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Registered number: 00912104










MAGNET SCHULTZ LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 JUNE 2023
 






 



 






 
MAGNET SCHULTZ LIMITED
REGISTERED NUMBER: 00912104

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
                                                                     Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
102,027
123,895

Current assets
  

Stocks
 6 
1,074,879
864,281

Debtors: amounts falling due within one year
 7 
577,760
469,826

Bank and cash balances
  
2,037,359
1,668,365

  
3,689,998
3,002,472

Creditors: amounts falling due within one year
 8 
(745,786)
(333,496)

Net current assets
  
 
 
2,944,212
 
 
2,668,976

Total assets less current liabilities
  
3,046,239
2,792,871

Provisions for liabilities
  

Deferred tax
 9 
(23,708)
(27,149)

  
 
 
(23,708)
 
 
(27,149)

Net assets
  
3,022,531
2,765,722


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
 11 
3,021,531
2,764,722

  
3,022,531
2,765,722


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:  




Mr R W Kershaw
Director

Date: 28 September 2023

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
MAGNET SCHULTZ LIMITED
 

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

1.


General information

Magnet Schultz Limited is a private company, limited by shares and incorporated in England and Wales, registration number 00912104. The registered office address is 3-4 Capital Park, High Street, Old Woking, Woking, Surrey, GU22 9LD.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A. There were no material departures from the standard.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements.
In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business. The Directors have considered the Company's business model and availability of cash resources and cite that the Company is profitable, is in a net asset position at the year end and has strong cash reserves given the size of its operations. Further, should the Company require it, financial support could be provided from it's parent.
Having undertaken this assessment the Directors consider that the Company will be able to meet its liabilities as they fall due for the foreseeable future and it is therefore appropriate to prepare the financial statements on a going concern basis.

 
2.4

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.

Page 2

 
MAGNET SCHULTZ LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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 3

 
MAGNET SCHULTZ LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 date, 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.

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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
-
15%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
33%
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.

Page 4

 
MAGNET SCHULTZ LIMITED
 

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

2.Accounting policies (continued)

 
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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Page 5

 
MAGNET SCHULTZ LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15).


5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
63,519
345,703
202,561
611,783


Additions
2,032
1,304
5,421
8,757


Disposals
-
(4,379)
(299)
(4,678)



At 30 June 2023

65,551
342,628
207,683
615,862



Depreciation


At 1 July 2022
30,370
310,444
147,074
487,888


Charge for the year on owned assets
5,222
5,498
19,516
30,236


Disposals
-
(3,990)
(299)
(4,289)



At 30 June 2023

35,592
311,952
166,291
513,835



Net book value



At 30 June 2023
29,959
30,676
41,392
102,027



At 30 June 2022
33,149
35,260
55,487
123,896


6.


Stocks

2023
2022
£
£

Components
1,074,879
864,281


Page 6

 
MAGNET SCHULTZ LIMITED
 

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

7.


Debtors

2023
2022
£
£


Trade debtors
527,747
394,059

Other debtors
2,721
14,138

Prepayments and accrued income
47,292
61,629

577,760
469,826



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
67,838
46,919

Corporation tax
70,875
32,373

Other taxation and social security
21,591
20,567

Other creditors
227,487
84,913

Accruals and deferred income
357,995
148,724

745,786
333,496



9.


Deferred taxation




2023
2022


£

£






At beginning of year
(27,149)
(31,697)


Utilised in year
3,441
4,548



At end of year
(23,708)
(27,149)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(23,708)
(27,149)

Page 7

 
MAGNET SCHULTZ LIMITED
 

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

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


12.


Commitments under operating leases

At 30 June 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
-
11,250


13.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group and the Company is included in consolidated financial statements prepared by the Group.


14.


Controlling party

The Company's immediate and ultimate parent undertaking is Magnet-Schultz GmbH & Co. KG, a company incorporated in Germany. 
The consolidated financial statements of Magnet-Schultz GmbH & Co. KG are publicly available from its registered office address: Allgaur Strasse 30,87700 Memmingen, Germany.


15.


Auditors' information

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

The audit report was signed on 9 November 2023 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull.

Page 8