Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-309falsefalse2022-05-01No description of principal activity9trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03974480 2022-05-01 2023-04-30 03974480 2021-05-01 2022-04-30 03974480 2023-04-30 03974480 2022-04-30 03974480 c:Director1 2022-05-01 2023-04-30 03974480 d:Buildings 2022-05-01 2023-04-30 03974480 d:Buildings 2023-04-30 03974480 d:Buildings 2022-04-30 03974480 d:Buildings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03974480 d:PlantMachinery 2022-05-01 2023-04-30 03974480 d:PlantMachinery 2023-04-30 03974480 d:PlantMachinery 2022-04-30 03974480 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03974480 d:MotorVehicles 2022-05-01 2023-04-30 03974480 d:MotorVehicles 2023-04-30 03974480 d:MotorVehicles 2022-04-30 03974480 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03974480 d:FurnitureFittings 2022-05-01 2023-04-30 03974480 d:FurnitureFittings 2023-04-30 03974480 d:FurnitureFittings 2022-04-30 03974480 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03974480 d:OfficeEquipment 2022-05-01 2023-04-30 03974480 d:OfficeEquipment 2023-04-30 03974480 d:OfficeEquipment 2022-04-30 03974480 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03974480 d:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 03974480 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03974480 d:CurrentFinancialInstruments 2023-04-30 03974480 d:CurrentFinancialInstruments 2022-04-30 03974480 d:Non-currentFinancialInstruments 2023-04-30 03974480 d:Non-currentFinancialInstruments 2022-04-30 03974480 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03974480 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 03974480 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03974480 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 03974480 d:ShareCapital 2023-04-30 03974480 d:ShareCapital 2022-04-30 03974480 d:RetainedEarningsAccumulatedLosses 2023-04-30 03974480 d:RetainedEarningsAccumulatedLosses 2022-04-30 03974480 c:FRS102 2022-05-01 2023-04-30 03974480 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 03974480 c:FullAccounts 2022-05-01 2023-04-30 03974480 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 03974480 2 2022-05-01 2023-04-30 03974480 6 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 03974480










CAP AIR SYSTEMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
CAP AIR SYSTEMS LIMITED
REGISTERED NUMBER: 03974480

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
598,130
596,854

Investments
 5 
6
6

  
598,136
596,860

Current assets
  

Stocks
  
632,000
345,000

Debtors: amounts falling due within one year
 6 
278,559
270,478

Cash at bank and in hand
 7 
815
813

  
911,374
616,291

Creditors: amounts falling due within one year
 8 
(573,398)
(402,289)

Net current assets
  
 
 
337,976
 
 
214,002

Total assets less current liabilities
  
936,112
810,862

Creditors: amounts falling due after more than one year
 9 
(293,263)
(321,833)

  

Net assets
  
642,849
489,029


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
642,749
488,929

  
642,849
489,029


Page 1

 
CAP AIR SYSTEMS LIMITED
REGISTERED NUMBER: 03974480
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The Director considers 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 Director acknowledges his 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: 




................................................
Christopher Stephen Mitchell Dwelly
Director

Date: 14 September 2023

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

Page 2

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Cap Air Systems Limited is a private company limited by share capital, registered in England and Wales, registered number 03974480.
The registered office and principal place of business is 32 Stephenson Road, St Ives, Cambridgeshire, PE27 3WJ.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

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.

Page 3

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 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

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 4

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Taxation

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.

 
2.9

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, on the following basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
15%
Reducing balance
Tooling
-
20%
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.

Page 5

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

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 Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

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

 
2.14

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.

 
2.15

Financial instruments

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

 
2.16

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 6

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).


4.


Tangible fixed assets





Freehold property
Plant, machinery & tooling
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2022
544,984
87,054
34,056
40,490
26,233
732,817


Additions
14,248
19,259
-
-
5,389
38,896



At 30 April 2023

559,232
106,313
34,056
40,490
31,622
771,713



Depreciation


At 1 May 2022
66,332
18,380
8,576
22,406
20,269
135,963


Charge for the year on owned assets
10,919
13,906
8,514
2,713
1,568
37,620



At 30 April 2023

77,251
32,286
17,090
25,119
21,837
173,583



Net book value



At 30 April 2023
481,981
74,027
16,966
15,371
9,785
598,130



At 30 April 2022
478,652
68,674
25,480
18,084
5,964
596,854


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 May 2022
6



At 30 April 2023
6




Page 7

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Debtors

2023
2022
£
£


Trade debtors
271,607
258,682

Other debtors
4,560
10,138

Prepayments and accrued income
2,392
1,658

278,559
270,478



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
815
813

Less: bank overdrafts
(153,485)
(52,879)

(152,670)
(52,066)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
153,485
52,879

Bank loans
18,726
20,073

Trade creditors
302,300
234,374

Corporation tax
86,444
82,699

Other taxation and social security
9,223
9,167

Other creditors
1,320
1,197

Accruals and deferred income
1,900
1,900

573,398
402,289


The bank overdraft and bank loans are secured on a fixed and floating charge on the assets of the Company.

Page 8

 
CAP AIR SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
293,263
321,833


The bank loans are secured on a fixed and floating charge on the assets of the Company.


10.


Financial instruments

All debtors and creditors are basic financial instruments and are held at amortised cost.


11.


Pension commitments

The Company operated a defined contributions pension scheme. The assets of the scheme are held
seperately 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 £5,933 (2022: £5,239). Contributions totalling £1,320 (2022: £1,197) were payable to the fund at the balance sheet date


12.


Related party transactions

At 30 April 2023 the Company was owed £1,428 by the director (2022: £1,428).
At 30 April 2023, the Company was owed £2,615 (2022: £6,900) by a Company of which Mr C Mitchell Dwelly is a director of.

 
Page 9