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Registered number: 13654759










EXCITING INSTRUMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
EXCITING INSTRUMENTS LIMITED
REGISTERED NUMBER: 13654759

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
25,686
33,419

Tangible assets
 5 
5,459
909

  
31,145
34,328

Current assets
  

Stocks
  
31,648
62,953

Debtors: amounts falling due within one year
 6 
69,309
15,709

Cash at bank and in hand
  
112,303
84,245

  
213,260
162,907

Creditors: amounts falling due within one year
 7 
(376,674)
(289,936)

Net current liabilities
  
 
 
(163,414)
 
 
(127,029)

Total assets less current liabilities
  
(132,269)
(92,701)

Creditors: amounts falling due after more than one year
 8 
(30,888)
(100,077)

  

Net liabilities
  
(163,157)
(192,778)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(163,257)
(192,878)

  
(163,157)
(192,778)


Page 1

 
EXCITING INSTRUMENTS LIMITED
REGISTERED NUMBER: 13654759
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 on 3 November 2023.




R J Bell
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Exciting Instruments Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 13654759). Its registered office is Unit 1, Speedwell Works, 73 Sidney Street, Sheffield, S1 4RG. The principal activity of the Company throughout the year continued to be that of the manufacture of optical precision instruments. 

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 Company's functional and presentatin currency is pounds sterling. 

The following principal accounting policies have been applied:

 
2.2

Going concern

As at 30 September 2023 the Company had an excess of liabilities over its total assets amounting to £163,157 (2022: £192,778). The ability of the Company to meet its liabilities as they fall due is dependent on the future profitability and cash generation of the Company. The directors are confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.

Page 3

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

Page 4

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

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, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
25% straight Line
Office equipment
-
33% straight line
Computer equipment
-
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 the Statement of Income and Retained Earnings. 

 
2.6

Government grants

Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings 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 Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties 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 the transaction price 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,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. 

Page 5

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

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 the Statement of Income and Retained Earnings. 

 
2.9

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 the Statement of Income and Retained Earnings 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.

 
2.10

Taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 4).

Page 6

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Intangible assets

£



Cost


At 1 October 2022
38,667



At 30 September 2023

38,667



Amortisation


At 1 October 2022
5,248


Charge for the year on owned assets
7,733



At 30 September 2023

12,981



Net book value



At 30 September 2023
25,686



At 30 September 2022
33,419



Page 7

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
1,127
-
-
1,127


Additions
-
1,351
4,646
5,997



At 30 September 2023

1,127
1,351
4,646
7,124



Depreciation


At 1 October 2022
218
-
-
218


Charge for the year on owned assets
282
389
776
1,447



At 30 September 2023

500
389
776
1,665



Net book value



At 30 September 2023
627
962
3,870
5,459



At 30 September 2022
909
-
-
909


6.


Debtors

2023
2022
£
£


Trade debtors
6,986
-

Other debtors
6,838
15,158

Prepayments
6,670
551

Tax recoverable
48,815
-

69,309
15,709


Page 8

 
EXCITING INSTRUMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
114,896
144,182

Trade creditors
162
30,047

Amounts owed to group undertakings
40,885
47,227

Other taxation and social security
5,513
-

Other creditors
66,098
-

Accruals and deferred income
149,120
68,480

376,674
289,936



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
30,888
100,077



9.


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 £3,837 (2022: £nil). Contributions totalling £551 (2022: £nil) were payable to the fund at the Balance Sheet date and are included in creditors. 

 
Page 9