REGISTERED NUMBER: 04192399 (England and Wales) |
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WIRELESS CCTV LIMITED |
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GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST JULY 2022 |
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REGISTERED NUMBER: 04192399 (England and Wales) |
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WIRELESS CCTV LIMITED |
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GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST JULY 2022 |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2022 |
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Company Information | 1 |
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Group Strategic Report | 2 | to | 3 |
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Report of the Directors | 4 | to | 5 |
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Report of the Independent Auditors | 6 | to | 9 |
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Consolidated Income Statement | 10 |
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Consolidated Other Comprehensive Income | 11 |
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Consolidated Balance Sheet | 12 |
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Company Balance Sheet | 13 |
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Consolidated Statement of Changes in Equity | 14 |
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Company Statement of Changes in Equity | 15 |
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Consolidated Cash Flow Statement | 16 |
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Notes to the Consolidated Cash Flow Statement | 17 | to | 18 |
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Notes to the Consolidated Financial Statements | 19 | to | 31 |
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WIRELESS CCTV LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JULY 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
3365 The Pentagon |
Century Way |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8ZB |
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BANKERS: |
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13 Parliament Street |
York |
YO1 8RS |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST JULY 2022 |
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The directors present their strategic report of the company and the group for the year ended 31st July 2022. |
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REVIEW OF BUSINESS |
The directors are pleased with the results for the financial year and the group remains in a strong financial position going forward. The directors expect further growth in revenue, gross margin and operating profit over the next 12 months. |
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The results for the year and financial position of the company and the group are as shown in the annexed financial statements. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the group's strategy are subject to a number of risks. |
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The key business risks and uncertainties affecting the group are considered to relate to competition from national and independent providers. |
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The directors are constantly managing risks posed by a volatile global economy. Pressures on equipment availability in supply chain continue to present a risk, mitigated by excellent supplier relations and higher than average stock holding. Rising inflation threatens to impact the organisations cost base but the business continues to review procurement practices and its pricing strategy to new and existing customers. |
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The group has exposure to foreign exchange risk due to the international nature of its operations. |
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KEY PERFORMANCE INDICATORS |
The directors consider revenue, gross profit margin and EBITDA margins to be the core KPIs for the group. EBITDA margin has reduced slightly on the prior year based on investments made across the business in the current year. As part of this investment, employee numbers have increased from 111 to 157 (44%) and the business went through a new system upgrade, providing a more scalable platform for future growth. |
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The directors focus on recurring revenues as an important growth driver and value creator and are pleased this represents 71% of all revenues, a 4% increase on the prior year. Tower utilisation is key to understanding return on investment and future capex requirements. The directors are happy with the current utilisation which is in line with targets. |
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The directors are pleased to report a strong performance across all these KPIs as presented below. |
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KPI | FY2022 | FY2021 | Variance | Growth % |
Revenue | £25,222,723 | £18,634,237 | £6,588,486 | 35.4% |
Gross profit | £15,240,359 | £11,761,305 | £3,479,054 | 29.6% |
Gross profit % | 60.4% | 63.1% | 2.7% | (4.3)% |
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KPI | FY2022 | FY2021 | Variance | Growth % |
EBITDA margin | 33.5% | 36.4% | (2)% | (5.6)% |
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KPI | FY2022 | FY2021 | Variance | Growth % |
Recurring revenue * | 71% | 67% | 4% | 6% |
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KPI | FY2022 | FY2021 | Variance | Growth % |
Utilisation of Tower fleet | 84% | 90% | (6)% | (6.2)% |
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* Recurring revenues are presented as a percentage of total revenues. |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST JULY 2022 |
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FUTURE OUTLOOK |
The group is in a strong financial position with net assets of £16.6 million. |
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The business will continue to focus on growth opportunities and further penetration of its existing client base in the core markets in which it operates, namely the UK and the US. The directors will remain open to potential opportunities further afield should they arise. |
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ON BEHALF OF THE BOARD: |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JULY 2022 |
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The directors present their report with the financial statements of the company and the group for the year ended 31st July 2022. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31st July 2022. |
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RESEARCH AND DEVELOPMENT |
Research and development costs that were either expended to the profit and loss account or recognised as an intangible asset during the year totalled £598,411 (2021: £774,496). |
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DIRECTORS |
The directors during the year under review are: |
T J Williams |
D Gilbertson |
A Haworth |
S J Potkins |
J E Thornhill |
S Nugent |
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FINANCIAL INSTRUMENTS |
The group's financial statements comprise of borrowings such as secured loans, advance receipts in respect of the ordinary activities of the group, cash and liquid resources, finance leases and various other items such as trade debtors and trade creditors that also arise directly from its operations. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
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- | 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. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JULY 2022 |
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AUDITORS |
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WIRELESS CCTV LIMITED |
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Opinion |
We have audited the financial statements of Wireless CCTV Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st July 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st July 2022 and of the group's 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. |
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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 group 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. |
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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. |
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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 group's and the parent 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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
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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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WIRELESS CCTV LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WIRELESS CCTV LIMITED |
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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. |
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Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to health and safety (CHAS) and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). |
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We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates, especially stock provisions and revenue cut off. |
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To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships. |
- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business. |
- Investigated the rationale behind significant or unusual transactions. |
- Challenged assumptions and judgements made by management in determining significant accounting estimates, in particular in relation to stock provisions and revenue cut off. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to: |
- Agreeing financial statements disclosures to underlying supporting documentation. |
- Discussions with management of known or suspected instances of non-compliance with laws and regulations. |
- Reading the minutes of meetings of those charged with governance. |
- Reviewing correspondence with HMRC, relevant regulators including CHAS and the company's legal advisors. |
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At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. |
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There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WIRELESS CCTV LIMITED |
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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. |
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for and on behalf of
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Statutory Auditor |
Chartered Accountants |
3365 The Pentagon |
Century Way |
Thorpe Park |
Leeds |
West Yorkshire |
LS15 8ZB |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2022 |
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2022 | 2021 |
Notes | £ | £ |
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TURNOVER | 3 | 25,222,723 | 18,634,237 |
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Cost of sales | 10,121,352 | 6,872,932 |
GROSS PROFIT | 15,101,371 | 11,761,305 |
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Administrative expenses | 10,196,176 | 7,323,605 |
OPERATING PROFIT | 5 | 4,905,195 | 4,437,700 |
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Interest payable and similar expenses | 6 | 130,988 | 54,174 |
PROFIT BEFORE TAXATION | 4,774,207 | 4,383,526 |
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Tax on profit | 7 | 613,309 | 92,704 |
PROFIT FOR THE FINANCIAL YEAR |
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Profit attributable to: |
Owners of the parent | 4,160,898 | 4,290,822 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST JULY 2022 |
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2022 | 2021 |
Notes | £ | £ |
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PROFIT FOR THE YEAR | 4,160,898 | 4,290,822 |
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OTHER COMPREHENSIVE INCOME |
Exchange adjustments | (139,274 | ) | 86,268 |
Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX |
(139,274 |
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86,268 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,021,624 | 4,377,090 |
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Total comprehensive income attributable to: |
Owners of the parent | 4,021,624 | 4,377,090 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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CONSOLIDATED BALANCE SHEET |
31ST JULY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 2,178,614 | 1,779,414 |
Tangible assets | 10 | 16,080,787 | 9,264,322 |
Investments | 11 | - | - |
18,259,401 | 11,043,736 |
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CURRENT ASSETS |
Stocks | 12 | 4,602,284 | 3,968,267 |
Debtors | 13 | 7,404,870 | 5,720,299 |
Cash at bank and in hand | 2,486,427 | 4,787,943 |
14,493,581 | 14,476,509 |
CREDITORS |
Amounts falling due within one year | 14 | 10,099,667 | 9,235,526 |
NET CURRENT ASSETS | 4,393,914 | 5,240,983 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 22,653,315 | 16,284,719 |
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CREDITORS |
Amounts falling due after more than one year | 15 | (4,891,983 | ) | (3,130,796 | ) |
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PROVISIONS FOR LIABILITIES | 19 | (1,141,256 | ) | (555,471 | ) |
NET ASSETS | 16,620,076 | 12,598,452 |
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CAPITAL AND RESERVES |
Called up share capital | 20 | 230 | 230 |
Retained earnings | 21 | 16,619,846 | 12,598,222 |
SHAREHOLDERS' FUNDS | 16,620,076 | 12,598,452 |
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The financial statements were approved by the Board of Directors and authorised for issue on 9th November 2022 and were signed on its behalf by: |
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T J Williams - Director |
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J E Thornhill - Director |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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COMPANY BALANCE SHEET |
31ST JULY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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Investments | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 15 | ( |
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PROVISIONS FOR LIABILITIES | 19 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Retained earnings | 21 |
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SHAREHOLDERS' FUNDS |
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Company's profit for the financial year | 4,164,121 | 4,535,974 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JULY 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1st August 2020 | 230 | 8,221,132 | 8,221,362 |
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Changes in equity |
Total comprehensive income | - | 4,377,090 | 4,377,090 |
Balance at 31st July 2021 | 230 | 12,598,222 | 12,598,452 |
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Changes in equity |
Total comprehensive income | - | 4,021,624 | 4,021,624 |
Balance at 31st July 2022 | 230 | 16,619,846 | 16,620,076 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JULY 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1st August 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31st July 2021 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31st July 2022 |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2022 |
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2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 7,087,989 | 6,523,478 |
Interest paid | (19,618 | ) | (5,637 | ) |
Interest element of hire purchase payments paid | (111,370 | ) | (48,537 | ) |
Tax paid | 416,726 | (311,737 | ) |
Net cash from operating activities | 7,373,727 | 6,157,567 |
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Cash flows from investing activities |
Purchase of intangible fixed assets | (585,890 | ) | (738,049 | ) |
Purchase of tangible fixed assets | (9,702,424 | ) | (5,716,335 | ) |
Sale of tangible fixed assets | 28,820 | 29,961 |
Net cash from investing activities | (10,259,494 | ) | (6,424,423 | ) |
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Cash flows from financing activities |
Bank loans advanced | 826,446 | - |
Bank loan repayments | (54,023 | ) | (79,180 | ) |
HP contracts financed | 1,946,548 | 3,573,173 |
HP contract repayments | (1,613,870 | ) | (1,819,799 | ) |
Net cash from financing activities | 1,105,101 | 1,674,194 |
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(Decrease)/increase in cash and cash equivalents | (1,780,666 | ) | 1,407,338 |
Cash and cash equivalents at beginning of year | 2 | 4,267,093 | 2,859,755 |
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Cash and cash equivalents at end of year | 2 | 2,486,427 | 4,267,093 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2022 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation | 4,774,207 | 4,383,526 |
Depreciation charges | 3,541,794 | 2,353,066 |
(Profit)/loss on disposal of fixed assets | (3,017 | ) | 15,845 |
Exchange rate adjustments | (356,951 | ) | 169,394 |
Finance costs | 130,988 | 54,174 |
8,087,021 | 6,976,005 |
Increase in stocks | (634,017 | ) | (1,459,960 | ) |
Increase in trade and other debtors | (2,101,297 | ) | (2,109,347 | ) |
Increase in trade and other creditors | 1,736,282 | 3,116,780 |
Cash generated from operations | 7,087,989 | 6,523,478 |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31st July 2022 |
31/7/22 | 1/8/21 |
£ | £ |
Cash and cash equivalents | 2,486,427 | 4,787,943 |
Bank overdrafts | - | (520,850 | ) |
2,486,427 | 4,267,093 |
Year ended 31st July 2021 |
31/7/21 | 1/8/20 |
£ | £ |
Cash and cash equivalents | 4,787,943 | 2,859,755 |
Bank overdrafts | (520,850 | ) | - |
4,267,093 | 2,859,755 |
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WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
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NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2022 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
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Other |
non-cash |
At 1/8/21 | Cash flow | changes | At 31/7/22 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 4,787,943 | (2,301,516 | ) | 2,486,427 |
Bank overdrafts | (520,850 | ) | 520,850 | - |
4,267,093 | (1,780,666 | ) | 2,486,427 |
Debt |
Finance leases | (2,796,812 | ) | (332,678 | ) | - | (3,434,285 | ) |
Debts falling due |
within 1 year | (60,386 | ) | (817,713 | ) | - | (878,099 | ) |
Debts falling due |
after 1 year | (45,290 | ) | 45,290 | - | - |
(2,902,488 | ) | (1,105,101 | ) | - | (4,312,384 | ) |
Total | 1,364,605 | (2,885,767 | ) | - | (1,825,957 | ) |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
1. | STATUTORY INFORMATION |
|
Wireless CCTV Limited is a
|
|
The nature of the group's operations and principal activities are the design, manufacture and sale of Wireless CCTV. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Basis of consolidation |
The group financial statements consolidate the financial statements of Wireless CCTV Limited and all its subsidiary undertakings drawn up to 31st July each year. |
|
The financial statements have been prepared in sterling. All monetary amounts in the financial statements are rounded to the nearest £. |
|
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these key judgements and estimates have been made include the depreciation of fixed assets, the provisions for costs included within accruals and revenue cut off. |
|
Turnover |
Turnover represents the amounts invoiced for goods and services, excluding value added tax or local sales taxes. Reoccurring airtime, warranty and monitoring income is recognised over the period of the contract. |
|
Goodwill |
Goodwill, being the amount paid in connection with the establishment of Wireless CCTV Inc and Wireless CCTV LLC, subsidiaries incorporated in 2015, is to be amortised evenly over its useful life of 10 years. |
|
Other intangible fixed assets |
Other intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
|
Development costs are recognised as an intangible asset when all of the following criteria are demonstrated: |
|
- The technical feasibility of completing the intangible asset so that it will be available for use or sale. |
- The intention to complete the intangible asset and use or sell it. |
- The ability to use the intangible asset or to sell it. |
- How the intangible asset will generate probable future economic benefits. |
- The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. |
- The ability to measure reliably the expenditure attributable to the intangible asset during its development. |
|
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. Intangible assets are amortised over the following useful economic lives: |
|
- Trademarks - 10 years straight line |
- Development costs - 5 to 8 years straight line |
|
If there is an indication that there has been a significant change in amortisation rate or residual value of an intangible asset, the amortisation of that asset is revised prospectively to reflect the new expectations. |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
|
Depreciation is provided to write off the cost less the estimated residual of tangible fixed assets by equal instalments over their estimated useful lives as follows: |
|
Computer equipment, Demo units, Exhibition, Tools, Trial stock | - 20% per annum |
Motor vehicles | - 25% per annum |
NPD stock, Rental stock, Fuel cell stock | - 33% per annum |
Office equipment | - 10% per annum |
Rental towers | -14% per annum |
|
Land, disclosed as freehold property in the accounts is not depreciated given the directors consider its useful life to be infinite. |
|
Stocks |
Stocks are the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. |
|
Financial instruments |
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
|
Research and development |
Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and amortised in line with expected sales/use arising from the projects. All other development costs are written off in the year of expenditure. |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset if there is no reasonable certainty that ownership will be obtained by the end of the lease term. If there is reasonable certainty of ownership at the end of the lease term, assets are depreciated in accordance with the tangible fixed assets accounting policy. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
|
Pension costs |
The pension costs are paid into the individuals own pension schemes. The cost is charged to the profit and loss account. |
|
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
|
Investments |
Investments in subsidiaries are valued at cost less provision for impairment. |
|
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
|
3. | TURNOVER |
|
The turnover and profit before taxation are attributable to the one principal activity of the group. |
|
An analysis of turnover by geographical market is given below: |
|
2022 | 2021 |
£ | £ |
United Kingdom | 19,012,225 | 15,529,650 |
Europe | 523,923 | 31,831 |
United States of America | 5,686,575 | 3,072,756 |
25,222,723 | 18,634,237 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
4. | EMPLOYEES AND DIRECTORS |
|
Group |
2022 | 2021 |
£ | £ |
Wages and salaries | 5,569,214 | 4,081,915 |
Social security costs | 600,129 | 402,690 |
Other pension costs | 143,104 | 111,316 |
6,312,447 | 4,596,191 |
|
Company |
2022 | 2021 |
£ | £ |
Wages and salaries | 4,145,303 | 3,427,657 |
Social security costs | 487,718 | 362,536 |
Other pension costs | 121,031 | 105,394 |
4,754,052 | 3,895,587 |
|
The average number of employees during the year was as follows: |
2022 | 2021 |
|
Directors | 6 | 6 |
Staff | 151 | 105 |
157 | 111 |
|
The average number of employees employed by subsidiary undertakings that are consolidated during the year was 26 (2021: 12). |
|
2022 | 2021 |
£ | £ |
Directors' remuneration | 916,563 | 933,633 |
Directors' pension contributions to money purchase schemes | 43,245 | 44,668 |
|
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc | 200,349 | 212,833 |
Pension contributions to money purchase schemes | 11,250 | 11,250 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2022 | 2021 |
£ | £ |
Hire of plant and machinery | 123,215 | 94,954 |
Depreciation - owned assets | 3,355,104 | 2,179,605 |
(Profit)/loss on disposal of fixed assets | (3,017 | ) | 15,845 |
Goodwill amortisation | 2,641 | 2,640 |
Trademarks amortisation | 10,685 | 8,450 |
Development costs amortisation | 173,364 | 162,371 |
Auditors' remuneration | 68,356 | 33,595 |
Foreign exchange differences | (621,527 | ) | 231,829 |
Research and development expenditure | 28,285 | 54,255 |
|
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Interest payable | 19,618 | 5,637 |
Hire purchase | 111,370 | 48,537 |
130,988 | 54,174 |
|
7. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
Prior year tax under/(over) |
provision | - | (258,006 | ) |
|
Deferred tax | 613,309 | 350,710 |
Tax on profit | 613,309 | 92,704 |
|
UK corporation tax was charged at 19 %) in 2021. |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
7. | TAXATION - continued |
|
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: |
|
2022 | 2021 |
£ | £ |
Profit before tax | 4,774,207 | 4,383,526 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 -
19 %) |
907,099 |
832,870 |
|
Effects of: |
Expenses not deductible for tax purposes | 32,634 | 4,592 |
Capital allowances in excess of depreciation | (371,842 | ) | (54,159 | ) |
Adjustments to tax charge in respect of previous periods | (21,189 | ) | (254,907 | ) |
Trade losses carried back | - | 250,156 |
Enhanced reliefs | (85,784 | ) | (113,675 | ) |
Subsidiary losses | 111 | 46,077 |
Adjusted rates on deferred tax | 152,280 | 180,330 |
Relief on EMI share options | - | (798,580 | ) |
|
Total tax charge | 613,309 | 92,704 |
|
Tax effects relating to effects of other comprehensive income |
|
2022 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustments | (139,274 | ) | - | (139,274 | ) |
|
2021 |
Gross | Tax | Net |
£ | £ | £ |
Exchange adjustments | 86,268 | - | 86,268 |
|
8. | INDIVIDUAL INCOME STATEMENT |
|
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
|
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
9. | INTANGIBLE FIXED ASSETS |
|
Group |
Development |
Goodwill | Trademarks | costs | Totals |
£ | £ | £ | £ |
COST |
At 1st August 2021 | 26,403 | 94,742 | 2,394,453 | 2,515,598 |
Additions | - | 15,764 | 570,126 | 585,890 |
At 31st July 2022 | 26,403 | 110,506 | 2,964,579 | 3,101,488 |
AMORTISATION |
At 1st August 2021 | 13,201 | 32,109 | 690,874 | 736,184 |
Amortisation for year | 2,641 | 10,685 | 173,364 | 186,690 |
At 31st July 2022 | 15,842 | 42,794 | 864,238 | 922,874 |
NET BOOK VALUE |
At 31st July 2022 | 10,561 | 67,712 | 2,100,341 | 2,178,614 |
At 31st July 2021 | 13,202 | 62,633 | 1,703,579 | 1,779,414 |
|
Company |
Development |
Trademarks | costs | Totals |
£ | £ | £ |
COST |
At 1st August 2021 |
|
|
|
Additions |
|
|
|
At 31st July 2022 |
|
|
|
AMORTISATION |
At 1st August 2021 |
|
|
|
Amortisation for year |
|
|
|
At 31st July 2022 |
|
|
|
NET BOOK VALUE |
At 31st July 2022 |
|
|
|
At 31st July 2021 |
|
|
|
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
10. | TANGIBLE FIXED ASSETS |
|
Group |
Plant and |
Land and | machinery | Motor | CCTV |
buildings | etc | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st August 2021 | 249,821 | 2,406,523 | 825,857 | 12,023,179 | 15,505,380 |
Additions | - | 891,990 | 463,640 | 8,651,589 | 10,007,219 |
Disposals | - | (1,124 | ) | (112,842 | ) | (8,616 | ) | (122,582 | ) |
Exchange differences | - | 12,042 | 16,717 | 201,367 | 230,126 |
At 31st July 2022 | 249,821 | 3,309,431 | 1,193,372 | 20,867,519 | 25,620,143 |
DEPRECIATION |
At 1st August 2021 | - | 1,538,456 | 275,234 | 4,427,368 | 6,241,058 |
Charge for year | - | 262,730 | 198,732 | 2,893,642 | 3,355,104 |
Eliminated on disposal | - | (219 | ) | (94,420 | ) | (2,140 | ) | (96,779 | ) |
Exchange differences | - | 5,140 | 4,107 | 30,726 | 39,973 |
At 31st July 2022 | - | 1,806,107 | 383,653 | 7,349,596 | 9,539,356 |
NET BOOK VALUE |
At 31st July 2022 | 249,821 | 1,503,324 | 809,719 | 13,517,923 | 16,080,787 |
At 31st July 2021 | 249,821 | 868,067 | 550,623 | 7,595,811 | 9,264,322 |
|
Included in the total net book value of tangible fixed assets was £4,078,002 (2021: £3,004,916) in respect of assets held under finance leases. |
|
Company |
Plant and |
Land and | machinery | Motor | CCTV |
buildings | etc | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st August 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) | ( |
) | ( |
) | ( |
) |
At 31st July 2022 |
|
|
|
|
|
DEPRECIATION |
At 1st August 2021 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) | ( |
) | ( |
) |
At 31st July 2022 |
|
|
|
|
|
NET BOOK VALUE |
At 31st July 2022 |
|
|
|
|
|
At 31st July 2021 |
|
|
|
|
|
|
Included in the total net book value of tangible fixed assets was £4,078,002 (2021: £3,004,916) in respect of assets held under finance leases. |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
11. | FIXED ASSET INVESTMENTS |
|
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st August 2021 |
and 31st July 2022 |
|
NET BOOK VALUE |
At 31st July 2022 |
|
At 31st July 2021 |
|
|
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
Subsidiaries |
|
|
Registered office: 851 International Parkway, Suite 140, Richardson, Dallas, Texas, 75081, U.S.A. |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
Registered office: 851 International Parkway, Suite 140, Richardson, Dallas, Texas, 75081, U.S.A. |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
A 100% subsidiary of Wireless CCTV Inc. |
|
|
Registered office: 6b Upper Water Street, Newry, Northern Ireland, BT34 1DJ |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
12. | STOCKS |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Stocks | 4,602,284 | 3,968,267 |
|
|
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 5,990,012 | 3,996,995 |
|
|
Amounts owed by group undertakings | 15,889 | - |
|
|
Other debtors | 57,354 | 29,276 |
|
|
Directors' current accounts | 111,570 | 45,074 | - | - |
Corporation tax | - | 416,726 |
|
|
VAT | - | - |
|
|
Prepayments and accrued income | 1,230,045 | 1,232,228 |
|
|
7,404,870 | 5,720,299 |
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 878,099 | 581,236 |
|
|
Hire purchase contracts (see note 17) | 1,481,190 | 1,266,559 |
|
|
Trade creditors | 3,133,486 | 1,835,429 |
|
|
Amounts owed to group undertakings | 158,415 | 359,509 |
|
|
Social security and other taxes | 131,333 | 98,235 |
|
|
VAT | 7,688 | 1,328,475 | - | 1,319,123 |
Other creditors | 17,410 | - |
|
|
Amounts owed to related parties | 18,019 | 18,456 | 18,019 | 18,456 |
Deferred income | 2,667,174 | 2,568,299 |
|
|
Accruals | 1,606,853 | 1,179,328 |
|
|
10,099,667 | 9,235,526 |
|
|
|
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans (see note 16) | - | 45,290 |
|
|
Hire purchase contracts (see note 17) | 1,953,095 | 1,530,253 |
|
|
Deferred income | 2,938,888 | 1,555,253 |
|
|
4,891,983 | 3,130,796 |
|
|
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
16. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 520,850 |
|
|
Bank loans | 878,099 | 60,386 |
|
|
878,099 | 581,236 |
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years | - | 45,290 |
|
|
|
17. | LEASING AGREEMENTS |
|
Company and Group |
|
Hire purchase contracts |
|
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 1,481,190 | 1,266,559 |
Between one and five years | 1,953,095 | 1,530,253 |
3,434,285 | 2,796,812 |
|
Group |
|
Non-cancellable operating leases |
|
|
Land and
Buildings |
|
Other |
|
Land and
Buildings |
|
Other |
2022 | 2022 | 2021 | 2021 |
£ | £ | £ | £ |
Within one year | 384,263 | 57,829 | 207,785 | 53,264 |
Between one and five years | 1,540,914 | 48,307 | 572,531 | 34,266 |
1,925,177 | 106,136 | 780,316 | 87,530 |
|
Company |
|
Non-cancellable operating leases |
|
|
Land and
Buildings |
|
Other |
|
Land and
Buildings |
|
Other |
2022 | 2022 | 2021 | 2021 |
£ | £ | £ | £ |
Within one year | 340,644 | 57,829 | 207,785 | 53,264 |
Between one and five years | 679,832 | 48,307 | 572,531 | 34,266 |
1,020,476 | 106,136 | 780,316 | 87,530 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
18. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank overdrafts | - | 520,850 |
|
|
Bank loans | 878,099 | 105,676 |
|
|
Hire purchase contracts | 3,434,285 | 2,796,812 | 3,434,285 | 2,796,812 |
4,312,384 | 3,423,338 |
|
|
|
Security on the hire purchase contracts is held on the assets to which they relate. |
|
Security on the bank loan is in the form of a fixed charge over the leasehold property and a fixed and floating charge over the assets of the company. |
|
Security on the overdraft facility is in the form of a group set off held by the bank. |
|
19. | PROVISIONS FOR LIABILITIES |
|
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 1,141,256 | 555,471 |
|
|
|
Group |
Deferred |
tax |
£ |
Balance at 1st August 2021 | 555,471 |
Movement in year | 613,309 |
Exchange adjustments | (27,524 | ) |
Balance at 31st July 2022 | 1,141,256 |
|
Company |
Deferred |
tax |
£ |
Balance at 1st August 2021 |
|
Movement in year | 613,309 |
Balance at 31st July 2022 |
|
|
20. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | 1 | 230 | 230 |
WIRELESS CCTV LIMITED (REGISTERED NUMBER: 04192399) |
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2022 |
|
|
21. | RESERVES |
|
Group |
Retained |
earnings |
£ |
|
At 1st August 2021 | 12,598,222 |
Profit for the year | 4,160,898 |
Exchange adjustments | (139,274 | ) |
At 31st July 2022 | 16,619,846 |
|
Company |
Retained |
earnings |
£ |
|
At 1st August 2021 |
|
Profit for the year |
|
At 31st July 2022 |
|
|
Retained earnings- This reserve records accumulated profits. |
|
22. | ULTIMATE PARENT COMPANY |
|
The company is a subsidiary undertaking of the intermediate holding company WCCTV Limited. The ultimate parent company is WCCTV Group Limited, a company incorporated in the UK. |
|
23. | RELATED PARTY DISCLOSURES |
|
During the year ended 31st July 2022 Wireless CCTV Limited received net tangible products and services of £182,883 (2021: £354,584) from a company in which a director of Wireless CCTV Limited is also a director. |
|
At 31st July 2022 Wireless CCTV Limited owed £18,019 (2021: £18,456) to a company in which a director of Wireless CCTV Limited is also a director. |
|
During the year ended 31st July 2022 Wireless CCTV Limited paid for rent and services of £105,154 (2021: £127,055) to a pension scheme in which some of the directors have a material interest. At 31st July 2022 Wireless CCTV Limited owed the pension scheme £Nil (2021: £Nil). |
|
At 31st July 2022, £111,570 was owed by a director to the group (2021: £45,074). The maximum amount owed to the group during the year was £111,570. |
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24. | PENSION SCHEME |
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The group contributes to defined contribution pension schemes. The pension cost charged for the year represents contributions payable by the group to the schemes and amounted to £143,104 (2021: £111,316). |
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There were outstanding contributions payable to the schemes as at 31st July 2022 of £17,410 (2021: £Nil). |