ACCOUNTS - Final Accounts preparation

An analysis of revenue by class of business is as follows:

Registered number: 01617797

DETECTOR ELECTRONICS (U.K.) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


DETECTOR ELECTRONICS (U.K.) LIMITED

COMPANY INFORMATION

Directors	S M Day
	D G Coldman
	R P Barry


Registered number	01617797


Registered office	Rourke House Office G11
	Watermans Business Park
	The Causeway
	Staines
	England
	TW18 3BA


Independent auditor	Grant Thornton UK LLP
	Chartered Accountants & Statutory Auditor
	Waterloo House
	71 Princess Road West
	Leicester
	LE1 6TR


DETECTOR ELECTRONICS (U.K.) LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 5
Independent Auditor's Report	6 - 10
Statement of Comprehensive Income	11
Balance Sheet	12 - 13
Statement of Changes in Equity	14
Notes to the Financial Statements	15 - 34


DETECTOR ELECTRONICS (U.K.) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their Strategic Report for the Company for the year ended 31 December 2024.

Review of the business

Revenue for the year ended 31 December 2024 amounted to £15,503,000 (2023: £13,489,000). Profit before taxation for the year was £3,363,000 (2023: profit £876,000) and net current assets at the year end amounted to £8,267,000 (2023: £2,407,000).
The principal activity of Detector Electronics (U.K.) Limited (Det-Tronics UK) was the supply of fire and gas detection products into Europe and Africa. There were no significant changes to the Company’s activities during the year.
On 2 July 2024, Sentinel Capital Partners acquired the industrial fire business from Carrier Global Corporation, creating Spectrum Safety Solutions as a new standalone company. This transaction included the established brands of Autronica, Det-Tronics, Marioff and Fireye.
The 2024 change in ownership from Carrier to Private Equity put some strain on the administrative function of the business and burdened it with additional costs, impacting operating profit in the short term. At the same time, while revenue grew, the competitive environment and our taking of some larger lower profit projects impacted our gross profit. Given this, the Directors consider the year-end financial position to be satisfactory. During the year the Company acquired 100% ownership in several subsidiaries which include Det-Tronics France SAS, Industrial Fire Marketing Solutions Middle East L.L.C, FGGS Fire Products & Solutions Private Ltd and Industrial Fire Poland Sp. Z.o.o.
We continued our diversification in 2024 to pursue a variety of market segments in addition to our core Petrochemical, Oil and Gas (POG) and turbines segments. The energy transition continues to allow for growth in key clean energy market verticals and provides the business with opportunity for growth in these areas.
The Directors will remain vigilant of the potential impacts that change in the geopolitical environment may have including changes to the sanctions regimes in various end destinations as well as proposed tariffs from USA and any reciprocation from UK and European governments.

Key performance indicators

The Company's key financial indicators for the year are as follows:

	2024	2023	Change
	£000	£000	%
Revenue	15,503	13,489	14.9
Gross profit	5,154	3,725	38.4
Operating profit	1,063	838	26.8
Operating profit as a % of sales	6.9	6.2	0.7
Net current assets	8,267	2,407	243.5

Principal risks and uncertainties

The management of the business and the execution of the Company's strategy are subject to some risks. More than half the business is sales to the oil and gas industries and demand is influenced by capital investment and ongoing maintenance budgets of the major customers.
The Company is monitoring the oil price and applicable trade and economic sanctions in end destinations such as Russia and China, including sanctioned-party ownership in energy projects. We work hard to understand the potential impact on future revenue streams in the oil industry.

Page 1


DETECTOR ELECTRONICS (U.K.) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial risk management objectives and policies

The Company's activities expose it to a number of financial risks including foreign exchange risk, credit risk, liquidity risk and price risk.
Foreign exchange risk
Prior to being acquired by the new owners the Company managed foreign exchange risk through arrangements with the Carrier group whereby foreign currency that is not required was offered to the group at the spot rate and similarly required foreign currency could be obtained from the group at the spot rate. After being acquired by the new owners the Company manages foreign exchange risk through arrangements whereby excess foreign currency is transferred to the domiciled currency bank account using the daily spot rate offered by the bank.
Credit risk
The Company manages its credit risk in line with its credit control policy, including credit checks, trade references and credit limit reviews.
Liquidity risk
The Company ensures the availability of funding through managing cash flow and access to intercompany funding where required.
Price risk
The Company's price risk arises from competition in the market. The Company minimises this risk by operating in a number of markets with a defined pricing strategy and structure.

This report was approved by the Board and signed on its behalf.

S M Day

Director

Date: 14 May 2026

Page 2


DETECTOR ELECTRONICS (U.K.) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the audited financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of Detector Electronics (U.K.) Limited (Det-Tronics UK) was the supply of fire and gas detection products into Europe and Africa.

Results and dividends

The profit for the year, after taxation, amounted to £3,048,000 (2023: £889,000).

A final dividend of £795,000 was paid in the year (2023: interim dividend of £1,000,000).

Directors

The Directors who served during the year, and up to the date of signing this report, were:

S M Day

L Wang (appointed 1 July 2024, resigned 8 September 2025)

D K Riddle (resigned 13 March 2025)

D G Coldman and R P Barry were appointed as Directors after the year ended on 1 April 2025, and 16 April 2026, respectively.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 101 ‘Reduced Disclosure Framework’). 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 and 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.

Page 3

DETECTOR ELECTRONICS (U.K.) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Qualifying third party indemnity provisions

Prior to being acquired by the new owners the Directors had the benefit of an indemnity provided on a group wide basis via Carrier Global Corporation which is a qualifying third party indemnity provision. The indemnity was in force up to the date of the ownership transition. After being acquired by the new owners, this provision was taken over by Spectrum Safety Solutions Purchaser on a group wide basis. An indemnity was in force throughout the remaining last part of the financial year and also at the date of approval of the financial statements.

Going concern

Profit before taxation for the year was £3,363,000 (2023: profit £876,000) and net current assets at the year end amounted to £8,267,000 (2023: £2,407,000).
The financial statements have been prepared on a going concern basis, which assumes the Company will continue to be able to meet its liabilities as they fall due, within 12 months of the date of approval of these financial statements.

The current economic conditions continue to create uncertainty particularly around revenue and operating profit levels. However, having taken into account reasonably possible changes in trading performance, the Company's currently secured orders, forecasts and projections show that the Company should be able to operate well within the level of its current cash reserves.

On 1 July 2024, Carrier Global Corporation, the Company's ultimate parent, completed the sale of its Industrial Fire business, which includes Detector Electronics (U.K.) Limited, to Sentinel Capital Partners. This strategic transaction is expected to provide enhanced financial resources and operational synergies, positioning the Company for sustainable growth in the future. The management believes that the sale will facilitate continued investment in key areas and support ongoing operations. The Company also received a letter of support from Spectrum Safety Solutions Holdco LLC to support it over the going concern period.

Financial risk management objectives and policies

Details of financial risk management objectives and policies together with an indication of exposure to price risk, credit risk, liquidity risk and cash flow risk can be found in the Strategic Report on page 2 and form part of this report by cross-reference.

Future developments

The Directors of Detector Electronics (U.K.) Limited expect the general level of activity to remain consistent with 2024 in the forthcoming year.

Subsequent events

Details of significant events since the Balance Sheet date are contained in note 27 to the financial statements.

Disclosure of information to auditor

The Directors confirm that:

∙so far as each Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

∙the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 4

DETECTOR ELECTRONICS (U.K.) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, Grant Thornton UK LLP, was appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board and signed on its behalf.

S M Day

Director

Date: 14 May 2026

Page 5

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DETECTOR ELECTRONICS (U.K.) LIMITED

Qualified opinion

We have audited the financial statements of Detector Electronics (U.K.) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the matters described in the basis for qualified opinion section of our report, the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 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 qualified opinion

The Company has not prepared group accounts, but it is not entitled to the exemptions available from the requirement to prepare group accounts. The Company could be exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare group accounts for the year ended 31 December 2024. However, it has not delivered to the registrar, within the time period allowed for filing its accounts, a copy of the parent undertaking’s group financial statements which the Company is included in, and which contains the consolidated annual report and financial statements and the auditor’s report thereon. We note that the parent undertaking’s group financial statements are available from Companies house as referred to in note 2.2 to the financial statements. In addition, were the Company to have prepared group accounts, the strategic report and the Directors’ Report would also need to be amended.
We were not appointed as auditor of the Company until after 31 December 2024 and therefore did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024 in Cedex France, which are included in the balance sheet at £661,585, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.
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.

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DETECTOR ELECTRONICS (U.K.) LIMITED (CONTINUED)

Conclusions relating to going concern

We are responsible for concluding on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Company to cease to continue as a going concern.

In our evaluation of the Directors' conclusions, we considered the inherent risks associated with the Company's business model including effects arising from macro-economic uncertainties such as the current economic environment, we assessed and challenged the reasonableness of estimates made by the Directors and the related disclosures and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.

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 and financial statements, other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report and financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

As described in the Basis for qualified opinion section of our report, our audit opinion is qualified as the Company is not entitled to the exemptions available from the requirement to prepare group accounts set out in the Companies Act 2006. As such, required group disclosures in both the strategic and Directors’ Reports are omitted. Accordingly, we have concluded that the other information is materially misstated with respect to this matter.
Additionally, we were unable to satisfy ourselves concerning the inventory quantities of £661,585 held at 31 December 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Page 7

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DETECTOR ELECTRONICS (U.K.) LIMITED (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

Except for the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006

Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

Matters on which we are required to report by exception

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.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DETECTOR ELECTRONICS (U.K.) LIMITED (CONTINUED)

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

∙We obtained an understanding of the legal and regulatory frameworks applicable to the Company and industry in which it operates. We determined that the following laws and regulations were most significant: Companies Act 2006 and the relevant tax compliance regulations in the United Kingdom;

∙We obtained an understanding of the Company's policies and procedures implemented to prevent and detect non-compliance with laws and regulations by inquiry with management and review of board minutes;

∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

−Challenging assumptions and judgements made by management in its significant accounting estimates, and

−Identifying and testing journal entries.

∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

∙It is the engagement partner’s assessment that the audit team collectively had the appropriate competence and capabilities to identify and recognize non-compliance with laws and regulations based on understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; and;

∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DETECTOR ELECTRONICS (U.K.) LIMITED (CONTINUED)

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.

Jane Jones BSc(Hons) FCA

Senior Statutory Auditor

for and on behalf of Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants

Leicester

14 May 2026

Page 10


DETECTOR ELECTRONICS (U.K.) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£000	£000


Revenue	4	15,503	13,489
Cost of sales		(10,349)	(9,764)
Gross profit		5,154	3,725
Distribution costs		(2,909)	(2,300)
Administrative expenses		(1,182)	(587)
Operating profit	5	1,063	838
Income from shares in group undertakings	9	2,386	-
Interest receivable and similar income	10	16	49
Interest payable and similar expenses	11	(102)	(11)
Profit before tax		3,363	876
Tax on profit	12	(315)	13
Profit for the financial year		3,048	889

Total comprehensive income for the year

3,048

889

There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Comprehensive Income.

The notes on pages 15 to 34 form part of these financial statements.

Page 11


DETECTOR ELECTRONICS (U.K.) LIMITED REGISTERED NUMBER:01617797

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£000		£000


Fixed assets
Intangible assets	14		67		114
Right-of-use assets	15		167		-
Investments	16		7,657		-
Deferred tax asset	22		18		74
			7,909		188
Current assets
Inventories	17	2,909		1,895
Receivables: amounts falling due within one year	18	4,770		3,677
Cash at bank and in hand		1,875		60
		9,554		5,632
Payables: amounts falling due within one year	19	(1,287)		(3,225)
Net current assets			8,267		2,407
Total assets less current liabilities			16,176		2,595
Payables: amounts falling due after more than one year	20		(328)		-
Net assets			15,848		2,595

Capital and reserves
Called up share capital	23	81	80
Share premium account	24	10,999	-
Profit and loss account	24	4,768	2,515
Total equity		15,848	2,595

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

S M Day

Director

Date: 14 May 2026

The notes on pages 15 to 34 form part of these financial statements.

Page 12


DETECTOR ELECTRONICS (U.K.) LIMITED REGISTERED NUMBER:01617797

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

Page 13


DETECTOR ELECTRONICS (U.K.) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 January 2023	80	-	2,626	2,706
Comprehensive income for the year
Profit for the year	-	-	889	889
Total comprehensive income for the year	-	-	889	889
Contributions by and distributions to owners
Dividends paid	-	-	(1,000)	(1,000)
Total transactions with owners	-	-	(1,000)	(1,000)

At 1 January 2024	80	-	2,515	2,595
Comprehensive income for the year
Profit for the year	-	-	3,048	3,048
Total comprehensive income for the year	-	-	3,048	3,048
Contributions by and distributions to owners
Dividends paid	-	-	(795)	(795)
Share premium	1	10,999	-	11,000
Total transactions with owners	1	10,999	(795)	10,205
At 31 December 2024	81	10,999	4,768	15,848

The notes on pages 15 to 34 form part of these financial statements.

Page 14


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Detector Electronics (U.K.) Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 01617797, and its registered head office is located at Rourke House, Office G11, Watermans Business Park, The Causeway, Staines, England, TW18 3BA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

∙the requirements of IFRS 7 Financial Instruments: Disclosures;

∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;

∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness required by paragraph 61(1) of Schedule 1 to the Regulations is presented separately for lease liabilities and other liabilities, and in total;

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

∙the requirements of IAS 7 Statement of Cash Flows; and

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

This information is included in the consolidated financial statements of Detector Electronics Buyer UK Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

Page 15


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Impact of new international reporting standards, amendments and interpretations

The Company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

∙Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants – Amendments to IAS 1;

∙Lease Liability in Sale and Leaseback – Amendments to IFRS 16;

∙Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7; and

∙International Tax Reform – Pillar Two Model Rules – amendments to IAS 12.

The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.5

Going concern

Page 16


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP and all values are rounded to the nearest thousand pounds (£000) except where otherwise stated.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'distribution costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

2.7

Revenue recognition

Revenue is measured at the consideration expected, net of discounts, returns and value-added taxes. Revenue is recognised either over time or at a point in time based on contract terms and Incoterms. The Company recognises revenue when a performance obligation is satisfied by transferring control of goods or service to the customer. The Company enters into written contracts with customers, which include terms of sale, delivery, payment, and warranty. Transaction prices are typically fixed and are allocated to each performance obligation based on the relative standalone selling price. Performance obligations are identified as:

−Delivery of specific products

−Maintenance services

−Shipping and handling

−Field services

−Warranties

−Commissioning

Sale of goods
Revenue from the sale of goods is recognised at a point in time when legal title and control transfer to the customer, and the Company has an enforceable right to payment. A receivable is recognised when the performance obligations are satisfied in accordance with the customer contract. This is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.

Page 17


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Revenue recognition (continued)

Sale of services
The Company provides maintenance and engineering field services generally under fixed price and sometimes variable price contracts. Revenue from providing services is recognised in the accounting period in which the services are rendered. Some contracts include multiple deliverables, such as the sale of equipment and related commissioning services. It is therefore accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price will be allocated to each performance obligation based on the standalone selling prices.
In the case of fixed price contracts, the customer pays the fixed amount based on the invoice due date. If the services rendered by the Company exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.
In the case of variable price contracts, if the contract includes a day rate, revenue is recognised in the amount to which the Company has a right to invoice, this is usually triggered by signed timesheets documented by the engineers on site.
Stage billing contracts
Revenue is recognised at a specific milestone once the goods or service are provided to the customer. Where amounts are received in advance of goods or service being provided, the amounts are recorded as contract liabilities and included as part of payables due within one year.
Returns and refunds
Orders accepted by the Company cannot be cancelled by the customer or deliveries deferred or products returned by the customer except with prior written consent from the Company and upon terms that will indemnify the Company against all losses resulting therefrom, including the profit on any part of the order that is cancelled and subject to the Company standard restocking fees.
Warranties
All sales of products and services by the Company are subject to the Company's Terms and Conditions of Sale which are incorporated into the customer orders. The Company Terms and Condition of Sale does include limited warranty on all products sold up to 18 months and some warranty for specific products are up to 36 and 60 months. Limited warranty is also included for field service whereby the Company agrees to re-perform any field services it has provided which are shown to the satisfaction of the Company to have been performed in a defective or faulty manner.
Returns in relation to warranties are not significant.

Page 18


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Leases

The Company as a lessee
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

Lease payments included in the measurement of the lease liability comprise:

∙fixed lease payments (including in-substance fixed payments), less any lease incentives;

∙variable lease payments that depend on an index or rate, initially measured using the index or
rate at the commencement date;

∙the amount expected to be payable by the lessee under residual value guarantees;

∙the exercise price of purchase options, if the lessee is reasonably certain to exercise the
options; and

∙payments of penalties for terminating the lease, if the lease term reflects the exercise of an
option to terminate the lease.

The lease liability is included in 'Payables' on the Balance sheet.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

Page 19


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Current and deferred taxation

The income tax expense or income for the year is the tax payable on the current year's taxable income. This is based on the national income tax rate enacted or substantively enacted with any adjustment relating to tax payable in previous years and changes in deferred tax assets and 'liabilities' attributable to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applicable when the asset or liability crystallises based on current tax rates and laws that have been enacted or substantively enacted by the reporting date. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary differences to measure the deferred tax asset or liability.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of temporary differences can be deducted. The carrying amount of deferred tax assets are reviewed at each reporting date.

Deferred tax liabilities are generally recognised in full, although IAS 12 'Income Taxes' specifies limited exemptions. As a result of these exemptions the Company does not recognise deferred tax on temporary differences relating to goodwill, or to its investments in subsidiaries. Temporary differences associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Company and it is probable that reversal will not occur in the foreseeable future.

Tax credits will not be recognised until there is a reasonable assurance that the obligations under the tax legislation will be satisfied.

Page 20


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The estimated useful lives range as follows:

Software

8 years straight line basis

2.14

Investments

Investments are initially recognised at acquisition cost, and tested for impairment annually. Management assess for impairment annually at the Balance Sheet date using impairment indicators in accordance with IAS36, indicators include subsidiary losses or insolvency.

2.15

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and costs to be incurred in marketing, selling and distribution. Provision is made for obsolete, slow-moving or defective items where appropriate.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 21


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the receivables, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Judgements
The Directors do not believe there are any critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made in the process of applying the Company's accounting policies.
Estimates
The key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:
Inventory provisioning (see note 17)
The Company supplies, installs and maintains fire and security equipment which are subject to changing customer demands and technological change. As a result it is necessary to consider the recoverability of the cost of the inventory and the associated provisioning required. Management consider the nature and condition of inventory, as well as apply assumptions around expected future demand for the inventory, when calculating the level of inventory provisioning. See note 17 for the net carrying value of inventory and associated provision.

Impairment of trade receivables (see note 18)
The Company makes an estimate of the recoverable value of trade and other receivables. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the age profile of the receivable and historic experience. See note 18 for the net carrying amount of the receivables and the associated impairment provision. To measure the expected credit losses, trade receivables are analysed on the days past due.
Impairment of investments (see note 16)
Management determine whether the Company's investments in subsidiaries have been impaired by testing for indicators of impairment in accordance with IAS 36. Indicators include subsidiary losses or insolvency.

Page 23


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Sales of goods	15,151	12,940
Sale of services	352	549
	15,503	13,489

Analysis of revenue by country of destination:

					2024	2023
					£000	£000

United Kingdom	5,841	4,058
Germany	1,471	744
Italy	3,604	3,814
Netherlands	1,219	12
European Union	2,036	2,294
Rest of world	1,332	2,567
	15,503	13,489

Net foreign exchange losses	209	249
Amortisation of intangible assets	47	62
Other operating lease charges	138	190
Inventory recognised as expense	11,632	9,580
Movement in inventory provision	123	265
Depreciation of right of use assets	22	-

Page 24


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditor for the audit of the Company's financial statements	109	35
Fees payable to the Company's auditor in respect of:
Accounts preparation	3	-
Taxation compliance services	21	-
Advisory services	7	-

Wages and salaries	2,035	1,541
Social security costs	178	179
Cost of defined contribution scheme	142	74
	2,355	1,794

The average monthly number of employees, including the Directors, during the year was as follows:

	2024	2023
	No.	No.

Sales and distribution	25	16
Admin	4	3

	29	19

Page 25


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Directors' remuneration
		2024	2023
		£000	£000

Directors' emoluments	258	239
Company contributions to defined contribution pension schemes	18	16
	276	255

During the year retirement benefits were accruing to 2 Directors (2023: 2) in respect of defined contribution pension schemes.
The highest paid Director received remuneration of £158,000 (2023: £150,000). Prior to the change of ownership there was a long-term incentive scheme in place for which none of the Directors exercised any share options. Under the new ownership the long-term incentive scheme became inactive.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £12,000 (2023: £11,000).

9.	Income from shares in group undertakings
		2024	2023
		£000	£000


	Income from shares in group undertakings	2,386	-

10.	Interest receivable and similar income
		2024	2023
		£000	£000

Bank deposits

11.	Interest payable and similar expenses
		2024	2023
		£000	£000

Bank interest payable	1	-
Interest on intercompany balances	85	11
Interest on lease liabilities	16	-
	102	11

Page 26


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Corporation tax
	Current tax on profits for the year	259	-

Deferred tax
Current year	(7)	(15)
Adjustments in respect of prior year	63	(1)
Impact of rate change	-	3
Total deferred tax	56	(13)


	Tax on profit	315	(13)

Factors affecting tax charge/(credit) for the year The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.5%). The differences are explained below:
	2024	2023
	£000	£000

Profit on ordinary activities before tax

3,363

876

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%)	841	206
Effects of:
Expenses not deductible for tax purposes	6	9
Exempt distributions received from subsidiary	(595)	-
Remeasurement of deferred tax - changes in UK tax rates	-	(1)
Group relief received for nil consideration	-	(228)
Adjustments to tax charge/(credit) in respect of prior years	63	1
Total tax charge/(credit) for the year	315	(13)

Factors that may affect future tax charges
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the Balance Sheet date.

Page 27


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Interim dividend for the year ended 31 December 2023 of £12.50 (2022: £Nil) per ordinary share	-	1,000
	Final dividend for the year ended 31 December 2024 of £9.82 per ordinary share	795	-

14.	Intangible assets

		Software
		£000
	Cost
	At 1 January 2024	496
	At 31 December 2024	496
	Amortisation
	At 1 January 2024	382
	Charge for the year on owned assets	47
	At 31 December 2024	429
	Net book value
	At 31 December 2024	67
	At 31 December 2023	114

Amortisation is charged to administrative expenses.

Page 28


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Right-of-use assets

		Long-term leasehold property
		£000
	Cost or valuation
	Additions	189
	At 31 December 2024	189
	Depreciation
	Charge for the year	22
	At 31 December 2024	22
	Net book value
	At 31 December 2024	167
	At 31 December 2023	-

16.	Fixed asset investments

		Investments in subsidiary companies
		£000
	Cost or valuation
	Acquisition of subsidiaries	7,657
	At 31 December 2024	7,657

	Net book value
	At 31 December 2024	7,657
	At 31 December 2023	-

Page 29


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Fixed asset investments (continued)

Subsidiary undertakings
The following were subsidiary undertakings of the Company:

Name	Registered office	Acquisition date	Purchase price	Class of shares	Holding
Industrial Fire Poland Sp. Z.o.o. (Formerly Bandon Sp. Z.o.o.)	Z Orgraniczona Odpowiedzialno Scia, Ul. Jana Heweliusza 18, 80- 890 Gdansk, Polsk	2 February 2024	3,412,000 PLN	Ordinary	100%
Industrial Fire Marketing Solutions Middle East L.L.C	Office 301 01 and 302 01 Habiya 4, Bridge Towers Postal Code 30791, Dubai, UAE	13 March 2024	2,150,000 AED	Ordinary	99.99%
FGGS Fire Products & Solutions Private Ltd	Unit 1 & 2, 2nd Floor, Imperial Tower, GHMC No. 7-1-617/A, 7-1-615 and 616, TS No. 1 Ward 5, Block, H, in Sy. No. 238 (p) and Sy. No. 242 (p), Ameerpet Village, Hyderabad – 500038, Telangana	2 May 2024	100,100,000 INR	Ordinary	100%
Det-Tronics France SAS	23 rue Alexis de Tocqueville, 92160 Antony	7 May 2024	6,482,164 EUR	Ordinary	100%

17.	Inventories
		2024	2023
		£000	£000

Raw materials and consumables	-	1
Work in progress	67	72
Finished goods and goods for resale	2,842	1,822
	2,909	1,895

Inventories are stated after provisions for impairment of £519,000 (2023: £395,000).
The value of inventories recognised as an expense are £12,000 (2023: £10,000).

Page 30


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Receivables: amounts falling due within one year

					2024	2023
					£000	£000


Trade receivables	4,732	3,318
Amounts owed by group undertakings	1	353
Other receivables	17	-
Prepayments	20	6
	4,770	3,677

Trade receivables are stated after provision for impairment of £516,000 (2023: £254,000).
Amounts owed by group undertakings includes a receivable balance by Kaysail Limited of £Nil (2023: £337,000) at an interest rate of 4.9%. Other amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Trade payables	142	150
Amounts owed to group undertakings	26	2,332
Lease liabilities	109	-
Other payables	337	174
Accruals	489	482
Contract liabilities	184	87
	1,287	3,225

Amounts owed to group undertakings includes a payable balance by Parkview Treasury Services (UK) Limited of £Nil (2023: £586,000) at an interest rate of 4.9%. Other amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
In October 2024, a debenture was granted as part of the post closing process for the transfer of the Company to the new owners. In order for Spectrum group to comply with the Guarantor Coverage Test under the CA, Detector Electronics (U.K.) Limited and its parent Detector Electronics Buyer UK Limited gave guarantees and granted security over their assets in favour of Detector Electronics Buyer US LLC.
There has been a reclass in 2023 figures from accruals to contract liabilities of £87,000. The overall payables balance has not been affected.

Page 31


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Payables: amounts falling due after more than one year
		2024	2023
		£000	£000

Lease liabilities	69	-
Corporation tax	259	-
	328	-

21.	Leases
	Company as a lessee
	The Company has a lease contract for its premises in Rourke House, Watermans Business Park, The Causeway, Staines, TW18 3BA, United Kingdom and its premises in Suite No. 15b, The Beehive Business Centre, Shadsworth Industrial Estate, Lions Drive, Blackburn, Lancashire, BB1 2QS, United Kingdom. Lease contracts contain extension and termination options. The exercise of these options is at the discretion of the Company. The Company entered the lease contract for its premises on 01 October 2024 and 01 December 2024.
	The present value of lease liabilities are due as follows:
		2024	2023
		£000	£000

Within one year	109	-
Between 2 - 5 years	91	-
Future finance charges	(22)	-
	178	-

The discount rate for the lease disclosed was 8.3% (2023: Nil%).
The total cash outflow for leases was £26,000 (2023: £0.00).
The Company has elected to apply the total short-term lease exemption for certain leases, with related costs of was £15,000 (2023: £32,000) recognised in administrative expenses.

Page 32


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	Deferred taxation

	2024	2023
	£000	£000

At beginning of year	74	61
(Charged)/credited to profit or loss	(56)	13
At end of year	18	74

The deferred taxation balance is made up as follows:
	2024	2023
	£000	£000

Other temporary differences

23.	Share capital
		2024	2023
		£000	£000

Allotted, called up and fully paid

81,000 (2023: 80,000) Ordinary shares of £1.00 each	81	80

On 22 July 2024, the Company issued 1000 ordinary shares of £1 each for a total consideration of £11,000 to fund the transfer of shares from Carolyn Holdings BV to Detector Electronics UK Buyer Limited.

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

24.

Reserves

The Company's capital and reserves are as follows:

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Profit and loss account

The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the Company, including distributions to, and contributions from, the parent company.

Page 33


DETECTOR ELECTRONICS (U.K.) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Pension commitments

The Company operates defined contribution retirement benefit schemes for all qualifying employees. The assets of the schemes are held separately from those of the Company in funds under the control of trustees. Where there are employees who leave the schemes prior to vesting fully in the contributions, the contributions payable by the Company are reduced by the amount of forfeited contributions.
The total cost charged to income of £142,000 (2023: £74,000) represents contributions payable to these schemes by the Company at rates specified in the rules of the plans. As at 31 December 2024, contributions of £Nil (2023: £Nil) due in respect of the current reporting year had not been paid over to the schemes.

26.	Related party transactions
	The Company has taken advantage of the exemption conferred by IAS 24 from disclosing transactions and balances with wholly owned group undertakings.

27.	Subsequent events

On 28 May 2025 the Company disposed of the shares in Industrial Fire Poland Sp. Z.o.o. The disposal was for €2,554,000.

On 23 December 2025 the Company purchased the shares of Optronics Technology AS. The breakdown is as follows:
	2024	2023
	£000	£000


Cash consideration	7,949	-
Debt assumption loan	7,226	-
	15,175	-

28.	Controlling party

The Company's immediate parent undertaking is Detector Electronics Buyer UK Limited, a company registered in England and Wales.
The Company's ultimate parent undertaking and controlling party is Sentinel Partners VII, L.P, a company incorporated in the United States of America. Its registered address is located at Sentinel Capital Partners, One Vanderbilt Avenue, 53rd Floor, New York, NY 10017.
Detector Electronics Buyer UK Limited is the smallest and largest group to consolidate these financial statements.

Page 34