Company registration number 01626564 (England and Wales)
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
COMPANY INFORMATION
Directors
P R Capstick
D A Leggett
D A Gordon
J B Walters
T Spencer
N Vann
Secretary
D A Gordon
Company number
01626564
Registered office
Centauri House
Hillbottom Road
Sands Industrial Estate
High Wycombe
Buckinghamshire
United Kingdom
HP12 4HQ
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
United Kingdom
HP9 2JH
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 31 January 2025.

Fair review of the business

The loss for the year, after taxation, is £83,666 (2024: profit £3,658,214 ). The directors have not declared a final dividend for the financial year to 31 January 2025.

The Company’s key financial and other performance indicators during the year were as follows:

| 202 5 | 202 4 | % Change
| £'000 | £'000 |
Turnover (UK) | 24,498 | 33,728 | -27.4%
Turnover (Overseas) | 5,415 | 5,785 | -6.4%
Operating (loss)/profit | (182) | 4,693 | -103.9%
(Loss)/p rofit for the financial year | (84) | 3,658 | -102.3%
Shareholder's equity | 16,622 | 17,556 | -5.3%
Current assets as % of current liabilities ('quick ratio') | 388.2% | 420.4% | -32.2%
Average number of employees | 121 | 13 0 | -6.9%

Turnover decreased by 27.4% from the UK market and 6.4% from the overseas market, this is largely due to our major film customers having committed large capex spends in the prior year.

Turnover for the UK and Overseas business is expected to be higher in FY26 as we expect to see further capex spend from major clients.

Operating profit decreased by 103.9% during the year. The decrease can be attributed to the decrease in turnover.

Shareholders’ equity decreased by 5.3% due to retained earnings.

The company’s “quick ratio” (current assets as a percentage of current liabilities) has decreased by 32.2%.

The total average number of employees decreased by 6.9%.

Principal risks and uncertainties

The Company has regular management meetings where the board meet and evaluates the risks faced by the company. The principal risks and uncertainties facing the Company are broadly grouped as - competitive, legislative and financial instrument risk.

- Competitive Risks

In the current market landscape, the release of new products poses significant competitive risks. As companies strive to innovate and capture market share, the introduction of new products can disrupt existing market dynamics. This can lead to increased competition, as competitors may respond with their own new product releases, intensifying the battle for customer attention and loyalty. Staying ahead of the curve is crucial, and failing to do so can result in a loss of competitive edge if we allow our competitors to get access to the newest and greatest products.

Another critical factor is the consolidation of existing suppliers and customers. Mergers and acquisitions among suppliers can create larger, more formidable entities with greater resources and market influence. This consolidation can lead to increased competition as suppliers are able to go direct to market without the need of a distributor. On the customer side, consolidation can result in a more concentrated customer base, which may increase the bargaining power of these larger customers. This can lead to more stringent demands and pressure on pricing, further impacting profitability.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -

- Legislative Risks

The company predominantly operates in nations where regulations are taken seriously, and companies are expected to act on them.

- Exposure to price, credit, liquidity, foreign exchange and cash flow risk

Price risk arises on financial instruments because of changes in, for example, commodity prices or equity prices. Listed investments with a book value of £13,631 (202 4: £18,213 ) are exposed to price risk but this exposure is within the Company’s risk appetite.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the Company’s receivables are shown on the face of the balance sheet.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets throughout the Company. The Company also manages liquidity risk via group borrowing and long-term debt when required.

Foreign exchange risk is the risk that an entity will suffer financial loss due to the movement in the strength of its base currency. The company manages this risk through self-hedging and the purchase of forward contracts.

Energy and carbon reporting

The Company has taken advantage of the exemption in Part 7A of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 from the carbon reporting disclosure as it is a subsidiary undertaking and is included in the consolidated financial statements of A.C. Worldwide Group Limited. Copies of the consolidated financial statements of A.C. Worldwide Group Limited can be obtained from Centauri House, Hillbottom Road, High Wycombe, HP12 4HQ.

Future Developments

A.C. Entertainment Technologies Ltd will continue to invest in its staff and new partnerships to support our vision of being the leading international provider of cutting-edge entertainment technology products and solutions and will look to grow through organic client opportunities and strategic geographical expansion.

Directors' statement of compliance with duty to promote success of the Company
The Directors have a duty under Section 172 of the Companies Act 2006 to act in a way which they consider in good faith would promote the success of the Company for the benefits of its Members, whilst having regard to other stakeholders. For the year under review and up to the date of this report and thereafter, the Directors consider that they have acted and will act, both individually and collectively, in a manner most likely to promote the interests of the Company and its Members.
Being a privately owned Company, the Directors have regard to deriving long-term benefit which accrues equitably to all Members.
Long term consequences of decisions

The Directors regularly assess the products and services the Company provides to ensure they are aligned to client needs. The Directors review and consider new business opportunities, both in the UK and abroad, as part of their long-term planning with a view to growing the business and sustaining profitability in the longer term. The Directors will give consideration to the level of investment in core infrastructure and automation where appropriate, with the objective to improve the client product and service offering and to manage its cost base. The Directors also actively engage with the client base to foster strong relationships which enable the Company to meet client needs on a long-term basis.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
Business relationships

The Directors implement strategies to enhance the Company’s business relationships with suppliers, clients, and others. The Company provides stage, lighting, rigging and audio products for the live entertainment, worship, theatre, film, TV, Broadcast and architectural markets. It is therefore vitally important that the risks that the Company faces are effectively identified and managed, in order to provide an appropriate level of resilience for its clients. The principal risks and uncertainties faced by the Company and the risk management procedures adopted by the Directors are set out within this report under the section headed 'Principal risks and uncertainties'.

Impact on employees, the community and the environment

In carrying out their duties, the Directors are mindful of the impact their decisions may have on employees, the community and the environment. Directors and management meet regularly to ensure that employee objectives are aligned to the Company’s values and to support employees in managing their performance for the mutual benefit of themselves and the Company.

The Directors adopt a long-term approach to managing the environmental risks and opportunities facing the business, periodically reviewing and seeking initiatives that aim to minimise the impacts of the business on the environment.

Reputation and standards of business conduct

The maintenance and enhancement of the Company’s reputation is a key consideration of the Directors, ensuring that its officers and employees consistently act in compliance with regulatory rules and in accordance with the high standards of business conduct expected of firms operating within the lighting and adjacent industries. The Directors review the Company’s ethics and whistleblowing policies and provides training to all employees as necessary covering ethics and standards of business conduct.

On behalf of the board

D A Gordon
Director
6 February 2026
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company continued to be that of distribution of stage, studio and event lighting products.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £850,000. The directors do not recommend payment of a further dividend.

Directors

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

P R Capstick
D A Leggett
D A Gordon
L N Bromhead
(Resigned 25 October 2024)
J B Walters
T Spencer
N Vann
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

In accordance with the government's issued guidance on Streamlined Energy and Carbon Reporting; Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance and Part 7A of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, the company has taken advantage of the exemption available not to report its emissions, energy consumption or energy efficiency activities for the year in this report by virtue of being a subsidiary undertaking.

The company is a wholly owned subsidiary undertaking of A.C. Worldwide Group Limited, which prepares its consolidated financial statements to the same financial reporting date and for which this company is consolidated into. The company's emissions, energy consumption or energy efficiency activities are included in the group Directors' Report of A.C. Worldwide Group Limited.

Statement of directors' responsibilities

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -

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.

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.

On behalf of the board
D A Gordon
Director
6 February 2026
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
- 6 -
Opinion

We have audited the financial statements of A.C. Entertainment Technologies Limited (the 'company') for the year ended 31 January 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 31 January 2025 and of its loss 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 strategic report and the directors' r eport 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.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.C. ENTERTAINMENT TECHNOLOGIES LIMITED (CONTINUED)
- 7 -
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 strategic report or 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.

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.

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.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.C. ENTERTAINMENT TECHNOLOGIES LIMITED (CONTINUED)
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Adam East FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Suites B & D
Burnham Yard
London End
Beaconsfield
Buckinghamshire
HP9 2JH
6 February 2026
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
29,912,304
39,512,775
Cost of sales
(21,404,362)
(26,135,299)
Gross profit
8,507,942
13,377,476
Administrative expenses
(10,077,511)
(10,252,596)
Other operating income
1,387,403
1,568,272
Operating (loss)/profit
4
(182,166)
4,693,152
Interest receivable and similar income
8
182,874
155,948
Interest payable and similar expenses
9
(36,589)
(27,765)
(Loss)/profit before taxation
(35,881)
4,821,335
Tax on (loss)/profit
10
(47,785)
(1,163,121)
(Loss)/profit for the financial year
(83,666)
3,658,214

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

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
68,408
82,816
Tangible assets
13
1,553,581
1,481,375
1,621,989
1,564,191
Current assets
Stocks
14
6,969,464
7,434,050
Debtors
15
12,373,452
13,553,148
Investments
17
13,631
18,213
Cash at bank and in hand
1,141,998
272,587
20,498,545
21,277,998
Creditors: amounts falling due within one year
18
(5,280,554)
(5,060,566)
Net current assets
15,217,991
16,217,432
Total assets less current liabilities
16,839,980
17,781,623
Provisions for liabilities
Deferred tax liability
20
217,537
225,514
(217,537)
(225,514)
Net assets
16,622,443
17,556,109
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
16,621,443
17,555,109
Total equity
16,622,443
17,556,109
The financial statements were approved by the board of directors and authorised for issue on 6 February 2026 and are signed on its behalf by:
D A Gordon
Director
Company registration number 01626564 (England and Wales)
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2023
1,000
14,896,895
14,897,895
Year ended 31 January 2024:
Profit and total comprehensive income
-
3,658,214
3,658,214
Dividends
11
-
(1,000,000)
(1,000,000)
Balance at 31 January 2024
1,000
17,555,109
17,556,109
Year ended 31 January 2025:
Loss and total comprehensive income
-
(83,666)
(83,666)
Dividends
11
-
(850,000)
(850,000)
Balance at 31 January 2025
1,000
16,621,443
16,622,443
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
1
Accounting policies
Company information

A.C. Entertainment Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Centauri House, Hillbottom Road, Sands Industrial Estate, High Wycombe, Buckinghamshire, United Kingdom, HP12 4HQ.

1.1
Accounting convention

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’ paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of A.C Worldwide Group Limited. These consolidated financial statements are available from its registered office, Centauri House, Hillbottom Road, Sands Industrial Estate, High Wycombe, Buckinghamshire, HP12 4HQ.

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 from the sale of goods is recognised upon delivery of the goods which is the point in time at which the significant risks and rewards of ownership of the goods are transferred to the customer. Revenue is valued at invoiced amounts, excluding sales taxes and less trade discounts where relevant.

1.4
Current asset investments
Investments in listed investments and goldbullion are measured at cost less accumulated impairment.
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 13 -

Amortisation 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:

Software
Amortised over 5 years

It is the company's policy to not amortise intangible assets in the course of construction.

1.6
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.

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:

Fixtures and fittings
- 10% on cost
Equipment
- 25% and 20% on cost
Motor vehicles
- 25% on cost

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.

1.7
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.

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.

1.8
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.

1.9
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

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
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.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.11
Taxation

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

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.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

1.15
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.

2
Judgements and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The Company estimates the net realisable value of stock at the end of the reporting period taking into account the age profile of stock and expected demand from customers. The Company also assesses the likelihood of recovering outstanding balances from customers and make a provision against these balances as required.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
24,497,629
33,727,599
Europe
1,650,489
2,115,877
Rest of world
3,764,186
3,669,299
29,912,304
39,512,775
2025
2024
£
£
Other revenue
Interest income
182,874
155,948
Management charges
1,253,692
1,400,749
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(69,119)
(6,206)
Research and development costs
3,758
1,701
Depreciation of owned tangible fixed assets
481,691
459,684
Loss/(profit) on disposal of tangible fixed assets
33,063
(22,815)
Amortisation of intangible assets
20,908
22,071
Operating lease charges
177,000
167,059
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 17 -
5
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
24,700
24,000
For other services
Taxation compliance services
1,950
1,850
All other non-audit services
3,100
3,100
5,050
4,950
6
Employees

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

2025
2024
Number
Number
Warehouse and manufacturing
51
42
Management
16
13
Sales and marketing
39
59
Technical support
9
10
Directors
6
6
Total
121
130

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,285,970
6,597,445
Social security costs
792,031
798,458
Pension costs
108,903
121,454
7,186,904
7,517,357
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
2,268,573
2,352,669
Company pension contributions to defined contribution schemes
16,377
15,470
2,284,950
2,368,139
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
7
Directors' remuneration
(Continued)
- 18 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
827,823
1,199,605
Company pension contributions to defined contribution schemes
-
8,333
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
182,874
152,061
Other interest income
-
0
3,887
Total income
182,874
155,948
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
36,589
27,765
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
79,162
1,238,229
Adjustments in respect of prior periods
-
0
924
Total current tax
79,162
1,239,153
Deferred tax
Origination and reversal of timing differences
(31,377)
(76,032)
Total tax charge
47,785
1,163,121
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
10
Taxation
(Continued)
- 19 -

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

2025
2024
£
£
(Loss)/profit before taxation
(35,881)
4,821,335
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
(8,970)
1,158,567
Tax effect of expenses that are not deductible in determining taxable profit
25,423
13,241
Adjustments in respect of prior years
-
0
924
Permanent capital allowances in excess of depreciation
39,309
54,986
Non-specific provision movements
23,400
11,435
Movement in deferred tax
(31,377)
(76,032)
Taxation charge for the year
47,785
1,163,121

Factors that may affect future tax charges

As part of Budget 2021 on 3 March 2021, it was announced that the UK corporation tax rate will increase to 25% from 1 April 2023. This change was substantively enacted on 24 May 2021. Prior to this change, the corporation tax rate was 19%. The effect on the company of this changes has been reflected in the company's financial statements in the financial year as appropriate.

11
Dividends
2025
2024
£
£
Interim paid
850,000
1,000,000
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 20 -
12
Intangible fixed assets
Software
£
Cost
At 1 February 2024
235,598
Additions
6,500
At 31 January 2025
242,098
Amortisation and impairment
At 1 February 2024
152,782
Amortisation charged for the year
20,908
At 31 January 2025
173,690
Carrying amount
At 31 January 2025
68,408
At 31 January 2024
82,816
13
Tangible fixed assets
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
1,597,392
1,962,763
833,923
4,394,078
Additions
42,061
192,242
417,823
652,126
Disposals
(1)
(942)
(97,288)
(98,231)
At 31 January 2025
1,639,452
2,154,063
1,154,458
4,947,973
Depreciation and impairment
At 1 February 2024
972,265
1,481,131
459,307
2,912,703
Depreciation charged in the year
120,816
238,471
122,404
481,691
Eliminated in respect of disposals
(2)
-
0
-
0
(2)
At 31 January 2025
1,093,079
1,719,602
581,711
3,394,392
Carrying amount
At 31 January 2025
546,373
434,461
572,747
1,553,581
At 31 January 2024
625,127
481,632
374,616
1,481,375
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 21 -
14
Stocks
2025
2024
£
£
Work in progress
121,642
49,501
Finished goods and goods for resale
6,847,822
7,384,549
6,969,464
7,434,050

An increase in the slow-moving and obsolete stock provision of £300,000 (2024: decrease of £441,796) was recognised in cost of sales during the year.

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
6,096,459
6,980,735
Corporation tax recoverable
270,838
-
0
Amounts owed by group undertakings
4,696,760
6,125,135
Finance leases receivable
376,268
-
0
Other debtors
354,975
49
Prepayments and accrued income
528,570
421,047
12,323,870
13,526,966
Deferred tax asset (note 20)
49,582
26,182
12,373,452
13,553,148

A decrease in the bad debt provision of £45,000 (202 4: decrease of £100,000) was recognised in administrative expenditure during the year.

Amounts owed by group undertakings are repayable on demand and bear no interest.

16
Finance lease receivables
2025
2024
Amounts receivable under finance leases:
£
£
Within 1 year
376,268
-
0
Unearned finance income
-
0
-
0
Present value of lease payments receivable
376,268
-
0
2025
2024
£
£
The present value is receivable as follows:
Within one year
376,268
-
0
All finance lease receivables are expected to be settled within 12 months from the reporting date.
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
16
Finance lease receivables
(Continued)
- 22 -

The company enters into financial leasing arrangements for stock. The average term of finance leases entered into is 1 year.

17
Current asset investments
2025
2024
£
£
Unlisted investments
13,631
18,213
18
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,753,092
1,945,337
Amounts owed to group undertakings
920,846
243,537
Corporation tax
-
0
793,658
Other taxation and social security
341,756
524,214
Other creditors
113,379
-
0
Accruals and deferred income
2,151,481
1,553,820
5,280,554
5,060,566

Amounts owed to group undertakings are repayable on demand and bear no interest.

19
Securities

The company registered a single debenture which holds a fixed and floating charge over its assets dated 9 December 1987.

The company registered a debenture with its parent company which holds a fixed and floating charge over its assets dated 14 September 2012.

The company is party to an omnibus guarantee and set-off agreement registered on 14 November 2016. This contains a fixed charge over its assets and a negative pledge.

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
217,537
225,514
-
-
Other timing differences
-
-
49,582
26,182
217,537
225,514
49,582
26,182
A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
20
Deferred taxation
(Continued)
- 23 -
2025
Movements in the year:
£
Liability at 1 February 2024
199,332
Credit to profit or loss
(31,377)
Liability at 31 January 2025
167,955

The deferred tax asset set out above is expected to reverse within 12 months and relates to provision movements. The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature over time as the assets to which they relate are replaced in the normal course of business.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,903
121,454

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. Contributions amounting to £29,786 (2024: £37,722) were payable to the scheme and are included in creditors.

22
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

Each ordinary share carries one vote, an equal right to dividends and capital (including on a winding up) and is not redeemable.

23
Reserves

Profit and loss reserves includes all current and prior period retained profits and losses.

A.C. ENTERTAINMENT TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
177,341
177,341
Between two and five years
156,797
334,215
334,138
511,556
25
Related party transactions

As the company is a wholly owned subsidiary of A.C. Worldwide Group Limited, the company has taken advantage of the exemption contained in FRS 102 section 33 and has therefore not disclosed transactions or balances with wholly owned subsidiaries of A.C. Worldwide Group Limited. The consolidated financial statements of A.C. Worldwide Group Limited, within which this company is included, can be obtained from the address given in note 26.

26
Ultimate controlling party

The parent company and largest and smallest group in which A.C. Entertainment Technologies Limited is consolidated is A.C. Worldwide Group Limited, a company incorporated in England and Wales. The registered address of the parent company is Centauri House, Sands Industrial Estate, Hillbottom Road, High Wycombe, Buckinghamshire, HP12 4HQ. Copies of the consolidated financial statements can be obtained from this address. The ultimate controlling party is D A Leggett by virtue of his controlling interest in A.C. Worldwide Group Limited.

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