ShopperTrak_Limited - Accounts

The directors present their Strategic report on the company, for the year ended 30 September 2022.

The company is a leading provider of pedestrian counting systems and supplies management information and analysis to clients based on the data recorded by those systems. The company serves mainly retailers, malls and entertainment venues.

The results for the year are given in the Statement of comprehensive income on page 10. Turnover decreased by £1.5 million to £8.7 million in 2022 (2021: £10.2 million). The reduction in revenue is primarily attributable to a decrease in hardware sales from fellow group undertakings.  Due to the UK exit from the EU fellow group undertakings are now purchasing this hardware from our fellow ShopperTrak company in Germany. Furthermore, a number of contracts were terminated by customers which generated recurring revenue. Although a number of these contracts have been replaced by  contracts with new customers, the net movement has a resulted in a reduction in turnover year on year.  The operating profit has therefore been impacted as a result of this and we have seen a reduction by £2.7 million to an operating loss of £0.6 million (2021: £2.2 million profit). The most significant contributing factors that have led to the decrease in operating profit are the reduction in trading activity noted above and an impairment of fixed assets investments of £2.3 million.

In September 2022 the company purchased additional shares in its subsidiary ShopperTrak France SARL for £2.1million. This was undertaken in order to provide liquidity for the working capital requirements of the subsidiary.  As part of the year end impairment assessments carried out as at 30 September 2022 the directors concluded that the carrying value of the investment in this subsidiary was not supportable. As a result an impairment was recognised of £2.3 million.

The Statement of financial position shows that the net assets of the company decreased by £0.6 million in the year. At the year end, net assets were £4.3 million (2021: £4.9 million).

ShopperTrak Limited operates as part of Johnson Controls International plc's (JCI) Building Technologies & Solutions division in Europe, Middle East and Africa division, and benefits from research and development conducted primarily in other JCI companies.

The directors are not aware, at the date of this report, of any likely major changes in the company's activities in the next year.

The market continues to be highly competitive in all areas of operation of the company. The company will continue to focus on key account management of its customers, enabling it to retain contracts and secure additional project work. The company will also continue to use its knowledge, products, expertise and solutions to expand its installation base. Customer service is key to the success of the business and the company has continued invested significantly in this area with the goal of ensuring the highest level of service possible.

Any of the following could materially and adversely impact the results of operations of our business, delays or difficulties in new product development; the introduction of similar or superior technologies; financial instability or market declines of our major customers or component suppliers; a significant decline in the construction of new commercial buildings requiring interior control systems; changes in energy costs  or governmental regulations that would decrease the incentive for customers to update or improve their interior control systems and increased energy efficiency legislation requirements. All of these are mitigated through regular review by the directors.

The company requires risk management and operational policies and procedures to be implemented in all areas of the business. Furthermore, there is a robust supervision structure which allows management to account for the delivery of the company's contracts and to oversee relationships with its key stakeholders.

The directors consider cybersecurity threats and incidents range from individual attempts to gain unauthorised access to IT systems to advanced persistent threats, directed at the company, our products, customers and/or third party service providers. The potential consequences of a material cybersecurity incident include financial loss, reputational damage, litigation with third parties, theft of intellectual property, fines levied by the authority, diminution in the value of investment in research and development and increased protection and remediation costs. This could adversely affect competitiveness and results of operations of the business.

The company deploys measures to deter, prevent, detect, respond to and mitigate these threats, including identity and access controls, data protection, product software designs, continuous monitoring of IT networks and systems and maintenance of backup and protective systems.   Subsequent to the year ended 30 September 2022, the company was informed by the parent entity, Johnson Controls International plc (“JCI”), that disruptions were experienced in portions of its internal information technology infrastructure and applications resulting from a cybersecurity incident. For further information on this matter please see note 22.

The business is directly impacted by the effects of climate change. The directors recognise that timely adoption of comprehensive energy and climate legislation will reduce economic and regulatory uncertainty and allow the company to better manage both risks and opportunities related to climate change. These uncertainties include emission reduction requirements, energy price volatility, energy-intensive materials pricing, and the impact of building efficiency codes, standards and incentives.

The highest priority action put in place by the group as a whole is to improve energy efficiency in buildings and vehicles which represent the fastest, cleanest and most cost-effective way to reduce greenhouse gas emissions. Our products and services involve promoting energy efficiency and fire and security in buildings; and helping our customers find ways to improve their energy consumption. This encourages consumer behaviour changes to better appreciate the benefits of such products and services. In addition the company continues to support a variety of market-based approaches to regulating carbon emission.

In the normal course of business, the company is subject to various legal proceedings and claims, including product and general liability matters, environmental matters, patent infringement claims, employment disputes, disputes on agreements and other commercial disputes.

In an attempt to reduce this risk, company has insurance arrangements with its ultimate parent entity in order to limit the liability payable by the company.

The directors do not foresee any substantial impact on business operations from the ongoing conflict between Russia and Ukraine. However, they will continue to monitor the situation and take appropriate action if required.

The company requires risk management and operational policies and procedures to be implemented in all areas of business.

Subsequent to the year ended 30 September 22, the company was informed by the parent entity, Johnson Controls International plc (“JCI”), that disruptions were experienced in portions of its internal information technology infrastructure and applications resulting from a cybersecurity incident. Promptly after detecting the issue, JCI began an investigation with assistance from leading external cybersecurity experts and is also coordinating with its insurers. JCI continues to assess what information was impacted and is executing its incident management and protection plan, including implementing remediation measures to mitigate the impact of the incident, and will continue taking additional steps as appropriate. To date, many of JCI's application are largely unaffected and remain operational. To the extent possible, and in line with its business continuity plans, JCI implemented workarounds for certain operations to mitigate disruption and continue servicing its customers. However, the incident has caused, and is expected to continue to cause, disruption to parts of JCI's business operations.

The directors have received confirmation that the appropriate entity within the Johnson Controls group intends to support the company for at least one year after the financial statements are signed. The directors are therefore of the opinion that preparing the financial statements on the going concern basis is appropriate.

The company's activities expose it to a number of financial risks including credit risk, exchange rate risk, liquidity,  interest rate risk and price risk . The company does not use derivative financial instruments.

The company's principal financial assets are bank balances and cash, trade and other debtors. The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the Statement of financial position are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

The company's policy is to use financial institutions authorised by Johnson Controls International plc who actively manage the global banking facilities. All cash held on deposit is pooled at a European level to mitigate risk.

Potential exposure to currency exchange rate fluctuations is managed internally within the Johnson Controls International Group PLC treasury function. The Group enter into forward exchange contracts on behalf of the company to the value of its future multi-currency cash flows. Consequently, exchange rate risk is not significant.

Cash balances held with external institutions form part of the Johnson Controls International plc group global cash pool arrangement which minimizes any interest rate exposure. If funding is required, then this is achieved by either an internal loan from a Johnson Controls International plc group company or through cash pooling arrangements. As a result, interest rate risk is largely managed as there is no external funding requirement at year end. All Group risk is closely managed by the corporate risk management team, which is controlled by the ultimate parent company Johnson Controls International plc.

The directors recognise the price risk associated with the fire market and in particular product costs that are effected by changing foreign exchange rates and global commodity prices. The business will look to change selling prices to reflect market conditions where possible.

Johnson Controls International plc is a global market leader and therefore has adopted a uniform approach to managing Environmental, Health and Safety (“EHS”) matters by following the principles and guidance contained in both international standards ISO 14001 and OHSAS 18001. All parts of the corporation are expected to demonstrate that the requirements of these two key standards are covered in their country based EHS management system.

The organisation has clear management and functional lines with detailed responsibilities at all levels, which ensure hazards and risks are properly identified and controlled through effective management processes and performance related objectives and targets.

The following directors served during the year and up to the date of signing this report, unless otherwise stated

N Wooding (appointed 14 August 2023)

M Ayre (resigned 18 August 2023)

N Pompa

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The group also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its directors.

The directors are responsible for preparing the Annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” 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 year. In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable United Kingdom Accounting Standards, comprising FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements;

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 safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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.

The auditors, PricewaterhouseCoopers, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the next Directors' Board Meeting.

On behalf of the Board

The financial statements on pages 10 to 31 were approved by the Board of directors on and were signed on its behalf by:

ShopperTrak Limited is a private company limited by shares, domiciled and incorporated in the United Kingdom under the Companies Act 2006. The address of its registered office is Security House, The Summit, Hanworth Road, Sunbury On Thames, Middlesex, United Kingdom, TW16 5DB.

The company provides pedestrian counting systems and supplies management information and analysis to clients based on the data recorded by those systems.

These financial statements have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102) and in accordance with the Companies Act 2006.

The principal accounting policies, which have been applied in the preparation of these financial statements are set out below. These policies have been consistently applied to both years/periods  presented, unless otherwise stated. The company has applied FRS 102 in these financial statements.

These financial statements are prepared on the going concern basis, under the historical cost convention.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant in these financial statements are disclosed in note 4.

In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements on the basis that the information is provided in the consolidated financial statements of Johnson Controls International plc, which is registered in Cork Ireland.  Johnson Controls International plc prepares consolidated financial statements which are publicly available and can be obtained from the address given in note 23.

Reconciliation of the opening and closing number of shares;

Presentation of a Statement of Cash Flow and related notes and disclosures;

Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in the statement of comprehensive income;

Disclosures are included in the consolidated financial statements of the group;

Paragraphs 33.7 and 33.1A, Disclosure of compensation for key management personnel and related party transactions.

The company is exempt from the requirement to prepare and deliver consolidated financial statements under the provisions of Section 401 of the Companies Act 2006 as it is a wholly owned subsidiary undertaking of Johnson Controls International plc, which is registered in Cork, Ireland and which itself prepares consolidated financial statements which are publicly available and can be obtained from the address given in note 23.  Accordingly consolidated financial statements have not been prepared and the financial information presented for the current year is for the company as an individual undertaking.

The financial statements have been prepared on the going concern basis, notwithstanding net assets of £4.3 million (2021: £4.9 million) which the directors believe to be appropriate for the following reason.  Johnson Controls International plc has provided the company with an undertaking that for at least 12 months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to settle obligations as they fall due.

The company's functional and presentational currency is the pound sterling because the majority of its' economic flows are in pound sterling.

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Turnover represents the amount receivable for goods supplied or services rendered, net of discounts and value added taxes. Turnover comprises the provision of pedestrian counting systems and the supply of management information and analysis from those systems (excluding VAT) performed in the normal course of business. An appropriate estimate of profit attributable to work completed is recognized once the outcome of a client contract can be assessed with reasonable certainty. Amounts received in advance of the delivery of products or performances of services are classified as deferred income.

The tax charge represents the sum of the current tax charge and deferred tax charge.

Current tax is the amount of income tax payable in respect of the taxable profits for the year or prior years at the standard effective rate of corporation tax in the UK.

Taxable profits differ from comprehensive income in that, it excludes items of income or expense that are taxable or deductible in other periods. Tax deferred or accelerated as a result of timing differences between the treatment of certain items for taxation and for accounting purposes is provided in full with certain exceptions.  Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured at rates that are expected to apply in the periods which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the date of the statement of financial position.  Deferred tax is measured on an undiscounted basis.

Deferred tax is recognised on income or expenses from subsidiaries, associates, branches and interests in jointly controlled entities, that will be assessed to or allow for tax in a future period except where the company is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future.

Costs that are directly associated with the production of identifiable and unique software products that will generate economic benefits beyond one year are recognised as intangible assets. These internally generated software costs are amortised on a straight-line basis over a period of five years. Purchased software is amortised on a straight-line basis over a period of five years.

Other costs associated with developing or maintaining computer software programs are recognised as an expense as incurred

Intangible assets relate to licenses, software development costs and technology architecture development costs which are stated at historical cost. The development costs consist of internal and external labour costs together with related expenses. The useful economic life of internally developed software is estimated to be 10 years.

As the waves of deployment of the software are completed, the units which are capitalised are depreciated over a basis so as to ensure that they are fully written down at the end of the useful economic life which commenced with the first deployment.

Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's net realisable value and its value in use. Reversals of impairment are recognised were there are indicators.

Tangible assets are stated at cost, which is the original purchase price plus incidental expenses, less accumulated depreciation. Depreciation is calculated to write off the cost, less estimated residual value of each asset evenly over its expected useful economic life, as follows:

Fixtures, fittings, tools and equipment

3-5 years

Plant and machinery

3-5 years

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Assets under construction are stated at cost and not depreciated until they are brought into service.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Payments under operating leases are charged to the Statement of comprehensive income on a straight line basis over the period of the lease.

Inventories are stated at the lower of cost and net realisable value. Cost is calculated as a weighted average cost. Net realisable value is the price at which stock can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for slow moving, obsolete or defective stock.

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, it is reduced to its estimated selling price less costs to complete and sell and an impairment charge is recognised in the Statement of comprehensive income. Where an impairment charge is reversed, up to the original impairment loss, a credit is recognised in the Statement of comprehensive income.

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts.  Bank overdrafts are shown in creditors due within one year.

Cash held as part of the global cash pooling arrangements is shown in amounts owed by group undertakings.

Bank overdrafts are shown in creditors due within one year and include cash held on deposit with banks and bank overdrafts. Both cash held on deposit and bank overdrafts are with one external bank and so these balances are offset. Where the overdrafts exceed the cash held on deposit the net balance is shown as bank overdrafts. When the deposits exceed the overdrafts, the net balance is shown as cash and cash equivalents in current assets.

Basic financial assets, including debtors, cash and bank balances and amounts owed by group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method and are assessed annually for objective evidence of impairment. Any impairment loss or reversal of an impairment loss is recognised in the Statement of comprehensive income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, the control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade creditors and other payables, bank loans and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classed as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Fixed assets investments are stated at cost plus incidental expenses less provisions for impairment in value. The company reviews the carrying value of investments when there has been an indication of potential impairment annually. If it is determined that the carrying value exceeds the recoverable amount, the excess is written off to the Statement of comprehensive income.

The calculations for determining the carrying value of investments involves the use of estimates including projected future cash flows and other future events.

Income from fixed asset investments is recognised when distributions are declared from the company's investment.

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements, defined contribution pension plans. Short term benefits, including annual bonus, holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

The company operates an annual bonus plan for employees. An expense is recognised in the Statement of comprehensive income in the financial year for which the bonus is payable, when a reliable estimate of the obligation can be made.

The company operates a defined contribution pension scheme for the benefit of its employees, the assets of which are held separately from those of the company in independently administered funds. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Statement of financial position.

Interest income is recognised in the period to which it relates regardless of when it is received.

Other income is measured at the fair value of the consideration received or receivable, net of value added taxes. It is recognised when it is probable that the economic benefits associated with the transaction will flow to the company, and the amount of the income can be measured reliably.

The company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying value of assets and liabilities with the next financial year are addressed below:

At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, it is reduced to its estimated selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where an impairment charge is reversed, up to the original impairment loss, a credit is recognised in the Statement of comprehensive income.

See note 15 for the net carrying amount of the inventory, the inventory provision totalled £26,505 at the balance sheet date (2021: £104,459).

The company makes an estimate of the recoverable value of trade and other debtors. When assessing this impairment of trade debtors, the company considers the ageing profile of debtors, any changes to the credit ratings of customers and historical experience.

See note 16 for net carrying amount of debtors; the debtor provision totalled £456,499 at the balance sheet date (2021: £494,359).

As per the accounting policy fixed asset investments are reviewed for indicators of impairment. The value-in-use (VIU) of relevant groups of income generating units (IGUs) for impairment testing purposes is determined using current market values. These calculations involve the use of estimates including projected future cashflows and other future events.

See note 14 for the net carrying amount of investments; there is a total provision for impairment of £2.4 million (2021: £121,207).

During the period one (2021: one) director did not receive remuneration through the company as their services as directors of the company were incidental to the other services within the Johnson Controls International plc group of companies. Directors' remuneration costs were borne by other members of the Johnson Controls International plc group of companies. It was not possible to determine an allocation of costs to this company.

In September 2022 the company purchased additional shares in its subsidiary ShopperTrak France SARL for £2.1million. This was undertaken in order to provide liquidity for the working capital requirements of the subsidiary.  As part of the year end impairment assessments carried out as at 30 September 2022 the directors concluded that the carrying value of the investment in this subsidiary was not supportable. As a result an impairment was recognised of £2.3 million

The tax assessed for the year is higher (2021: lower) than the standard rate of corporation tax in the United Kingdom of 19% (2021:19%). The differences are explained below:

The rate of UK corporation tax is currently 19%. In its 2021 Spring Budget, the UK government accounted that, from 1 April 2023, the corporation tax rate will increase to 25%. This was substantively enacted for UK GAAP purposes on 10 June 2021.

Temporary differences at the Statement of financial position date have been measured using the enacted deferred tax rate of 25% and reflected in these financial statements.

In September 2022 the company purchased additional shares in its subsidiary ShopperTrak France SARL for £2.1million. This was undertaken in order to provide liquidity for the working capital requirements of the subsidiary.  As part of the year end impairment assessments carried out as at 30 September 2022 the directors concluded that the carrying value of the investment in this subsidiary was not supportable. As a result an impairment was recognised of £2.3 million

Included in amounts owed by group undertakings is £nil (2021: £6,341,275) in relation to amounts transferred to group undertakings under a zero balance pooled bank agreement with Barclays Bank Plc. As at 30 September 2022 the same balance is a creditor and thus included in amounts owed to group undertakings. Please see note 17 for more information. Other amounts owed by group undertakings are unsecured, interest free, and repayable on demand.

Trade debtors are stated after provision for impairment of £456,499 (2021: £494,359).

The Johnson Controls International plc group has a cash pooling arrangement with Bank Mendes Gans ("BMG") which manages the funding requirement for EMEA group companies. BMG balances are unsecured, repayable on demand and interest rates are set and calculated daily for each currency. Overdraft rates are equal to overnight base rates + 0.98% margin. The bank overdrafts form part of this cash pooling arrangement.

Included in amounts owed to group undertakings is £701,835 (2021: debtor balance as seen in note 16) in relation to amounts transferred to group undertakings under a zero balance pooled bank agreement with Barclays Bank Plc in which interest may arise at +0.83% above bank rate. Each member of the pooled bank group is jointly and severally liable to the bank for overdrawn balances within the pool, the net positive position of which was £1,374,007,952 (2021: £624,358,931) on 30 September 2022.

All shares carry equal dividend and voting rights. On sale, flotation or winding up, A ordinary, new A ordinary and B ordinary shares have preferential payment rights: these shares are equity shares as their distribution rights are not limited to specific amounts.

The merger reserve relates to the acquisition of ShopperTrak RCT Limited's trade and assets by the company in July 2017. The reserve comprises the £7.3 million consideration paid plus £1.3 million of net liabilities acquired.

The company participates in a group defined contribution pension scheme. Company contributions of £171,769 (2021: £185,591) were paid into the scheme during the year. £64,075 (2021: £94,655) of contributions were included in creditors at the year-end.

Subsequent to the year ended 30 September 22, the company was informed by the parent entity, Johnson Controls International plc (“JCI”), that disruptions were experienced in portions of its internal information technology infrastructure and applications resulting from a cybersecurity incident. Promptly after detecting the issue, JCI began an investigation with assistance from leading external cybersecurity experts and is also coordinating with its insurers. JCI continues to assess what information was impacted and is executing its incident management and protection plan, including implementing remediation measures to mitigate the impact of the incident, and will continue taking additional steps as appropriate. To date, many of JCI's application are largely unaffected and remain operational. To the extend possible, and in line with its business continuity plans, JCI implemented workarounds for certain operations to mitigate disruption and continue servicing its customers. However, the incident has caused, and is expected to continue to cause, disruption to parts of JCI's business operations.

The company's immediate parent undertaking is Tyco Holdings (U.K.) Limited, a company incorporated in the United Kingdom.

The ultimate parent undertaking and controlling party is Johnson Controls International plc, a company incorporated in Cork, Ireland.  Johnson Controls International plc is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements for the year ended 30 September 2022. The consolidated financial statements of Johnson Controls International plc are available from: