Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3102018true2023-01-01falseManufacture of electrical equipmentfalsetrue 13527905 2023-01-01 2023-12-31 13527905 2022-01-01 2022-12-31 13527905 2023-12-31 13527905 2022-12-31 13527905 c:Director1 2023-01-01 2023-12-31 13527905 d:PlantMachinery 2023-01-01 2023-12-31 13527905 d:PlantMachinery 2023-12-31 13527905 d:PlantMachinery 2022-12-31 13527905 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13527905 d:OfficeEquipment 2023-01-01 2023-12-31 13527905 d:OfficeEquipment 2023-12-31 13527905 d:OfficeEquipment 2022-12-31 13527905 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13527905 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13527905 d:Goodwill 2023-01-01 2023-12-31 13527905 d:NegativeGoodwill 2023-12-31 13527905 d:NegativeGoodwill 2022-12-31 13527905 d:CurrentFinancialInstruments 2023-12-31 13527905 d:CurrentFinancialInstruments 2022-12-31 13527905 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13527905 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13527905 d:ShareCapital 2023-12-31 13527905 d:ShareCapital 2022-12-31 13527905 d:RetainedEarningsAccumulatedLosses 2023-12-31 13527905 d:RetainedEarningsAccumulatedLosses 2022-12-31 13527905 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 13527905 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13527905 d:OtherDeferredTax 2023-12-31 13527905 d:OtherDeferredTax 2022-12-31 13527905 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13527905 c:OrdinaryShareClass1 2023-12-31 13527905 c:OrdinaryShareClass1 2022-12-31 13527905 c:FRS102 2023-01-01 2023-12-31 13527905 c:Audited 2023-01-01 2023-12-31 13527905 c:FullAccounts 2023-01-01 2023-12-31 13527905 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13527905 d:WithinOneYear 2023-12-31 13527905 d:WithinOneYear 2022-12-31 13527905 d:BetweenOneFiveYears 2023-12-31 13527905 d:BetweenOneFiveYears 2022-12-31 13527905 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13527905 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13527905
















DJB INSTRUMENTS (UK) LIMITED




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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DJB INSTRUMENTS (UK) LIMITED
REGISTERED NUMBER:13527905

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
106,825
96,605

  
106,825
96,605

Current assets
  

Stocks
 7 
217,538
200,026

Debtors: amounts falling due within one year
 8 
249,772
307,385

Cash at bank and in hand
 9 
21,104
120,042

  
488,414
627,453

Creditors: amounts falling due within one year
 10 
(236,750)
(386,171)

Net current assets
  
 
 
251,664
 
 
241,282

Total assets less current liabilities
  
358,489
337,887

Provisions for liabilities
  

Deferred tax
 11 
(25,541)
(22,793)

Net assets
  
332,948
315,094


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
332,947
315,093

  
332,948
315,094


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: 





R J Allen ACMA
Director

Date: 12 April 2024

The notes on pages 2 to 12 form part of these financial statements.

Page 1


DJB INSTRUMENTS (UK) LIMITED

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

1.


GENERAL INFORMATION

DJB Instruments (UK) Limited, registered number 13527905, is a private company limited by shares and incorporated in England and Wales. The registered office is Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.
The trading address is Finchley Avenue, Mildenhall, Bury St Edmonds, IP28 7BG.
The Company's principal activities and nature of its operations are disclosed in the Directors' Report.

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 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

GOING CONCERN

The Company relies on its existing bank facilities to meet its day-to-day working capital requirements. Current financial forecasts indicate that the Company expects to be able to comfortably operate within these facilities for the whole of the foreseeable future. The directors are not aware of any circumstances that may adversely affect the renewal of these facilities. 
The directors have also concluded that there are no material uncertainties related to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern.
The directors have reviewed the Company’s current stock holdings, working environment and future trading ability, and as a result, have concluded that the Company’s financial position and trading outlook means the financial statements can be prepared on a going concern basis. 

Page 2


DJB INSTRUMENTS (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
15 months

Page 3


DJB INSTRUMENTS (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

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:

Plant and machinery
-
15%
Office equipment
-
15% - 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.

 
2.6

DEVELOPMENT COSTS

Research costs are written off as incurred. Development costs are capitalised within intangible assets, where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project, which the directors review on a project-by-project basis to a maximum of five years.
Capitalised development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related development is written off to the Statement of Income and Retained Earnings.
Where the conditions of Section 18 of FRS 102 are not satisfied, expenditure on development is written off as incurred.

 
2.7

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 reporting 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.

 
2.8

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.

Page 4


DJB INSTRUMENTS (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.9

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.

 
2.10

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 third parties and loans to and from related parties.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5


DJB INSTRUMENTS (UK) LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.15

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

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 reporting 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 reporting 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 reporting date.

 
2.17

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.

Page 6


DJB INSTRUMENTS (UK) LIMITED

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

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 judgments, 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 estimates and underlying assumptions 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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Amortisation and impairment of goodwill
The Company's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the rate of amortisation applied to goodwill and any impairment that might have arisen. Management assesses impairments by considering historical and anticipated sales in the light of technological developments and projected future market conditions.
Useful economic lives of tangible assets
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.
Impairment of stocks
The Company's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
Impairment of debtors
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 20 (2022: 18).

Page 7


DJB INSTRUMENTS (UK) LIMITED

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

5.


INTANGIBLE ASSETS




Negative goodwill

£



COST


At 1 January 2023
(279,975)



At 31 December 2023

(279,975)



AMORTISATION


At 1 January 2023
(279,975)



At 31 December 2023

(279,975)



NET BOOK VALUE



At 31 December 2023
-



At 31 December 2022
-



Page 8


DJB INSTRUMENTS (UK) LIMITED

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

6.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Total

£
£
£



COST


At 1 January 2023
117,412
10,412
127,824


Additions
32,598
2,779
35,377



At 31 December 2023

150,010
13,191
163,201



DEPRECIATION


At 1 January 2023
26,778
4,441
31,219


Charge for the year on owned assets
22,501
2,656
25,157



At 31 December 2023

49,279
7,097
56,376



NET BOOK VALUE



At 31 December 2023
100,731
6,094
106,825



At 31 December 2022
90,634
5,971
96,605


7.


STOCKS

2023
2022
£
£

Raw materials and consumables
63,589
42,310

Work in progress
5,066
4,339

Finished goods and goods for resale
148,883
153,377

217,538
200,026


Page 9


DJB INSTRUMENTS (UK) LIMITED

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

8.


DEBTORS

2023
2022
£
£


Trade debtors
124,118
58,683

Amounts owed by group undertakings
-
215,956

Other debtors
5,000
9,218

Prepayments and accrued income
120,654
23,528

249,772
307,385



9.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
21,104
120,042



10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
38,329
81,074

Amounts owed to group undertakings
128,704
247,774

Other taxation and social security
31,579
18,108

Other creditors
3,424
14,220

Accruals and deferred income
34,714
24,995

236,750
386,171


Bank loans and overdrafts due within, and after more than, one year are secured by a debenture over the assets (whether present or future) of Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited, by specific legal charges over the freehold properties of Beran Instruments Limited, by a cross-guarantee between Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited, and by a keyman life insurance policy in respect of R Allen and D Graham.

Page 10


DJB INSTRUMENTS (UK) LIMITED

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

11.


DEFERRED TAXATION




2023


£






At beginning of year
(22,793)


Charged to profit or loss
(2,748)



AT END OF YEAR
(25,541)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(25,888)
(23,153)

Short term timing differences
347
360

(25,541)
(22,793)


12.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2022: 1) Ordinary share of £1.00
1
1



13.


CONTINGENT LIABILITIES

The Company is party to a cross-guarantee in favour of Santander UK Plc in respect of all amounts owed by Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited. At the year end, the total amounts outstanding comprised overdrafts of £516,954 (2022: £492,647) and term loans of £1,951,448 (2022: £2,188,592).


14.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. During the year £16,043 (2022: £13,069) was charged to the Statement of Income and Retained Earnings in respect of the scheme. Contributions totalling £3,424 (2022: £3,363) remained outstanding at the Statement of Financial position date.

Page 11


DJB INSTRUMENTS (UK) LIMITED

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

15.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 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
1,830
39,726

Later than 1 year and not later than 5 years
4,253
767

6,083
40,493


16.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption under Section 33 of FRS 102 and has not reported details of transactions or balances with other wholly-owned group companies.


17.


CONTROLLING PARTY

The ultimate parent company is Condition Monitoring Technology Group Holdings Limited, a company incorporated in the United Kingdom and registered in England and Wales. Condition Monitoring Technology Group Holdings Limited heads the largest and smallest group in which the results of the Company are consolidated. The consolidated financial statements of Condition Monitoring Technology Group Holdings Limited can be obtained from the company's registered office, Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.

18.


AUDITORS' INFORMATION

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

The audit report was signed on 18 April 2024 by Fleur Lewis FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.

 
Page 12