Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3122022-04-01false2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11722075 2022-04-01 2023-03-31 11722075 2021-04-01 2022-03-31 11722075 2023-03-31 11722075 2022-03-31 11722075 c:Director2 2022-04-01 2023-03-31 11722075 d:CurrentFinancialInstruments 2023-03-31 11722075 d:CurrentFinancialInstruments 2022-03-31 11722075 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11722075 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11722075 d:ShareCapital 2023-03-31 11722075 d:ShareCapital 2022-03-31 11722075 d:RetainedEarningsAccumulatedLosses 2023-03-31 11722075 d:RetainedEarningsAccumulatedLosses 2022-03-31 11722075 c:OrdinaryShareClass1 2022-04-01 2023-03-31 11722075 c:OrdinaryShareClass1 2023-03-31 11722075 c:OrdinaryShareClass1 2022-03-31 11722075 c:OrdinaryShareClass2 2022-04-01 2023-03-31 11722075 c:OrdinaryShareClass2 2023-03-31 11722075 c:OrdinaryShareClass2 2022-03-31 11722075 c:FRS102 2022-04-01 2023-03-31 11722075 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11722075 c:FullAccounts 2022-04-01 2023-03-31 11722075 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11722075 d:Subsidiary1 2023-03-31 11722075 d:Subsidiary1 2022-04-01 2023-03-31 11722075 d:Subsidiary1 1 2022-04-01 2023-03-31 11722075 d:Subsidiary2 2023-03-31 11722075 d:Subsidiary2 2022-04-01 2023-03-31 11722075 d:Subsidiary2 1 2022-04-01 2023-03-31 11722075 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11722075










VECTRIC HOLDINGS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
VECTRIC HOLDINGS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 6


 
VECTRIC HOLDINGS LIMITED
REGISTERED NUMBER: 11722075

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
25,022,034
25,150,000

  
25,022,034
25,150,000

Current assets
  

Debtors: amounts falling due within one year
 5 
127,966
-

Cash at bank and in hand
  
-
220

  
127,966
220

Creditors: amounts falling due within one year
 6 
-
(220)

Net current assets
  
 
 
127,966
 
 
-

Total assets less current liabilities
  
25,150,000
25,150,000

  

Net assets
  
25,150,000
25,150,000


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
25,149,900
25,149,900

  
25,150,000
25,150,000


Page 1

 
VECTRIC HOLDINGS LIMITED
REGISTERED NUMBER: 11722075
    
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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E Powell
Director

Date: 5 September 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
VECTRIC HOLDINGS 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 is Precision House, 2 Arden Road, Alcester, Warwickshire, B49 6HN. The principal activity of the company in the period under review was that of a non-trading holding company of a group 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.3

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.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.5

Creditors

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

Page 3

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

2.Accounting policies (continued)

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

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.

Dividend income is recognised when the right to receive payment is established.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
25,150,000



At 31 March 2023

25,150,000



Impairment


Charge for the period
127,966



At 31 March 2023

127,966



Net book value



At 31 March 2023
25,022,034

Page 4

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

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

Vectric Limited
Creating and selling software for the machining industry
Ordinary
100%
Design & Make It Limited
Dormant
Ordinary
100%

The carrying value of the investments and the aggregate of the share capital and reserves as at 31 March 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
Carrying value of investment
£
£
£

Vectric Limited
3,517,356
5,053,336
25,022,033

Design & Make It Limited
1
-
1

During the year the dormant subsidiary, Design & Make It Limited, carried out a capital reduction and declared a dividend. As a result of such the net assets of the company were reduced to £1, this has  resulted in the impairment charge of this investment.


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
127,966
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
-
220


Page 5

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

7.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



51 (2022 - 51) Ordinary A shares of £1.00 each
51
51
49 (2022 - 49) Ordinary B shares of £1.00 each
49
49

100

100



8.


Controlling party

In the opinion of the directors the Vectric Employee Ownership Trust was the ultimate controlling party.

Page 6