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Registered number: 00758547










HEMCO POWER & CONTROL SYSTEMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
REGISTERED NUMBER: 00758547

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,536
40,025

  
34,536
40,025

Current assets
  

Stocks
  
197,507
7,208

Debtors: amounts falling due within one year
 5 
62,561
188,298

Cash at bank and in hand
 6 
537,263
295,973

  
797,331
491,479

Creditors: amounts falling due within one year
 7 
(252,931)
(121,131)

Net current assets
  
 
 
544,400
 
 
370,348

Total assets less current liabilities
  
578,936
410,373

Provisions for liabilities
  

Deferred tax
 8 
(8,567)
(7,438)

  
 
 
(8,567)
 
 
(7,438)

Net assets
  
570,369
402,935


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
570,269
402,835

  
570,369
402,935


Page 1

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
REGISTERED NUMBER: 00758547
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 profit and loss account 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 on 14 March 2024.




Mr R Senior
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Hemco Power & Control Systems Limited is a private company, limited by shares and registered in England.

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

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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 3

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

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 Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

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

 
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.

Page 4

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
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.

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:

Plant & machinery
-
15.0%
Reducing balance
Motor vehicles
-
25.0%
Reducing balance
Fixtures & fittings
-
12.5%
Reducing balance
Office equipment
-
33.0%
Reducing balance

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.

 
2.9

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.

 
2.10

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.

 
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.

Page 5

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

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

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).

Page 6

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
23,201
47,246
35,917
15,337
121,701


Additions
833
-
-
4,217
5,050



At 31 August 2023

24,034
47,246
35,917
19,554
126,751



Depreciation


At 1 September 2022
19,977
20,701
28,684
12,313
81,675


Charge for the year on owned assets
608
6,637
907
2,388
10,540



At 31 August 2023

20,585
27,338
29,591
14,701
92,215



Net book value



At 31 August 2023
3,449
19,908
6,326
4,853
34,536



At 31 August 2022
3,224
26,545
7,232
3,024
40,025

Page 7

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Trade debtors
32,985
181,513

Other debtors
22,460
-

Prepayments and accrued income
7,116
6,785

62,561
188,298



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
537,263
295,973

537,263
295,973


Page 8

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
157,077
37,357

Corporation tax
47,631
1,509

Other taxation and social security
2,848
16,515

Obligations under finance lease and hire purchase contracts
-
3,991

Other creditors
547
625

Accruals and deferred income
44,828
61,134

252,931
121,131


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
-
3,991

-
3,991

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.


8.


Deferred taxation




2023


£






At beginning of year
(7,438)


Charged to profit or loss
(1,129)



At end of year
(8,567)

Page 9

 
HEMCO POWER & CONTROL SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(8,567)
(7,438)

(8,567)
(7,438)


9.


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 £2,946 (2022 - £2,992). Contributions totalling £570 (2022 - £650) were payable to the fund at the balance sheet date and are included in creditors.
The Company also made contributions to directors' approved personal pension schemes. These payments were made on a defined contributions basis. The pension cost charge represents contributions payable by the Company to the fund and amounted to £100,000 (2022 - £30,000).


10.


Related party transactions

Hemco Investments Limited owns 100% of the Company's issued ordinary share capital.
During the year, the Company incurred management charges of £80,200 (2022 £57,600) from Hemco Investments Limited.
Hemco Investments Limited is controlled by Mr & Mrs Senior, directors of Hemco Power & Control Systems Limited.


11.


Controlling party

The parent undertaking, and ultimate parent undertaking is Hemco Investments Limited, which owns 100% of the Company's share capital and is incorporated in England. The group qualifies as small and therefore no consolidated financial statements are prepared.
The ultimate controlling parties are the directors, Mr & Mrs Senior, who are personally interested in 100% of the issued ordinary share capital of Hemco Investments Limited.

 
Page 10