Company registration number 02769392 (England and Wales)
ELITE SECURITY PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
ELITE SECURITY PRODUCTS LIMITED
COMPANY INFORMATION
Directors
Mr G C Mordue
Mr N Baldwin
Secretary
Mr J Rogers
Company number
02769392
Registered office
Unit 7 Target park
Shawbank Road , Lakeside
Redditch
Worcestershire
B98 8YN
Auditor
Sumer Auditco Limited
Acre House
11-15 William Road
London
NW1 3ER
Business address
Unit 7 Target park
Shawbank Road , Lakeside
Redditch
Worcestershire
B98 8YN
ELITE SECURITY PRODUCTS LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 22
ELITE SECURITY PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of the distribution of safety and security products to electrical wholesalers.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G C Mordue
Mr N Baldwin
Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr G C Mordue
Director
12 January 2026
ELITE SECURITY PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 accounting estimates that are reasonable and prudent; and

- 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.

ELITE SECURITY PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELITE SECURITY PRODUCTS LIMITED
- 3 -
Opinion

We have audited the financial statements of Elite Security Products Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 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 30 April 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 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

ELITE SECURITY PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELITE SECURITY PRODUCTS LIMITED (CONTINUED)
- 4 -
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 identifie d material misstatements in the directors' r eport. 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Confirming that assets included in the financial statements are still held by the company, and are not impaired.

- Reviewing provisions for slow moving or obsolete stock to ensure that workings are complete, and amounts are not overstated.

- Testing key income lines, in particular cut-off, for evidence of management bias.

- Obtaining confirmation of material bank and loan balances.

- Documenting and verifying all significant related party balances and transactions, and ensuring that all balances are recoverable.

ELITE SECURITY PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELITE SECURITY PRODUCTS LIMITED (CONTINUED)
- 5 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Mr Martin Bradley FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Acre House
11-15 William Road
London
NW1 3ER
16 January 2026
ELITE SECURITY PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
2025
2024
Notes
£
£
Turnover
3
9,036,912
9,242,714
Cost of sales
(5,816,891)
(6,226,173)
Gross profit
3,220,021
3,016,541
Administrative expenses
(3,058,106)
(2,736,969)
Product development costs
4
(113,378)
(531,891)
Operating profit/(loss)
5
48,537
(252,319)
Interest receivable and similar income
9
10,609
-
0
Interest payable and similar expenses
10
(2,070)
(11,372)
Profit/(loss) before taxation
57,076
(263,691)
Tax on profit/(loss)
11
(35,988)
8,880
Profit/(loss) for the financial year
21,088
(254,811)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ELITE SECURITY PRODUCTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
714,271
758,463
Current assets
Stocks
15
5,422,624
4,457,257
Debtors
16
3,661,088
3,181,302
Cash at bank and in hand
537,586
120,692
9,621,298
7,759,251
Creditors: amounts falling due within one year
17
(5,766,754)
(3,966,660)
Net current assets
3,854,544
3,792,591
Total assets less current liabilities
4,568,815
4,551,054
Provisions for liabilities
Deferred tax liability
19
4,664
7,991
(4,664)
(7,991)
Net assets
4,564,151
4,543,063
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
4,563,151
4,542,063
Total equity
4,564,151
4,543,063

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

The financial statements were approved by the board of directors and authorised for issue on 12 January 2026 and are signed on its behalf by:
Mr G C Mordue
Director
Company registration number 02769392 (England and Wales)
ELITE SECURITY PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2023
1,000
4,796,874
4,797,874
Year ended 30 April 2024:
Loss and total comprehensive income
-
(254,811)
(254,811)
Balance at 30 April 2024
1,000
4,542,063
4,543,063
Year ended 30 April 2025:
Profit and total comprehensive income
-
21,088
21,088
Balance at 30 April 2025
1,000
4,563,151
4,564,151
ELITE SECURITY PRODUCTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(2,502,013)
(105,590)
Interest paid
(2,070)
(11,372)
Income taxes refunded/(paid)
1,786
(122,147)
Net cash outflow from operating activities
(2,502,297)
(239,109)
Investing activities
Purchase of tangible fixed assets
(15,504)
(10,375)
Interest received
10,609
-
0
Net cash used in investing activities
(4,895)
(10,375)
Financing activities
Repayment of bank loans
(55,914)
(56,408)
Proceeds from/(repayments of) loans from group undertakings
2,980,000
150,000
Net cash generated from financing activities
2,924,086
93,592
Net increase/(decrease) in cash and cash equivalents
416,894
(155,892)
Cash and cash equivalents at beginning of year
120,692
276,584
Cash and cash equivalents at end of year
537,586
120,692
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
1
Accounting policies
Company information

Elite Security Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Target park, Shawbank Road , Lakeside, Redditch, Worcestershire, B98 8YN.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Sale of safety and security products

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of safety and security products

Revenue from the sale of safety and security products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line & 10% straight line
Plant and equipment
15% reducing balance, written off over 4 months & 20% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. 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 which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 12 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 13 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated useful life of the asset and circumstances. The directors annually review the asset life and adjust as necessary to reflect current thinking on the remaining life in light of technological change, prospective economic utilisation and physical condition of the asset concerned. Changes in asset lives can have a significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes to asset lives on an overall basis, as asset lives are individually determined.

Management charges

The time spent by the company directors and senior staff within the group on the affairs of this company are recharged in the form of a management charge from Scolmore International Limited, based on the estimated market rates for the level of experience held by the directors and senior staff. The total amount of this management charge this year is £228,000 (2024: £174,000), included within administrative expenses.

Slow moving and obsolete stock provisions

Management estimates the net realisable value of stocks, taking into account the most reliable evidence at each reporting date. The future realisation of these stocks may be affected by future technology and other market-driven changes that may reduce future selling price. The total of all stock provisions at 30 April 2025 was £44,381 (2024: £63,533).

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of safety and security products
9,036,912
9,242,714
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
8,066,559
8,240,480
Overseas
970,353
1,002,234
9,036,912
9,242,714
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
3
Turnover and other revenue
(Continued)
- 15 -
2025
2024
£
£
Other revenue
Interest income
10,609
-

4
Exceptional item
2025
2024
£
£
Expenditure
Product development costs
113,378
531,891

During the prior year, the company entered its final stages of a major product launch which was made available to the market in Q1 of 2025.

5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(36,913)
(2,110)
Depreciation of tangible fixed assets
59,696
66,628
Operating lease charges
182,641
166,619
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,900
8,900
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
20
20
Administration
12
14
Management
2
2
Total
34
36
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
7
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,408,691
1,295,121
Social security costs
180,987
157,431
Pension costs
105,633
94,916
1,695,311
1,547,468
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
175,875
138,250
Company pension contributions to defined contribution schemes
5,276
4,148
181,151
142,398

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
10,609
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
10,609
-
0
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,070
5,755
Other finance costs:
Other interest
-
0
5,617
2,070
11,372
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 17 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
39,315
-
0
Adjustments in respect of prior periods
-
0
40
Total current tax
39,315
40
Deferred tax
Origination and reversal of timing differences
(3,327)
(8,920)
Total tax charge/(credit)
35,988
(8,880)

From 1 April 2023, the tax rate in the UK increased from 19% to 25%. The average tax rate for the year ending 30 April 2025 is 25.00% (2024: 19.00%).

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
57,076
(263,691)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 19.00%)
14,269
(50,101)
Tax effect of expenses that are not deductible in determining taxable profit
15,967
10,282
Unutilised tax losses carried forward
-
0
1,067
Adjustments in respect of prior years
-
0
40
Group relief
-
0
29,996
Permanent capital allowances in excess of depreciation
9,079
8,756
Deferred tax movement
(3,327)
(8,920)
Taxation charge/(credit) for the year
35,988
(8,880)
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2024
1,047,767
27,375
161,375
84,720
12,650
1,333,887
Additions
-
0
-
0
5,634
9,870
-
0
15,504
At 30 April 2025
1,047,767
27,375
167,009
94,590
12,650
1,349,391
Depreciation and impairment
At 1 May 2024
348,797
21,544
129,743
68,175
7,165
575,424
Depreciation charged in the year
32,794
1,588
13,289
10,654
1,371
59,696
At 30 April 2025
381,591
23,132
143,032
78,829
8,536
635,120
Carrying amount
At 30 April 2025
666,176
4,243
23,977
15,761
4,114
714,271
At 30 April 2024
698,970
5,831
31,632
16,545
5,485
758,463
13
Associates

Details of the company's associates at 30 April 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elite Security Products Ireland Ltd
18 Corrig Road, Sandyford Industrial Estate, Dublin 18
Ordinary
50.00
14
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,897,685
3,153,668
Carrying amount of financial liabilities
Measured at amortised cost
1,755,222
1,283,965
Loan commitments measured at cost less impairment
3,730,000
2,432,175
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
5,422,624
4,457,257
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,056,952
3,032,976
Corporation tax recoverable
-
0
31,786
Other debtors
478,017
2,588
Prepayments and accrued income
126,119
113,952
3,661,088
3,181,302

Included within trade debtors are factored debts of £2,907,357 (2024: £2,758,603).

Included within other debtors is an invoice factoring facility of £303,147 (2024: £1,626,261 credit within other creditors).

17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
-
0
55,914
Trade creditors
1,755,222
1,283,965
Amounts owed to group undertakings
3,730,000
750,000
Corporation tax
9,315
-
0
Other taxation and social security
42,198
100,676
Other creditors
13,583
1,626,261
Accruals and deferred income
216,436
149,844
5,766,754
3,966,660

Included within other creditors for 2024 is an invoice factoring facility amounting £1,626,261. This creditor is secured by a charge dated 30 November 2011 upon the trade debtors of the company.

18
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
55,914
Payable within one year
-
0
55,914

The bank loan amounting to £55,914 in 2024 was secured by a first legal charge dated 31 October 2014 over leasehold property together with a floating charge over the other assets of the company. The loan was repayable by October 2024 through monthly repayments and interest was charged at 1.75% over the base rate.

ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
4,664
7,991
2025
Movements in the year:
£
Liability at 1 May 2024
7,991
Credit to profit or loss
(3,327)
Liability at 30 April 2025
4,664

Of t he deferred tax liability set out above, £4,664 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
105,633
94,916

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities under the control of a common parent
970,353
1,002,243
194
38
Other related parties
3,344
7,501
1,075
800
2025
2024
Amounts due to related parties
£
£
Entities under the control of a common parent
1,192
-

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities under the control of a common parent
115,795
271,238
Other related parties
73
624
Other information

The company has taken advantage of the exemption under paragraph 33.1A of FRS102 relating to subsidiaries where 100% of the voting rights are controlled within the group not to disclose transactions between the company and fellow group undertakings.

The parent company is Scolmore (International) Limited. The company has an omnibus guarantee and set off agreements dated 14 September 2015 (Supplemented on 5 June 2017 and 10 January 2020) in favour of this groups banking arrangements, along with its fellow subsidiaries Ovia Limited and Unicrimp Limited.

23
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

24
Ultimate controlling party

The parent company is Scolmore (International) Limited. The consolidated accounts for Scolmore (International) Limited can be obtained from the registered office - Scolmore House, Mariner, Lichfield Road Industrial Estate, Tamworth, Staffordshire, B79 7UL.

ELITE SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
25
Cash absorbed by operations
2025
2024
£
£
Profit/(loss) after taxation
21,088
(254,811)
Adjustments for:
Taxation charged/(credited)
35,988
(8,880)
Finance costs
2,070
11,372
Investment income
(10,609)
-
0
Proceeds from/(repayments of) loans from group undertakings
(2,980,000)
(150,000)
Depreciation and impairment of tangible fixed assets
59,696
66,628
Movements in working capital:
Increase in stocks
(965,367)
(190,866)
(Increase)/decrease in debtors
(511,572)
152,492
Increase in creditors
1,846,693
268,475
Cash absorbed by operations
(2,502,013)
(105,590)
26
Analysis of changes in net funds
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
120,692
416,894
537,586
Borrowings excluding overdrafts
(55,914)
55,914
-
64,778
472,808
537,586
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