Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31Machining2022-04-01false4035truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07519514 2022-04-01 2023-03-31 07519514 2021-04-01 2022-03-31 07519514 2023-03-31 07519514 2022-03-31 07519514 c:Director3 2022-04-01 2023-03-31 07519514 d:PlantMachinery 2022-04-01 2023-03-31 07519514 d:PlantMachinery 2023-03-31 07519514 d:PlantMachinery 2022-03-31 07519514 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07519514 d:MotorVehicles 2022-04-01 2023-03-31 07519514 d:MotorVehicles 2023-03-31 07519514 d:MotorVehicles 2022-03-31 07519514 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07519514 d:OfficeEquipment 2022-04-01 2023-03-31 07519514 d:OfficeEquipment 2023-03-31 07519514 d:OfficeEquipment 2022-03-31 07519514 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07519514 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07519514 d:Goodwill 2023-03-31 07519514 d:Goodwill 2022-03-31 07519514 d:CurrentFinancialInstruments 2023-03-31 07519514 d:CurrentFinancialInstruments 2022-03-31 07519514 d:Non-currentFinancialInstruments 2023-03-31 07519514 d:Non-currentFinancialInstruments 2022-03-31 07519514 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07519514 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07519514 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07519514 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07519514 d:ShareCapital 2023-03-31 07519514 d:ShareCapital 2022-03-31 07519514 d:RetainedEarningsAccumulatedLosses 2023-03-31 07519514 d:RetainedEarningsAccumulatedLosses 2022-03-31 07519514 c:FRS102 2022-04-01 2023-03-31 07519514 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07519514 c:FullAccounts 2022-04-01 2023-03-31 07519514 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07519514 2 2022-04-01 2023-03-31 07519514 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07519514 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 07519514


GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
REGISTERED NUMBER:07519514

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
867,998
427,654

Current assets
  

Stocks
 6 
334,951
329,409

Debtors: amounts falling due within one year
 7 
1,552,490
1,707,994

Cash at bank and in hand
 8 
28,666
56,041

  
1,916,107
2,093,444

Creditors: amounts falling due within one year
 9 
(413,978)
(342,940)

Net current assets
  
 
 
1,502,129
 
 
1,750,504

Total assets less current liabilities
  
2,370,127
2,178,158

Creditors: amounts falling due after more than one year
 10 
(73,700)
-

Provisions for liabilities
  

Deferred tax
 11 
(122,875)
(92,262)

  
 
 
(122,875)
 
 
(92,262)

Net assets
  
2,173,552
2,085,896


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,173,452
2,085,796

  
2,173,552
2,085,896

Page 1

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
REGISTERED NUMBER:07519514
    
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 comprehensive income 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 L P D'Arcy
Director

Date: 20 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company limited by shares and incorporated in England within the United Kingdom. The address of the principal place of business is Glentworth House, Molly Millar's Bridge, Molly Millar's Lane, Wokingham, Berkshire, RG41 2WY. 

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 judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on a going concern basis as the shareholders have committed to providing financial support as required. The going concern basis is considered by the directors to be appropriate due to the willingness and ability of the Company's investors to continue to support the Company for at least 12 months from the date of approval of 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.

Page 3

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss 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 comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

Page 4

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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.

  
2.11

Debt Factoring

The Company has a debt factoring agreement with a third party which covered £592,665 of its trade debtors at the year-end. However the agreement has a 100% recourse arrangement and hence the Company has retained this percentage of the trade receivables in its balance sheet.

 
2.12

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.

Page 5

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the
date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to
the Statement of comprehensive income over its useful economic life. If a reliable estimate of the
useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

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, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% - 20% reducing balance
Motor vehicles
-
3 years straight line
Equipment
-
3 years 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.

 
2.15

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.
Page 6

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.20

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows 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, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 comprehensive income.

Page 7

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

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.

 
2.21

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 35).

Page 8

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
5,000



At 31 March 2023

5,000



Amortisation


At 1 April 2022
5,000



At 31 March 2023

5,000



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 9

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
971,764
20,420
71,464
1,063,648


Additions
551,986
-
2,382
554,368



At 31 March 2023

1,523,750
20,420
73,846
1,618,016



Depreciation


At 1 April 2022
560,292
7,922
67,779
635,993


Charge for the year on owned assets
103,225
6,800
4,000
114,025



At 31 March 2023

663,517
14,722
71,779
750,018



Net book value



At 31 March 2023
860,233
5,698
2,067
867,998



At 31 March 2022
411,472
12,498
3,685
427,655

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:



2023
2022
£
£
Plant and machinery

241,200

92,219
 

Page 10

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
334,951
329,409



7.


Debtors

2023
2022
£
£


Trade debtors
879,359
1,159,339

Amounts owed by group undertakings
601,423
540,284

Other debtors
62,778
600

Prepayments and accrued income
8,930
7,771

1,552,490
1,707,994



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
28,666
56,041



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
234,985
109,488

Corporation tax
-
33,711

Other taxation and social security
43,431
132,834

Obligations under finance lease and hire purchase contracts
80,400
-

Other creditors
6,976
30,611

Accruals and deferred income
48,186
36,296

413,978
342,940


Net obligations under hire purchase contracts are secured on the assets to which they relate.

Page 11

 
GLENTWORTH PRECISION ENGINEERING (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
73,700
-


Net obligations under hire purchase contracts are secured on the assets to which they relate.


11.


Deferred taxation




2023


£






At beginning of year
(92,262)


Charged to profit or loss
(30,613)



At end of year
(122,875)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(122,875)
(92,262)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £73,973 (2022: £53,509) in the year. Contributions totalling £6,976 (2022: £6,325) were payable to the fund at the balance sheet date and are included in creditors.


13.


Ultimate parent entity

The ultimate parent company is Glentworth Holdings Limited, a company registered in England and Wales. The address of the principal place of business of Glentworth Holdings Limited is Glentworth House, Molly Millar's Bridge, Molly Millar's Lane, Wokingham, Berkshire, RG41 2WY. 

 
Page 12