Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31No description of principal activity2022-06-01false2524falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00880163 2022-06-01 2023-05-31 00880163 2021-06-01 2022-05-31 00880163 2023-05-31 00880163 2022-05-31 00880163 2021-06-01 00880163 c:PriorPeriodIncreaseDecrease 2021-06-01 2022-05-31 00880163 d:Director6 2022-06-01 2023-05-31 00880163 c:Buildings c:LongLeaseholdAssets 2022-06-01 2023-05-31 00880163 c:Buildings c:ShortLeaseholdAssets 2022-06-01 2023-05-31 00880163 c:Buildings c:ShortLeaseholdAssets 2023-05-31 00880163 c:Buildings c:ShortLeaseholdAssets 2022-05-31 00880163 c:PlantMachinery 2022-06-01 2023-05-31 00880163 c:PlantMachinery 2023-05-31 00880163 c:PlantMachinery 2022-05-31 00880163 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00880163 c:MotorVehicles 2022-06-01 2023-05-31 00880163 c:MotorVehicles 2023-05-31 00880163 c:MotorVehicles 2022-05-31 00880163 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00880163 c:FurnitureFittings 2022-06-01 2023-05-31 00880163 c:FurnitureFittings 2023-05-31 00880163 c:FurnitureFittings 2022-05-31 00880163 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00880163 c:ComputerEquipment 2022-06-01 2023-05-31 00880163 c:ComputerEquipment 2023-05-31 00880163 c:ComputerEquipment 2022-05-31 00880163 c:ComputerEquipment c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00880163 c:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 00880163 c:CurrentFinancialInstruments 2023-05-31 00880163 c:CurrentFinancialInstruments 2022-05-31 00880163 c:Non-currentFinancialInstruments 2023-05-31 00880163 c:Non-currentFinancialInstruments 2022-05-31 00880163 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 00880163 c:CurrentFinancialInstruments c:WithinOneYear 2022-05-31 00880163 c:Non-currentFinancialInstruments c:AfterOneYear 2023-05-31 00880163 c:Non-currentFinancialInstruments c:AfterOneYear 2022-05-31 00880163 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-05-31 00880163 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-05-31 00880163 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-05-31 00880163 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-05-31 00880163 c:ShareCapital 2023-05-31 00880163 c:ShareCapital 2022-05-31 00880163 c:ShareCapital 2021-06-01 00880163 c:CapitalRedemptionReserve 2022-05-31 00880163 c:CapitalRedemptionReserve c:PriorPeriodIncreaseDecrease 2021-06-01 2022-05-31 00880163 c:CapitalRedemptionReserve 2021-06-01 00880163 c:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 00880163 c:RetainedEarningsAccumulatedLosses 2023-05-31 00880163 c:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 00880163 c:RetainedEarningsAccumulatedLosses 2022-05-31 00880163 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2021-06-01 2022-05-31 00880163 c:RetainedEarningsAccumulatedLosses 2021-06-01 00880163 d:OrdinaryShareClass1 2022-06-01 2023-05-31 00880163 d:OrdinaryShareClass1 2023-05-31 00880163 d:OrdinaryShareClass1 2022-05-31 00880163 d:FRS102 2022-06-01 2023-05-31 00880163 d:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 00880163 d:FullAccounts 2022-06-01 2023-05-31 00880163 d:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 00880163 c:Subsidiary1 2022-06-01 2023-05-31 00880163 c:Subsidiary1 1 2022-06-01 2023-05-31 00880163 6 2022-06-01 2023-05-31 00880163 c:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00880163 c:AcceleratedTaxDepreciationDeferredTax 2022-05-31 00880163 e:PoundSterling 2022-06-01 2023-05-31 00880163 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2021-06-01 2022-05-31 00880163 c:ShareCapital c:PreviouslyStatedAmount 2021-06-01 00880163 c:CapitalRedemptionReserve c:PreviouslyStatedAmount 2021-06-01 00880163 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2021-06-01 00880163 c:PreviouslyStatedAmount 2021-06-01 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00880163










PLOWDEN & SMITH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023


 
PLOWDEN & SMITH LIMITED
REGISTERED NUMBER:00880163

BALANCE SHEET
AS AT 31 MAY 2023

2023
As restated:
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
374,138
461,496

Investments
 5 
100
100

  
374,238
461,596

Current assets
  

Debtors: amounts falling due within one year
 6 
899,979
917,514

Cash at bank and in hand
  
512,147
241,919

  
1,412,126
1,159,433

Creditors: amounts falling due within one year
 7 
(555,381)
(475,881)

Net current assets
  
 
 
856,745
 
 
683,552

Total assets less current liabilities
  
1,230,983
1,145,148

Creditors: amounts falling due after more than one year
 8 
(20,124)
(122,583)

Provisions for liabilities
  

Deferred tax
 10 
(19,351)
(25,541)

  
 
 
(19,351)
 
 
(25,541)

Net assets
  
1,191,508
997,024


Capital and reserves
  

Called up share capital 
 11 
2,000
2,000

Profit and loss account
  
1,189,508
995,024

  
1,191,508
997,024


Page 1

 
PLOWDEN & SMITH LIMITED
REGISTERED NUMBER:00880163

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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: 




C J Hughes-Hunt
Director
Date: 21 February 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
PLOWDEN & SMITH LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
2,000
995,024
997,024



Profit for the year
-
194,484
194,484


At 31 May 2023
2,000
1,189,508
1,191,508


The notes on pages 4 to 13 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 June 2021 (as previously stated)
500
500
657,294
658,294

Reverse buyback of own shares
1,500
(500)
249,000
250,000

At 1 June 2021 (as restated)
2,000
-
906,294
908,294



Profit for the year
-
-
88,730
88,730


At 31 May 2022
2,000
-
995,024
997,024


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Plowden & Smith Limited is a limited liability company incorporated in England and Wales. The registered office and principal place of business is Unit 5 Liongate Enterprise Park, Morden Road, Mitcham, CR4 4NY.

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 financial statements contain information about Plowden & Smith Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Turnover

Turnover is the amount derived from the provision of goods and services both invoiced and not yet invoiced and included within amounts recoverable on contracts, and after the deduction of value added tax, but before the deduction of retentions. Turnover is recognised on delivery of the goods and services or to the extent that the company has obtained the right to consideration through its performance under contracts.

 
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.

Page 4

 
PLOWDEN & SMITH LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
PLOWDEN & SMITH LIMITED
 

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Improvements to leasehold
-
10 year straight line
Office equipment
-
5 year straight line
Plant & machinery
-
8 year straight line
Motor vehicles
-
5 year straight line
Fixtures & fittings
-
8 year straight line
Computer equipment
-
5 year straight line

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

Amounts recoverable on contracts, which are included in debtors, are stated at cost plus attributable profit to the extent that it is reasonably certain, after making provision for contingencies, less any losses incurred or foreseen in bringing contracts to conclusion.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
PLOWDEN & SMITH LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 - 24).


4.


Tangible fixed assets





Leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment

£
£
£
£
£



Cost


At 1 June 2022
628,774
62,779
17,945
67,048
48,392


Additions
-
-
-
-
4,298



At 31 May 2023

628,774
62,779
17,945
67,048
52,690



Depreciation


At 1 June 2022
262,433
20,607
13,572
29,697
37,133


Charge for the year on owned assets
63,258
7,847
2,900
8,865
8,786



At 31 May 2023

325,691
28,454
16,472
38,562
45,919



Net book value



At 31 May 2023
303,083
34,325
1,473
28,486
6,771



At 31 May 2022
366,341
42,172
4,373
37,351
11,259
Page 7

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

           4.Tangible fixed assets (continued)


Total

£



Cost


At 1 June 2022
824,938


Additions
4,298



At 31 May 2023

829,236



Depreciation


At 1 June 2022
363,442


Charge for the year on owned assets
91,656



At 31 May 2023

455,098



Net book value



At 31 May 2023
374,138



At 31 May 2022
461,496

Page 8

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 June 2022
100



At 31 May 2023
100






Net book value



At 31 May 2023
100



At 31 May 2022
100


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Anna Plowden Limited
England and Wales
Dormant company
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves £

Anna Plowden Limited

100


6.


Debtors

2023
As restated:
2022
£
£


Trade debtors
498,495
502,149

Other debtors
337,259
347,103

Prepayments and accrued income
64,225
68,262

899,979
917,514


Page 9

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
10,648
10,648

Trade creditors
128,347
157,555

Amounts owed to group undertakings
100
100

Corporation tax
57,130
26,833

Other taxation and social security
83,199
68,453

Obligations under finance lease and hire purchase contracts
89,532
120,000

Other creditors
117,053
76,699

Accruals and deferred income
69,372
15,593

555,381
475,881


The obligations under hire purchase are secured on the underlying assets.


8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,124
29,851

Net obligations under finance leases and hire purchase contracts
-
92,732

20,124
122,583


The obligations under hire purchase are secured on the underlying assets.

Page 10

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,648
10,648


10,648
10,648

Amounts falling due 1-2 years

Bank loans
10,648
10,648


10,648
10,648

Amounts falling due 2-5 years

Bank loans
9,476
19,203


9,476
19,203


30,772
40,499


Page 11

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Deferred taxation




2023


£






At beginning of year
(25,541)


Charged to profit or loss
6,190



At end of year
(19,351)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(19,351)
(25,541)

(19,351)
(25,541)


11.


Share capital

2023
As restated:
2022
£
£
Allotted, called up and fully paid



2,000 (2022 - 2,000) Ordinary shares of £1.00 each
2,000
2,000



12.


Prior year adjustment

The directors have identified that the buyback of own shares carried out in 1998 and 2017 were void because the legal criteria for a company buyback of shares, as stipulated by the Companies Act 1985 and Companies Act 2006, were not followed correctly. As a result, an adjustment has been made to reverse the transaction.


13.


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 £24,284 (2022: £21,690). 
Contributions totalling £5,323 (2022: £4,259) were payable to the fund at the reporting date and are included in creditors.

Page 12

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

14.


Related party transactions

Included within creditors is an amount of £100 owed to Anna Plowden Limited, the subsidiary undertaking (2022: £100).
Creditors also includes amounts owed to directors and shareholders of £20,877 (2022: £20,877).


Page 13