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04942685







ELMEC (SOUTHERN) LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023































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ELMEC (SOUTHERN) LIMITED
REGISTERED NUMBER:04942685

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
89,868
8,143

Investments
 7 
-
80,000

  
89,868
88,143

Current assets
  

Debtors due after more than 1 year
 8 
111,771
147,935

Debtors due within 1 year
 8 
1,404,341
1,840,324

Cash at bank and in hand
  
87,412
318,760

  
1,603,524
2,307,019

Creditors: amounts falling due within one year
 9 
(831,166)
(1,629,299)

Net current assets
  
 
 
772,358
 
 
677,720

Total assets less current liabilities
  
862,226
765,863

Creditors: amounts falling due after more than one year
 10 
(51,751)
(28,479)

Provisions for liabilities
  

Deferred tax
 11 
(21,290)
(347)

Other provisions
 12 
(8,000)
-

  
 
 
(29,290)
 
 
(347)

Net assets
  
781,185
737,037


Capital and reserves
  

Called up share capital 
  
120,000
120,000

Capital redemption reserve
 13 
100,000
100,000

Merger reserve
 13 
-
60,000

Profit and loss account
 13 
561,185
457,037

  
781,185
737,037


Page 1

ELMEC (SOUTHERN) LIMITED
REGISTERED NUMBER:04942685
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 21 September 2023.




C. M. Thompson
P. McMahon
Director
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

ELMEC (SOUTHERN) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2021
100,000
100,000
-
213,799
413,799



Profit for the year
-
-
-
243,238
243,238

Shares issued during the year
20,000
-
-
-
20,000

Merger reserve movement
-
-
60,000
-
60,000



At 1 April 2022
120,000
100,000
60,000
457,037
737,037



Profit for the year
-
-
-
44,148
44,148

Release of merger reserve
-
-
(60,000)
60,000
-


At 31 March 2023
120,000
100,000
-
561,185
781,185


The notes on pages 4 to 13 form part of these financial statements.

Page 3

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Elmec (Southern) Limited ("the Company") is a company limited by shares that is domiciled and incorporated in England and Wales.
The address of its registered office and principal place of business is 6 Lagoon Road, Orpington, England, BR5 3QX.

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.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to  the nearest whole £1, except where otherwise indicated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has a healthy order book and continues with profitable contracts. The directors are aware of the continued operating loss in the year but note the significant improvement in the year and having put in sufficient measures to return the Company to profitability expect to see an operating profit going forward. 
The directors have taken into account all available information about the Company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the Company is a going concern. 

Page 4

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

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:

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.

Revenue comprises the value of mechanical and electrical construction work certified during the year and the invoiced value of goods and services supplied by the Company, exclusive of the value added tax and trade discounts.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

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.

Page 5

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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.

 
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.

Page 6

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
 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:

Motor vehicles
-
20% on cost
Office equipment
-
20% on cost

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

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

 Long term contracts

Profit on long term contracts is recognised as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year-end by recording turnover and related costs as contract activity progresses. Revenue and corresponding work in progress is calculated as that proportion of total contract value to which costs incurred bear to total expected costs for that contract. Full provision is made for losses on contracts in the year in which they are first foreseen.

 
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.

 
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. 

 
2.15

 Creditors

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

Page 7

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

 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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes judgements in relation to long term contracts and the corresponding costs associated with the contracts. This includes the measurement and recognition of WIP and accrued  income, in accordance with the stage of completion of a job. The Company has control and review procedures in place to monitor and evaluate the estimates being made to ensure that they are consistent and appropriate. This includes reviewing the independent certification of work done, the progress of work against contracted timescales and costs incurred against the agreed overheads. 


4.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 27).

Page 8

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
260,342
280,933

Company contributions to defined contribution pension schemes
26,057
21,822

286,399
302,755


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £94,255 (2022 - £111,428).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,031 (2022 - £10,994).


6.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
19,681
1,525
21,206


Additions
136,327
2,501
138,828


Disposals
(52,851)
-
(52,851)



At 31 March 2023

103,157
4,026
107,183



Depreciation


At 1 April 2022
12,413
650
13,063


Charge for the year
4,006
246
4,252



At 31 March 2023

16,419
896
17,315



Net book value



At 31 March 2023
86,738
3,130
89,868



At 31 March 2022
7,268
875
8,143

Page 9

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022 and 31 March 2023
80,000



Impairment


Charge for the period
80,000



At 31 March 2023

80,000



Net book value



At 31 March 2023
-



At 31 March 2022
80,000


8.


Debtors

2023
2022
£
£

Due after more than one year

Trade debtors
19,516
30,712

Amounts owed by companies under common control
92,255
117,223

111,771
147,935

Due within one year

Trade debtors
315,743
459,396

Amounts owed by companies under common control
253,657
358,502

Other debtors
193,962
319,050

Prepayments and accrued income
25,493
13,704

Amounts recoverable on long term contracts
615,486
689,672

1,516,112
1,988,259


Page 10

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
483,276
1,095,397

Amounts owed to group undertakings
-
43,485

Amounts owed to companies under common control
7,125
272,496

Other taxation and social security
35,030
39,896

Other creditors
39,278
27,745

Accruals and deferred income
266,457
150,280

831,166
1,629,299


On 30 March 2022, an existing guarantee with the Bank of Scotland PLC between Andara Limited and Bryen & Langley (Holdings) Limited, was extended to also cover Elmec (Southern) Limited. Each Company has a fixed charge over any overdraft held within Bryen & Langley Limited, with an overdraft limit of £350,000. At 31 March 2023 there was no overdraft held within Elmec (Southern) Limited (2022: £Nil) and the Company had positive bank balances totalling £87,412 (2022: £318,760). 
Loans are secured by a debenture over all the assets of the Company and a legal charge over its assets with interest payable at the default rate. 


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Trade creditors
51,751
28,479



11.


Deferred taxation




2023


£






At beginning of year
(347)


Charged to profit or loss
(20,943)



At end of year
(21,290)

Page 11

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(22,467)
(1,552)

Pension surplus
1,177
1,205

(21,290)
(347)


12.


Provisions




Provision

£





At 1 April 2022
-


Charged to profit or loss
8,000



At 31 March 2023
8,000


13.


Reserves

Capital redemption reserve

The nominal value of shares repurchased and still held at the year end.

Merger Reserve

The cumulative value of the merger relief arisen on acquisition of shares in a share for share exchange. 

Profit and loss account

The cumulative profit and loss, net of distribution to owners.


14.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
49,820
52,616

Later than 1 year and not later than 5 years
93,079
19,119

142,899
71,735

Page 12

ELMEC (SOUTHERN) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Related party transactions

At the balance sheet date, a loan of £3,500 (2022: £266,504) was owed to a company under common control. This loan is interest free and repayable on demand. During the year, management charges of £46,899 (2022: £55,200) were charged to the Company by a company under common control.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 5 October 2023 by Jeff Fletcher BA (Hons) FCCA (Senior statutory auditor) on behalf of Creaseys Group Limited.

 
Page 13