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Registered number: 00711047










POSSUM LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
POSSUM LIMITED
REGISTERED NUMBER: 00711047

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
201,443
195,053

  
201,443
195,053

Current assets
  

Stocks
  
923,647
1,141,939

Debtors
 7 
1,374,633
1,499,937

Cash at bank and in hand
  
1,561,386
981,247

  
3,859,666
3,623,123

Creditors: amounts falling due within one year
 8 
(1,514,594)
(1,741,515)

Net current assets
  
 
 
2,345,072
 
 
1,881,608

Total assets less current liabilities
  
2,546,515
2,076,661

  

Net assets
  
2,546,515
2,076,661


Capital and reserves
  

Called up share capital 
  
130,000
130,000

Profit and loss account
  
2,416,515
1,946,661

  
2,546,515
2,076,661


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
P I Robinson MBA FCMA FRSA
Director

Date: 23 February 2024

The notes on pages 3 to 13 form part of these financial statements.
Page 1

 
POSSUM LIMITED
REGISTERED NUMBER: 00711047
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


Page 2

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

1.


General information

Possum Limited is a private company limited by shares, incorporated in England whose registered office is Unit 8, Farmbrough Close, Stocklake Park Industrial Estate, Aylesbury, Buckinghamshire, HP20 1DQ.
The principal activities of the company are the provision of environmental control systems and telecare products and services for disabled people.

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.

Going Concern
After reviewing the company's forecast and projections, the directos has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

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 exemption in preparing these financial statements, as permitted by the FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
-      the requirements of Section 33 Related Party Disclosures paragraph 33.7.
-      the requirements of Section 7 Statement of Cash Flows paragraph 7.3.
-      the requirements of Section 11 Basic Financial Instruments paragraph 11.40 and 11.42.
This information is included in the consolidated financial statements of Eamont Holdings limited, as at 31 March 2023 and these financial statements may be obtained from Companies House.
 
 
2.3

Exemption from preparing consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements for its group under section 401 of the Companies Act 2006, where all subsidiaries are included in the consolidated financial statements of Eamont Holdings Limited, drawn up to 31 March 2023. On this basis these financial statements show the result of the company only.

Page 3

 
POSSUM LIMITED
 
 
 
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.

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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Turnover

Turnover is the total amount receivable by the company for goods and services provided, excluding
VAT and trade discounts.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of
the goods has transferred to the buyer. This is usually at the point that the customer has signed for
the delivery of the goods.
Rendering of services
Service revenues are recognised over the period to which they relate. In respect of contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced.



Page 4

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

2.Accounting policies (continued)

 
2.6

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all
risks and rewards of ownership of the leased asset to the company. All other leases are classified as
operating leases.
The payments made under operating leases are charged to the statement of income and retained
earnings on a straight line basis over the period of the lease, unless the payments are structured to
increase in line with expected general inflation, in which case the company recognises annual
payment expense equal to amounts owed to the lessor.
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised
over the lease term on a straight line basis.

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.9

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an
expenses in the period in which they are incurred.

Page 5

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

Depreciation is provided on the following basis:

Leasehold property
-
Over the period of the lease
Plant and machinery
-
25% - 33%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

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

2.Accounting policies (continued)

  
2.12

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that
those assets have suffered an impairment loss. If there is a possible indication of impairment, the
recoverable amount of any affected asset is estimated and compared with its carrying amount. If the
estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable
amount, and an impairment loss is recognised in the statement of income and retained earnings.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but not in excess of the amount that would of been
determined had no impairment loss been recognised for the asset in prior years. A reversal of an
impairment loss is recognised immediately in the statement of income and retained earnings.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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.

 
2.17

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 7

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

2.Accounting policies (continued)

  
2.18

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) as a
result of a past event, it is probable the company will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle
the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the
discount is recognised as a finance cost in the statement of income and retained earnings in the
period arises.
The company recognises a provision for annual leave accrued by employees as a result of services
rendered in the current period, and which employees are entitled to carry forward and use within the
next 9 months. The provision is measured at the salary cost payable for the period of absence.

  
2.19

Foreign curreny translation

Assets and liabilities in foreign currencies are translated in sterling at the rates of exchange ruling at
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of the transaction. Exchange differences are taken into account in
arriving at the operating profit.

 
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.


Employees

The average monthly number of employees, including directors, during the year was 38 (2022 - 38).

Page 8

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

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost 


At 1 April 2022
59,540
340,819
364,396
764,755


Additions
-
16,440
87,034
103,474


Disposals
-
-
(29,491)
(29,491)



At 31 March 2023

59,540
357,259
421,939
838,738



Depreciation


At 1 April 2022
59,540
292,216
217,946
569,702


Charge for the year on owned assets
-
23,057
70,821
93,878


Disposals
-
-
(26,285)
(26,285)



At 31 March 2023

59,540
315,273
262,482
637,295



Net book value



At 31 March 2023
-
41,986
159,457
201,443



At 31 March 2022
-
48,603
146,450
195,053

Page 9

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 April 2022
200



At 31 March 2023

200



Impairment


At 1 April 2022
200



At 31 March 2023

200



Net book value



At 31 March 2023
-



At 31 March 2022
-

The Company held directly the issued share capital of the following principal subsidiary undertakings at 31 March 2023, all of which are incorporated in England and Wales.
Undertaking              Class of capital  Holding % Principal activity
Possum Controls Limited    Ordinary share capital 100%  Dormant
Possum Research and Development Limited Ordinary share capital 100%  Dormant

Page 10

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

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
923,647
1,141,939


Page 11

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

7.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
31,462
32,524

31,462
32,524

Due within one year

Trade debtors
956,116
1,226,823

Amounts owed by group undertakings
164,936
-

Other debtors
15,727
1,299

Prepayments and accrued income
206,392
239,291

1,374,633
1,499,937



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
450,390
314,385

Amounts owed to group undertakings
-
4,926

Corporation tax
76,824
100,798

Other taxation and social security
348,566
440,236

Accruals and deferred income
638,814
881,170

1,514,594
1,741,515



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



130,000 (2022 - 130,000) Ordinary shares of £1.00 each
130,000
130,000



10.


Related party transactions

The company has taken advantage of the exemption not to disclose transactions with related parties with other wholly owned members of the Eamont Holdings group under FRS102 section 33 Related Party Disclosures as the company is a wholly owned subsidiary of Eamont Holdings Limited.

Page 12

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

11.


Controlling party

The directors consider that the ultimate parent undertaking of this company is Eamont Holdings Limited, a company registered in England and Wales.
P I Robinson is the company's controlling related party by virtue of his majority shareholding in Eamont Holdings Limited.
The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Eamont Holdings Limited. These are available from Companies House.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 29 February 2024 by KATHERINE ARNOTT BSc FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 13