Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false3229truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05382596 2022-04-01 2023-03-31 05382596 2021-04-01 2022-03-31 05382596 2023-03-31 05382596 2022-03-31 05382596 2021-04-01 05382596 c:Director2 2022-04-01 2023-03-31 05382596 d:FurnitureFittings 2022-04-01 2023-03-31 05382596 d:FurnitureFittings 2023-03-31 05382596 d:FurnitureFittings 2022-03-31 05382596 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05382596 d:CurrentFinancialInstruments 2023-03-31 05382596 d:CurrentFinancialInstruments 2022-03-31 05382596 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05382596 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05382596 d:ShareCapital 2023-03-31 05382596 d:ShareCapital 2022-03-31 05382596 d:RetainedEarningsAccumulatedLosses 2023-03-31 05382596 d:RetainedEarningsAccumulatedLosses 2022-03-31 05382596 c:FRS102 2022-04-01 2023-03-31 05382596 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05382596 c:FullAccounts 2022-04-01 2023-03-31 05382596 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05382596 d:WithinOneYear 2023-03-31 05382596 d:WithinOneYear 2022-03-31 05382596 d:BetweenOneFiveYears 2023-03-31 05382596 d:BetweenOneFiveYears 2022-03-31 05382596 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05382596 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05382596










VECTRIC LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
VECTRIC LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
VECTRIC LIMITED
REGISTERED NUMBER: 05382596

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
66,137
60,023

  
66,137
60,023

Current assets
  

Debtors: amounts falling due within one year
 5 
493,421
522,947

Cash at bank and in hand
  
3,736,142
2,780,805

  
4,229,563
3,303,752

Creditors: amounts falling due within one year
 6 
(761,810)
(888,351)

Net current assets
  
 
 
3,467,753
 
 
2,415,401

Total assets less current liabilities
  
3,533,890
2,475,424

Provisions for liabilities
  

Deferred tax
 7 
(16,534)
(11,404)

  
 
 
(16,534)
 
 
(11,404)

Net assets
  
3,517,356
2,464,020


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
3,516,356
2,463,020

  
3,517,356
2,464,020


Page 1

 
VECTRIC LIMITED
REGISTERED NUMBER: 05382596
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of 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 by: 




E J Powell
Director

Date: 5 September 2023

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

Page 2

 
VECTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The entity is a registered private limited company with issued share capital and is domiciled in England. The registered office and principal place of business is Precision House, 2 Arden Road, Alcester, Warwickshire, B49 6HN. The principal activity of the company during the year was that of creating and selling software for the machining industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The geopolitical and economic situation resulting from the war in Ukraine has had minimal impact on the company during the year and the company has continued to trade well and be cash generating. The directors have considered future trading forecasts and expect this to continue. Accordingly the financial statements have been prepared on a going concern basis. 

 
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.  Revenue is recognised when the software is dispatched. Revenues from workshops, online advisory support training and events are recognised when such are attended.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
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.

Page 3

 
VECTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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 balances with related parties.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.
Capital contributions to the Vectric Employee Ownership Trust are debited to the profit and loss reserves through the Statement of changes in equity as shareholder related transactions.

 
2.10

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.

Page 4

 
VECTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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, 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 5

 
VECTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Research and development

Research and development costs are expensed to the profit and loss account in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 29).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2022
253,268


Additions
35,649



At 31 March 2023

288,917



Depreciation


At 1 April 2022
193,245


Charge for the year on owned assets
29,535



At 31 March 2023

222,780



Net book value



At 31 March 2023
66,137



At 31 March 2022
60,023

Page 6

 
VECTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
357,368
391,489

Amounts owed by group undertakings
-
220

Prepayments and accrued income
136,053
131,238

493,421
522,947



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
66,412
57,022

Amounts owed to group undertakings
127,967
127,967

Corporation tax
427,190
533,004

Other taxation and social security
52,305
52,362

Other creditors
59,326
45,675

Accruals and deferred income
28,610
72,321

761,810
888,351



7.


Deferred taxation




2023
2022


£

£






At beginning of year
11,404
7,062


Charged to profit or loss
5,130
4,342



At end of year
16,534
11,404

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
16,534
11,404

Page 7

 
VECTRIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


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 amounted to £276,673 (2022: £170,668). Contributions of £33,760 (2022: £45,668) were payable to the fund, by the company, at the balance sheet date.


9.


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
77,688
77,688

Later than 1 year and not later than 5 years
62,746
140,434

140,434
218,122


10.


Ultimate parent undertaking

In the opinion of the directors, Vectric Holdings Limited was the immediate and ultimate parent undertaking and the Vectric Employee Ownership Trust was the ultimate controlling party.

 
Page 8