Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-05-162023-05-162023-03-31truetruetruetruetrue107false2022-04-01Manufacture of medical and dental instruments and supplies106truefalse 04046384 2022-04-01 2023-03-31 04046384 2021-04-01 2022-03-31 04046384 2023-03-31 04046384 2022-03-31 04046384 2021-04-01 04046384 4 2022-04-01 2023-03-31 04046384 4 2021-04-01 2022-03-31 04046384 d:Director1 2022-04-01 2023-03-31 04046384 d:Director2 2022-04-01 2023-03-31 04046384 d:Director3 2022-04-01 2023-03-31 04046384 d:Director4 2022-04-01 2023-03-31 04046384 d:Director4 2023-03-31 04046384 d:Director5 2022-04-01 2023-03-31 04046384 d:RegisteredOffice 2022-04-01 2023-03-31 04046384 e:Buildings 2022-04-01 2023-03-31 04046384 e:Buildings 2023-03-31 04046384 e:Buildings 2022-03-31 04046384 e:Buildings e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04046384 e:PlantMachinery 2022-04-01 2023-03-31 04046384 e:PlantMachinery 2023-03-31 04046384 e:PlantMachinery 2022-03-31 04046384 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04046384 e:MotorVehicles 2022-04-01 2023-03-31 04046384 e:MotorVehicles 2023-03-31 04046384 e:MotorVehicles 2022-03-31 04046384 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04046384 e:FurnitureFittings 2022-04-01 2023-03-31 04046384 e:FurnitureFittings 2023-03-31 04046384 e:FurnitureFittings 2022-03-31 04046384 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04046384 e:OfficeEquipment 2022-04-01 2023-03-31 04046384 e:OfficeEquipment 2023-03-31 04046384 e:OfficeEquipment 2022-03-31 04046384 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04046384 e:ComputerEquipment 2022-04-01 2023-03-31 04046384 e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04046384 e:CurrentFinancialInstruments 2023-03-31 04046384 e:CurrentFinancialInstruments 2022-03-31 04046384 e:Non-currentFinancialInstruments 2023-03-31 04046384 e:Non-currentFinancialInstruments 2022-03-31 04046384 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 04046384 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 04046384 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 04046384 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 04046384 f:UnitedKingdom 2022-04-01 2023-03-31 04046384 f:UnitedKingdom 2021-04-01 2022-03-31 04046384 f:RestEuropeOutsideUK 2022-04-01 2023-03-31 04046384 f:RestEuropeOutsideUK 2021-04-01 2022-03-31 04046384 f:RestWorldOutsideUK 2022-04-01 2023-03-31 04046384 f:RestWorldOutsideUK 2021-04-01 2022-03-31 04046384 e:UKTax 2022-04-01 2023-03-31 04046384 e:UKTax 2021-04-01 2022-03-31 04046384 e:ShareCapital 2023-03-31 04046384 e:ShareCapital 2022-03-31 04046384 e:ShareCapital 2021-04-01 04046384 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04046384 e:RetainedEarningsAccumulatedLosses 2023-03-31 04046384 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 04046384 e:RetainedEarningsAccumulatedLosses 2022-03-31 04046384 e:RetainedEarningsAccumulatedLosses 2021-04-01 04046384 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04046384 e:AcceleratedTaxDepreciationDeferredTax 2022-03-31 04046384 d:OrdinaryShareClass1 2022-04-01 2023-03-31 04046384 d:OrdinaryShareClass1 2023-03-31 04046384 d:OrdinaryShareClass1 2022-03-31 04046384 d:FRS102 2022-04-01 2023-03-31 04046384 d:Audited 2022-04-01 2023-03-31 04046384 d:FullAccounts 2022-04-01 2023-03-31 04046384 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04046384 e:WithinOneYear 2023-03-31 04046384 e:WithinOneYear 2022-03-31 04046384 e:BetweenOneFiveYears 2023-03-31 04046384 e:BetweenOneFiveYears 2022-03-31 04046384 e:HirePurchaseContracts e:WithinOneYear 2023-03-31 04046384 e:HirePurchaseContracts e:WithinOneYear 2022-03-31 04046384 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-03-31 04046384 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-03-31 04046384 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered Number:04046384













EUROPLAZ TECHNOLOGIES LTD






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023











 
EUROPLAZ TECHNOLOGIES LTD
 

 
COMPANY INFORMATION


Directors
E D O'Keeffe 
S Sansom 
Ms K H P O'Keeffe Shah 
M Graziano (resigned 16 May 2023)
R O'Keeffe 




Registered number
04046384



Registered office
Unit 1
The Maltings Industrial Estate

Southminster

Essex

CM0 7EQ




Independent auditor
SB Audit LLP
Chartered Accountants & Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
EUROPLAZ TECHNOLOGIES LTD
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11 - 12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 29



 
EUROPLAZ TECHNOLOGIES LTD
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Company is a wholly owned subsidiary of Oakleaf Group Ltd.
The Company provides design, engineering and manufacturing expertise for the medical device industry. The Company works across the entire life cycle of a product, from concept design to manufacturing to after-market services. 

Business review
 
The Company had very successful year in trading, reporting a 22% increase in turnover and a profit after tax of £2,037,377 (2022: £2,045,655) which has met the Directors’ expectations. 
Despite careful cost control, the Company has reported a decrease in gross margin to 44% (2022: 47%) due to price increases in polymers, energy, packing materials and haulage during the year.
The Company has carefully managed the global shortage of manufactured products, closely monitoring lead times and stock turnover. The Company continues to maximise its investment in the business, ensuring that the Company is well placed to meet the increasing challenges of product demand, product availability and manufacturing capacity.  The Company achieved an OTIF rating of 98% in the year.
The financial position at year end was considered satisfactory by the Directors of the Company to enter its operations for the following year. The Directors feel that the Company is now well placed to exploit market opportunities as they arise or are created, and thereby improve revenue and profitability going forward.
During the year the Company continued to invest in improvements to its facilities and allocates a minimum of 25% of EBITDA annually for capital upgrades. The Company replaced two of its injection moulding machines with fully electric energy efficient ones. In addition, the Company has implemented further energy efficiency projects such as solar panelling which has generated a total of 136.8mWh in the year (2022: 79.5mWh) to help mitigate the increased energy costs. For the emissions that we control directly, the Company is focusing on achieving net zero by 2040, with an ambition to reach an 80% reduction by 2028 to 2032.

Page 1


 
EUROPLAZ TECHNOLOGIES LTD
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties
 
The Company managed to trade successfully throughout the period, given the current state of the economy, and the Directors are pleased that this is a demonstration of the resilience of the overall trading model.
Other key risks faced by the Company are eroding margins in core products and upwards pressure on overheads. The Directors expect profitability to remain under pressure during the coming year with a lot of risk and uncertainty in the world. High inflation rates along with the continued increase in polymer prices and increased energy costs have resulted in cost increases across all areas of the business.
The Directors also believe that their employees are a very important resource for the business. It is key that the Company maintains a stable and skilled workforce. 
Principal financial instruments are trade debtors and creditors arising directly from sales. 
Liquidity risk:
The Company manages its cash requirements to ensure sufficient liquid resources to meet its liabilities as they fall due. The Company considers working capital management, particularly cash flow, to be key to the management of the Company.
Credit risk:
Customers are subject to credit verification procedures and debtors are regularly reviewed and action taken to mitigate any potential bad debts. 

Financial key performance indicators
 
The Directors consider the key performance indicators to be turnover, margin and unit costs of products. The Directors were satisfied with the resultant KPls which demonstrated that unit costs have been kept under control despite inflationary pressures. Given the challenging economic environment, the Directors are satisfied with the results achieved. 


This report was approved by the board on 19 October 2023 and signed on its behalf.



E D O'Keeffe
Director

Page 2


 
EUROPLAZ TECHNOLOGIES LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,037,377 (2022 - £2,045,655).

Particulars of dividends can be found in note 13.

Directors

The directors who served during the year were:

E D O'Keeffe 
S Sansom 
Ms K H P O'Keeffe Shah 
M Graziano (resigned 16 May 2023)
R O'Keeffe 

Future developments

Despite the current economic climate and level of uncertainty, the Company has managed to continue to serve customers and make healthy profits ahead of its set budgets. The Company plans to expand its customer base further as well as investing in capital enhancements to service them.

Page 3


 
EUROPLAZ TECHNOLOGIES LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Matters covered in the Strategic Report

Details of the Company's future developments, financial risk management objectives and policies, use of financial instruments, and the key risks to which it is exposed are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, SB Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 October 2023 and signed on its behalf.
 





E D O'Keeffe
Director

Page 4


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD

Opinion


We have audited the financial statements of Europlaz Technologies Ltd (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.
Other matters - prior year financial statements unaudited
The Company was not required to have a statutory audit for the year ended 31 March 2022 as it was entitled to exemption by the provision of the Companies Act 2006 relating to the audit of financial statements by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 31 March 2022 are unaudited.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and
• Those laws and regulations considered to have an indirect effect on the financial statements including the Health & Safety Act 1974, COSHH, ISO13485 and REACH regulations. 
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 8


 
EUROPLAZ TECHNOLOGIES LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EUROPLAZ TECHNOLOGIES LTD (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Steven Burgess (Senior Statutory Auditor)
  
for and on behalf of
SB Audit LLP
 
Chartered Accountants
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

3 November 2023
Page 9


 
EUROPLAZ TECHNOLOGIES LTD
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,999,321
8,203,229

Cost of sales
  
(5,586,584)
(4,307,831)

Gross profit
  
4,412,737
3,895,398

Administrative expenses
  
(1,977,494)
(1,769,035)

Other operating income
 5 
11,531
8,800

Operating profit
  
2,446,774
2,135,163

Interest receivable and similar income
 10 
6,762
64

Interest payable and similar expenses
 11 
(95)
(2,738)

Profit before tax
  
2,453,441
2,132,489

Tax on profit
 12 
(416,064)
(86,834)

Profit for the financial year
  
2,037,377
2,045,655

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 29 form part of these financial statements.

Page 10


 
EUROPLAZ TECHNOLOGIES LTD
REGISTERED NUMBER:04046384


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,804,250
1,461,058

  
1,804,250
1,461,058

Current assets
  

Stocks
 15 
1,172,893
947,106

Debtors: amounts falling due after more than one year
 16 
-
196,778

Debtors: amounts falling due within one year
 16 
2,348,681
1,833,180

Cash at bank and in hand
 17 
864,220
722,738

  
4,385,794
3,699,802

Creditors: amounts falling due within one year
 18 
(1,739,221)
(1,234,122)

Net current assets
  
 
 
2,646,573
 
 
2,465,680

Total assets less current liabilities
  
4,450,823
3,926,738

Creditors: amounts falling due after more than one year
 19 
-
(46,163)

Provisions for liabilities
  

Deferred tax
 21 
(389,677)
(161,806)

  
 
 
(389,677)
 
 
(161,806)

Net assets
  
4,061,146
3,718,769


Capital and reserves
  

Called up share capital 
  
250,100
250,100

Profit and loss account
  
3,811,046
3,468,669

  
4,061,146
3,718,769


Page 11


 
EUROPLAZ TECHNOLOGIES LTD
REGISTERED NUMBER:04046384

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.




E D O'Keeffe
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 12


 
EUROPLAZ TECHNOLOGIES LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
250,100
2,773,014
3,023,114



Profit for the year
-
2,045,655
2,045,655

Dividends: Equity capital paid to Parent Company
-
(1,350,000)
(1,350,000)



At 1 April 2022
250,100
3,468,669
3,718,769



Profit for the year
-
2,037,377
2,037,377

Dividends: Equity capital paid to Parent Company
-
(1,695,000)
(1,695,000)


At 31 March 2023
250,100
3,811,046
4,061,146


The notes on pages 14 to 29 form part of these financial statements.

Page 13


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Europlaz Technologies Ltd (the "Company") is a private company limited by shares, registered in England and Wales.  The address of the registered office is Unit 1, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ.

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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oakleaf Group Limited as at 31 March 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The Company has a strong financial position at the balance sheet date and has continued to perform strongly since the year-end. The directors have made enquiries, reviewed cashflow forecasts and believe that the Company will be able to continue to trade and meet its liabilities for 12 months from the expected date of approval of these financial statements, which continue to be prepared on a going concern basis.

Page 14


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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.

 
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.

 
2.7

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.

Page 15


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

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.
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.

 
2.9

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

Interest income

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

 
2.11

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.

 
2.12

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.

Page 16


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

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.

Page 17


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
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:

Property improvements
-
10%
Plant and machinery
-
10%
Motor vehicles
-
25%
Fixtures and fittings
-
15%
Computer equipment
-
50%

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 either selling and distribution expenses or administrative expenses.

 
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, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

 
2.16

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.

Page 18


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.19

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.

 
2.20

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The items in the financial statements where estimates and underlying assumptions have been made include useful economic lives and impairment of fixed assets as well as recoverability of trade debtors, these are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods


4.


Turnover

Analysis of turnover by geographical market is as follows:

2023
2022
£
£

United Kingdom
7,637,054
6,589,877

Europe
1,272,719
787,976

Rest of the world
1,089,548
825,376

9,999,321
8,203,229


Page 19


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
6,535

Renewable energy rebates
11,531
2,265

11,531
8,800



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
190,560
141,100

Exchange differences
(23,723)
(6,376)

Operating leases
28,376
17,889


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
11,950
-

Page 20


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,097,081
2,649,516

Social security costs
267,672
224,942

Cost of defined contribution scheme
111,564
64,397

3,476,317
2,938,855


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
107
106


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
230,335
191,568

Company contributions to defined contribution pension schemes
12,861
3,970

243,196
195,538


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £99,254 (2022 - £75,442).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,164 (2022 - £3,600).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
6,762
64

6,762
64

Page 21


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
22
2,738

Finance leases and hire purchase contracts
73
-

95
2,738


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
178,764
(37,519)

Adjustments in respect of previous periods
9,429
(28,091)


Total current tax
188,193
(65,610)

Deferred tax


Origination and reversal of timing differences
227,871
152,444

Total deferred tax
227,871
152,444


Tax on profit
416,064
86,834
Page 22


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,453,441
2,132,489


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
466,154
405,173

Effects of:


Expenses not deductible for tax purposes
5,567
1,827

Utilisation of tax losses
(242,718)
-

Adjustments to current tax charge in respect of prior periods
9,429
(28,091)

Adjustments to deferred tax charge in respect of prior periods
135,982
-

Research and development relief
-
(250,074)

Other differences leading to an increase (decrease) in the tax charge
41,650
(42,001)

Total tax charge for the year
416,064
86,834


Factors that may affect future tax charges

In the 2021 Spring Budget, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. This was substantively enacted in 2021 and is therefore used to measure UK deferred taxes in both 2021 and 2022, to the extent the related timing differences are expected to reverse in 2023 or later.


13.


Dividends

2023
2022
£
£

Ordinary


Dividends paid to Parent Company
1,695,000
1,350,000

1,695,000
1,350,000

Page 23


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
569,543
1,700,486
73,103
229,309
61,909
2,634,350


Additions
224,516
276,614
2,850
10,445
19,327
533,752



At 31 March 2023

794,059
1,977,100
75,953
239,754
81,236
3,168,102



Depreciation


At 1 April 2022
115,882
852,950
19,635
134,405
50,420
1,173,292


Charge for the year
54,861
94,620
12,589
18,745
9,745
190,560



At 31 March 2023

170,743
947,570
32,224
153,150
60,165
1,363,852



Net book value



At 31 March 2023
623,316
1,029,530
43,729
86,604
21,071
1,804,250



At 31 March 2022
453,661
847,536
53,468
94,904
11,489
1,461,058

Page 24


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Stocks

2023
2022
£
£

Work in progress
147,025
173,636

Finished goods
1,025,868
773,470

1,172,893
947,106



16.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
196,778

-
196,778


2023
2022
£
£

Due within one year

Trade debtors
2,159,831
1,325,665

Amounts owed by group undertakings
13,923
18,487

Other debtors
68,887
408,007

Prepayments and accrued income
106,040
81,021

2,348,681
1,833,180



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
864,220
722,738

864,220
722,738


Page 25


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
960,605
626,975

Corporation tax
19,506
-

Other taxation and social security
208,256
170,928

Obligations under finance lease and hire purchase contracts
-
8,336

Other creditors
37,550
34,504

Accruals and deferred income
513,304
393,379

1,739,221
1,234,122


The obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
46,163

-
46,163


The obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
8,336

Between 1-5 years
-
46,163

-
54,499

Page 26


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Deferred taxation




2023


£






At beginning of year
(161,806)


Charged to profit or loss
(227,871)



At end of year
(389,677)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(389,677)
(161,806)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



250,100 (2022 - 250,100) Ordinary shares of £1.00 each
250,100
250,100



23.


Reserves

Profit and loss account

The profit and loss account represents the Company's accumulated profits which are available for distribution to shareholders.


24.


Capital commitments


At 31 March 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
25,846
22,500

Page 27


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


Pension commitments

The Company operates a defined contributions 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 £111,564 (2022 - £64,397). Contributions totalling £24,425 (2022 - £19,980) were payable to the fund at the balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 31 March 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
24,037
8,757

Later than 1 year and not later than 5 years
39,035
3,856

63,072
12,613


27.


Transactions with directors

As at 31 March 2023 the Company owed £3,019 to E D O'Keeffe and J O'Keeffe (2022: E D O'Keeffe and J O'Keeffe owed £201,877 to the Company), who are directors of the Company. The maximum overdrawn balance during the year was £419,580 (2022: £420,271). During the year the company charged interest on the balance of £3,764 (2022: £Nil).
As at 31 March 2023 the Company was owed £2,778 (2022: £Nil) by R O'Keeffe, who is a director of the Company. The maximum overdrawn balance during the year was £2,778 (2022: £Nil).
As at 31 March 2023 the Company was owed £Nil (2022: £200,000) by Ms K H P O'Keeffe Shah, who is a director of the Company. The maximum overdrawn balance during the year was £200,000 (2022: £200,000).


28.


Related party transactions

The Company has taken advantage of the exemption contained in FRS 102 Section 33.1A and has not disclosed transactions with any Group member that is wholly owned.
Remuneration totalling £12,000 (2022: £12,000) was paid to close members of the directors' families during the year.

Page 28


 
EUROPLAZ TECHNOLOGIES LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

29.


Controlling party

The Company is a wholly owned subsidiary of Oakleaf Group Limited, a private company incorporated in England and Wales with its registered office being Unit 10-12 The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ.
Oakleaf Group Limited is the parent of the smallest group for which consolidated financial statements are drawn up.
The Company considers E D O'Keeffe to be the ultimate controlling party by virtue of his shareholding in the parent company.

 
Page 29