Caseware UK (AP4) 2021.0.152 2021.0.152 2021-01-01falseThe principal activities for the company are that of electrical, aeronautical, electronic and aircraft cable and component distribution and cable assembly.1818truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01031406 2021-01-01 2021-12-31 01031406 2020-01-01 2020-12-31 01031406 2021-12-31 01031406 2020-12-31 01031406 c:Director1 2021-01-01 2021-12-31 01031406 d:Buildings 2021-01-01 2021-12-31 01031406 d:Buildings 2021-12-31 01031406 d:Buildings 2020-12-31 01031406 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01031406 d:LandBuildings 2021-12-31 01031406 d:LandBuildings 2020-12-31 01031406 d:PlantMachinery 2021-01-01 2021-12-31 01031406 d:PlantMachinery 2021-12-31 01031406 d:PlantMachinery 2020-12-31 01031406 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01031406 d:MotorVehicles 2021-01-01 2021-12-31 01031406 d:MotorVehicles 2021-12-31 01031406 d:MotorVehicles 2020-12-31 01031406 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01031406 d:OfficeEquipment 2021-01-01 2021-12-31 01031406 d:OfficeEquipment 2021-12-31 01031406 d:OfficeEquipment 2020-12-31 01031406 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01031406 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01031406 d:CurrentFinancialInstruments 2021-12-31 01031406 d:CurrentFinancialInstruments 2020-12-31 01031406 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 01031406 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 01031406 d:ShareCapital 2021-12-31 01031406 d:ShareCapital 2020-12-31 01031406 d:RetainedEarningsAccumulatedLosses 2021-12-31 01031406 d:RetainedEarningsAccumulatedLosses 2020-12-31 01031406 c:FRS102 2021-01-01 2021-12-31 01031406 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 01031406 c:FullAccounts 2021-01-01 2021-12-31 01031406 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 01031406 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 01031406










K.Lacey (Engineers & Designers) Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2021

 
K.Lacey (Engineers & Designers) Limited
Registered number: 01031406

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
385,732
408,013

  
385,732
408,013

Current assets
  

Stocks
 5 
371,061
373,687

Debtors: amounts falling due within one year
 6 
305,245
303,128

Cash at bank and in hand
  
598,925
537,723

  
1,275,231
1,214,538

Creditors: amounts falling due within one year
 7 
(193,124)
(199,395)

Net current assets
  
 
 
1,082,107
 
 
1,015,143

Total assets less current liabilities
  
1,467,839
1,423,156

Provisions for liabilities
  

Deferred tax
  
(16,654)
(10,867)

  
 
 
(16,654)
 
 
(10,867)

Net assets
  
1,451,185
1,412,289


Capital and reserves
  

Called up share capital 
  
290,200
290,200

Profit and loss account
  
1,160,985
1,122,089

  
1,451,185
1,412,289


Page 1

 
K.Lacey (Engineers & Designers) Limited
Registered number: 01031406

Balance sheet (continued)
As at 31 December 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 income and retained earnings 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 by: 




................................................
Ms R E Andrews
Director
Date: 1 September 2022

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
K.Lacey (Engineers & Designers) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

The company is a private company limited by share capital incorporated in England and Wales with the registration number: 01031406.
The address of the registered office is:
Unit 4 Brookside Avenue Trading Estate, Rustington, Littlehampton, West Sussex BN16 3LF.

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

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
K.Lacey (Engineers & Designers) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
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.

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.

 
2.4

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 income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

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

Page 4

 
K.Lacey (Engineers & Designers) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 5

 
K.Lacey (Engineers & Designers) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Freehold property
-
2%
Plant and machinery
-
15%
Motor vehicles
-
25%
Office equipment
-
25%

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 6

 
K.Lacey (Engineers & Designers) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2020 - 18).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 January 2021
441,312
152,766
16,609
107,789
718,476


Additions
-
6,178
-
2,847
9,025


Disposals
-
(2,400)
-
(6,425)
(8,825)



At 31 December 2021

441,312
156,544
16,609
104,211
718,676



Depreciation


At 1 January 2021
127,204
70,421
16,609
96,229
310,463


Charge for the year on owned assets
5,883
19,241
-
4,745
29,869


Disposals
-
(2,249)
-
(5,139)
(7,388)



At 31 December 2021

133,087
87,413
16,609
95,835
332,944



Net book value



At 31 December 2021
308,225
69,131
-
8,376
385,732



At 31 December 2020
314,108
82,345
-
11,560
408,013




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold property
308,225
314,108

308,225
314,108


Page 7

 
K.Lacey (Engineers & Designers) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

5.


Stocks

2021
2020
£
£

Finished goods and goods for resale
371,061
373,687



6.


Debtors

2021
2020
£
£


Trade debtors
278,326
283,029

Other debtors
26,919
20,099

305,245
303,128



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
110,136
102,423

Corporation tax
16,201
32,857

Other taxation and social security
16,740
48,257

Other creditors
46,047
13,073

Accruals and deferred income
4,000
2,785

193,124
199,395



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independent administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,569 (2020 - £20,465). No contributions (2020 - £nil) were payable to the fund at the balance sheet date.


9.


Government grants

The company has received government grants during the year to 31 December 2021 and has accounted for them under the accruals model as permitted by FRS 102 section 24, specifically treating all grants received as other income.
Government grants received include the Coronavirus Job Retention Scheme (CJRS) grant which the company utilised as a result of the government imposed lockdowns. The total amount received as a result of the CJRS totalled £1,967 (2020 - £12,072). 
Government grants also include other grants from industry specific progammes funded by a local council. The total amount received totalled £7,158 (2020 - £nil). 


Page 8