REGISTERED NUMBER: 01682587 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31st December 2024

for

ULO OPTICS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

J Barton

N E Ellis

R M T Lawson

P F Maclennan

K E Barton

REGISTERED OFFICE:

Unit 2 Caxton Place

Caxton Way

Stevenage

Hertfordshire

SG1 2UG

REGISTERED NUMBER:

01682587 (England and Wales)

AUDITORS:

Attenboroughs (Accountants) Limited

Statutory Auditor

1 Tower House

Tower Centre

Hoddesdon

Hertfordshire

EN11 8UR

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture of optical precision Instruments.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J Barton

N E Ellis

R M T Lawson

P F Maclennan

K E Barton

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Attenboroughs (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J Barton - Director

29th May 2026

Opinion

We have audited the financial statements of Ulo Optics Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 31st 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 opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities (non-compliance with laws and regulations), including fraud.

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

We have made enquires of management around actual and potential litigation claims.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We have reviewed the financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.

We have considered the risks of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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 Report of the Auditors.

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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr David Roger Pattman FCCA (Senior Statutory Auditor)

for and on behalf of Attenboroughs (Accountants) Limited

Statutory Auditor

1 Tower House

Tower Centre

Hoddesdon

Hertfordshire

EN11 8UR

29th May 2026

TURNOVER

3,951,589

4,853,161

Cost of sales

2,136,917

3,039,680

GROSS PROFIT

1,814,672

1,813,481

Administrative expenses

1,592,783

1,555,137

221,889

258,344

Other operating income

52,587

115,759

OPERATING PROFIT

4

274,476

374,103

Interest payable and similar expenses

5

101,934

32,104

PROFIT BEFORE TAXATION

172,542

341,999

Tax on profit

6

12,938

87,878

PROFIT FOR THE FINANCIAL YEAR

159,604

254,121

PROFIT FOR THE YEAR

159,604

254,121

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

159,604

254,121

FIXED ASSETS

Tangible assets

8

415,690

366,800

CURRENT ASSETS

Stocks

9

1,163,404

961,472

Debtors

10

2,265,476

2,239,890

Cash at bank

138,714

169,667

3,567,594

3,371,029

CREDITORS

Amounts falling due within one year

11

2,147,303

2,019,485

NET CURRENT ASSETS

1,420,291

1,351,544

TOTAL ASSETS LESS CURRENT LIABILITIES

1,835,981

1,718,344

CREDITORS

Amounts falling due after more than one year

12

(561,645

)

(555,229

)

PROVISIONS FOR LIABILITIES

16

(100,667

)

(87,730

)

NET ASSETS

1,173,669

1,075,385

CAPITAL AND RESERVES

Called up share capital

17

100,000

100,000

Retained earnings

18

1,073,669

975,385

SHAREHOLDERS' FUNDS

1,173,669

1,075,385

The financial statements were approved by the Board of Directors and authorised for issue on 29th May 2026 and were signed on its behalf by:

J Barton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

100,000

968,302

1,068,302

Changes in equity

Dividends

-

(247,038

)

(247,038

)

Total comprehensive income

-

254,121

254,121

Balance at 31st December 2023

100,000

975,385

1,075,385

Changes in equity

Dividends

-

(61,320

)

(61,320

)

Total comprehensive income

-

159,604

159,604

Balance at 31st December 2024

100,000

1,073,669

1,173,669

Cash flows from operating activities

Cash generated from operations

1

379,122

338,548

Interest paid

(61,269

)

(21,376

)

Interest element of hire purchase payments paid

(40,665

)

(10,728

)

Tax paid

(58,455

)

(129,428

)

Net cash from operating activities

218,733

177,016

Cash flows from investing activities

Purchase of tangible fixed assets

(132,032

)

(143,124

)

Net cash from investing activities

(132,032

)

(143,124

)

Cash flows from financing activities

Loan repayments in year

(16,049

)

193,033

Changes in group loan balances

(77,771

)

(204,120

)

Capital repayments in year

17,486

35,107

Amount withdrawn by directors

20,000

80,000

Equity dividends paid

(61,320

)

(247,038

)

Net cash from financing activities

(117,654

)

(143,018

)

Decrease in cash and cash equivalents

(30,953

)

(109,126

)

Cash and cash equivalents at beginning of year

2

169,667

278,793

Cash and cash equivalents at end of year

2

138,714

169,667

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

£

Profit before taxation

172,542

341,999

Depreciation charges

83,140

68,949

Finance costs

101,934

32,104

357,616

443,052

Increase in stocks

(201,932

)

(157,462

)

(Increase)/decrease in trade and other debtors

(8,386

)

247,814

Increase/(decrease) in trade and other creditors

231,824

(194,856

)

Cash generated from operations

379,122

338,548

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

138,714

169,667

Year ended 31st December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

169,667

278,793

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

169,667

(30,953

)

138,714

169,667

(30,953

)

138,714

Debt

Finance leases

(123,786

)

(17,486

)

(141,272

)

Debts falling due within 1 year

(208,804

)

(6,248

)

(215,052

)

Debts falling due after 1 year

(483,163

)

22,298

(460,865

)

(815,753

)

(1,436

)

(817,189

)

Total

(646,086

)

(32,389

)

(678,475

)

1.	STATUTORY INFORMATION

Ulo Optics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised on dispatch.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

1,185,182

1,753,518

Social security costs

129,243

110,757

Other pension costs

65,676

77,586

1,380,101

1,941,861

The average number of employees during the year was as follows:

31/12/24

31/12/23

Office and management

8

5

Production and technical

17

16

Sales and marketing

3

2

28

23

31/12/24

31/12/23

£

£

Directors' remuneration

175,953

148,087

4.	OPERATING PROFIT

The operating profit is stated after charging:

31/12/24

31/12/23

£

£

Other operating leases

2,387

2,946

Depreciation - owned assets

51,967

33,144

Depreciation - assets on hire purchase contracts

31,175

35,804

Auditors' remuneration

13,750

3,750

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Bank loan interest

48,787

18,766

Corporation tax interest

12,482

2,610

Hire purchase

40,665

10,728

101,934

32,104

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

-

68,463

Deferred tax

12,938

19,415

Tax on profit

12,938

87,878

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/24

31/12/23

£

£

Profit before tax

172,542

341,999

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

43,136

80,438

Effects of:

Expenses not deductible for tax purposes

3,582

1,089

Capital allowances in excess of depreciation

(12,938

)

(13,064

)

Group relief

(33,780

)

-

Movement on deferred tax

12,938

19,415

Total tax charge

12,938

87,878

7.

DIVIDENDS

31/12/24

31/12/23

£

£

Interim

61,320

247,038

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2024

1,656,775

172,685

156,169

1,985,629

Additions

87,216

38,239

6,577

132,032

At 31st December 2024

1,743,991

210,924

162,746

2,117,661

DEPRECIATION

At 1st January 2024

1,340,331

129,407

149,091

1,618,829

Charge for year

63,789

10,246

9,107

83,142

At 31st December 2024

1,404,120

139,653

158,198

1,701,971

NET BOOK VALUE

At 31st December 2024

339,871

71,271

4,548

415,690

At 31st December 2023

316,444

43,278

7,078

366,800

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1st January 2024

358,042

Additions

69,424

Transfer to ownership

(115,717

)

At 31st December 2024

311,749

DEPRECIATION

At 1st January 2024

172,688

Charge for year

31,175

Transfer to ownership

(97,289

)

At 31st December 2024

106,574

NET BOOK VALUE

At 31st December 2024

205,175

At 31st December 2023

185,354

9.

STOCKS

31/12/24

31/12/23

£

£

Raw materials

1,163,404

961,472