Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2020-11-01falseelectrical and electronic engineers3639true 02640665 2020-11-01 2021-10-31 02640665 2019-11-01 2020-10-31 02640665 2021-10-31 02640665 2020-10-31 02640665 2019-11-01 02640665 1 2020-11-01 2021-10-31 02640665 1 2019-11-01 2020-10-31 02640665 5 2020-11-01 2021-10-31 02640665 5 2019-11-01 2020-10-31 02640665 7 2020-11-01 2021-10-31 02640665 7 2019-11-01 2020-10-31 02640665 d:Director3 2020-11-01 2021-10-31 02640665 e:Buildings 2020-11-01 2021-10-31 02640665 e:Buildings 2021-10-31 02640665 e:Buildings 2020-10-31 02640665 e:Buildings e:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 02640665 e:Buildings e:LeasedAssetsHeldAsLessee 2020-11-01 2021-10-31 02640665 e:PlantMachinery 2020-11-01 2021-10-31 02640665 e:PlantMachinery 2021-10-31 02640665 e:PlantMachinery 2020-10-31 02640665 e:PlantMachinery e:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 02640665 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2020-11-01 2021-10-31 02640665 e:MotorVehicles 2020-11-01 2021-10-31 02640665 e:MotorVehicles 2021-10-31 02640665 e:MotorVehicles 2020-10-31 02640665 e:MotorVehicles e:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 02640665 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2020-11-01 2021-10-31 02640665 e:FurnitureFittings 2020-11-01 2021-10-31 02640665 e:FurnitureFittings 2021-10-31 02640665 e:FurnitureFittings 2020-10-31 02640665 e:FurnitureFittings e:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 02640665 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2020-11-01 2021-10-31 02640665 e:OfficeEquipment 2020-11-01 2021-10-31 02640665 e:OfficeEquipment 2021-10-31 02640665 e:OfficeEquipment 2020-10-31 02640665 e:OfficeEquipment e:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 02640665 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2020-11-01 2021-10-31 02640665 e:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 02640665 e:LeasedAssetsHeldAsLessee 2020-11-01 2021-10-31 02640665 e:CurrentFinancialInstruments 2021-10-31 02640665 e:CurrentFinancialInstruments 2020-10-31 02640665 e:CurrentFinancialInstruments 1 2021-10-31 02640665 e:CurrentFinancialInstruments 1 2020-10-31 02640665 e:Non-currentFinancialInstruments 2021-10-31 02640665 e:Non-currentFinancialInstruments 2020-10-31 02640665 e:CurrentFinancialInstruments e:WithinOneYear 2021-10-31 02640665 e:CurrentFinancialInstruments e:WithinOneYear 2020-10-31 02640665 e:Non-currentFinancialInstruments e:AfterOneYear 2021-10-31 02640665 e:Non-currentFinancialInstruments e:AfterOneYear 2020-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2021-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2020-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2021-10-31 02640665 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2020-10-31 02640665 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2021-10-31 02640665 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2020-10-31 02640665 e:ShareCapital 2021-10-31 02640665 e:ShareCapital 2020-10-31 02640665 e:RetainedEarningsAccumulatedLosses 2021-10-31 02640665 e:RetainedEarningsAccumulatedLosses 2020-10-31 02640665 d:FRS102 2020-11-01 2021-10-31 02640665 d:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 02640665 d:FullAccounts 2020-11-01 2021-10-31 02640665 d:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 02640665 e:HirePurchaseContracts e:WithinOneYear 2021-10-31 02640665 e:HirePurchaseContracts e:WithinOneYear 2020-10-31 02640665 e:HirePurchaseContracts e:BetweenOneFiveYears 2021-10-31 02640665 e:HirePurchaseContracts e:BetweenOneFiveYears 2020-10-31 02640665 e:AcceleratedTaxDepreciationDeferredTax 2021-10-31 02640665 e:AcceleratedTaxDepreciationDeferredTax 2020-10-31 02640665 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2021-10-31 02640665 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2020-10-31 iso4217:GBP xbrli:pure

Registered number: 02640665









SEE TECH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

 
SEE TECH LIMITED
REGISTERED NUMBER: 02640665

BALANCE SHEET
AS AT 31 OCTOBER 2021

2021
2021
2020
2020
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
79,257
68,534

Current assets
  

Stocks
  
329,693
205,250

Debtors: amounts falling due within one year
 6 
2,907,172
2,052,181

Cash at bank and in hand
 7 
941,888
620,112

  
4,178,753
2,877,543

Creditors: amounts falling due within one year
 8 
(2,411,336)
(1,526,310)

Net current assets
  
 
 
1,767,417
 
 
1,351,233

Total assets less current liabilities
  
1,846,674
1,419,767

Creditors: amounts falling due after more than one year
 9 
(328,113)
(425,520)

Provisions for liabilities
  

Deferred tax
 12 
(14,020)
(11,841)

Net assets
  
1,504,541
982,406


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,504,441
982,306

  
1,504,541
982,406


Page 1

 
SEE TECH LIMITED
REGISTERED NUMBER: 02640665
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2021

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2021.




L Marshall
Director


The notes on pages 5 to 11 form part of these financial statements.

Page 2

 
SEE TECH LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit for the financial year
697,133
382,797

Adjustments for:

Depreciation of tangible assets
21,446
25,700

Loss on disposal of tangible assets
-
554

Interest paid
14,047
3,114

Interest received
-
(45)

Taxation charge
54,036
89,764

(Increase)/decrease in stocks
(124,443)
119,744

(Increase) in debtors
(718,824)
(65,967)

(Increase) in amounts owed by groups
(136,167)
(9,648)

Increase/(decrease) in creditors
371,898
(199,884)

Corporation tax (paid)
(51,881)
(16,378)

Net cash generated from operating activities

127,245
329,751


Cash flows from investing activities

Purchase of tangible fixed assets
(32,169)
(18,249)

Sale of tangible fixed assets
-
10,000

Interest received
-
45

HP interest paid
(998)
(900)

Net cash from investing activities

(33,167)
(9,104)
Page 3

 
SEE TECH LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021


2021
2020

£
£



Cash flows from financing activities

New secured loans
-
500,000

Repayment of loans
(86,956)
-

Repayment of/new finance leases
(8,352)
(3,802)

Movements on invoice discounting
511,055
(4,279)

Dividends paid
(175,000)
(280,000)

Interest paid
(13,049)
(2,214)

Net cash used in financing activities
227,698
209,705

Net increase in cash and cash equivalents
321,776
530,352

Cash and cash equivalents at beginning of year
620,112
89,760

Cash and cash equivalents at the end of year
941,888
620,112


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
941,888
620,112


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1.


General information

See Tech Limited is a private limited company incorporated and domiciled in England.  Its registered office is situated at Cromwell House, 68 West Gate, Mansfield, Nottinghamshire NG18 1RR.  Its principal place of business is Unit 1 Stonebroom Industrial Estate, Stonebroom, Alfreton, Derbyshire DE55 6LQ.
The principal activity of the company is that of electrical and electronic engineers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The COVID-19 pandemic had an immediate impact on the company’s operations but activity levels recovered well after the initial lockdown restrictions in 2020 were eased.   The directors utilised the various support mechanisms instigated by the UK government.
On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Thus they continue to adopt the going concern basis of preparation of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessee

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

Page 5

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.5

Government grants

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.6

Finance costs

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

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.13

Dividends

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


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2020 - 39).

Page 7

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

4.


Dividends

2021
2020
£
£


Dividends paid
175,000
280,000


5.


Tangible fixed assets





Leasehold property improve- ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2020
21,839
54,767
57,100
33,820
61,718
229,244


Additions
-
6,637
-
881
24,651
32,169



At 31 October 2021

21,839
61,404
57,100
34,701
86,369
261,413



Depreciation


At 1 November 2020
15,626
37,814
27,483
27,458
52,329
160,710


Charge for the year on owned assets
934
2,951
182
1,024
9,132
14,223


Charge for the year on financed assets
-
-
7,223
-
-
7,223



At 31 October 2021

16,560
40,765
34,888
28,482
61,461
182,156



Net book value



At 31 October 2021
5,279
20,639
22,212
6,219
24,908
79,257



At 31 October 2020
6,213
16,953
29,617
6,362
9,389
68,534

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
21,667
28,890

Page 8

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

6.


Debtors

2021
2020
£
£


Factored debts
2,263,149
1,571,656

Amounts owed by group undertakings
550,204
414,037

Other debtors
6,000
4,000

Prepayments and accrued income
87,819
62,488

2,907,172
2,052,181








7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
941,888
620,112



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
86,956
84,380

Trade creditors
1,083,654
848,259

Corporation tax
91,962
91,987

Other taxation and social security
215,417
94,784

Obligations under finance lease and hire purchase contracts
7,874
8,352

Proceeds of factored debts
900,092
389,037

Other creditors
6,116
5,297

Accruals and deferred income
19,265
4,214

2,411,336
1,526,310


Obligations under finance leases and hire purchase contracts are secured on the related assets.  Proceeds of factored debts are secured on the sales ledger balances.  The bank loan is a CBILS facility, secured by fixed and floating charges over the remaining assets of the company.

Page 9

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

9.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
326,087
415,620

Net obligations under finance leases and hire purchase contracts
2,026
9,900

328,113
425,520



10.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
86,956
84,380

Amounts falling due 1-2 years

Bank loans
86,956
80,178

Amounts falling due 2-5 years

Bank loans
239,131
249,316

Amounts falling due after more than 5 years

Bank loans
-
86,126

413,043
500,000


This loan is a CBILS facility.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
7,874
8,352

Between 1-5 years
2,026
9,900

9,900
18,252

Page 10

 
SEE TECH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

12.


Deferred taxation




2021


£






At beginning of year
11,841


Charged/(credited) to profit or loss
2,179



At end of year
14,020

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
14,020
11,841


13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £23,432 (2020 - £22,406). Contributions totalling £6,116 (2020 - £5,297) were payable to the fund at the balance sheet date


14.


Controlling party

The company is a wholly owned subsidiary of Jarral Holdings Limited, a private limited company incorporated and domiciled in England. 
J E Hewes holds the controlling interest in Jarral Holdings Limited and is therefore the ultimate controlling party of See Tech Limited.

 
Page 11