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Registered number: 01377891










MENRAD OPTICS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MENRAD OPTICS LIMITED
REGISTERED NUMBER: 01377891

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,012
12,873

Current assets
  

Stocks
 5 
191,534
215,242

Debtors: amounts falling due within one year
 6 
211,141
221,089

Cash at bank and in hand
  
83,468
114,954

  
486,143
551,285

Creditors: amounts falling due within one year
 7 
(1,593,747)
(1,307,767)

Net current liabilities
  
 
 
(1,107,604)
 
 
(756,482)

Total assets less current liabilities
  
(1,098,592)
(743,609)

Creditors: amounts falling due after more than one year
  
(25,833)
(35,833)

  

Net liabilities
  
(1,124,425)
(779,442)


Capital and reserves
  

Called up share capital 
  
350,000
350,000

Profit and loss account
  
(1,474,425)
(1,129,442)

  
(1,124,425)
(779,442)


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: 




A Wilkinson
Director

Date: 21 November 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
MENRAD OPTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Menrad Optics Limited is a private company limited by share capital and incorporated in England and Wales. The registered office is Suite 2, Ground Floor West, Benyon House, Newbury Business Park, London Road, Newbury, Berkshire, RG14 2PZ.

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

At the balance sheet date the company had net liabilities of £1,124,425 (2021: £779,442), including net current liabilities of £1,107,604 (2021: £756,482), having made a loss for the year of £344,983 (2021: £218,906). The directors have considered the appropriateness of the going concern basis of preparation bearing in mind the company's:
- recent financial performance and current financial position
- future trading prospects
- continued support of the parent company Ferdinand Menrad Holding GmbH
The directors have concluded that, whilst mindful of the inherent uncertainties, they are confident that the company has sufficient financial resources and support from the parent company to continue operating as a going concern for the foreseeable future and, accordingly, have concluded that it remains appropriate to prepare the financial statements on a going concern basis. In reaching this conclusion, the directors have considered a period of not less than 12 months from the date of approving these 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 2

 
MENRAD OPTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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.

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:

Fixtures & fittings
-
30%
Computer equipment
-
30%

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 weighted average 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.

Where consignment stock is held by customers this is deemed to be the property of Menrad Optics Limited until such time as it is sold to the end customer.  This stock is held at the cost of purchase on a weighted average basis and assessed for impairment at each balance sheet date.

 
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.

 
2.8

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.

Page 3

 
MENRAD OPTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

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.

 
2.12

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.

 
2.13

Borrowing costs

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

Page 4

 
MENRAD OPTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2021 - 13).


4.


Tangible fixed assets





Fixtures & fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
34,857
67,449
102,306



At 31 December 2022

34,857
67,449
102,306



Depreciation


At 1 January 2022
28,386
61,047
89,433


Charge for the year on owned assets
1,941
1,920
3,861



At 31 December 2022

30,327
62,967
93,294



Net book value



At 31 December 2022
4,530
4,482
9,012



At 31 December 2021
6,471
6,402
12,873


5.


Stocks

2022
2021
£
£

Finished goods and goods for resale
191,534
215,242



 

Page 5

 
MENRAD OPTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Trade debtors
183,059
191,918

Other debtors
608
923

Prepayments and accrued income
27,474
28,248

211,141
221,089



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
10,000
10,000

Trade creditors
13,640
544

Amounts owed to group undertakings
1,476,628
1,199,252

Other taxation and social security
62,972
49,469

Accruals and deferred income
30,507
48,502

1,593,747
1,307,767



8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
15,833
25,833


35,833
45,833



9.


Related party transactions

The Company has taken advantage of the exemption available for disclosing transactions with 100% owned members of the Group headed by Ferdinand Menrad FMG Holding GmbH & Co. KG, by virtue of FRS 102 section 33.11.

Page 6

 
MENRAD OPTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Controlling party

The immediate parent company is Ferdinand Menrad Holding GmbH, which is incorporated in Germany and holds 100% of the company's issued share capital. The ultimate parent undertaking of this company is Ferdinand Menrad FMG Holding GmbH & Co. KG, which is incorporated in Germany. Ferdinand Menrad FMG Holding GmbH & Co. KG is the parent of the smallest and largest group for which consolidated accounts are prepared including Menrad Optics Limited. The ultimate controlling party is H Mueller-Menrad, a director of the company, and members of his family. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 22 November 2023 by James Pitt BA BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.


Page 7