Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31true2022-02-01falseNo description of principal activity6457true 01025842 2022-02-01 2023-01-31 01025842 2021-02-01 2022-01-31 01025842 2023-01-31 01025842 2022-01-31 01025842 c:Director1 2022-02-01 2023-01-31 01025842 c:Director2 2022-02-01 2023-01-31 01025842 d:Buildings 2022-02-01 2023-01-31 01025842 d:Buildings 2023-01-31 01025842 d:Buildings 2022-01-31 01025842 d:Buildings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01025842 d:PlantMachinery 2022-02-01 2023-01-31 01025842 d:PlantMachinery 2023-01-31 01025842 d:PlantMachinery 2022-01-31 01025842 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01025842 d:MotorVehicles 2022-02-01 2023-01-31 01025842 d:MotorVehicles 2023-01-31 01025842 d:MotorVehicles 2022-01-31 01025842 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01025842 d:FurnitureFittings 2022-02-01 2023-01-31 01025842 d:FurnitureFittings 2023-01-31 01025842 d:FurnitureFittings 2022-01-31 01025842 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01025842 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01025842 d:ComputerSoftware 2023-01-31 01025842 d:ComputerSoftware 2022-01-31 01025842 d:CurrentFinancialInstruments 2023-01-31 01025842 d:CurrentFinancialInstruments 2022-01-31 01025842 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 01025842 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 01025842 d:ShareCapital 2023-01-31 01025842 d:ShareCapital 2022-01-31 01025842 d:CapitalRedemptionReserve 2022-02-01 2023-01-31 01025842 d:CapitalRedemptionReserve 2023-01-31 01025842 d:CapitalRedemptionReserve 2022-01-31 01025842 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 01025842 d:RetainedEarningsAccumulatedLosses 2023-01-31 01025842 d:RetainedEarningsAccumulatedLosses 2022-01-31 01025842 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 01025842 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 01025842 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 01025842 d:TaxLossesCarry-forwardsDeferredTax 2022-01-31 01025842 d:RetirementBenefitObligationsDeferredTax 2023-01-31 01025842 d:RetirementBenefitObligationsDeferredTax 2022-01-31 01025842 c:OrdinaryShareClass1 2022-02-01 2023-01-31 01025842 c:OrdinaryShareClass1 2023-01-31 01025842 c:FRS102 2022-02-01 2023-01-31 01025842 c:Audited 2022-02-01 2023-01-31 01025842 c:FullAccounts 2022-02-01 2023-01-31 01025842 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 01025842 c:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 01025842 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-02-01 2023-01-31 01025842 4 2022-02-01 2023-01-31 01025842 d:ComputerSoftware d:OwnedIntangibleAssets 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:01025842













HATCHER COMPONENTS LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023











 
HATCHER COMPONENTS LIMITED
REGISTERED NUMBER:01025842


BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Notes
£
£

Fixed assets
  

Intangible assets
 5 
2,315
-

Tangible assets
 6 
1,393,267
1,201,014

  
1,395,582
1,201,014

Current assets
  

Stocks
  
629,907
560,200

Debtors: amounts falling due within one year
 7 
693,593
1,829,095

Cash at bank and in hand
 8 
144,232
36,617

  
1,467,732
2,425,912

Creditors: amounts falling due within one year
 9 
(783,768)
(1,045,617)

Net current assets
  
 
 
683,964
 
 
1,380,295

Total assets less current liabilities
  
2,079,546
2,581,309

Provision for liabilities
  

Deferred tax
 10 
-
(20,664)

Net assets
  
2,079,546
2,560,645


Capital and reserves
  

Called up share capital 
 11 
196
196

Capital redemption reserve
 12 
16
16

Profit and loss account
 12 
2,079,334
2,560,433

Shareholder's funds
  
2,079,546
2,560,645



- 1 -



 
HATCHER COMPONENTS LIMITED
REGISTERED NUMBER:01025842

    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 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 28 September 2023.




P H Betts
J I G Betts
Director
Director

The notes on pages 3 to 13 form part of these financial statements.


- 2 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Hatcher Components Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales. The address of the registered office is Broadwater Road, Framlingham, Suffolk IP13 9LL.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors and management have prepared detailed forecasts that indicate that the Company will be able continue to meet its liabilities as they fall due and will continue to trade for the foreseeable future, being at least 12 months from the date of approval of these financial statements.
The Company has also received a letter of financial support from its ultimate parent undertaking, P.H. Betts (Holdings) Limited. The letter of financial support indicates that the Company will be provided with the necessary financial support to allow it to meet its liabilities as they fall due and to continue to trade for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis. 

 
2.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from the sale of goods.
Turnover from sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point the goods are dispatched.


- 3 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

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 'Administrative expenses'.

 
2.5

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.

  
2.6

Defined contribution pension scheme

The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension scheme 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 Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 4 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately both due to their size or incidence.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.


- 5 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 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 or the reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% straight line
Motor vehicles
-
25 / 30% reducing balance
Fixtures and fittings
-
20% - 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.

For freehold land and buildings, no depreciation is provided as the Directors consider that the residual values of these freehold properties are individually in excess of their historic cost. 
At each year end, the Company reviews the carrying values of each individual tangible fixed asset for impairment indicators. Where impairment indicators are identified then the recoverable amount is compared to the carrying value in the financial statements and where necessary an impairment charge is recognised in the Statement of Comprehensive Income.

 
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

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

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.


- 6 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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, and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.

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.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


- 7 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgments in applying accounting policies

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below:
Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The Directors also consider that the residual value of the freehold land and buildings are individually in excess of their historic cost and hence no depreciation has been charged in the year.
Useful economic lives of intangible fixed assets
The annual amortisation charge for intangible fixed assets is sensitive to changes in the useful economic life of the asset. The computer software costs is currently being amortised on a straight-line basis of 3 years from the date of acquisition, being the Directors' estimate of the useful economic life of the software acquired. This economic life is re-assessed annually and revised when necessary to reflect current estimates, based on recoverability, technological changes and expected future economic inflows to the Company.
Recoverability of trade debtors
A provision for bad and doubtful debts is made where it is identified that a trade debtor may potentially not be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile.
Valuation of stock
Stock is held at the lower of cost and net realisable value. Management reviews the stock holdings and make a provision for slow moving and obsolete stock where the recoverable amount on a stock item has fallen below its cost. Work in progress is valued based on the stage of completion.


4.


Employees

The average monthly number of employees, including the Directors, during the year was 64 (2022 - 57).


- 8 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Intangible assets




Computer software

£



Cost


At 1 February 2022
17,377


Additions
3,300



At 31 January 2023

20,677



Amortisation


At 1 February 2022
17,377


Charge for the year on owned assets
985



At 31 January 2023

18,362



Net book value



At 31 January 2023
2,315



At 31 January 2022
-


The computer software is being amortised on a straight-line basis of 3 years from the date the asset is available for use by the Company. The amortisation charge is recognised within Administrative expenses.



- 9 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Tangible fixed assets





Freehold land and buildings
Plant and machinery
Motor vehicles
Fixtures 
and fittings
Total

£
£
£
£
£



Cost


At 1 February 2022
420,539
865,875
61,540
44,857
1,392,811


Additions
32,603
303,040
59,000
-
394,643


Disposals
-
-
(16,750)
-
(16,750)



At 31 January 2023

453,142
1,168,915
103,790
44,857
1,770,704



Depreciation


At 1 February 2022
-
118,243
50,025
23,529
191,797


Charge for the year on owned assets
-
167,253
14,748
8,874
190,875


Disposals
-
-
(5,235)
-
(5,235)



At 31 January 2023

-
285,496
59,538
32,403
377,437



Net book value



At 31 January 2023
453,142
883,419
44,252
12,454
1,393,267



At 31 January 2022
420,539
747,632
11,515
21,328
1,201,014


- 10 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Debtors

2023
2022
£
£


Trade debtors
596,782
916,352

Amounts owed by fellow group undertakings
53,174
10,025

Other debtors
18,265
828,296

Prepayments and accrued income
25,372
74,422

693,593
1,829,095



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
144,232
36,617



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
335,795
405,339

Amounts owed to fellow group undertaking
351,693
572,087

Other taxation and social security
65,913
38,469

Other creditors
12,787
15,361

Accruals and deferred income
17,580
14,361

783,768
1,045,617



- 11 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Deferred taxation




2023


£






At beginning of year
20,664


Credit to profit or loss
(20,664)



At end of year
-

The deferred taxation balance comprises:

2023
2022
£
£


Accelerated capital allowances
235,305
200,583

Tax losses carried forward
(235,305)
(179,521)

Other short term timing differences
-
(398)

-
20,664


At 31 January 2023, the Company had further tax losses amounting to approximately £1.0m which are available for offset against future taxable profits. A deferred tax asset amounting to £249,298 has not been recognised as the Directors consider that it is uncertain that the tax losses will be utilised in the foreseeable future.


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



196 Ordinary shares of £1 each
196
196



12.


Reserves

Capital Redemption Reserve

The Capital Redemption Reserve represents a capital reserve that is a non-distributable reserve.

Profit and Loss Account

The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid, which are available for distribution to the shareholders.


- 12 -



 
HATCHER COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


Capital commitments


At 31 January 2023, the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
18,570


14.


Pension commitments

The Company operates a defined contribution 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 amounting to £35,774 (2022 - £33,251). Contributions amounting to £Nil (2022 - £3,710) were payable to the fund at the balance sheet date and included within Other Creditors.


15.


Controlling party

The immediate and ultimate parent undertaking and ultimate controlling party is P.H. Betts (Holdings) Limited.
The smallest and largest group for which the Company's results are included is headed by P.H. Betts (Holdings) Limited. Copies of the consolidated financial statements of P.H. Betts (Holdings) Limited are publicly available from Companies House, Crown Way, Cardiff CF14 3UZ.


16.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 3 October 2023 by Luke Morris (Senior Statutory Auditor) on behalf of SB Audit LLP.

 

- 13 -