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Registered number: 02790667









CAICE ACOUSTIC AIR MOVEMENT LTD.









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
COMPANY INFORMATION


Directors
Kenneth Amott 
Martyn Cashmore 
Mark Macdonald 
Neil Timmins 
David Clough (resigned 28 February 2023)
Ben Beresford 
Andrew Dean (resigned 28 February 2023)
Kevin Witty 
Paul Roebuck 
Duncan Powell (appointed 1 March 2023)




Registered number
02790667



Registered office
Riverside House 3 Winnersh Fields
Gazelle Close

Winnersh

Berkshire

RG41 5QS




Independent auditors
Donald Reid Limited
Chartered Accountants & Statutory Auditors

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1EF





 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12 - 13
Analysis of net debt
14
Notes to the financial statements
15 - 36


 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

Introduction
 
The principal activities of the company were the sale, manufacture, and installation of products within the building services and general construction market. Attenuators, fan coil units (FCU’s), acoustic fan units, architectural acoustic louvres screens, and acoustic enclosure systems.

Business review
 
Caice sales have decreased relative to 2021/22.
Turnover decreased in the year by 4% (2022: increase of 22%), however our overall gross profit increased by 9% (2022: increased by 8%). Actual percentage gross profit margin increased from 42% to 48% and there are no specific reasons for this increase other than good management and control.
There has been an increase in administrative costs of 9% (2022: increase of 4%). After the effects of COVID, cost of materials, wage increases, and general cost of living were very influential on the results. 
Our average number of employees increased to 149 (2022: 137). This in part due to agency staff being taken on at the factory.
Reduced sales and a significant reduction in production output in the later part of the year undermined the overall performance of the business and made it difficult to forecast for the coming year 2023-24.
One of the company’s main resources is its in-house IT team who continue to support the business through software R & D, enabling new processes and selection methods leading our industry.
New and initiative ways of developing production, new market products and processes are also at the forefront of the company’s strategic plans. A paint line under development, using new and leading technology to support our drive to lead the market in the field of acoustic and weather louvre products.
R & D of products and processes, operating systems, business, and client software development continues to improve margins within a very competitive market. 
We are certain that the investments we make mean we can stay ahead of the game offering our customers innovation that cannot be replicated.


This report was approved by the board on 9 October 2023 and signed on its behalf.



Mark Macdonald
Director

Page 1

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £706,391 (2022 - £599,481).

The dividend paid to Caice Management Limited, the management buyout company, was £308,649 (2022: £318,405). 
The dividend declared to other shareholders was £260,000 (
2022: £230,000).

Directors

The directors who served during the year were:

Kenneth Amott 
Martyn Cashmore 
Mark Macdonald 
Neil Timmins 
David Clough (resigned 28 February 2023)
Ben Beresford 
Andrew Dean (resigned 28 February 2023)
Kevin Witty 
Paul Roebuck 

Page 2

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023

Future developments

Our strategy for next year is to maintain a steady growth in sales and maintain gross profit targets across all divisions.
Our innovative Fan Coil Unit range continues to grow, and statistics show that we have become the 3rd largest supplier within the UK market. The continued development and sale of the continuous line Acoustic Louvre range into the market shows steady growth and operational design and selection of this product range is reducing costs and benefiting our clients while increase returns for the business. Future development plans include specific R&D to develop new and existing products and to roll out our new IT business system across all divisions.

Engagement with employees

Employee engagement is a fundamental strategy of the business ensuring the beliefs of the founder directors is at the heart of the company. 
This is achieved by focusing on employee motivation and well-being and helping employees understand their contribution to the organisational purpose, objectives, and culture.
Our strategy is one of a multi-pronged approach, aligning communications, HR policies and systems, learning programs, product understanding and development and cross-organisational interface. 
In support of the above we require the active buy-in and support of senior leaders and line managers throughout the organisation.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsDonald Reid Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 October 2023 and signed on its behalf.
 





Mark Macdonald
Director

Page 3

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAICE ACOUSTIC AIR MOVEMENT LTD.
 

Opinion


We have audited the financial statements of Caice Acoustic Air Movement Ltd. (the 'Company') for the year ended 28 February 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAICE ACOUSTIC AIR MOVEMENT LTD. (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAICE ACOUSTIC AIR MOVEMENT LTD. (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-         enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual results that may indicate risks of material                    misstatement due to fraud;
- reading minutes of meetings;
- assessing any management override of controls by testing journal entries and other adjustments and    reviewing accounting estimates for indications of potential bias; 
- evaluating any transactions that are unusual or outside the normal course of business; and
- maintaining alert to any fraud risks throughout the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 6

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAICE ACOUSTIC AIR MOVEMENT LTD. (CONTINUED)





Jacqui Williams FCA (Senior statutory auditor)
  
for and on behalf of
Donald Reid Limited
 
Chartered Accountants
Statutory Auditors
  
Prince Albert House
20 King Street
Maidenhead
Berkshire
SL6 1EF

12 October 2023
Page 7

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,513,546
15,083,944

Cost of sales
  
(7,528,730)
(8,694,822)

Gross profit
  
6,984,816
6,389,122

Administrative expenses
  
(6,412,989)
(5,874,952)

Other operating income
 5 
-
417

Operating profit
 6 
571,827
514,587

Interest receivable and similar income
 10 
18
9

Interest payable and similar expenses
 11 
(7,587)
(11,346)

Profit before tax
  
564,258
503,250

Tax on profit
 12 
142,133
96,231

Profit for the financial year
  
706,391
599,481

Other comprehensive income for the year
  

Total comprehensive income for the year
  
706,391
599,481

The notes on pages 15 to 36 form part of these financial statements.

Page 8

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
REGISTERED NUMBER: 02790667

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,031,301
974,610

Investments
 16 
100
100

  
1,031,401
974,710

Current assets
  

Stocks
 17 
1,039,728
828,274

Debtors: amounts falling due within one year
 18 
2,956,271
2,829,408

Cash at bank and in hand
 19 
225,875
413,610

  
4,221,874
4,071,292

Creditors: amounts falling due within one year
 20 
(2,362,025)
(2,256,609)

Net current assets
  
 
 
1,859,849
 
 
1,814,683

Total assets less current liabilities
  
2,891,250
2,789,393

Creditors: amounts falling due after more than one year
 21 
(38,874)
(93,079)

Provisions for liabilities
  

Deferred tax
 24 
(205,009)
(186,689)

  
 
 
(205,009)
 
 
(186,689)

Net assets
  
2,647,367
2,509,625


Capital and reserves
  

Called up share capital 
 25 
180
180

Capital redemption reserve
 26 
20
20

Profit and loss account
 26 
2,647,167
2,509,425

  
2,647,367
2,509,625


Page 9

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
REGISTERED NUMBER: 02790667
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2023.




Mark Macdonald
Director

The notes on pages 15 to 36 form part of these financial statements.

Page 10

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


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

£
£
£
£


At 1 March 2021
180
20
2,458,349
2,458,549


Comprehensive income for the year

Profit for the year

-
-
599,481
599,481
Total comprehensive income for the year
-
-
599,481
599,481


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(548,405)
(548,405)


Total transactions with owners
-
-
(548,405)
(548,405)



At 1 March 2022
180
20
2,509,425
2,509,625


Comprehensive income for the year

Profit for the year

-
-
706,391
706,391
Total comprehensive income for the year
-
-
706,391
706,391


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(568,649)
(568,649)


Total transactions with owners
-
-
(568,649)
(568,649)


At 28 February 2023
180
20
2,647,167
2,647,367


The notes on pages 15 to 36 form part of these financial statements.

Page 11

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
706,391
599,481

Adjustments for:

Amortisation of intangible assets
-
4,260

Depreciation of tangible assets
149,133
141,467

Loss on disposal of tangible assets
-
(6,432)

Government grants
-
(417)

Interest paid
7,587
11,346

Interest received
(18)
(9)

Taxation charge
(142,133)
(96,231)

(Increase) in stocks
(211,454)
(62,385)

(Increase)/decrease in debtors
(101,709)
112,928

(Decrease) in creditors
(175,004)
(412,286)

Corporation tax received
135,299
101,627

Net cash generated from operating activities

368,092
393,349


Cash flows from investing activities

Purchase of tangible fixed assets
(205,824)
(65,532)

Sale of tangible fixed assets
-
6,659

Government grants received
-
417

Interest received
18
9

HP interest paid
(6,619)
(10,139)

Net cash from investing activities

(212,425)
(68,586)

Cash flows from financing activities

Repayment of other loans
(10,000)
(6,667)

Repayment of/new finance leases
(41,972)
(54,415)

Movements on invoice discounting
278,187
87,049

Dividends paid
(568,649)
(548,405)

Interest paid
(968)
(1,207)

Net cash used in financing activities
(343,402)
(523,645)

Net (decrease) in cash and cash equivalents
(187,735)
(198,882)

Cash and cash equivalents at beginning of year
413,610
612,492

Cash and cash equivalents at the end of year
225,875
413,610


Cash and cash equivalents at the end of year comprise:
Page 12

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023


2023
2022

£
£


Cash at bank and in hand
225,875
413,610

225,875
413,610


The notes on pages 15 to 36 form part of these financial statements.

Page 13

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2023




As restated
At 1 March 2022
Cash flows
At 28 February 2023
£

£

£

Cash at bank and in hand

413,610

(187,735)

225,875

Debt due after 1 year

(33,333)

10,000

(23,333)

Debt due within 1 year

(10,000)

-

(10,000)

Finance leases

(101,718)

41,972

(59,746)


268,559
(135,763)
132,796

The notes on pages 15 to 36 form part of these financial statements.

Page 14

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Caice Acoustic Air Movement Ltd. is a private company limited by shares. The company was incorporated in the United Kingdom and registered in England and Wales. The registration number is 02790667. The registered office address is Riverside House 3 Winnersh Fields, Gazelle Close, Winnersh, Berkshire, RG41 5QS. 

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 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

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Going concern

The company had positive profit and loss reserves at the year end of £2,647,167 (2022: £2,509,425). 
The directors have reviewed the group cash requirements for a period of more than 12 months from the date of signing these financial statements, and are confident the company will have sufficient resources to continue to meet its obligations. The directors have accordingly adopted the going concern basis for preparing these financial statements.

Page 15

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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. 
Revenue from standard products is recognised upon despatch of the goods. Revenue from technical sales is recognised at the point of completion. At these points it is deemed that the following conditions apply:
1. the Company has transferred the significant risks and rewards of ownership to the buyer;
2. the Company retains neither continuing managerial involvement to the degree usually associated   with ownership nor effective control over the goods sold;
3. the amount of revenue can be measured reliably;
4. it is probable that the Company will receive the consideration due under the transaction; and
5. the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from special projects is recognised in accordance with the stage of project completion, provided the following conditions are satisfied:
1. the amount of revenue can be measured reliably;
2. it is probable that the Company will receive the consideration due under the contract;
3. the stage of completion of the contract at the end of the reporting period can be measured reliably; and
4. the costs incurred and the costs to complete the contract can be measured reliably.
 

Page 16

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
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.

 
2.7

Research and development

The Company elects to expense all research and development expenditure when it is incurred.

 
2.8

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.

Page 17

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

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

 
2.12

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.

 
2.13

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 18

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 10 years.

 
2.15

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, both straight line and reducing balance.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
Between 2 and 7 years straight line
Fixtures and fittings and computer equipment
-
Between 3 and 5 years 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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 19

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.20

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.

 
2.21

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.

 
2.22

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Page 20

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.22
Financial instruments (continued)


Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
Page 21

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.22
Financial instruments (continued)

transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.23

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.

Page 22

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amount reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:
Depreciation and amortisation
Tangible and intangible fixed assets are depreciated and amortised, respectively, over their useful economic lives. The actual lives of the assets are assessed annually and may vary depending on a range of factors. These factors include product life cycles, maintenance programs of the assets, as well as technological innovation.
The applicable accounting policies detailing these areas are shown in note 2.12 and 2.13. 
Creditors, provisions, and liabilities
These are recognised at the balance sheet date. Although these estimates are reviewed on a regular basis and adjusted to reflect management's best current estimates, the judgemental nature of these items means that future amounts settled may be different from those provided. Project costs are specifically accrued, and are adjusted when certain stages of completion are met. 


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
14,101,228
14,655,989

Rest of the world
412,318
427,955

14,513,546
15,083,944



5.


Other operating income

2023
2022
£
£

Government grants receivable
-
417

-
417


Page 23

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
149,133
141,467

Amortisation of intangible assets, including goodwill
-
4,260

Fees payable to the Company's auditors and its associates for the audit of the Company's annual financial statements
15,838
15,000

Other operating lease rentals
572,328
543,999

Defined contribution pension cost
382,733
330,187


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,838
15,000

Page 24

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,125,742
4,769,690

Social security costs
545,257
479,334

Cost of defined contribution scheme
382,733
330,187

6,053,732
5,579,211


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Factory and Manufacturing
73
66



Design and Support
41
36



Sales
15
22



Administration
20
13

149
137


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
767,481
817,915

Company contributions to defined contribution pension schemes
159,875
134,814

927,356
952,729


During the year retirement benefits were accruing to 9 directors (2022 - 9) in respect of defined contribution pension schemes.

Page 25

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
18
9

18
9


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
968
1,207

Finance leases and hire purchase contracts
6,619
10,139

7,587
11,346


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(160,453)
(135,604)


(160,453)
(135,604)


Total current tax
(160,453)
(135,604)

Deferred tax


Origination and reversal of timing differences
(30,882)
(5,432)

Changes to tax rates
49,202
44,805

Total deferred tax
18,320
39,373


Taxation on loss on ordinary activities
(142,133)
(96,231)
Page 26

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
564,258
503,250


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
107,209
95,618

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(4,150)
950

Other timing differences leading to an increase (decrease) in taxation
5,350
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(249,279)
(177,688)

Other differences leading to an increase (decrease) in the tax charge
(1,263)
(15,111)

Total tax credit for the year
(142,133)
(96,231)


Factors that may affect future tax charges

The UK 2021 finance bill has resulted in an increase in the main rate of corporation tax from 19% to 25% from 1 April 2023.


13.


Dividends

2023
2022
£
£


Dividends
568,649
548,405

568,649
548,405

Page 27

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

14.


Intangible assets




Goodwill

£



Cost


At 1 March 2022
156,552



At 28 February 2023

156,552



Amortisation


At 1 March 2022
156,552



At 28 February 2023

156,552



Net book value



At 28 February 2023
-



At 28 February 2022
-



Page 28

 


 
CAICE ACOUSTIC AIR MOVEMENT LTD.


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


15.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2022
104,156
2,180,228
43,290
413,638
394,826
3,136,138


Additions
56,062
98,892
-
36,068
14,802
205,824



At 28 February 2023

160,218
2,279,120
43,290
449,706
409,628
3,341,962



Depreciation


At 1 March 2022
49,373
1,348,438
43,290
350,637
369,790
2,161,528


Charge for the year on owned assets
11,957
50,057
-
26,722
18,387
107,123


Charge for the year on financed assets
-
42,010
-
-
-
42,010



At 28 February 2023

61,330
1,440,505
43,290
377,359
388,177
2,310,661



Net book value



At 28 February 2023
98,888
838,615
-
72,347
21,451
1,031,301



At 28 February 2022
54,783
831,790
-
63,001
25,036
974,610

Page 29

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

           15.Tangible fixed assets (continued)




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


2023
2022
£
£

Short leasehold
98,888
54,783

98,888
54,783


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


2023
2022
£
£



Plant and machinery
378,087
420,097

378,087
420,097


16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 March 2022
100



At 28 February 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Lee Cunningham Partnership Limited
Dormant
Ordinary
100%

Page 30

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 28 February 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Lee Cunningham Partnership Limited
100

The subsidiary was dormant during the year under review. As such, the subsidiary made neither a profit or a loss.


17.


Stocks

2023
2022
£
£

Raw materials and consumables
932,448
734,764

Work in progress (goods to be sold)
68,436
62,960

Finished goods and goods for resale
38,844
30,550

1,039,728
828,274



18.


Debtors

2023
2022
£
£


Trade debtors
2,324,086
2,301,191

Other debtors
278,848
328,054

Prepayments and accrued income
353,337
200,163

2,956,271
2,829,408



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
225,875
413,610

225,875
413,610


Page 31

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
10,000
10,000

Trade creditors
1,182,809
1,287,617

Amounts owed to group undertakings
100
100

Other taxation and social security
330,429
238,839

Obligations under finance lease and hire purchase contracts
44,205
41,972

Proceeds of invoice discounting
365,236
87,049

Other creditors
50,871
47,102

Accruals and deferred income
378,375
543,930

2,362,025
2,256,609


Secured loans
The hire purchase creditors of £44,205 (2022: £41,972) are secured on the relevant assets.


21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
23,333
33,333

Net obligations under finance leases and hire purchase contracts
15,541
59,746

38,874
93,079


Secured loans
The hire purchase creditors of £15,541 (2022: £59,746) are secured on the relevant assets.

Page 32

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

22.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Other loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Other loans
13,333
23,333


13,333
23,333


33,333
43,333


The loan is repayable in monthly installments over a 5 year period, commencing July 2021. The interest rate is 2.5%. 

Page 33

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

23.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
2,948,969
3,042,855


Financial liabilities


Financial liabilities measured at amortised cost
(1,865,056)
(1,783,122)


Financial assets within the company measured at amortised cost comprise cash and cash equivalents of £225,875 (2022: £413,610), trade debtors of £2,324,086 (2022: £2,301,191), other debtors of £278,848 (2022: £328,054) and accrued income of £120,160 (2022: £Nil).


Financial liabilities for the company measured at amortised costs comprise trade creditors of £1,182,809 (2022: £1,287,617), amounts owed to group undertakings of £100 (2022: £100), other loans of £33,333 (2022: £43,333), obligations of £59,746 (2022: £101,718), proceeds of invoice discounting of £365,236 (2022: £87,049), accruals of £172,961 (2022: £216,203) and other creditors of £50,871 (2022: £47,102).


24.


Deferred taxation




2023


£






At beginning of year
(186,689)


Charged to profit or loss
(18,320)



At end of year
(205,009)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(214,960)
(196,405)

Pension contributions allowable when paid
7,451
7,216

Provision allowable when paid
2,500
2,500

(205,009)
(186,689)

Page 34

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



103,600 (2022 - 103,600) Ordinary A shares of £0.001 each
104
104
76,400 (2022 - 76,400) Ordinary B shares of £0.001 each
76
76

180

180



26.


Reserves

Capital redemption reserve

The capital redemption reserve includes the nominal value of all shares repurchased.

Profit and loss account

Includes all retained current and prior period profits and losses.


27.


Contingent liabilities

On 17 July 2017, Santander UK PLC issued a cross guarantee in relation to Caice Management Limited. The maximum liability at the balance sheet date was £50,000 (2022: £346,571).


28.


Capital commitments


At 28 February 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
8,484

-
8,484


29.


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 £382,733 (2022: £330,187). Contributions totalling £32,130 (2022: £28,864) were payable to the fund at the balance sheet date. 

Page 35

 
CAICE ACOUSTIC AIR MOVEMENT LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

30.


Commitments under operating leases

At 28 February 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
302,882
266,981

Later than 1 year and not later than 5 years
640,028
723,298

Later than 5 years
163,575
120,550

1,106,485
1,110,829


31.


Transactions with directors

During the year, the directors received advances totalling £56,856 (2022: £92,660) and repayments of £55,232 (2022: £92,660) were made. 


32.


Related party transactions

At year end, included in other debtors, is the amount of £3,974 (2022: £2,350) owed to the company by the Directors.
At year end, included in other creditors, is the amount of £Nil 
(2022: £2,991) owed by the company to the Directors. 
At the year end, included in amounts owed to group undertakings is a balance of £100 
(2022: £100) due to Lee Cunningham Partnership Limited, subsidiary. 


33.


Controlling party

The directors do not consider there to be an overall controlling party of the Group.

 
Page 36