,693	4,772,638
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Third Millennium Systems Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 16 December 2025 , and are signed on behalf of the board by:

Mr Huddart

Director

Company registration number: 03199053

Third Millennium Systems Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Cae Gwyrdd, Tongwynlais,, Cardiff, Wales, CF15 7AB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Changes in accounting policies

During the year the company was acquired and 100% of the shares owned by Mr P Jones and Mrs C Jones we sold. The aqcuiring entity reviewed the capitalisation process under FRS 102A.17 and it was determined that to comply with the aquiring entities group reporting structure, the capitalisation policy was amended so that no items are capitalised under £5,000. The new policy took effect as of 1 January 2025. It would not be practicable and the balances are not material to amend the prior periods, therefore, this change has been applied prospectively.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The Organisation for Economic Co-operation and Development ("OECD") / G20 Inclusive Framework on Base Erosion and Profit Shifting previously published the Pillar Two model rules implementing a global minimum tax of 15%. The Group has a presence in jurisdictions that have enacted Pillar Two model rules. This includes the UK which enacted Income Inclusion Rule ("IIR") and Qualified Domestic Minimum Tax ("QDMTT") for fiscal years starting on or after 31 December 2023, whereas the Undertaxed Profits Rule (UTPR) will become effective for fiscal years starting on or after 31 December 2024. The Group has performed the assessment of the potential exposure of Pillar 2 income taxes and it does not impact the Company's UK effective tax rate. The Company has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	10% straight line
Plant and machinery	-	10-25% straight line
Fixtures and fittings	-	25-33.3% straight line
Motor vehicles	-	20% straight line

Assets under the value of £5,000 have been expensed through the profit and loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2024: 22 ).

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	153,586	355,066
Adjustments in respect of prior periods	( 24,074)	( 76,943)
Other component of current tax expense (income)	1,442	( 359)
	---------	---------
Total current tax	130,954	277,764
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 27,000)	( 5,000)
	---------	---------
Tax on profit	103,954	272,764
	---------	---------

The Organisation for Economic Co-operation and Development ("OECD") / G20 Inclusive Framework on Base Erosion and Profit Shifting previously published the Pillar Two model rules implementing a global minimum tax of 15%. The Group has a presence in jurisdictions that have enacted Pillar Two model rules. This includes the UK which enacted Income Inclusion Rule ("IIR") and Qualified Domestic Minimum Tax ("QDMTT") for fiscal years starting on or after 31 December 2023, whereas the Undertaxed Profits Rule (UTPR) will become effective for fiscal years starting on or after 31 December 2024. The Group has performed the assessment of the potential exposure of Pillar 2 income taxes and it does not impact the Company's UK effective tax rate. The Company has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes.

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	277,009	1,390,691
	---------	------------
Profit on ordinary activities by rate of tax	69,252	347,672
Effect of expenses not deductible for tax purposes	34,404	( 2,627)
Effect of capital allowances and depreciation	31,338	10,021
Deferred tax	( 27,000)	( 5,000)
Adjustments in respect of prior periods	( 24,074)	( 76,943)
Other components of current tax (income)	1,442	( 359)
Chargeable gains	18,592	–
	---------	------------
Tax on profit	103,954	272,764
	---------	------------

6. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	46,941	113,832	56,766	223,600	441,139
Additions	–	1,783	3,979	–	5,762
Disposals	–	–	( 5,683)	( 180,610)	( 186,293)
	--------	---------	--------	---------	---------
At 31 March 2025	46,941	115,615	55,062	42,990	260,608
	--------	---------	--------	---------	---------
Depreciation
At 1 April 2024	46,939	102,874	52,024	68,589	270,426
Charge for the year	–	12,741	4,059	35,660	52,460
Disposals	–	–	( 1,021)	( 81,125)	( 82,146)
	--------	---------	--------	---------	---------
At 31 March 2025	46,939	115,615	55,062	23,124	240,740
	--------	---------	--------	---------	---------
Carrying amount
At 31 March 2025	2	–	–	19,866	19,868
	--------	---------	--------	---------	---------
At 31 March 2024	2	10,958	4,742	155,011	170,713
	--------	---------	--------	---------	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 April 2024	884,103
Disposals	( 884,103)
	---------
At 31 March 2025	–
	---------
Impairment
At 1 April 2024 and 31 March 2025	–
	---------

Carrying amount
At 31 March 2025	–
	---------
At 31 March 2024	884,103
	---------

8. Debtors

	2025	2024
	£	£
Trade debtors	770,342	1,171,671
Other debtors	2,720,432	20,358
	------------	------------
	3,490,774	1,192,029
	------------	------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	209,162	436,111
Corporation tax	153,586	355,066
Social security and other taxes	80,775	90,604
Other creditors	66,276	55,789
	---------	---------
	509,799	937,570
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	5,000	32,000
	-------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	5,000	32,000
	-------	--------

11. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	4,326,454	4,654,418
	------------	------------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	275,438	491,931
	---------	---------

12. Operating leases

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

	2025	2024
	£	£
Not later than 1 year	28,437	25,183
Later than 1 year and not later than 5 years	15,505	73,504
	--------	--------
	43,942	98,687
	--------	--------

13. Related party transactions

The company is a wholly owned subsidiary of HID Corporation Limited, which is itself a subsidiary of Assa Abloy Limited, both of which are incorporated in the United Kingdom. The ultimate controlling party is Assa Abloy AB, a company incorporated in Sweden. During the year, the company advanced a loan of £2,683,267 to its ultimate parent company, Assa Abloy AB. Interest of £8,355 accrued on the loan to 31 March 2025 and has been recognised in the income statement. At the year end, a balance of £2,691,622 was outstanding and included within Debtors: amounts falling due within one year. The loan is unsecured and repayable on demand. Interest is charged at a commercial rate.

14. Controlling party

The company is a wholly owned subsidiary of HID Corporation Limited, a company incorporated in the United Kingdom. This company is itself a subsidiary of Assa Abloy Limited,incorporated in the United Kingdom. The ultimate controlling party is Assa Abloy AB, a company incorporated in Sweden. The consolidated financial statements of the largest group to which the company belongs and for which group financial statements are prepared are available from: Assa Abloy AB SE-107 23 Stockholm Sweden