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Registered number: 00411552









BIZ ENGINEERING LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
BIZ ENGINEERING LIMITED
REGISTERED NUMBER: 00411552

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
686,217
760,004

Current assets
  

Stocks
 5 
285,638
208,915

Debtors: amounts falling due within one year
 6 
612,589
647,534

Cash at bank and in hand
 7 
227,151
247,613

  
1,125,378
1,104,062

Creditors: amounts falling due within one year
 8 
(1,007,538)
(1,041,902)

Net current assets
  
 
 
117,840
 
 
62,160

Total assets less current liabilities
  
804,057
822,164

Creditors: amounts falling due after more than one year
 9 
(104,784)
(223,156)

  

Net assets
  
699,273
599,008


Capital and reserves
  

Called up share capital 
 11 
90
90

Capital redemption reserve
  
4,743
4,743

Profit and loss account
  
694,440
594,175

  
699,273
599,008


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: 




M S Smith
Director

Date: 6 November 2023

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

The Company is a private Company limited by shares and is incorporated in England and Wales. The address of its registered office is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA.

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 financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Company will have sufficient resources to enable it to meet its liabilities as they fall due.
Having regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 
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.

 
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.

Page 2

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10-25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
25% reducing balance

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.

 
2.5

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.

 
2.6

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

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.
Page 3

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

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.

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.

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 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.
 
Page 4

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


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.

 
2.9

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.

 
2.10

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

Interest income

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

 
2.12

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.

 
2.13

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.

Page 5

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 32).


4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 May 2022
1,626,417


Additions
15,656


Disposals
(182,796)



At 30 April 2023

1,459,277



Depreciation


At 1 May 2022
866,413


Charge for the year on owned assets
78,849


Disposals
(172,202)



At 30 April 2023

773,060



Net book value



At 30 April 2023
686,217



At 30 April 2022
760,004

Page 6

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
100,134
73,326

Finished goods and goods for resale
185,504
135,589

285,638
208,915



6.


Debtors

2023
2022
£
£


Trade debtors
352,125
596,307

Amounts owed by group undertakings
73,429
-

Other debtors
-
10,204

Prepayments and accrued income
187,035
41,023

612,589
647,534



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
227,151
247,613



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
435,303
417,733

Amounts owed to group undertakings
89,331
261,188

Other taxation and social security
323,572
213,572

Obligations under finance lease and hire purchase contracts
118,372
116,499

Other creditors
6,356
5,835

Accruals and deferred income
34,604
27,075

1,007,538
1,041,902


Obligations under finance lease and hire purchase contracts are secured over the asset to which they relate.

Page 7

 
BIZ ENGINEERING 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
£
£

Net obligations under finance leases and hire purchase contracts
104,784
223,156



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
118,372
116,499

Between 1-5 years
104,784
134,806

Over 5 years
-
88,350

223,156
339,655

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



90 (2022 - 90) Ordinary shares of £1 each
90
90



12.


Contingent liabilities

The Company has jointly guaranteed the bank borrowings on its parent Company.  At the year end the liabilities covered by this guarantee totalled £3,860,741 (2022 - £4,000,000).


13.


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 £31,672 (2022 - £26,184). Contributions totalling £6,356 (2022 - £5,835) were payable to the fund at the balance sheet date and are included within creditors. 


14.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 (sections 33.1A) not to disclose transactions with wholly owned group companies.

Page 8

 
BIZ ENGINEERING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

15.


Ultimate parent undertaking and controlling party

The Company's immediate parent company is BIZ Group Holdings Limited, a company registered in England and Wales.  The ultimate parent company is BIZ Holdings Limited, a company registered in England and Wales.  The consolidated financial statements of BIZ Holdings Limited are available from Companies House.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.

The audit report was signed on 7 November 2023 by Richard Vass (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 9