Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseHire and sale of drills86truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03495179 2021-01-01 2021-12-31 03495179 2020-01-01 2020-12-31 03495179 2021-12-31 03495179 2020-12-31 03495179 2020-01-01 03495179 c:Director1 2021-01-01 2021-12-31 03495179 d:PlantMachinery 2021-01-01 2021-12-31 03495179 d:PlantMachinery 2021-12-31 03495179 d:PlantMachinery 2020-12-31 03495179 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03495179 d:MotorVehicles 2021-01-01 2021-12-31 03495179 d:MotorVehicles 2021-12-31 03495179 d:MotorVehicles 2020-12-31 03495179 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03495179 d:FurnitureFittings 2021-01-01 2021-12-31 03495179 d:FurnitureFittings 2021-12-31 03495179 d:FurnitureFittings 2020-12-31 03495179 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03495179 d:OfficeEquipment 2021-01-01 2021-12-31 03495179 d:OfficeEquipment 2021-12-31 03495179 d:OfficeEquipment 2020-12-31 03495179 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03495179 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03495179 d:CurrentFinancialInstruments 2021-12-31 03495179 d:CurrentFinancialInstruments 2020-12-31 03495179 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03495179 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 03495179 d:ShareCapital 2021-12-31 03495179 d:ShareCapital 2020-12-31 03495179 d:SharePremium 2021-12-31 03495179 d:SharePremium 2020-12-31 03495179 d:RetainedEarningsAccumulatedLosses 2021-12-31 03495179 d:RetainedEarningsAccumulatedLosses 2020-12-31 03495179 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 03495179 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 03495179 c:OrdinaryShareClass1 2021-01-01 2021-12-31 03495179 c:OrdinaryShareClass1 2021-12-31 03495179 c:OrdinaryShareClass1 2020-12-31 03495179 c:FRS102 2021-01-01 2021-12-31 03495179 c:Audited 2021-01-01 2021-12-31 03495179 c:FullAccounts 2021-01-01 2021-12-31 03495179 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03495179 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 03495179 2 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:03495179













SLIMDRIL LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021











 
SLIMDRIL LIMITED
REGISTERED NUMBER:03495179


BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
Restated - see note 2.18
2020
Notes
£
£

Fixed assets
  

Tangible assets
 4 
78,316
63,780

  
78,316
63,780

Current assets
  

Stocks
 5 
798,910
429,994

Debtors: amounts falling due within one year
 6 
529,393
358,661

Cash at bank and in hand
 7 
583,986
503,175

  
1,912,289
1,291,830

Creditors: amounts falling due within one year
 8 
(850,670)
(416,664)

Net current assets
  
 
 
1,061,619
 
 
875,166

Total assets less current liabilities
  
1,139,935
938,946

Provisions for liabilities
  

Deferred tax liability
 9 
(10,210)
(3,580)

  
 
 
(10,210)
 
 
(3,580)

Net assets
  
1,129,725
935,366


Capital and reserves
  

Called up share capital 
 10 
120
120

Share premium account
  
136,455
136,455

Profit and loss account
  
993,150
798,791

Shareholder's funds
  
1,129,725
935,366



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SLIMDRIL LIMITED
REGISTERED NUMBER:03495179

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

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 13 June 2022.




J J D Bruin
Director

The notes on pages 3 to 10 form part of these financial statements.


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SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Slimdril Limited ("the Company") is a private company limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is 6 & 7 Leyland Court, Lowestoft, Suffolk, NR32 2EP.
The principal activities of the Company are the sale and rental of bespoke tooling products.

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 director has made enquiries and reviewed forecasts that indicate the Company expects to continue to trade and meet its liabilities as they fall due in the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. Accordingly the financial statements are prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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


- 3 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.5

Other operating income

Commissions receivable are recognised when the Company has provided the service to the fellow group undertaking and therefore is entitled to the income.

 
2.6

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


- 4 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

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.


- 5 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

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 method.

Depreciation is provided on the following basis:

Plant and machinery
-
20 to 25%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
33%

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.

Tangible fixed assets includes goods available to hire that the director considers it appropriate to include on the basis these items are not held for re-sale.

 
2.12

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.

Consignment stock is recognised when the Company bears most of the risks and rewards of ownership.

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


- 6 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

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

 
2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

 
2.17

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.

  
2.18

Restatement of comparatives

Following a review of the accounting treatment of assets available for hire it has been determined that the items available for hire are most appropriately presented within tangible fixed assets instead of stock, in accordance with FRS 102. Accordingly, the Company has restated the comparatives for the change in presentation, resulting in an increase of £41,301 (cost of £181,316 and accumulated depreciation of £140,015) as at 31 December 2020. The restatement does not impact the results for the year ended 31 December 2020 or the opening reserves as at 1 January 2020.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2020 - 6).


- 7 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost 


At 1 January 2021
210,952
71,411
4,790
32,763
319,916


Additions
35,517
660
5,682
1,043
42,902


Disposals
(5,558)
(44,786)
(15,384)
(17,431)
(83,159)


Transfers between classes
-
-
10,594
(10,594)
-



At 31 December 2021

240,911
27,285
5,682
5,781
279,659



Depreciation


At 1 January 2021
167,712
66,999
732
20,693
256,136


Charge for the year on owned assets
10,708
1,583
5,776
632
18,699


Disposals
(5,109)
(44,786)
(6,166)
(17,431)
(73,492)



At 31 December 2021

173,311
23,796
342
3,894
201,343



Net book value



At 31 December 2021
67,600
3,489
5,340
1,887
78,316



At 31 December 2020
43,240
4,412
4,058
12,070
63,780


5.


Stocks

2021
Restated - see note 2.18
2020
£
£

Finished goods and goods for resale
798,910
429,994



- 8 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£


Trade debtors
359,497
308,370

Amounts owed by group undertakings
9,272
-

Other debtors
88,130
22,976

Prepayments and accrued income
72,494
27,315

529,393
358,661



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
583,986
503,175



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
321,011
173,747

Corporation tax payable
68,526
3,911

Other taxation and social security
20,875
5,910

Other creditors
-
11,010

Accruals and deferred income
440,258
222,086

850,670
416,664


Included in accruals is an amount of £53,308 (2020 - £59,867) which is secured on stock held on consignment.


- 9 -



 
SLIMDRIL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Deferred taxation




2021
2020


£

£






At beginning of year
(3,580)
(4,068)


Charged / (credit) to profit or loss
(6,630)
488



At end of year
(10,210)
(3,580)

The deferred tax liability comprises:

2021
2020
£
£


Accelerated capital allowances
10,210
3,580


10.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



120 (2020 - 120) Ordinary shares of £1.00 each
120
120



11.


Controlling party

The immediate parent undertaking is Slimdril Holdings, Inc., a company registered in the USA.
The ultimate parent undertaking and controlling party is Mentha Capital B.V., a company incorporated in the Netherlands.
The smallest and largest group for which consolidated financial statements are drawn up is headed by MC Steering B.V., a company incorporated in the Netherlands, whose registered office Nieuwendammerdijk 538, 1023 BX, Amsterdam, Netherlands. Group accounts are prepared and are available at the registered office.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 19 August 2022 by Adam Smith (Senior Statutory Auditor) on behalf of Scrutton Bland LLP.

 

- 10 -